/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060330.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 30, 2006, Vol. 7, No. 64 Headlines A U S T R I A BAWAG PSK: Clarifies Relationship with Anguilla Entities G E R M A N Y AUTOHAUS BENDEL: Creditors' Meeting Slated for April 24 BHS DIEFENBACH: Claims Registration Ends April 5 ELEKTRO-RABE: Creditors' Meeting Slated for April 21 HERMANN MUELLER: Claims Registration Ends April 3 I M W-INDUSTRIEMONTAGE: Creditors' Meeting Set on April 24 POLZIEN GMBH: Claims Registration Ends April 5 RD-METALLBAU: Creditors' Meeting Slated for April 28 SAM GMBH: Claims Registration Ends April 6 SCHUH VITRINE: Claims Registration Ends April 7 TELE COLUMBUS: Unity Media Merger Spurs S&P to Cut Ratings to B UNITY MEDIA: Moody's Junks Ratings on EUR450 Million Sr. Notes UNITY MEDIA: S&P Affirms B Ratings Off Watch; Outlook Positive WILMSMEIER TRANSPORT: Claims Registration Ends April 5 I T A L Y BANCA NAZIONALE: Fitch Maintains Individual Rating at C K A Z A K H S T A N AGRO-FINANST: Creditors Must File Claims by April 7 ASSA: Creditors Must File Claims by April 7 BEKET: Kostanai Court Opens Bankruptcy Proceedings BIRDEILIK: Kostanai Court Opens Bankruptcy Proceedings JAMBYL ENERGOKOMBINAT: Creditors Must File Claims by April 7 JANZIRA: Creditors Must File Claims by April 7 KAZAKHSTAN-TRANSPORT: Creditors Must File Claims by April 7 TOMIRIS: Creditors Must File Claims by April 7 N E T H E R L A N D S GETRONICS N.V.: Forms Strategic Partnership with Corillian N O R W A Y PETROLEUM GEO-SERVICES: Eyes Demerger of Production Activities P O L A N D NETIA SA: Transport Minister Cancels EUR20.9-Mil License Fees NETIA SA: Mark Holdsworth Leaves Supervisory Board R U S S I A ARCTIC: Moscow Court Opens Bankruptcy Proceedings BAYMAK-GAS-SPETS-STROY: Claims Registration Ends April 18 ELECTRO-SIB-MONTAGE: Bankruptcy Hearing Set for May 23 GRAIN: Bryansk Court Sets Bankruptcy Hearing for May 22 IVANOVSKOYE: Claims Filing Period Ends April 18 JSC VNESHTORGBANK: Fitch Assigns C/D for Individual Rating NAFTA-TRANS-EAST: Bankruptcy Heating Set for May 15 PETROZAVODSKIY WOOD: Claims Filing Period Ends April 18 ROS-OIL-GAS-INTER-STROY: Bankruptcy Hearing Set for April 20 ROS-SPETS-STROY: Undergoes Bankruptcy Supervision Procedure ROSTELECOM: S&P Lifts Rating to BB- on Reduced Financial Risk YUKOS OIL: Moscow Court Begins Temporary Outside Supervision ZAKAMENSKIY BREWERY: Court Names M. Matkheeva Insolvency Manager U K R A I N E AGRORAYON: Kyiv Court Opens Bankruptcy Proceedings AMVROSIYIVSKE REPAIR: Donetsk Court Opens Bankruptcy Proceedings CHERKASSYZALIZOBETON: Court Opens Bankruptcy Proceedings DRUZHBA: Zhitomir Court Opens Bankruptcy Proceedings HERSON-TON LTD.: Herson Court Opens Bankruptcy Proceedings HLIB POKUTTYA: Court Opens Bankruptcy Proceedings RIZHANIVSKE: Cherkassy Court Opens Bankruptcy Proceedings SELTORG: Dnipropetrovsk Court Opens Bankruptcy Proceedings TEODOLIT: Kyiv Court Opens Bankruptcy Proceedings UKRAINIAN SERVICE: Kyiv Court Starts Bankruptcy Supervision U N I T E D K I N G D O M BARNACK LIMITED: Members Pass Winding Up Resolution BRAND PACKAGING: Taps Administrators from KPMG BROOK DIGITAL: Claims Filing Period Ends April 7 BROOKLYN COTTAGE: Joint Liquidators Take Over Operations CHERRYPRINT LIMITED: Appoints Baker Tilly to Administer Assets COMMERCIAL VEHICLE: Financial Woes Trigger Liquidation COMPASS CAPITAL: Appoints Joint Liquidators From RSM Robson CONTINENTAL TRANSPORT: Creditors Confirm Voluntary Liquidation COUNTRYWIDE LIMITED: Claims Registration Ends April 7 CREASEY FLOOD: Winds Up Operations & Appoints Liquidator FREEZESTYLE LIMITED: Taps DTE Leonard as Administrator GORMLEY LIMITED: Names Michael Ioannou to Liquidate Assets G.S.L. INTERNATIONAL: Begins Winding Up Procedure GUILDER GRAPHICS: Names Smith & Williamson Administrator JPS LOGISTICS: Taps Administrator from Armstrong Watson KDC COMMUNICATIONS: Deloitte & Touche Leads Administration KYE LIMITED: Names Joint Administrators from RSM Robson Rhodes LAURELS PROPERTY: Meeting of Creditors Set for April 3 LE FIGARO: Creditors' Meeting Slated for April 3 LUXFER HOLDINGS: S&P Keeps Junk Rating on Watch Negative PEPE BOATYARD: Appoints Buchanans to Administer Assets REFCO INC: Bawag Clarifies Relationship with Anguilla Entities REFCO INC: Refco Securities to Pay US$122 Mln for Breach of Pact SEA CONTAINERS: Withdraws From Ferry Business TASTEE FOODS: Creditors' Meeting Set for April 4 TECHNOLOGY TELFORD: Meeting of Creditors Set for April 10 VISAGE (IOM): Meeting of Creditors Set for April 7 WOODMAN FURNITURE: Mazars LLP Leads Administration ********* ============= A U S T R I A ============= BAWAG PSK: Clarifies Relationship with Anguilla Entities -------------------------------------------------------- Bawag PSK Bank, Austria's fourth-largest bank, said it terminated relationships with six Anguilla-based companies and doesn't expect any more financial liability from past dealings with them. According to Bloomberg News, U.S. prosecutors have evidence that the companies held unregistered bonds for Bawag in offshore accounts at Refco, Inc. Bawag, however, said there are no current transactions or business relations with the Anguilla entities, and therefore no outstanding financial exposure from such transactions. Probe Reveals US$525 Million in Fake Bonds As reported in the Troubled Company Reporter-Europe on March 21, U.S. prosecutors investigating Refco, LLC's collapse, have found that Refco held "offshore accounts" with as much as $525,000,000 in fake bonds. According to Bloomberg News, evidence gathered by prosecutors indicates that Refco held the securities for Bawag P.S.K., and Liquid Opportunity, an offshore hedge fund, under identification numbers that do not correspond to registered bonds. The bond accounts were at Refco's Bermuda-based unit, beyond the reach of U.S. regulators. Bawag asserts EUR392,000,000 in claims against Refco, including EUR350,000,000 it loaned to Phillip Bennett, Refco's former CEO. The remaining EUR42,000,000 relates to "other businesses in connection with Refco," Bloomberg reports. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. (Refco Bankruptcy News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-7000) Headquartered in Vienna, Austria, BAWAG P.S.K. had total assets of EUR56.3 billion as of Dec. 31, 2004. * * * As reported in the Troubled Company Reporter-Europe on March 29, Moody's Investors Service has downgraded to C- from C the bank financial strength rating of Bawag P.S.K. Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG (Bawag P.S.K.) and put this rating as well as all other short- and long-term ratings of BAWAG P.S.K. on review for possible downgrade. These ratings were put under review for possible downgrade: -- Bawag P.S.K. long-term debt and deposit rating of A3; -- Bawag P.S.K. short-term debt and deposit rating of P-1; -- Bawag P.S.K. FSR of C-; -- Bawag Capital Finance (Jersey) Ltd debt and deposit rating of Baa2; -- Bawag Capital Finance (Jersey) II Ltd debt and deposit rating of Baa2; and -- Bawag Capital Finance (Jersey) III Ltd debt and deposit rating of Baa2. ============= G E R M A N Y ============= AUTOHAUS BENDEL: Creditors' Meeting Slated for April 24 ------------------------------------------------------- Court-appointed provisional administrator for Autohaus Bendel GmbH, Thorsten Klepper, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:30 p.m., on April 24. The meeting of creditors and other interested parties 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. Creditors have until April 8, to register their claims with the court-appointed provisional administrator. The District Court of Essen opened bankruptcy proceedings against Autohaus Bendel GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Bendel GmbH Ulrichstr. 9 45891 Gelsenkirchen Attn: Annette and Ernst Bendel, Managers Schildberg 48 45359 Essen The administrator can be contacted at: Thorsten Klepper Friedrich-List-Str. 20 45128 Essen Tel: 0201 4384016 Fax: 0201 4384043 BHS DIEFENBACH: Claims Registration Ends April 5 ------------------------------------------------ Creditors of BHS Diefenbach Baudekoration GmbH have until April 5, to register their claims with court-appointed provisional administrator Hans-W. Goetsch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 26, 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 Wiesbaden E 36 a 3. OG Gebaude E Moritzstrasse 5 65185 Wiesbaden 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 Wiesbaden opened bankruptcy proceedings against BHS Diefenbach Baudekoration GmbH on Feb. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BHS Diefenbach Baudekoration GmbH Wolfsfeld 9 65191 Wiesbaden Tel: 06122/980200 The administrator can be contacted at: Hans-W. Goetsch c/o Blersch/Goetsch/Partner Insolvenzverwaltungen Taunusstrasse 7a 65183 Wiesbaden Tel: 0611/18089-100 Fax: 0611/18089-189 E-mail: mail@bgp.insol.de ELEKTRO-RABE: Creditors' Meeting Slated for April 21 ---------------------------------------------------- Court-appointed provisional administrator for Elektro-Rabe GmbH, Dr. Lucas F. Flother, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m., on April 21. The meeting of creditors and other interested parties will be held at: The District Court of Magdeburg Saal E Liebknechtstrasse 65-91 39110 Magdeburg 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. Creditors have until April 7, to register their claims with the court-appointed provisional administrator. The District Court of Magdeburg opened bankruptcy proceedings against Elektro-Rabe GmbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Elektro-Rabe GmbH J.-G.-Nathusius-Str. 22 39340 Haldensleben Attn: Guenter Wilhelm Rabe, Manager Vor dem Tore 12 39345 Flechtingen The administrator can be contacted at: Dr. Lucas F. Flother Halberstadter Str. 55 39112 Magdeburg Tel: 0391/5556840 Fax: 0391/5556849 HERMANN MUELLER: Claims Registration Ends April 3 ------------------------------------------------- Creditors of Hermann Mueller GmbH have until April 3, to register their claims with court-appointed provisional administrator Klaus-Christof Ehrlicher. