/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060407.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 Friday, April 7, 2006, Vol. 7, No. 70 Headlines F R A N C E GLOBAL AUTOMOTIVE: S&P Keeps Corporate Credit Rating at B- G E R M A N Y ADVOTAX24 SERVICE: Claims Registration Ends April 11 BARTSCH & FRIEDRICH: Creditors' Meeting Slated for April 11 DOLAN GMBH: Claims registration Ends April 12 EVENT LINE: Creditors' Meeting Slated for April 12 G & K DACHBAU: Claims Registration Ends April 11 GEMUESEHANDEL ZUR: Claims Registration Ends April 11 HOFMANN GESENK: Claims Registration Ends April 12 IBR TECHNOLOGY: Creditors' Meeting Slated for April 26 IGROUP-SCHWABEN: Claims Registration Ends April 11 KRONOS INTERNATIONAL: Fitch Puts BB Rating on EUR400 Mln Notes KRONOS INTERNATIONAL: S&P Rates EUR400-Mln Senior Debt at B+ SCHEUERMANN TIEFBAU: Claims Registration Ends April 12 G R E E C E TIM HELLAS: S&P Places B+ Rating on CreditWatch Negative TIM HELLAS: Fitch Affirms Issuer Default Rating at B I T A L Y PARMALAT SPA: Court Rules EUR7.5-Bln Clawback Claims Legitimate K A Z A K H S T A N ADAL-KAZAMETA: Creditors Must File Claims by April 17 BALDYR: Creditors Must File Claims by April 14 BNT UNITED: Creditors Must File Claims by April 17 ISTOK: North Kazakhstan Court Opens Bankruptcy Proceedings SEVKAZENERGO: Court Opens Bankruptcy Proceedings SARTOMAR-SK: North Kazakhstan Court Opens Bankruptcy Proceedings SBK-12: South Kazakhstan Court Opens Bankruptcy Proceedings SMIRNOVSKYI AUTOTRANS: Court Opens Bankruptcy Proceedings STROIKA: Creditors Must File Claims by April 14 TRANS-OIL: Creditors Must File Claims by April 10 L U X E M B O U R G CONVERIUM FINANCE: Earns Consolidated US$68.7 Million in 2005 N E T H E R L A N D S AURELIA ENERGY: Earns US$13.3 Million in Fiscal 2005 GETRONICS N.V.: Secures EUR9-Mln Two-Year Contract with Chevron R U S S I A AGRO-PROM-TRANS: Pskov Court Begins Bankruptcy Proceedings CHISTOVSKOYE: Claims Filing Period Ends April 18 CORUNDUM: Claims Registration Ends April 18 FACTORY OF BUILDING MATERIALS: Under Bankruptcy Supervision ISKRA: Claims Filing Period Ends April 18 KRASNOTURYINSK-STROY: Court Names Temporary Insolvency Manager ORENBURGSKOYE: Deadline for Proofs of Claim Slated for April 18 RUS-AGRO: Deadline for Proofs of Claim Slated for April 18 STROY-INVEST-URAL: Court Names A. Bannykh Insolvency Manager SUVOROV-AGRO-PROM-STROY: Claims Filing Period Slated April 18 U K R A I N E AGROBUD: Rivne Court Starts Bankruptcy Supervision Procedure CAFE EXPRESS: Lviv Court Opens Bankruptcy Proceedings KORIAND: Lviv Court Opens Bankruptcy Proceedings KRAMATORSK' HEAT: Court Names M. Filonov to Liquidate Assets ODESGOLOVPOSTACH: Odessa Court Starts Bankruptcy Supervision SKLOPRILAD: Lviv Court Opens Bankruptcy Proceedings STAROBESHIVSKIJ RAJAGROBUD: Court Starts Bankruptcy Supervision SUMITEPLOSERVICE: Court Names I. Shevchenko Insolvency Manager U N I T E D K I N G D O M AVAC LIMITED: Taps Administrator from Norton Practice Insolvency BAXI HOLDINGS: S&P Lowers Corp. Credit Rating to B+; Off Watch BRITISH AIRWAYS: Reports Preliminary March 2006 Traffic Results CONSUMERS TRUST: Hires Francis Treager as English Law Consultant DIRECT BINDERS: Creditors' Meeting Set for April 18 DIRECT INSULATED: Names Administrator from Ideal Corporate GAZEBO HAIR: Salon Appoints Administrator from Begbies Traynor H FORD: HSBC Bank Appoints PKF as Administrative Receiver HENLYS GROUP: Financial Woes Prompt Liquidation HORIZONS CARE: Alex Kachani Leads Winding Up Process HYTYME MANAGEMENT: Names Joint Administrators from Vantis JOURNAL PRINTING: Appoints David Horner & Co Administrator MAS COMMERCIAL: Claims Filing Period Ends April 25 MMI CREATIVE: Names Begbies Traynor to Administer Assets NATIONWIDE MORTGAGE: Claims Registration Ends May 23 NICHOLSON WARWICK: Begins Winding Up Operations OCEAN MANAGEMENT: Taps Administrator from Fisher Partner ODS OPTICAL: Appoints Joint Administrators from Vantis PAN SECURITY: Creditors Affirm Voluntary Liquidation QUESTRELAY LIMITED: Members Resolve to Company's Liquidation RANK GROUP: Repurchases 305,786 Shares for Cancellation RAY BOYNTON: Members Pass Winding Up Resolution SCANMODULE LIMITED: Joint Liquidators Take Over Operations SCORPIO PRINT: Taps Joint Administrators From BDO Stoy Hayward SELECT FRANCE: Meeting of Creditors Set for April 12 SOUTHBROOK CIVIL: Liquidator Sets April 28 Claims Bar Date TRANSOL EXPRESS: Names Armstrong Watson to Administer Assets VISION WORKSHOP: Calls in Joint Administrators from CBA ********* =========== F R A N C E =========== GLOBAL AUTOMOTIVE: S&P Keeps Corporate Credit Rating at