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Coburg Sitzungssaal G I. Stock Gebaude E Nebengebaude 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 Coburg opened bankruptcy proceedings against Hermann Mueller GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hermann Mueller GmbH Dr. Josef-Otto-Kolb-Str. 18 96145 Sesslach The administrator can be contacted at: Klaus-Christof Ehrlicher Rosenauer Strasse 22 96450 Coburg Tel: 09561/80340 Fax: 09561/803434 I M W-INDUSTRIEMONTAGE: Creditors' Meeting Set on April 24 ---------------------------------------------------------- Court-appointed provisional administrator for I M W- Industriemontage Wetterau GmbH, Karl-Heinz Trebing, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m., on April 24. The meeting of creditors and other interested parties will be held at: The District Court of Friedberg Saal 18 Homburger Strasse 18 61169 Friedberg (Hessen) 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. Creditors have until April 7, to register their claims with the court-appointed provisional administrator. The District Court of Friedberg opened bankruptcy proceedings against I M W-Industriemontage Wetterau GmbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: I M W-Industriemontage Wetterau GmbH Attn: Stefan Roth, Manager Basaltstrasse 6 61197 Florstadt The administrator can be contacted at: Karl-Heinz Trebing Hanauer Landstrasse 287-289 60314 Frankfurt Tel: 069/15051-300 Fax: 069/15051-400 POLZIEN GMBH: Claims Registration Ends April 5 ---------------------------------------------- Creditors of Polzien GmbH have until April 5, to register their claims with court-appointed provisional administrator Dr. Stephan Laubereau. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 26, 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 Wiesbaden E 36 a 3. OG Gebaude E Moritzstrasse 5 65185 Wiesbaden 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 Wiesbaden opened bankruptcy proceedings against Polzien GmbH on Feb. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Polzien GmbH Attn: Violetta Polzien, Manager Kapellenstr. 64 65193 Wiesbaden The administrator can be contacted at: Dr. Stephan Laubereau Kanzlei Kuebler Buero Frankfurt/M. Wolf-Heidenheim-Strasse 12 60489 Frankfurt am Main Tel: 069/71379830 Fax: 069/71379833 Web: http://www.kuebler-gbr.de/ E-mail: frankfurt@kuebler-gbr RD-METALLBAU: Creditors' Meeting Slated for April 28 ---------------------------------------------------- Court-appointed provisional administrator for RD-Metallbau GmbH, Erich Holzemann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m., on April 28. The meeting of creditors and other interested parties will be held at: The District Court of Muenster Saal 101 B Gerichtsstr. 2-6 48149 Muenster 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. Creditors have until April 7, to register their claims with the court-appointed provisional administrator. The District Court of Muenster opened bankruptcy proceedings against RD-Metallbau GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: RD-Metallbau GmbH Attn: Karl-Heinz Rampelmann, Manager Bernhard Drees, Manager Berkenweg 1 59329 Wadersloh The administrator can be contacted at: Erich Holzemann Goethestr. 2 59065 Hamm SAM GMBH: Claims Registration Ends April 6 ------------------------------------------ Creditors of SAM GmbH CNC-Zerspanungstechnik have until April 6, to register their claims with court-appointed provisional administrator Dr. Peer Moller. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 27, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Saal E3 Burgfeld 7 23568 Luebeck 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 Luebeck opened bankruptcy proceedings against SAM GmbH CNC-Zerspanungstechnik on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SAM GmbH CNC-Zerspanungstechnik Attn: Herrn Sven Michael Tietz, Manager Zittschower Weg 40 23909 Ratzeburg The administrator can be contacted at: Dr. Peer Moller Untere Querstrasse 1 23730 Neustadt Tel: 04561/51980 Fax: 04561/519888 E-mail: Hansen.Moeller@t-online.de SCHUH VITRINE: Claims Registration Ends April 7 ----------------------------------------------- Creditors of Schuh Vitrine Haffmans GmbH have until April 7, to register their claims with court-appointed provisional administrator Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Aachen Sitzungssaal 21 2. Etage Augustastrasse 78-80 52070 Aachen 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 Aachen opened bankruptcy proceedings against Schuh Vitrine Haffmans GmbH on Feb. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Schuh Vitrine Haffmans GmbH Jahn Str. 11 A 52146 Wuerselen Attn: Erik Haffmans, Manager Bevershergweg 10 NLD-6271 BX Guelpen The administrator can be contacted at: Carsten Lange Laurentiusstrasse 16-20 52072 Aachen TELE COLUMBUS: Unity Media Merger Spurs S&P to Cut Ratings to B --------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on German cable-TV operator Tele Columbus GmbH & Co. KG to 'B' from 'B+' and removed the ratings from CreditWatch, where they were originally placed on Aug. 2, 2005. The rating actions follow the group's combination with German competitor Unity Media GmbH (Unity; B/Positive/--). The outlook is positive. "The downgrade reflects the increased risk for Tele Columbus as a subsidiary of Unity, which is a larger and more indebted entity that is embarking on a challenging new content venture following its acquisition of rights to the German football league, the Bundesliga," said Standard & Poor's credit analyst Simon Redmond. "The shared ownership, increasing operational integration, and likelihood of Tele Columbus being adversely affected in the event of financial stress at Unity mean the respective credit quality and ratings of the two entities are being aligned." Following the merger, two private equity houses now indirectly own Tele Columbus: Apollo Management L.P. (31.5%) and BC Partners Ltd (38.1%) through Unity. The latter is also the parent of Unity's other cable operations in western Germany. Standard & Poor's is analytically consolidating the Unity Media group. Tele Columbus had total debt of EUR546.6 million at Dec. 31, 2005, compared with Unity's standalone debt of EUR1.9 billion. The positive outlook reflects that on the ratings on Unity, the owner of Tele Columbus. The outlook acknowledges the inherent operating leverage of the group's content business model and the potential for improved cash flow generation and deleveraging at Unity in the medium term if the venture is successful. An upgrade would be predicated on a successful content business with strong product uptake, cross-selling, and cash generation. The underlying cable businesses would also need to see continued controlled growth in product uptake and cash flow, with leverage declining on a sustainable basis. Negative rating evolution would be probable if demand for Unity's Bundesliga content is weak or the venture is otherwise challenged, and would be inevitable if the group's prospective liquidity position was inadequate. UNITY MEDIA: Moody's Junks Ratings on EUR450 Million Sr. Notes -------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of Unity Media GmbH. Concurrently, Moody's assigned a (P)B3 rating to the secured note issuance in the total amount of EUR1.35 billion equivalent by Unity Media's operating subsidiaries, iesy Hessen GmbH & Co. KG and ish NRW GmbH. The outlook on the ratings is stable. Ratings downgraded: Unity Media GmbH -- Corporate Family rating to B3 from B2; -- EUR215 million 8.75% senior notes to Caa2 from Caa1; -- EUR235 million 10.125% senior notes to Caa2 from Caa1; -- US$151 million 10.375% senior notes to Caa2 from Caa1; Rating assigned: iesy Hessen GmbH & Co. KG and ish NRW GmbH -- EUR1,350 million equivalent senior secured notes at (P)B3; The downgrade reflects: -- increased business risk associated with the implementation of the new business model of Arena Sport Rechte und Marketing GmbH (Arena) to distribute football content over cable and satellite platforms; -- an increase in leverage to finance Arena to approximately 7.0x Total Debt to EBITDA on a pro-forma 2005 EBITDA basis; -- anticipated further increase in leverage relative to cash flow due to the start-up costs of Arena in 2006; -- continued integration of Tele Columbus AG & Co. KG (Tele Columbus). At the same time, Moody's believes that announced offers to retail subscribers on both cable and satellite platforms are relatively attractive. The strategy of comparatively low pricing should position the company well to promote the digital TV penetration in Germany. Moody's, however, cautions that Unity Media holds the football rights for the limited period of three years which further highlights execution risks associated with the business plan. Furthermore, Moody's notes some uncertainty as regards the potential merger of Unity Media with Tele Columbus and its definitive impact on the corporate and financial structure of the combined group in the event the merger were to occur. Moody's notes that the senior secured notes provide for the redemption of up to 33 1/3% of the notes with the proceeds from any sale of the capital stock of Tele Columbus at the company's discretion. The B3 corporate family rating does not factor in any potential de-leveraging associated with the carve-out for the sale of Tele Columbus assets. In the event such de- leveraging was to occur, Moody's will also assess Unity Media's progress in its business plan implementation. The stable outlook on the ratings reflects Moody's expectations that Unity Media will be able to achieve targeted subscriber penetration levels within 12 to 18 months. Furthermore, the outlook relies on the expectation that Unity Media will have sufficient liquidity to fund its business plan. The outlook does not reflect any potential changes in the financial structure associated with Tele Columbus merger and its timing. Moody's will review any such changes separately if the merger were to occur. The (P)B3 rating on the senior secured notes reflects their contractual and structural position in Unity Media's capital structure. Moody's, however, notes that the revolving facility