B- ---------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B-' long-term corporate credit rating on France-based auto logistics provider Global Automotive Logistics S.A.S. and the 'CCC' rating on related entity GAL Finance S.A.'s EUR100 million subordinated notes (guaranteed by GAL) remain on CreditWatch with negative implications, where they were placed on Aug. 1, 2005. This reflects Standard & Poor's continued uncertainty over the company's future performance following the release of its 2005 figures. "We have concerns that GAL will not meet mandatory debt repayments in 2006 without additional support from either its banks, shareholders, or other sources. GAL's weak liquidity was caused by the sharp decline in its performance over the past few quarters," said Standard & Poor's credit analyst Eve Greb. GAL's profitability significantly weakened in the fourth quarter of 2005, with EBITDA margins declining to 0.9% from 5.6% in the fourth quarter of 2004. This deterioration was mainly caused by a 12% decrease in volumes from automaker Renault S.A. (BBB+/Stable/A-2) transported by GAL. In addition, there are signs of further declining volumes from Renault, which represents more than 70% of GAL's customer base. Renault reported an 11.5% decrease in new passenger-car registrations in the first two months of 2006, which is expected to exacerbate the negative impact on GAL's performance. "To resolve the CreditWatch placement, Standard & Poor's needs further clarity regarding GAL's liquidity situation. Covenants under the company's committed bank facility have been breached several times over the past few quarters and are expected to be breached in 2006. We consider the renewal of GAL's major contract with Renault, which expires in 2008, as a key ratings factor for GAL's future creditworthiness. Another key ratings factor is GAL's ability to achieve a successful financial restructuring," added Ms. Greb. Standard & Poor's considers that GAL faces risk with respect to compliance with its covenants over the next quarters, having breached it several times since December 2004, owing to the reduction in EBITDA. Nevertheless, GAL has been able to receive a waiver in the past, and it is likely that it will continue to receive support from its banking group over the following quarters. ============= G E R M A N Y ============= ADVOTAX24 SERVICE: Claims Registration Ends April 11 ---------------------------------------------------- Creditors of AdvoTax24 Service GmbH have until April 11, to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 23, 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 Dortmund Saal 3.201 II. Etage Gerichtsplatz 1 44135 Dortmund 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 Dortmund opened bankruptcy proceedings against AdvoTax24 Service GmbH on March 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AdvoTax24 Service GmbH Kaiserstr. 147 44143 Dortmund Attn: Horst Wilhelm Otto Fleitmann, Manager Franziskanerstr. 8 44143 Dortmund The administrator can be contacted at: Dr. Christoph Schulte-Kaubruegger Rheinlanddamm 199 44139 Dortmund Tel: 0231-2255370 Fax: 0231-2255373 BARTSCH & FRIEDRICH: Creditors' Meeting Slated for April 11 ----------------------------------------------------------- Court-appointed provisional administrator for Bartsch & Friedrich Inh Brigitte Friedrich & Sohne oHG, Dr. Bjorn Gehde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m., on April 11. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Saal 218 II. Stock Amtsgerichtsplatz 1 14057 Berlin The Court will also verify the claims set out in the administrator's report at 9:45 a.m., on Aug. 15, at the same venue. Creditors have until June 30, to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Bartsch & Friedrich Inh Brigitte Friedrich & Sohne oHG on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bartsch & Friedrich Inh Brigitte Friedrich & Sohne oHG Spandauer Damm 129 14050 Berlin The administrator can be reached at: Dr. Bjorn Gehde Goethestr. 85 10623 Berlin E-mail: Gehde@schwoerer-rechtsanwaelte.de DOLAN GMBH: Claims registration Ends April 12 --------------------------------------------- Creditors of Dolan GmbH have until April 12, to register their claims with court-appointed provisional administrator Ingo Thurm. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 8, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hildesheim Saal 124 Hauptgebaude Kaiserstrasse 60 31134 Hildesheim 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 Hildesheim opened bankruptcy proceedings against Dolan GmbH on March 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Dolan GmbH Attn: Metin Dolan, Manager An der Renne 57 31139 Hildesheim The administrator can be contacted at: Ingo Thurm Leonhardtstr. 4 30175 Hannover Tel: 0511/383960 Fax: 0511/3839698 E-mail: thurm@bax-silinger.de EVENT LINE: Creditors' Meeting Slated for April 12 -------------------------------------------------- Court-appointed provisional administrator for The Event Line GmbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m., on April 12. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Saal 218 II. Stock Amtsgerichtsplatz 1 14057 Berlin The Court will also verify the claims set out in the administrator's report at 9:00 a.m., on July 26, at the same venue. Creditors have until May 29, to register claims with the court- appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against The Event Line GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: The Event Line GmbH Tichauer Str. 24 13125 Berlin The administrator can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin G & K DACHBAU: Claims Registration Ends April 11 ------------------------------------------------ Creditors of G & K DachBau GmbH have until April 11, to register their claims with court-appointed provisional administrator Michael Schoor. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Dessau Saal 123 Willy-Lohmann-Str. 33 The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Dessau opened bankruptcy proceedings against G & K DachBau GmbH on March 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: G & K DachBau GmbH Thalheimer Strasse 143 a 06766 Wolfen Attn: Werner Gissmann, Manager Thomas-Muentzer-Strasse 6 06766 Wolfen The administrator can be contacted at: Michael Schoor Schorlemmerstrasse 2 04155 Leipzig Tel: 0341/4903650 Fax: 0341/4903650 GEMUESEHANDEL ZUR: Claims Registration Ends April 11 ---------------------------------------------------- Creditors of Gemuesehandel zur Horst GmbH & Co. KG have until April 11, to register their claims with court-appointed provisional administrator Andreas Schiller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 25, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck Raum E 11 Hauptgebaude Stiftshof 8 49593 Bersenbrueck 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 Osnabrueck opened bankruptcy proceedings against Gemuesehandel zur Horst GmbH & Co. KG on March 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gemuesehandel zur Horst GmbH & Co. KG Riester Allee 5 49565 Bramsche Attn: Berndt Rautke zur Horst, Manager Riester Allee 5 49565 Bramsche The administrator can be contacted at: Andreas Schiller Lengericher Landstrasse 34 49078 Osnabrueck Tel: 0541/404600 Fax: 0541/4046042 E-mail: schiller@r-s-g.com HOFMANN GESENK: Claims Registration Ends April 12 ------------------------------------------------- Creditors of Hofmann Gesenk- und Werkzeugbau GmbH have until April 12, to register their claims with court-appointed provisional administrator Dr. Norbert Wischermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 3, 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 Hagen Raum 283 Etage 2 Heinitzstrasse 42 58097 Hagen 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 Hagen opened bankruptcy proceedings against Hofmann Gesenk- und Werkzeugbau GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hofmann Gesenk- und Werkzeugbau GmbH Attn: Juergen Hofmann, Manager Hembecker Talstr. 27 58256 Ennepetal The administrator can be contacted at: Dr. Norbert Wischermann Untermauerstr. 22 58332 Schwelm Tel: 02336/4795-0 Fax: +49202451939 IBR TECHNOLOGY: Creditors' Meeting Slated for April 26 ------------------------------------------------------ Court-appointed provisional administrator for IBR Technology GmbH, Dr. Jens M. Schmittmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m., on April 26. 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 12, to register claims their with the court-appointed provisional administrator. The District Court of Essen opened bankruptcy proceedings against IBR Technology GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IBR Technology GmbH Kohler Strasse 45 46286 Dorsten Attn: Matthias Kamprath, Manager Jenaer Strasse 10 07549 Gera Dirk Rohmann, Manager Hardtstrasse 81 46282 Dorsten The administrator can be reached at: Dr. Jens M. Schmittmann Zweigertstrasse 28-30 45130 Essen Tel: 0201 438740 IGROUP-SCHWABEN: Claims Registration Ends April 11 -------------------------------------------------- Creditors of igroup-schwaben Kallinger GmbH have until April 11, to register their claims with court-appointed provisional administrator Klaus Albert Maier. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 24, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aalen Saal 0.11 Stuttgarter Strasse 7 73430 Aalen 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 Aalen opened bankruptcy proceedings against igroup-schwaben Kallinger GmbH on March 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: igroup-schwaben Kallinger GmbH Attn: Lars-Oliver Schneider, Manager Aalen The administrator can be contacted at: Klaus Albert Maier Wilhelmstr. 12 70182 Stuttgart Tel: 0711/16424-0 Fax: 0711/16424-24 E-mail: lawfirm@rechtsanwaltmaier.de KRONOS INTERNATIONAL: Fitch Puts BB Rating on EUR400 Mln Notes -------------------------------------------------------------- Fitch Ratings affirmed Kronos International, Inc.'s ratings as follows: a) Issuer Default Rating at BB; b) Senior secured credit facility at BB+; and c) Senior secured notes at BB. At the same time, Fitch assigned a BB to KII's proposed private placement offering of EUR400 million senior secured notes due 2013. Fitch also affirms Valhi, Inc. as follows: a) IDR at BB-; and b) Senior secured credit facility at BB-. The Rating Outlook for both KII and Valhi remains Stable. Cash proceeds from KII's new EUR400 million senior secured notes due 2013 are expected to be used to repay its existing EUR375 million, 8 7/8% senior secured notes due 2009 at the stated redemption price of 104.437%, plus accrued and unpaid interest. Debt levels will be modestly higher as a result of KII's refinancing activities; however KII is expected to have greater financial flexibility by lowering its future gross interest expense and extending its maturities of long-term debt. The Stable Rating Outlook reflects the likelihood that Valhi and KII's near-term financial performance and debt levels should remain steady as titanium dioxide business conditions improve. TiO2 prices are expected to continue to trend upward in 2006. Supply should improve and come back into balance as a result of DuPont's Mississippi facility resuming full operations during the second quarter of 2006. However, strengthening TiO2 demand should also keep prices firm, as the second quarter is typically a seasonally strong period. No major production additions are planned until the end of the decade. The rating affirmation of KII's ratings is supported by its strong market position in Europe, strong profitability and stable cash flow. In the current favorable pricing environment for TiO2, Fitch expects cash flow to improve in the near term. Free cash flow was US$53 million in 2005 compared to US$49 million in 2004. KII's indenture for the existing senior secured notes includes limitations on restricted payments and at Dec. 31, 2005, KII had the ability to declare approximately US$92 million in dividends. No dividends were declared during 2005. The credit ratings could be negatively affected by dividends paid, if they are not supported by operational cash flow. The company's liquidity was adequate with US$63 million in cash and US$92 million available under its undrawn senior secured credit facility at Dec. 31, 2005. Additionally, KII has no significant near-term maturities of long-term debt. The rating affirmation of Valhi's ratings is supported by its ownership in diverse businesses, specifically its significant ownership of Kronos Worldwide, Inc., and its strong operating margins and market position as a TiO2 producer. The rating rationale also incorporates Valhi's complex corporate structure, dependence on dividends from affiliates, fundamentally acquisitive strategy and dividend policy. Credit strengths include Valhi's sufficient liquidity of US$219 million at Dec. 31, 2005, comprised of US$120 million cash at the parent level and US$99 million available under its undrawn senior secured credit facility. Additionally, Valhi has no significant near-term maturities of long-term debt. Fitch's concerns include dividends or potential share repurchase activity not supported by operational cash flow. In regards to Valhi's potential, indirect exposure to lead paint litigation there have been no new developments, as discussed in Fitch's affirmation of Valhi's ratings on March 22, 2006. For the LTM ending Dec. 31, 2005, credit statistics for Valhi and KII remain sufficient for the rating category with operating EBITDA-to-gross interest expense of 3.8 times and 4.0x, respectively. Valhi's balance sheet debt at 2005 year-end was approximately US$717 million of which US$454 million resides at KII. Valhi and KII had a total debt-to-operating EBITDA ratio of 2.7x and 2.8x, respectively, for the full year 2005. Total adjusted debt-to-operating EBITDAR ratios, incorporating gross rent, for Valhi and KII were 3.0x and 3.0x, respectively for the same period. Kronos International, Inc. is