in the amount of EUR130 million will receive a priority repayment treatment in the event of financial distress. Unity Media is the largest cable television operator in the German states of Hesse and North Rhine-Westphalia, with 5.1 million subscribers. On a pro-forma 2005 basis, the company generated EUR566.9 million and EUR275.1 million in revenue and EBITDA respectively. UNITY MEDIA: S&P Affirms B Ratings Off Watch; Outlook Positive -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on German cable-TV provider Unity Media Management GmbH and removed the ratings from CreditWatch following the group's announced investment in the rights for the German football league, the Bundesliga. The outlook is positive. At the same time, Standard & Poor's assigned its 'B' long-term corporate credit rating to Unity Media GmbH, the parent of Unity, and related entity iesy Hessen GmbH & Co. KG. The outlooks on both entities are also positive. In addition, we assigned a 'B' long-term rating to iesy's proposed EUR1,350 million senior secured floating rate notes, with a '2' recovery rating, reflecting our expectation of substantial recovery of principal (80%-100%) for senior lenders in the event of a payment default. The ratings on Unity were originally placed on CreditWatch on Aug. 2, 2005, following the group's announcement it was to merge with German competitor Tele Columbus GmbH & Co. KG (B/Positive/- -). Following the merger, Standard & Poor's analytically consolidates Unity and Tele Columbus. Pro forma for current refinancing, Unity Media GmbH had total debt of EUR2.4 billion at Dec. 31, 2005, including EUR0.5 billion at Tele Columbus. "The affirmation reflects our expectations of sound underlying performance for Unity's core cable businesses, particularly following the merger with Tele Columbus," said Standard & Poor's credit analyst Simon Redmond. In addition, the affirmation anticipates that the uptake and delivery of Bundesliga products following the acquiring of license rights is at least sufficient to avoid significant consolidated cash outflows from 2007. "The ratings on Unity are constrained, however, by the high leverage and expectations of substantial cash outflows in the current year, together with significant operational risks as Unity's Bundesliga business is set up," added Mr. Redmond. The positive outlook reflects the inherent operating leverage of Unity's content business model and potential for improved cash flow generation and deleveraging in the medium term if the venture is successful. An upgrade would be predicated on a successful content business with strong product uptake, cross- selling, and cash generation. The underlying cable businesses would also need to see continued controlled growth in product uptake and cash flow, with leverage declining on a sustainable basis. Negative rating evolution would be probable if demand for the Bundesliga content is weak or the venture is otherwise challenged, and would be inevitable if Unity's prospective liquidity position was inadequate. WILMSMEIER TRANSPORT: Claims Registration Ends April 5 ------------------------------------------------------ Creditors of Wilmsmeier Transport GmbH have until April 5, to register their claims with court-appointed provisional administrator Matthias Landwehr. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 9, 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 Detmold Saal 12 Gerichtsstr. 6 32756 Detmold 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 Detmold opened bankruptcy proceedings against Wilmsmeier Transport GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Wilmsmeier Transport GmbH Attn: Sabine Wilmsmeier, Manager Weststr. 7 32657 Lemgo The administrator can be contacted at: Matthias Landwehr Gerichtsstr. 12 32791 Lage Tel: 05232/95400 Fax: 05232/954040 ========= I T A L Y ========= BANCA NAZIONALE: Fitch Maintains Individual Rating at C ------------------------------------------------------- Fitch Ratings upgraded Italy-based Banca Nazionale del Lavoro's Long-term Issuer Default Rating to A- from BBB+. At the same time, the agency has maintained its Rating Watch Positive on BNL's IDR, Short-term and Support ratings of A-, F2 and 2 respectively. The bank's Individual rating is affirmed at C. The upgrade reflects BNL's reduced risks, increased profitability and stronger capital position achieved during 2005 and in the first quarter 2006. This trend of positive events is confirmed by the results published on March 24 by the bank for full year 2005. For 2005, BNL reported an acceptable level of operating profit, a notable improvement on the operating loss in 2004. The better performance reflected a sharp reduction in its loan impairment charge following the substantial increase in loan loss reserves in 2004, healthier operating revenues and smaller operating costs. Despite these improvements, the bank's cost efficiency remains weaker than peers' and its stock of impaired loans remains large. Over the past two years, BNL has improved its financial profile and diminished its risks by implementing a clear strategy and redirecting its lending towards the retail sector and medium- sized enterprises away from large corporates. Asset quality and capital ratios have also improved sharply, even though they remain weaker than those of higher-rated peers. In 2005, BNL sold around EUR1.4 billion of its gross doubtful and watch-list loans without recourse, reducing by 23% its stock to EUR4.4 billion. Gross doubtful loans of EUR3.1 billion were 68% covered by loan loss reserves, yielding net doubtful loans of EUR1 billion or around 1.6% of total customer loans. BNL's capital ratios have improved, thanks to the EUR1.1 billion of fresh capital the bank raised in December 2004 to absorb the adverse impact of the first-time application of International Financial Reporting Standards on its loan book. At end-2005, BNL had gross exposure of EUR2.3 billion country risk to Iraq inherited from 1989. As part of the Iraqi government's restructuring of its debt, in Jan 2006 BNL received newly issued Iraqi government bonds for a nominal value of USD683 million. In March 2006, BNL sold USD370 million of these bonds with a capital gain of EUR81 million. The balance is more liquid and to a single sovereign counterparty, which is an improvement on the earlier position, and will receive interest. In January 2006, BNL signed an agreement to sell its Argentinian activities, which should bring the bank a capital gain of USD155 million. Fitch is maintaining BNL's IDR, Short-term and Support ratings on Rating Watch Positive reflecting the pending acquisition by BNP Paribas of a controlling stake of approximately 48% in the bank. On completion of the deal, BNL's IDR, Short-term and Support ratings would reflect what Fitch considers to be an extremely high probability of support, should it ever be required, from its new controlling shareholder. As a result, BNL's ratings would be upgraded to IDR A, Short- term F1 and Support 1. The IDR would remain on Rating Watch Positive to reflect Fitch's expectation that BNPP, following the launch of an obligatory takeover bid for the remaining shares, will gain in excess of 75% of BNL's shares. Once this threshold is exceeded, Fitch would automatically upgrade BNL's IDR to A+. As further integration occurs and additional operational benefits accrue to BNL from its acquisition by BNPP, it is possible that Fitch may upgrade the IDR further. =================== K A Z A K H S T A N =================== AGRO-FINANST: Creditors Must File Claims by April 7 --------------------------------------------------- LLP Agro-Finanst filed for bankruptcy with the Specialized Inter-Regional Economic Court of Kostanai Region on Jan. 16, 2006. Creditors have until April 7, to submit written proofs of claim to: Gogol Str. 177a Kostanai ASSA: Creditors Must File Claims by April 7 ------------------------------------------- LLP Assa filed for bankruptcy with the Specialized Inter- Regional Economic Court of Kostanai Region on Jan. 16, 2006. Creditors have until April 7 to submit written proofs of claim to: Gogol Str. 177a Kostanai BEKET: Kostanai Court Opens Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region commenced bankruptcy proceeding against LLP Beket on Jan. 31, 2006. CONTACT: The Specialized Inter-Regional Economic Court of Kostanai Region Baitursynova Str. 70 Kostanai BIRDEILIK: Kostanai Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region commenced bankruptcy proceeding against OJSC Birdeilik on Jan. 25, 2006. CONTACT: The Specialized Inter-Regional Economic Court of Kostanai Region Baitursynova Str. 70 Kostanai JAMBYL ENERGOKOMBINAT: Creditors Must File Claims by April 7 ------------------------------------------------------------ JSC Jambyl Energokombinat filed for bankruptcy with the Specialized Inter-Regional Economic Court of Jambyl Region on Dec. 28, 2006. Creditors have until April 7, to submit written proofs of claim to: Sypatai Batyr Str. 6, room 11 Taraz Tel: 8 (32622) 43-27-78 JANZIRA: Creditors Must File Claims by April 7 ---------------------------------------------- LLP Janzira has declared insolvency. Creditors have until April 7, to submit written proofs of claim to: Radostovsa Str. 152b, office 3 Almaty KAZAKHSTAN-TRANSPORT: Creditors Must File Claims by April 7 ----------------------------------------------------------- LLP Kazakhstan-Transport has declared insolvency. Creditors have until April 7, to submit written proofs of claim to: Promyshlenaya Str. 1 Almaty TOMIRIS: Creditors Must File Claims by April 7 ---------------------------------------------- LLP Tomiris has declared insolvency. Creditors have until April 7, to submit written proofs of claim to: Pushkin Str. 40-11 Almaty ===================== N E T H E R L A N D S ===================== GETRONICS N.V.: Forms Strategic Partnership with Corillian ---------------------------------------------------------- Corillian Corp. (NASDAQ: CORI) and Getronics, disclosed the signing of a multi-year reseller and systems integration agreement to deliver comprehensive online services to financial institutions worldwide. Getronics will resell and implement Corillian's Voyager platform and online banking applications as its preferred offering for financial institutions looking for a comprehensive, next- generation online solution. Financial institutions will be able to benefit greatly from the addition of the Voyager platform to Getronics' unique retail banking solution that includes their Globalfs multi-channel branch software, as well as comprehensive security, IP communications, and workspace management infrastructure services. This powerful combination will enable financial institutions to gain the customer sales and service benefits of a truly integrated retail delivery environment, backed by an arrangement that ensures that the environment will be maintained and expanded. "Our clients are looking for ways to not only deploy but also continuously improve their customers' multi-channel banking experience,' said Jean-Paul Adans, Senior Vice President, Getronics Financial Services Industry Practice. "Corillian's industry-leading online banking solutions and understanding of the multi-channel experience and its challenges are a great asset to Getronics and our clients. We are excited about integrating Corillian's online applications into our unique retail banking software and services offering. This agreement strengthens our ability to deliver our solution with a single point of accountability and maximum flexibility." Corillian's industry-leading Voyager platform and online applications enable financial institutions to deliver innovative online financial services to their various customer segments - consumers, small businesses and corporations. Corillian's online banking applications integrate hundreds of best practices developed over the last eight years through its experiences in serving some of the most innovative financial institutions in the world. Corillian's applications integrate market-leading practices in usability and functionality from industry-leading firms and other acknowledged industry experts. With these solutions, financial institutions deliver innovative and compelling online banking services to their users, while maintaining the ability to tailor the solution through flexible configuration. This enables the financial institution to gain a competitive advantage in the online channel and meet the growing needs of its unique user base. Getronics' Channel Renewal retail banking solution addresses the long-standing challenges associated with deploying and evolving a multi-channel customer-centric banking environment. Getronics is unique in its ability to minimize risk and cost through a combination of its Globalfs software, project management and ongoing managed IT services that address the complexities found in today's retail banking delivery environment, including: -- application integration; -- end-to-end network security; -- voice and data communication integration; and -- local and mobile device deployment and support. Today, Getronics serves 17 of the world's top 20 financial services institutions, providing software and services to more than 50,000 branches worldwide. "Getronics has industry-leading expertise and a proven track record in helping financial institutions grow revenues and enhance competitiveness within their branch-oriented software and services,' said Alex Hart, President and CEO of Corillian. "The Getronics and Corillian combination provides a best-of- breed approach that offers financial institutions one of the most complete multi-channel offerings in the industry. We believe this strategic partnership will allow us to expand our presence and increase revenues in new markets around the world." About Corillian Corillian -- http://www.corillian.com-- is the market leader of online banking, bill payment and fraud prevention solutions to the financial services industry. With 28 of the top 100 U.S. banks and 20 of the top 100 U.S. credit unions as customers, Corillian serves over 25 percent of the online banking community. Corillian provides the most flexible, scalable and secure set of online banking applications across multiple lines of business, integrating best-practice functionality developed for some of the most innovative financial institutions in the world. Corillian features integrated applications across Consumer Banking, Small Business Banking, Wealth Management, Credit Card Management, and Corporate Cash Management, as well as enterprise wide solutions, including Fraud Detection, Payments Warehouse, Alerts, eStatements, and OFX. Corillian's fraud prevention solutions use Preemptive Forensics(TM) to protect web sites from phishers, hackers, and fraudsters. Corillian's strong authentication solution provides a low-cost solution for multi-factor authentication while maintaining high user satisfaction. For more information about Corillian Corporation, visit the company's Web site at. About the Company Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in the Troubled Company Reporter-Europe on March 9, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Dutch IT services group Getronics N.V. to 'B' from 'B+'. At the same time, Standard & Poor's lowered its ratings on Getronics' senior unsecured notes to 'CCC+' from 'B-', still two notches below the corporate credit rating. Standard & Poor's also lowered its ratings on Getronics' EUR300 million senior secured bank loan to 'B' from 'B+', the same as the corporate credit rating. The loan has a '3' recovery rating, indicating our expectation of meaningful (50%-80%) recovery of principal in the event of a payment default. All ratings remain on CreditWatch with negative implications where they were placed on Jan. 19, 2006, following a profit warning. On Sept. 30, 2005, Getronics had gross debt of EUR518 million, including EUR135 million in cumulative preference shares. =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: Eyes Demerger of Production Activities -------------------------------------------------------------- The Board of Directors for Petroleum Geo-Services ASA (OSE:PGS) (NYSE:PGS) recommended to shareholders a separation of the Company into two separately listed businesses by demerging its activities within floating production into a newly-formed entity named Petrojarl ASA. The activities within the geophysical business will continue under the PGS name. The separation will be implemented through a combined demerger and offering structure. Terms of the Demerger Upon completion of the demerger, each PGS shareholder will receive one share in Petrojarl for each share held in PGS on the record date, and will thus hold separate investments in two listed companies: -- Petroleum Geo-Services: A focused Geophysical services company, comprising marine and onshore acquisition of seismic data, the world's largest library of Multi-client data, as well as data processing services. Petroleum Geo- Services intends to build further on its global infrastructure and on its global market leadership in marine seismic to capture the potential from the market upturn, build further strengths in selected segments and consider concentrated or broader industry restructuring opportunities to position the business optimally for the future. The Company's shares will have a primary listing in Oslo and its American Depository Shares will trade on New York Stock Exchange. -- Petrojarl: A focused FPSO company, with North Sea leadership and expertise that is currently the second largest FPSO contractor world-wide in terms of revenues. Petrojarl will seek to maintain its strong North Sea position while pursuing growth opportunities internationally through the intended Teekay Petrojarl Offshore JV, building on strong design, project management and operational capabilities. Petrojarl's shares will be listed in Oslo. The Petrojarl shares distributed to PGS shareholders, will constitute 80.01% of the total number of shares outstanding after completion of the demerger. PGS intends to sell up to the remaining 19.99% in an offering concurrently with the demerger, subject to market conditions. The Board believes that the combined demerger and offering structure will efficiently position Petrojarl in the capital markets and enable it to take an active part in further growth in the FPSO market. The decision to recommend a separation is principally motivated by a desire to provide each of the two PGS businesses with clearer strategic direction and increased flexibility to pursue growth opportunities. Through the separation, the Geophysical and Production Businesses will obtain independent access to financing and each will be able to independently develop an optimal capital structure for its business. Furthermore, the separation will make possible separate evaluations of each business, and allow each business to attract its own investor base. The listing of Petrojarl is planned for early July 2006. Petrojarl will have its headquarters in Trondheim, Norway. Espen Klitzing, who currently heads the Production Business, will serve as Petrojarl's chief executive officer. In contemplation of the demerger, Petrojarl is in the process of establishing a credit facility, to be arranged by ING Bank N.V, which will become effective from completion of the demerger. A demerger agreement between PGS and Petrojarl regulates the split of rights, assets and liabilities between the two companies. PGS' share capital will be split in the ratio of 80/20 between PGS and Petrojarl, based on estimated fair market values and proposed allocation of net interest-bearing debt of approximately $566 million to PGS and $263 million to Petrojarl as of Dec. 31, 2005. Completion of the demerger is subject, inter alia, to: -- approval by an extraordinary general meeting of PGS shareholders scheduled for April 28; -- certain remaining third party consents; and -- notice from Oslo Boers that Petrojarl will be accepted for listing immediately after the demerger has been registered. "Through this separation we are executing our stated strategy to create new opportunities for the two businesses and value for our shareholders," PGS President and CEO, Svein Rennemo commented. "We are creating two strong companies well positioned for further growth benefiting our existing shareholders, customers