Europe's second largest producer of TiO2 pigments. The company is a wholly owned subsidiary of Kronos Worldwide, Inc., a holding company that has additional ownership interests in certain North American TiO2 producers. TiO2 pigments are used in paints, paper, plastics, fibers and ceramics. KII generated approximately US$851 million of sales and reported EBITDA of approximately US$164 million in 2005. Valhi is a holding company with direct and indirect ownership stakes in: NL Industries and Kronos Worldwide, Inc., producers of TiO2 pigments; CompX, a producer of locks and ball bearing slides, serving the office furniture industry; TIMET, a producer of titanium metals products; and Waste Control Specialists, a provider of hazardous waste disposal services. Valhi generated US$1.45 billion of sales and approximately US$261 million of EBITDA in 2005. Kronos Worldwide, Inc. is the fifth-largest TiO2 producer in the world and has a significant presence in Europe, through its operating subsidiary, KII. KRONOS INTERNATIONAL: S&P Rates EUR400-Mln Senior Debt at B+ ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B+' rating to Kronos International Inc.'s proposed EUR400 million senior secured notes issue due 2013. At the same time, the rating was placed on CreditWatch with negative implications. The rating on the secured notes is two notches below the corporate credit rating. "This is based on our expectation that the level of priority obligations at KII's subsidiaries, including potential usage of the company's EUR80 million senior secured credit facility, will place holders of the proposed notes at a material disadvantage in terms of recovery prospects in a bankruptcy scenario," said Standard & Poor's credit analyst George Williams. The notes are secured by a pledge of 65% of the capital stock of KII's direct first-tier subsidiaries and are structurally subordinated in right of payment to the liabilities of the subsidiaries, which as of Dec. 31, 2005, were approximately $390 million. The senior credit facility lenders benefit from liens on substantially all current assets of the first-tier subsidiaries. Proceeds from the transaction will be used to repay the EUR375 million 8.875% senior secured notes due 2009, a $20 million call premium on the bonds, and fees and expenses related to the transaction. KII is a majority owned indirect subsidiary of Dallas, Texas-based Valhi Inc. (BB/Watch Neg/--). Pro forma for the transaction, Valhi will have approximately $716 million in total debt outstanding. The ratings of Valhi and KII remain on CreditWatch with negative implications, where they were placed on Feb. 23, 2006, indicating that the ratings could move lower after completion of our review. The CreditWatch placement followed the jury verdict in Rhode Island on Feb. 22, 2006, finding NL Industries Inc., a subsidiary of Valhi, and co-defendants--Millennium Chemicals Inc. and Sherwin-Williams Co.--liable for creating a public nuisance by making lead-based pigment decades ago. At Dec. 31, 2005, Valhi held approximately 83% of NL's outstanding common stock. The verdict found the defendants responsible for the abatement of the lead-based pigments, which have been banned in the U.S. since 1978 because of serious health issues caused by lead poisoning. Some estimates have placed the number of affected homes in Rhode Island in the range of 200,000 to 300,000 and cleanup costs of $2 billion to $3 billion. The cost of abatement in Rhode Island is still uncertain at this time as the judge presiding over that trial will determine the specifics of the program. Product liability insurance related to lead poisoning would be a mitigating factor when assessing potential outlays for claims and defense costs, but the extent of effective coverage, relative to the potential obligations, is unknown. The CreditWatch listing reflects both the considerable uncertainties with respect to the final resolution of this litigation and the potential negative implications for the defendant or its affiliates, given that possible damages could be substantial. Moreover, the prospect of a lengthy legal process and further litigation in other states could result in an overhang on the defendant's flexibility to address investment opportunities and to access the capital markets in the future. With about $1.4 billion in sales, Valhi is a holding company that derives the majority of its revenue and operating profits from its ownership in Kronos Worldwide Inc., the world's fifth- largest producer of titanium dioxide. We will resolve the CreditWatch listings when the analysis of the pending lead risk for Valhi and its affiliates is completed and we