and employees. We also believe these companies will be attractive for new groups of investors." The separation will have an indicative timetable: * March 28, 2006 -- distribution of the Demerger Plan with appendixes, setting forth the terms and conditions of the proposed demerger; * Early April 2006 -- distribution of an extended stock exchange notice in the form of an information statement relating to the demerger; * April 28, 2006 -- extraordinary general meeting; and * Early July 2006 -- expected first day of trading of the Petrojarl shares. About Petroleum Geo-Services Headquartered in Lysaker, Norway, Petroleum Geo-Services -- http://www.pgs.com/-- is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units. * * * Petroleum Geo-Services' 10% senior notes due 2010 carry Standard & Poor's B+ rating. =========== P O L A N D =========== NETIA SA: Transport Minister Cancels EUR20.9-Mil License Fees ------------------------------------------------------------- The Polish Minister of Transport and Construction cancelled part of the outstanding local license fee obligations of Netia SA's subsidiary, Regionalne Sieci Telekomunikacyjne El-Net SA, on March 21. The obligations included the prolongation fees owed in connection with the prior deferrals of the license fee installments, in exchange for investments in the telecommunications infrastructure incurred in years 2001, 2002 and 2003. The total amount of the local license fees cancelled was EUR20,940,066. The total amount of the prolongation fees cancelled was EUR8,565,650.93. Headquartered in Warsaw, Poland, Netia SA (B+/Stable/--) -- http://netia.pl/-- is the leading alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. NETIA SA: Mark Holdsworth Leaves Supervisory Board -------------------------------------------------- Netia SA (WSE: NET) disclosed the resignation of Mark Holdsworth from his position as a member of the Company's Supervisory Board effective as of March 29, 2006. Mr. Holdsworth cited potential conflict of interest that may result from the current shareholding structure of Netia and Netia Mobile Sp. z o.o. Headquartered in Warsaw, Poland, Netia SA (B+/Stable/--) -- http://netia.pl/-- is the leading alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. =========== R U S S I A =========== ARCTIC: Moscow Court Opens Bankruptcy Proceedings ------------------------------------------------- The Arbitration Court of Moscow Region commenced bankruptcy proceedings against Arctic after finding the close joint stock company insolvent. The case is docketed as A40-78228/05-123- 248B. Mr. S. Galakhov has been appointed insolvency manager. The Debtor can be reached at: Arctic Novopetrovskaya, 7 125239, Moscow Region, Russia BAYMAK-GAS-SPETS-STROY: Claims Registration Ends April 18 --------------------------------------------------------- Creditors of Baymak-Gas-Spets-Story have until April 18, to submit their proofs of claim to the court-appointed insolvency manager Ms. R. Galeeva at: Room 12, S. Yulaeva Pr. 30 453630, Baymak Bashkortostan Republic, Russia The Arbitration Court of Bashkortostan Republic commenced bankruptcy proceedings against the close joint stock company with the case docketed as A07-20748/05-G-MOG. The Debtor can be reached at: Baymak-Gas-Spets-Story Azanova Str. 26 453630, Baymak, Bashkortostan Republic, Russia ELECTRO-SIB-MONTAGE: Bankruptcy Hearing Set for May 23 ------------------------------------------------------ The Arbitration Court of Krasnoyarsk Region will convene on May 23, to hear the bankruptcy supervision procedure on open joint stock company Electro-Sib-Montage. The case is docketed as A33-30948/2005. Mr. N. Zubenko has been appointed temporary insolvency manager. The Debtor can be reached at: Electro-Sib-Montage Building 15, Mpro. base Energetic, 662315, Krasnoyarsk Region, Russia The insolvency manager can be reached at: N. Zubenko Sosnovoborsk, Post User Box 2 662501, Krasnoyarsk Region, Russia GRAIN: Bryansk Court Sets Bankruptcy Hearing for May 22 ------------------------------------------------------- The Arbitration Court of Bryansk Region will convene at 10 a.m., on May 22, to hear the bankruptcy supervision procedure on open joint stock company Grain with the case docketed as A09- 13788/05-28. Mr. V. Semernev has been appointed temporary insolvency manager. The Debtor can be reached at: Grain Unechskiy Region, Zhudilovo, 243330, Bryansk Region, Russia The insolvency manager can be reached at: V. Semernev Krasnoarmeyskaya Str. 136A, 241050, Bryansk Region, Russia Tel: (0832) 66-04-87 IVANOVSKOYE: Claims Filing Period Ends April 18 ----------------------------------------------- Creditors of Ivanovskoye (TIN 3405009543) have until April 18, to submit their proofs of claim to court-appointed insolvency manager, Mr. A. Kharlanov, at: Post User Box 1100 400087, Volgograd Region, Russia The Arbitration Court of Volgograd Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A12-2123/05-s50. The Debtor can be reached at: Ivanovskoye Dubovskiy Region, Malaya Ivanovka, 404023, Volgograd Region, Russia JSC VNESHTORGBANK: Fitch Assigns C/D for Individual Rating ---------------------------------------------------------- Fitch Ratings assigned Russia's JSC Vneshtorgbank a Local Currency Issuer Default Rating of BBB. VTB's other ratings are Foreign Currency IDR BBB/Stable Outlook, Short-term F3, Support 2, and Individual C/D. At the same time, Fitch assigned Dali Capital PLC's upcoming issue of Series 20 fixed-rate RUB notes an expected Long-term BBB rating. The notes are to finance an unsecured loan made by Barclays Bank PLC to VTB. Barclays and Dali will only pay noteholders principal and interest received from VTB. The final rating is contingent on receipt of final documents conforming materially to information already received. The issue is structured such that Dali, a special-purpose vehicle domiciled in Ireland, issues RUB-denominated notes payable in USD, the proceeds from which are converted into RUB by authorized foreign exchange agents, Barclays and ZAO Citibank, and placed with Barclays for the subsequent lending to VTB. The Bank of New York acts as trustee and as issuing and paying agent for Dali. Interest and principal amounts on the loan from Barclays to VTB are calculated and paid in RUB, converted to USD using the same foreign exchange agents and placed with Dali for the payments to the noteholders. Noteholders are therefore subject to the risk of a depreciation of the RUB against the USD. The loan agreement between Barclays Bank and VTB contains a prepayment clause if the Russian Federal authorities cease to own or control at least 50% plus one share in VTB. The agreement also contains a negative pledge clause and numerous other covenants that, among other factors, limit disposals by VTB and require VTB to maintain a minimum consolidated Basel total capital ratio of 8%. The negative pledge clause allows for a degree of securitization by VTB, to the extent that the principal amount of the notes issued under any securitization does not exceed 10% of VTB's assets. VTB was founded in 1990 and is 99.9%-owned by the Russian state through the Federal Property Agency. The bank has a diversified branch network covering all Russia and is the country's second largest bank. Based on unaudited financial statements prepared in accordance with IFRS, as of Oct. 1, 2005 VTB's consolidated assets, net loans and shareholders equity stood at US$22.5 billion, US$13.8 billion and US$2.9 billion respectively. VTB, its subsidiaries and associates, including a number of banks in the CIS and Western Europe, offer banking services predominantly to Russian corporate, SME and retail clients. NAFTA-TRANS-EAST: Bankruptcy Heating Set for May 15 --------------------------------------------------- The Arbitration Court of Moscow will convene on May 15, to hear the bankruptcy supervision procedure on close joint stock company Nafta-Trans-East. The case is docketed as A40-55247/05- 101-101 "B". Mr. A. Fomin has been appointed temporary insolvency manager. The Debtor can be reached at: Nafta-Trans-East Building 2, Krasina Str. 7 123056, Moscow Region, Russia The insolvency manager can be reached at: A. Fomin Sretenskiy Avenue, 5, Post User Box 161, 107045, Moscow Region, Russia PETROZAVODSKIY WOOD: Claims Filing Period Ends April 18 ------------------------------------------------------- Creditors of Petrozavodskiy Wood Working Combine (TIN 1001006991) have until April 18, to submit their proofs of claim to court-appointed insolvency manager, Ms. V. Podolyanchik at: Petrozavodsk, Post User Box 114 135030, Kareliya Republic, Russia The Arbitration Court of Kareliya Republic commenced bankruptcy proceedings against the close joint stock company with the case is docketed as A26-6248/2005-18. The Debtor can be reached at: Petrozavodskiy Wood Working Combine Petrozavodsk, Zaytseva Str. 64A 185000, Kareliya republic, Russia ROS-OIL-GAS-INTER-STROY: Bankruptcy Hearing Set for April 20 ------------------------------------------------------------ The Arbitration Court of Stavropol Region will convene at 10 a.m., on April 20, to hear the bankruptcy supervision procedure on close joint stock company Ros-Oil-Gas-Inter-Story at: The Arbitration Court of Stavropol Region Mira Str. 458B, Stavropol Region, Russia The case is docketed as A63-2362/05-S5. Mr. A. Parshin has been appointed temporary insolvency manager. The Debtor can be reached at: Ros-Oil-Gas-Inter-Story Apartment 49, Dzerzhinskogo Str. 51, Stavropol Region, Russia The insolvency manager can be reached at: A. Parshin Sotsialisticheskaya Str. 18/3, 355047, Stavropol Region, Russia Tel/Fax: 8-8652-29-54-64 ROS-SPETS-STROY: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Irkutsk Region has commenced bankruptcy supervision procedure on close joint stock company Ros-Spets- Stroy. The case is docketed as A19-24556/05-37. Ms. S. Chetvergova has been appointed temporary insolvency manager. The Debtor can be reached at: Ros-Spets-Stroy Bratsk Region, Russia The insolvency manager can be reached at: S. Chetvergova Post User Box 131 664025, Irkutsk Region, Russia Tel: (3952) 33-40-68 ROSTELECOM: S&P Lifts Rating to BB- on Reduced Financial Risk ------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rostelecom, the largest long-distance services provider in Russia, to 'BB-' from 'B+', reflecting the company's strengthened financial profile. The outlook is stable. "The upgrade reflects the company's strong financial position, with minimal debt levels; persisting positive free cash flows and sound financial flexibility; its leading nationwide network; and the continuing growth of traffic volumes," said Standard & Poor's credit analyst Lorenzo Sliusarev. "Standard & Poor's expects that Rostelecom will sustain its limited exposure to financial risk and sound credit protection in the near-to-medium term," Mr. Sliusarev added. We note, however, that ongoing market liberalization and regulatory developments in Russia are expected to cause changes in the competitive environment, translating into pressure on operating performance and profitability. Nevertheless, the company's strong financial profile and ownership of a modern nationwide network should somewhat mitigate this uncertainty, serving as a cushion against potential adverse developments in business performance. YUKOS OIL: Moscow Court Begins Temporary Outside Supervision ------------------------------------------------------------ The Hon. Pavel Markov of the Moscow Arbitration Court entered an order placing OAO Yukos Oil Co. under temporary outside supervision until June 27, when he will consider formally declaring the company bankrupt. The bankruptcy suit was brought to court on March 10, by a consortium of 14 bank lenders led by Societe Generale SA, in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. State-owned oil company Rosneft, acquired the debt in December 2005 from the consortium, which included Citigroup Inc., Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, among others. "Our reaction is there is nothing unexpected here," Andrew Smith, a Yukos spokesman, told Andrew E. Kramer of The New York Times. "After three years of working in the Russian court system our expectations were not particularly high." Judge Markov turned down Yukos' request for a 14-day extension to review details from the bank group. He likewise denied the company's request to move the trial in the remote Khanty- Mansiisk region of western Siberia, where the company was located. Temporary Manager The Court named Rosneft-nominated Eduard Rebgun as temporary manager to oversee Yukos until the June hearing. Mr. Rebgun is a member of the external management body of the Russian Union of Industrialists and Entrepreneurs. Mr. Rebgun will: -- analyze Yukos' finances and determine the amount of its debts; -- draw up a list of creditors; and -- organize the first creditor's committee meeting. The committee recommended two possible actions for Yukos: external management or bankruptcy administration and liquidation. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. ZAKAMENSKIY BREWERY: Court Names M. Matkheeva Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Buryatiya Republic appointed Ms. M. Matkheeva as insolvency manager of Zakamenskiy Brewery. The Court has commenced bankruptcy supervision procedure on the open joint stock with the case as A10-8849/05. The Debtor can be reached at: Zakamenskiy Brewery Zakamensk, Sedletskogo Str. 66 617950, Buryatiya republic, Russia The insolvency manager can be reached at: M. Matkheeva Ulan-Ude, Borsoeva Str. 109, 670004, Buryatiya republic, Russia ============= U K R A I N E ============= AGRORAYON: Kyiv Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Agrorayon (code EDRPOU 31071160) on Jan. 25, after finding the company insolvent. The case is docketed as 21/11 b-06. Mr. S. Gritsaj has been appointed Liquidator/Insolvency Manager. CONTACT: Agrorayon Ivankiv, Kyivske shose, 1 Ukraine, Kyiv Region Mr. S. Gritsaj Liquidator/Insolvency Manager 01030, Ukraine, Kyiv Region, a/b 38 Tel: (044) 236-11-17 Economic Court Of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region AMVROSIYIVSKE REPAIR: Donetsk Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy proceedings against Amvrosiyivske Repair-Transport Enterprise APK (code EDRPOU 31001072) on February 2, 2006 after finding the company insolvent. The case is docketed as 5/67-b. Mr. Laskavij Kostyantin has been appointed Liquidator/Insolvency Manager. CONTACT: Amvrosiyivske Repair-Transport Enterprise APK Amvrosiyivka, Zelenij Lane 18 87300, Ukraine, Donetsk Region Mr. Laskavij Kostyantin Liquidator/Insolvency Manager Starobeshevska Str. 12 a 83069, Ukraine, Donetsk Economic Court Of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region CHERKASSYZALIZOBETON: Court Opens Bankruptcy Proceedings -------------------------------------------------------- The Economic Court of Cherkassy Region declared CJSC Cherkassyzalizobeton (code EDRPOU 01267610) after finding the company insolvent. The case is docketed as 14/2671. Mr. Kopilets Pavlo has been appointed Liquidator/Insolvency Manager. CONTACT: Cherkassyzalizobeton: Himikiv Lane 2 18036, Ukraine, Cherkassy Region Mr. Kopilets Pavlo Liquidator/Insolvency Manager Konev Str. 3/132 18029, Ukraine, Cherkassy Region Economic Court Of Cherkassy Region Shevchenko Avenue 307 18005, Ukraine, Cherkassy Region DRUZHBA: Zhitomir Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Economic Court of Zhitomir Region commenced bankruptcy proceedings against LLC DRUZHBA (code EDRPOU 01053043) on Dec. 1, 2005 after finding the company insolvent. The case is docketed as 4/115 B. Mr. Sergij Daniluk has been appointed Liquidator/Insolvency Manager. CONTACT: Druzhba Brusilivskij district, Stavishe Ukraine, Zhitomir Region Mr. Sergij Daniluk Liquidator/Insolvency Manager Tel. (04130) 4-31-39 Economic Court Of Zhitomir Region Putyatinski Square 3/65 10002, Ukraine, Zhitomir Region HERSON-TON LTD.: Herson Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Herson Region commenced bankruptcy proceedings against Joint Ukrainian-American Enterprise Herson- Ton Ltd. (code EDRPOU 24116693) on Feb. 2, after finding the company insolvent. The case is docketed as 6/39-B-06. Mr. Dmitro Zaporozhets has been appointed Liquidator/Insolvency Manager. Creditors have until March 17, to submit their proofs of claim to: Herson-Ton Ltd. 73000, Ukraine, Herson Region Dniprovskij district, Perekopska Str. 168 Mr. Dmitro Zaporozhets Liquidator/Insolvency Manager Chervonoflotska Str. 3/1 73000, Ukraine, Herson Region Tel: 8 (0552) 49-82-86 Economic Court of Herson Region 73000, Ukraine, Herson Region Gorkij Str. 18 HLIB POKUTTYA: Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Ivano-Frankivsk Region commenced bankruptcy proceedings against OJSC Hlib Pokuttya (code EDRPOU 00954426) on Jan. 5, after finding the company insolvent. The case is docketed as B-7/64. Mr. Igor Rudik has been appointed Liquidator/Insolvency Manager. CONTACT: Hlib Pokuttya Snyatinskij district, Zabolotiv, Ukraine, Ivano-Frankivsk Region Grushevskij Str. 123 Mr. Igor Rudik Liquidator/Insolvency Manager Galitska Str. 124/84 76022, Ukraine, Ivano-Frankivsk Region Tel: 8 (03422) 50-06-96 Economic Court Of Ivano-Frankivsk Region Shevchenko Str. 16a 76000, Ukraine, Ivano-Frankivsk Region RIZHANIVSKE: Cherkassy Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy proceedings against LLC Rizhanivske (code EDRPOU 31546526) on Feb. 2, after finding the company insolvent. The case is docketed as 01/3592. Mr. Bilera Oleg has been appointed Liquidator/Insolvency Manager. CONTACT: RIZHANIVSKE Zvenigorodskij District, Rizhanivka 20233, Ukraine, Cherkassy Region Mr. Bilera Oleg Liquidator/Insolvency Manager Volkov Str. 59/35 Ukraine, Cherkassy Region Phone/Fax: (0472) 41-67-64, 76-79-77 Economic Court Of Cherkassy Region Shevchenko Avenue 307 18005, Ukraine, Cherkassy Region SELTORG: Dnipropetrovsk Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy proceedings against LLC Seltorg (code EDRPOU 32608635) on Dec. 27, 2005 after finding the company insolvent. The case is docketed as B 40/74/05. Mr. S. Ryabchij has been appointed Liquidator/Insolvency Manager. CONTACT: Seltorg B. Hmelnitskij Str. 24 Ukraine, Dnipropetrovsk Region Mr. S. Ryabchij Liquidator/Insolvency Manager Panikahi Str. 2 49700, Ukraine, Dnipropetrovsk Region Economic Court Of Dnipropetrovsk Region 49600, Ukraine, Dnipropetrovsk Region Kujbishev Str. 1a TEODOLIT: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Teodolit (code EDRPOU 32783536) on Jan. 25, after finding the company insolvent. The case is docketed as 22/11 b-06. Mr. S. Gritsaj has been appointed Liquidator/Insolvency Manager. CONTACT: Teodolit Ivankiv, Kyiv Regionske shose, 1 Ukraine, Kyiv Region Mr. S. Gritsaj Liquidator/Insolvency Manager 01030, Ukraine, Kyiv Region, a/b 38 Tel: (044) 236-11-17 Economic Court Of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region UKRAINIAN SERVICE: Kyiv Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on JSCCT Ukrainian Service-Company (code EDRPOU 24941523) on Feb. 2. The case is docketed as 15/82-b. Mr. V. Tkachuk has been appointed temporary insolvency manager. CONTACT: Ukrainian Service-Company Geroyiv Sevastopolya Str. 37 03061, Ukraine, Kyiv Region Mr. V. Tkachuk Temporary Insolvency Manager Lyubchenko Str. 15, room 510 Economic Court Of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region =========================== U N I T E D K I N G D O M =========================== BARNACK LIMITED: Members Pass Winding Up Resolution --------------------------------------------------- Members of Barnack (International) Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 24. They authorized Graham Stuart Wolloff and Richard John Elwell, of Elwell Watchorn & Saxton LLP, to jointly administer the liquidation proceedings. Barnack (International) Limited can be contacted at: Unit 17 Brookside Industrial Estate Sawtry Huntingdon Cambridgeshire PE28 5SB Tel: 01487 834 433 Fax: 01487 834 466 BRAND PACKAGING: Taps Administrators from KPMG ---------------------------------------------- Paul Andrew Flint and Brian Green of KPMG LLP were appointed administrators of Brand Packaging Holdings Limited (Company Number 01907038) on March 14. 