will incorporate new developments as they unfold. Over the next several months, the judge will determine the details of the abatement program. Lawyers for NL are expected to pursue motions to dismiss the case. If those fail, they will appeal the verdict to the Rhode Island State Supreme Court, at which time NL may have to post a bond. SCHEUERMANN TIEFBAU: Claims Registration Ends April 12 ------------------------------------------------------ Creditors of Scheuermann Tiefbau GmbH have until April 12, to register their claims with court-appointed provisional administrator Martin Wiedemann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 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 Darmstadt Zimmer 4-309 4. OG Gebaude D Mathildenplatz 15 64283 Darmstadt The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Darmstadt opened bankruptcy proceedings against Scheuermann Tiefbau GmbH on March 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Scheuermann Tiefbau GmbH Attn: Horst and Gerd Scheuermann, Managers Erbacher Weg 89 64743 Beerfelden The administrator can be contacted at: Martin Wiedemann O3 9-12 68165 Mannheim Tel: 0621/16680 Fax: 0621/166822 =========== G R E E C E =========== TIM HELLAS: S&P Places B+ Rating on CreditWatch Negative -------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit ratings on Greek mobile telecommunications operator Tim Hellas Telecommunications S.A. and related entities on CreditWatch with negative implications. The CreditWatch placement follows today's announcement by the company that it intends to issue EUR500 million of pay-in-kind floating rate notes in order to repay existing shareholder loans and PIK notes of about EUR380 million and EUR120 million, respectively. At the same time, Standard & Poor's placed on CreditWatch negative its outstanding debt ratings on related entities Hellas Telecommunications (Luxembourg) V (Hellas V) and Hellas Telecommunications (Luxembourg) III (Hellas III). Furthermore, the '3' recovery rating on Hellas V's EUR1.125 billion senior secured notes was affirmed, as the proposed PIK offering is contractually and structurally subordinated to the secured notes. The '3' recovery rating indicates our expectation of meaningful (50%-80%) recovery of principal for senior secured note holders in the event of a payment default. "The CreditWatch placement reflects the group's unexpectedly early repayment of its shareholder loans and their replacement by a more debt-like instrument, which highlights a more aggressive financial policy," said Standard & Poor's credit analyst Melvyn Cooke. The proposed transaction may also result in a very aggressive capital structure and higher than expected leverage at year-end 2006, which would no longer be commensurate with a 'B+' rating. This would depend, however, on the strength of the operating performance turnaround the company initiated in the second half of 2005. Furthermore, as the PIK instrument's indentures may offer the group the option to make cash interest payments as opposed to payment in kind, a decision to do so in the future may have a material adverse effect on the group's cash flow generation in the medium term. Standard & Poor's expects to resolve the CreditWatch status after a detailed analysis of the proposed PIK indentures as well as the transaction's impact on Tim Hellas' financial policy and credit protection metrics--pro forma for 12 months of cash flow contribution from Q-Telecom--from year-end 2006. We expect to complete this analysis in the next few days. "Any downgrade is likely to be limited to one notch," said Mr. Cooke. "The ratings may be affirmed, however, if our assessment of the transaction's impact on the group's current financial policy and lease-adjusted credit protection metrics shows that they will remain in line with expectations for a 'B+' rating." TIM HELLAS: Fitch Affirms Issuer Default Rating at B ---------------------------------------------------- Fitch Ratings affirmed Greece-based TIM Hellas Telecommunications S.A.'s ratings at Issuer Default B with Stable Outlook and Short-term B. This follows the announcement of the proposed issuance by Hellas Finance of EUR500 million pay-in-kind notes to shareholder loans and to finance a dividend. The PIK notes will not be rated. At the same time, Fitch has affirmed TIM Hellas' following debt instruments: a) Hellas Telecommunications (Luxembourg) V senior credit facility: B+/RR3; b) Hellas Telecommunications (Luxembourg) V senior secured floating-rate notes due 2012: B+/RR3; and c) Hellas Telecommunications (Luxembourg) III senior notes due 2013: B-/RR5. Director in Fitch's Leveraged Finance team, Michelle