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. BROOK DIGITAL: Claims Filing Period Ends April 7 ------------------------------------------------ Creditors of Brook Digital Limited have until April 7, 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 Liquidator Andrew Andronikou. Brook Digital Limited can be reached at: Unit 11 White Cliffs Business Park Honeywood Close Whitfield Dover Kent CT16 3PX Tel: 01304 823 700 Fax: 01304 822 476 BROOKLYN COTTAGE: Joint Liquidators Take Over Operations -------------------------------------------------------- Brooklyn Cottage Industries Limited is liquidating its assets after members decided to wind up the company on Feb. 23. Robert Valentine and Mark Reynolds, of Valentine & Co, were appointed Joint Liquidators. Brooklyn Cottage Industries Limited can be contacted at: 44 Tor View Avenue Glastonbury Somerset BA6 8AF Tel: 01225 834 232 CHERRYPRINT LIMITED: Appoints Baker Tilly to Administer Assets -------------------------------------------------------------- Philip Edward Pierce and Adrian David Allen of Baker Tilly were appointed administrators of Cherryprint Limited (Company Number 4988417) on March 9. Its registered office is at 3 Tadman Street, Wakefield WF1 5QU. 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. COMMERCIAL VEHICLE: Financial Woes Trigger Liquidation ------------------------------------------------------ Commercial Vehicle Equipment Limited is winding up its operations after members resolved to liquidate the company's assets on Feb. 16. Chairman C. Chapman revealed the company could no longer continue its operations due to financial liabilities. Edwin James Kirkwood and Andrew James Nichols were appointed Joint Liquidators. Commercial Vehicle Equipment Limited can be reached at: The Airfield Seaton Ross York YO4 24NF Tel: 01759 318 584 COMPASS CAPITAL: Appoints Joint Liquidators From RSM Robson ----------------------------------------------------------- Simon Peter Bower and Trevor Patrick O'Sullivan, of RSM Robson Rhodes LLP, were appointed Joint Liquidators after members of Compass Capital Limited decided to liquidate the company's assets on Feb. 23. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. Compass Capital Limited can be reached at: 78 Brook Street London W1K 5EF Tel: 020 7647 4700 CONTINENTAL TRANSPORT: Creditors Confirm Voluntary Liquidation -------------------------------------------------------------- Creditors of Continental Transport Services Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company on Feb. 24. Creditors also ratified the appointment of Keith Barry Stout as Liquidator. Continental Transport Services Limited can be reached at: 1st Floor Cobat House 1446-1448 Road Leigh- Essex SS9 2UW Tel: 01708 863 355 COUNTRYWIDE LIMITED: Claims Registration Ends April 7 ----------------------------------------------------- Countrywide (Window & Door Systems) Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 24. Appointed Liquidator, Tania Clark, 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. Countrywide (Window & Door Systems) Limited can be reached at: 4 Shepperton House Green La Shepperton TW17 8DN Tel: 01932 260700 CREASEY FLOOD: Winds Up Operations & Appoints Liquidator -------------------------------------------------------- Members of Creasey Flood Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on Feb. 22. Subsequently, they appointed Steven M. Law, of Ensors, as Liquidator. Creasey Flood Limited can be reached at: 8 Tower Road Lowestoft Suffolk NR33 7NE Tel: 01502 532 500 Fax: 01502 514 790 FREEZESTYLE LIMITED: Taps DTE Leonard as Administrator ------------------------------------------------------ A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed administrators of Freezestyle Limited (t/a The Establishment - Company Number 04935720) on March 14. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Freezestyle Limited operates a restaurant. GORMLEY LIMITED: Names Michael Ioannou to Liquidate Assets ---------------------------------------------------------- Michael Ioannou, of Gregory Michaels & Co, was appointed Liquidator of Gormley (Marble Specialists) Limited after members resolved to wind up the company's assets on Feb. 24. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its financial liabilities. Gormley (Marble Specialists) Limited can be contacted at: Gormley House Waxlow Road London NW10 7NU Tel: 020 8961 5651 Fax: 020 8961 5658 G.S.L. INTERNATIONAL: Begins Winding Up Procedure ------------------------------------------------- G.S.L. International Limited is winding up its operations after members decided to liquidate its assets on Feb. 24. Tony Mitchell, of Cranfield Recovery Limited, was appointed Liquidator. G.S.L. International Limited can be reached at: Senator Ho Bourne End Kineton Road Ind Est Southam Warwickshire CV47 0NA Tel: 01926 811 880 Fax: 01926 811 676 Web: http://www.gslinternational.co.uk/ GUILDER GRAPHICS: Names Smith & Williamson Administrator -------------------------------------------------------- Anthony Murphy, Roger Tulloch and Robert Horton of Smith & Williamson Limited were appointed administrators of Guilder Graphics Limited (Company Number 03362147) on March 13. Its registered office is at St Marys House, Netherhampton, Salisbury, Wiltshire SP2 8PU. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Guilder Graphics Limited -- http://www.guildergraphics.co.uk/-- is engaged in graphic and web designing. JPS LOGISTICS: Taps Administrator from Armstrong Watson ------------------------------------------------------- M. C. Kienlen of Armstrong Watson was appointed administrator of JPS Logistics Limited (Company Number 05501606) on March 14. Its registered office is at Unit 2, Tralee Close, Kirkleatham Business Park, Redcar, Cleveland TS10 5SG. The administrator can be reached at: Armstrong Watson Central House 47 St Paul's Street Leeds LS1 2TE West Yorkshire Tel: 0113 384 3840 Fax: 0113 384 3841 E-mail: mike.lienlen@armstrongwatson.co.uk KDC COMMUNICATIONS: Deloitte & Touche Leads Administration ---------------------------------------------------------- William Kenneth Dawson and Debbie Marie Young of Deloitte & Touche LLP were appointed administrators of telecommunication company KDC Communications Limited (Company Number 03867329) on March 17. Its registered office is at Cowgill Holloway & Co., Regency House, 45-51 Chorley New Road, Bolton, Lancashire BL1 4QR. Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. KDC Communications can be reached at: Lockfield Av Enfield EN3 7JY Tel: 020 8804 0897 KYE LIMITED: Names Joint Administrators from RSM Robson Rhodes -------------------------------------------------------------- Charles William Anthony Escott and Gerald Clifford Smith of RSM Robson Rhodes were appointed joint administrators of Kye Limited (Company Number 01944559) on March 14. RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a UK partnership of chartered accountants and management consultants, providing a wide range of auditing, assurance, advisory and compliance services for both private and public sectors. The firm is a member of the RSM International, the world's sixth largest international organization of accountants and business advisers. Kye Limited -- http://www.kye-ltd.co.uk/-- offers mechanical/electrical contracting & engineering services. LAURELS PROPERTY: Meeting of Creditors Set for April 3 ------------------------------------------------------ Creditors of The Laurels Property Company Limited will meet at 10 a.m., on April 3, at: Best Western Royal George Hotel Tintern, Chepstow, Gwent NP16 6SF 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 31, to the joint administrator F. Khalastchi at: Harris Lipman 4-5 Mount Stuart Square Cardiff Bay, Cardiff South Glamorgan CF10 5EE Tel: 029 2049 5444 Fax: 029 2049 5744 LE FIGARO: Creditors' Meeting Slated for April 3 ------------------------------------------------ Creditors of Le Figaro Brasserie And Bar Limited will meet at 11 a.m., on April 3, at: Unity Corporate Recovery & Insolvency Unity House, Clive Street Bolton BL1 1ET 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 31, to the joint administrators M. C. Bowker and S. Payne at: Unity Corporate Recovery And Insolvency Clive House Clive Street Bolton Lancashire BL1 1ET Tel: 01204 395000 Fax: 01204 383999 E-mail: matthewbowker@ubsg.co.uk LUXFER HOLDINGS: S&P Keeps Junk Rating on Watch Negative -------------------------------------------------------- Standard & Poor's Ratings Services said that its 'CC' long-term corporate credit rating and 'C' senior unsecured debt rating on U.K.-based manufacturer of gas cylinders, magnesium alloys, and zirconium chemicals, Luxfer Holdings PLC, remain on CreditWatch with negative implications. The ratings were first placed on CreditWatch on Dec. 21, 2005, reflecting uncertainty with regard to available liquidity upon the expiry of Luxfer's sole GBP20 million revolving credit facility. This facility had previously been extended to March 31, 2006, to enable Luxfer to negotiate new larger facilities with other institutions. We understand that the facility has since been extended to April 30 to allow sufficient time for the necessary due diligence required to execute new secured funding. The resolution of the CreditWatch will depend on the outcome of Luxfer's negotiations; that is, on whether the company can secure adequate longer term funding. "The ratings might be raised back to the 'CCC' category should adequate refinancing be successfully achieved," said Standard & Poor's credit analyst Jarrad Oberhardt. "Alternatively, the ratings could be lowered to 'D' or 'SD' should the company fail to secure the financing and consequently miss any payment under existing debt obligations." The next coupon of about GBP7 million is due on May 1, 2006. PEPE BOATYARD: Appoints Buchanans to Administer Assets ------------------------------------------------------ Peter Anthony Hall and Alan Peter Whalley of Buchanans Plc were appointed joint administrators of Pepe Boatyard Limited (Company Number 02457453) on March 13. The joint administrators can be reached at: Buchanans Plc Latimer House 5 Cumberland Place Southampton SO15 2BH Tel: 023 8022 1222 Headquartered in Hayling Island, Hampshire, Pepe Boatyard Limited -- http://www.pepeboatyard.com/-- is engaged in building and repairing ships. REFCO INC: Bawag Clarifies Relationship with Anguilla Entities -------------------------------------------------------------- Bawag PSK Bank, Austria's fourth-largest bank, said it terminated relationships with six Anguilla-based companies and doesn't expect any more financial liability from past dealings with them. According to Bloomberg News, U.S. prosecutors have evidence that the companies held unregistered bonds for Bawag in offshore accounts at Refco, Inc. Bawag, however, said there are no current transactions or business relations with the Anguilla entities, and therefore no outstanding financial exposure from such transactions. Probe Reveals US$525 Million in Fake Bonds As reported in the Troubled Company Reporter-Europe on March 21, U.S. prosecutors investigating Refco, LLC's collapse, have found that Refco held "offshore accounts" with as much as $525,000,000 in fake bonds. According to Bloomberg News, evidence gathered by prosecutors indicates that Refco held the securities for Bawag P.S.K., and Liquid Opportunity, an offshore hedge fund, under identification numbers that do not correspond to registered bonds. The bond accounts were at Refco's Bermuda-based unit, beyond the reach of U.S. regulators. Bawag asserts EUR392,000,000 in claims against Refco, including EUR350,000,000 it loaned to Phillip Bennett, Refco's former CEO. The remaining EUR42,000,000 relates to "other businesses in connection with Refco," Bloomberg reports. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. (Refco Bankruptcy News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-7000) REFCO INC: Refco Securities to Pay US$122 Mln for Breach of Pact ---------------------------------------------------------------- Refco Securities LLC, was ordered to pay OAO Sberbank $122,000,000 for breaching a 2004 lending agreement between the companies, Bloomberg News reports. On the Petition Date, Sberbank sent a letter to non-debtor Refco Securities seeking to end their lending agreement. Sberbank, Russia's largest savings bank, sued Refco's regulated broker-dealer business in Britain in December over its failure to return collateral securing around $700,000,000 in loans made to Sberbank. According to Bloomberg, the High Court in London rejected Refco, Inc.'s argument that it had defaulted on the agreement, which would have cut the amount owed to Sberbank, and issued an expedited judgment backing Sberbank's claim. Refco has already admitted liability for breaching the agreement. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. (Refco Bankruptcy News, Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-7000) SEA CONTAINERS: Withdraws From Ferry Business --------------------------------------------- Sea Containers Ltd (NYSE: SCRA and SCRB) disclosed that it will withdraw completely from the ferry business. The decision, together with other matters, will result in a total impairment charge of approximately $500 million in the fourth quarter of 2005. Sea Containers reported on Nov. 3, 2005, that it had begun a process of restructuring its ferry division, and that it would be entertaining offers to buy the core business of Helsinki- based Silja Oy Ab, which includes eight vessels operating on three routes in the Baltic. The Company also announced its intention to sell or charter out several additional ferry vessels and to entertain offers to buy its SeaStreak business in New York. Because of the restructuring, the Company announced an impairment charge of $99 million, of which $19 million was recorded in the 2005 third quarter results. Board Approval At the meeting of the Board on March 20, management's proposals relating to these ferry and container matters were approved. The Company will recognize a non-cash pre-tax charge of approximately $500 million in the fourth quarter 2005, which includes the previously estimated fourth quarter 2005 impairment charge of $112 million reported in the November announcement. Of this approximate $500 million, approximately $415 million relates to the ferry business, and approximately $85 million relates to the container business. Robert MacKenzie, President and Chief Executive of Sea Containers, said, "The additional write-downs announced reflect decisions made by the Sea Containers Board following a rigorous management-driven process of analyzing the Company's businesses, in the light of changing market conditions, recent trading performance and with a focus on future sustainable cash flows. Our objective is to reduce the central cost structure and direct management attention on the core independent businesses of marine container leasing, including GE SeaCo, and our GNER rail franchise. The Board will continue to review opportunities for the disposal of its non-core activities. "We are in dialogue with the Company's banks in order to amend or waive compliance with covenants. Management has been encouraged by the initial response from these institutions to work with us to resolve these matters. "At a commercial level there is progress. Silja's core business has attracted a range of highly qualified bidders with the second round of bids due shortly. Indications are that a sale of the core business can be completed in the second quarter, with the sale of most or all of the remaining ferry assets contemplated during the course of the year. "The filing of the Company's 2005 Form 10-K annual report with the U.S. Securities and Exchange Commission will be delayed into April in order to allow adequate time to resolve the various bank covenant issues and finalize outstanding accounting matters. The report will be filed as soon as practicable," he concluded. Sea Containers Ltd. -- http://www.seacontainers.com/-- is a Bermuda-registered company with regional operating offices in London, Genoa, New York City, Rio de Janeiro, Singapore and Sydney. The Company provides passenger and freight transport and marine container leasing. Restructuring Efforts Sea Containers is restructuring its loss-making ferries division, which consists of Finnish-based Silja Oy Ab (the largest), a car-carrying ferries business with 9 ships, and New York-based commuter ferry service SeaStreak. It has hired Societe Generale to sell Silja. Further, it is selling cruise ship MV Walrus, Swedish flag cruise ship MV Silja Opera, and MV Finnjet. It is also taking out one of its three SuperSeaCat fast ferries, and investing US$12 million to upgrade its flagship vessels Silja Serenade and Silja Symphony. The funding for the modernization will be raised through asset sales. It is reducing staff and offices in Finland, Sweden and Germany to save up to US$18 million. The company reported a third-quarter net loss of US$34.4 million on revenue of US$456 million, and a nine-month net loss of US$58.5 million on revenue of US$1.3 billion. * * * As reported in the Troubled Company Reporter on March 28, 2006, Standard & Poor's Ratings Services lowered its ratings on Sea Containers Ltd., including lowering the corporate credit rating to 'CCC+' from 'B+'. S&P retained all ratings on CreditWatch with negative implications. The ratings were initially placed on CreditWatch on Aug. 25, 2005, and subsequently lowered to the 'B+' level on Feb. 16, 2006. "The downgrade is based on heightened uncertainty regarding continued debt service after management stated that it was evaluating 'all options' for Sea Containers' financial structure," said S&P's credit analyst Betsy Snyder. As reported in the Troubled Company Reporter on March 27, 2006, Moody's Investors Service placed all ratings of Sea Containers Ltd., under review for possible downgrade -- senior unsecured rating at B3. The review was prompted by the company's disclosure that it would not file its Form 10-K until it completes the testing of asset impairments, as well as the uncertainty surrounding the timing of the proposed sale of Silja Oy Ab and the other ferry assets. TASTEE FOODS: Creditors' Meeting Set for April 4 ------------------------------------------------ Creditors of Tastee Foods Limited (Company Number 02599345) will meet at 11 a.m., on April 4, at: Holiday Inn Leicester-West Braunstone Lane East Leicester LE3 2FW 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 April 3, to the joint administrator G. P. Bushby at: Baker Tilly 5th Floor, Exchange House 446 Midsummer Boulevard Central Milton Keynes 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. Tastee Foods Limited -- http://www.tasteefoods.co.uk/-- manufactures of Indian foods. TECHNOLOGY TELFORD: Meeting of Creditors Set for April 10 --------------------------------------------------------- Creditors of Technology Telford Limited (Company Number 02987875) will meet at 11:30 a.m., on April 10, at: Heathcote & Coleman Heathcote House 136 Hagley Road Edgbaston, Birmingham B16 9PN 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 April 7, to the administrator Gerald Frederick Davis at: Heathcote & Coleman Heathcote House 136 Hagley Road Birmingham West Midlands B16 9PN Tel: 0121 454 4141 Fax: 0121 454 4949 E-mail: gfd@heathcote-coleman.co.uk Technology Telford Ltd can be reached at: Halesfield 19 Telford TF7 4QT Tel: 01952 585580 Fax: 01952 680240 VISAGE (IOM): Meeting of Creditors Set for April 7 -------------------------------------------------- Contributories of Visage (IOM) Limited (previously known as Planet (IOM) Limited) will meet at 2 p.m., on April 7, at: Braaid Hall Braaid in the Isle of Man 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 April 4, to the member of the board D. Parker at: Shimmin Wilson & Co 13-15 Hope Street Douglas, Isle of Man WOODMAN FURNITURE: Mazars LLP Leads Administration -------------------------------------------------- Timothy Colin Hamilton Ball and Alistair Steven Wood of Mazars LLP were appointed administrators of Woodman Furniture Limited (Company Number 04509478) on March 10. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Woodman Furniture Ltd can be reached at: Frome Somerset BA11 3DT Tel: 01373 451575 Fax: 01373 452160 E-mail: sales@woodmanfurniture.co.uk ********* 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 * * *