De Angelis disclosed, "In Fitch's view, the issuance of PIK notes at a holding company level will not have detrimental effect on ratings provided that the notes do not have any credit support from the restricted borrowing group and do not receive cash interest." "In this case, the proposed terms of the PIK notes indicate that they will effectively have only an equity claim on the operating companies, and therefore Fitch has affirmed its ratings for TIM Hellas," Mr. De Angelis added. The use of PIK notes proceeds to make approximately EUR377 million payments to shareholders represents a return of a substantial part of their initial equity investment. In addition all of the original PIK loans have been repaid. However, in this instance, Fitch does not consider this a significant additional risk factor, as the sponsors have reiterated their support for the company and consider that their ownership has created significant value in excess of the original purchase price of TIM Hellas. In addition, there are positive indications regarding performance for the first months of this year that, if sustained, could provide upward momentum for the rating within 2006. However, at this stage, without more detailed quarterly reporting data, Fitch is maintaining its Stable Outlook for the company. TIM Hellas is the third-largest mobile operator in Greece with a market share of 19.4% as at YE05. The company reported pro forma revenues of EUR848 million and EBITDA of EUR234 million for YE05. TIM Hellas also acquired the fourth mobile operator, Q-Telecom in January 2006, which had 2005 revenues and EBITDA of approximately EUR157 million and EUR30 million respectively. On a pro-forma basis for this acquisition, cash-pay leverage at YE05 was 5.6x reported EBITDA. The issuance of the PIK notes will result in pro-forma YE05 total leverage of 7.5x reported EBITDA. ========= I T A L Y ========= PARMALAT SPA: Court Rules EUR7.5-Bln Clawback Claims Legitimate --------------------------------------------------------------- The Constitutional Court of Italy declared Parmalat S.p.A.'s EUR7.5 billion clawback claims against a number of creditors legitimate, rejecting a challenge from a group of bank lenders, Bloomberg News says. The ruling, which affects 76 claims against lenders, rejected the banks' argument that the claims are unconstitutional since its main beneficiary is the company itself and not the original creditors. The Court heard two groups of claims against the banks as test cases: -- a EUR28.8 million claim against Banca Monte dei Paschi di Siena S.p.A., UniCredit SpA, Sanpaolo IMI S.p.A. and UBS AG; and -- a EUR2.3 million claim against HSBC Holdings Plc. The bank lenders, which denied any wrongdoing, said the clawback actions are not afforded to other companies in similar situations, citing the case of Arquati S.p.A. Arquati is a local household furnishings group that collapsed in 2004, but wasn't allowed to make clawback claims. The banks argued that the move would give Parmalat an unfair advantage over rivals Groupe Danone and Barilla Holding S.p.A. Natalino Irti, lawyer for Credito Siciliano S.p.A. said, "The clawback claims would not be to the advantage of creditors but would simply serve to increase the value of stock and permit the distribution of a dividend." Parmalat counsel Alberto Maffei Alaberti countered that the claims were made under the Marzano bankruptcy law, which was passed in December 2003 to manage the food group's collapse. Mr. Alaberti added that the law, named after Industry Minister Antonio Marzano, was designed to keep Parmalat operating and save jobs. The banks questioned the legitimacy of applying the Marzano law in Parmalat's case because it came into effect after the company's bankruptcy. The Marzano law permits Parmalat to recover payments made in the year before the insolvency, Bloomberg notes. Debt-to-Equity Swap Creditor banks likewise assailed Parmalat's EUR13 billion debt- to-equity swap, which paved the way for the dairy concern's return to the stock market in October 2005. "The original creditors aren't the current shareholders," lawyer Francesco Carbonetti of BiPop Carire S.p.A, said, adding that the "share capital has changed hands." Massimo Massella, a lawyer representing the Italian government, however, said the creation of new Parmalat was the only "vehicle through which we could protect creditors." Parmalat's former extraordinary commissioner and current chief executive Enrico Bondi launched several lawsuits -- 12 in Italy and three in the U.S. -- against the group's creditors and auditors in attempt to recover EUR13 billion lost during the Collechio-based dairy's collapse in December 2003. So far, only two banks have settled with Parmalat -- Morgan Stanley paid EUR155 million, and Banca Intesa S.p.A., EUR160 million. A Parma judge, however, ruled in November that his jurisdiction was insufficient to determine the legitimacy of Parmalat's claims, thereafter referring the issue to the Constitutional Court. Following the Constitutional Court ruling, lawyer Lorenzo Stanghellini, who represents Banca Monte dei Paschi di Siena S.p.A. and a group of 20 banks, said that though the claims can go forward, "it remains to be seen if they're viable." Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on December 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. =================== K A Z A K H S T A N =================== ADAL-KAZAMETA: Creditors Must File Claims by April 17 ----------------------------------------------------- LLP Adal-Kazameta has declared insolvency. Creditors have until April 14, to submit their written proofs of claim to: Satybaldina Str. 7 Karaganda BALDYR: Creditors Must File Claims by April 14 ---------------------------------------------- LLP BALDYR has declared insolvency. Creditors have until April 14, to submit their written proofs of claim to: Zarechnyi 2, 471 Aktobe BNT UNITED: Creditors Must File Claims by April 17 -------------------------------------------------- LLP BNT United filed for bankruptcy with the Specialized Inter- Regional Economic Court of Almaty on Jan. 30, 2006. Creditors have until April 17, to submit their written proofs of claim to: Geltoksan Str. 37, Office 321 Almaty Tel: 8 (3272) 91-81-96 or 8 300 460 17-21 ISTOK: North Kazakhstan Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region commenced bankruptcy proceeding against LLP Istok of North Kazakhstan Region on Jan. 30. SEVKAZENERGO: Court Opens Bankruptcy Proceedings ------------------------------------------------ The Specialized Inter-Regional Economic Court of North Kazakhstan Region commenced bankruptcy proceeding against LLP Sevkazenergo of North Kazakhstan Region on Jan. 30. SARTOMAR-SK: North Kazakhstan Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region commenced bankruptcy proceeding against LLP Sartomar-SK of North Kazakhstan Region on Dec. 28, 2005. SBK-12: South Kazakhstan Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceeding against LLP SBK-12. CONTACT: The Specialized Inter-Regional Economic Court of South Kazakhstan Shajan, Gumbaevava Str. South Kazakhstan Region SMIRNOVSKYI AUTOTRANS: Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region commenced bankruptcy proceeding against OJSC Smirnovskyi Autotrans Akkaaiynsk district on Jan. 9, 2006. STROIKA: Creditors Must File Claims by April 14 ----------------------------------------------- LLP Global-1 has declared insolvency. Creditors have until April 14, to submit written proofs of claim to: Makataeva Str. 18, Office 321 Almaty TRANS-OIL: Creditors Must File Claims by April 10 ------------------------------------------------- LLP VESTA TDK filed for bankruptcy with the Specialized Inter- Regional Economic Court of Karaganda Region on Dec. 23, 2005. Creditors have until April 10, to submit written proofs of claim to: Gambyla Str.9, Office 205 Karaganda, Gambyla Str.9 =================== L U X E M B O U R G =================== CONVERIUM FINANCE: Earns Consolidated US$68.7 Million in 2005 ------------------------------------------------------------- Converium Holding AG and its subsidiaries reported its consolidated financial results for the fiscal year ended 2005. In 2005, Converium earned a US$68.7 million consolidated net income, compared to a US$582.5 million restated net loss in 2004. At Dec. 31, 2005, the Company's balance sheet showed US$11.8 million in total assets, US$10.2 million in total liabilities and US$1.6 million in positive stockholders' equity. Debt Outstanding As of Dec. 31, 2005, the Company had total debt outstanding with a principal amount of US$400.0 million and a carrying amount of US$391.2 million. The Company has no scheduled debt repayments in 2005, 2004, or 2003. In December 2002, Converium Finance S.A. issued US$200.0 million principal amount of non-convertible, unsecured, guaranteed subordinated notes, which are irrevocably and unconditionally guaranteed on a subordinated basis by each of Converium Holding AG and Converium AG. These notes mature in full on Dec. 23, 2032, and bear interest at the rate of 8.25%. In 2001, in connection with the Transactions, Converium Holdings (North America) Inc. assumed US$200.0 million principal amount of non-convertible, unsecured, unsubordinated senior notes issued originally during October 1993. These notes mature in full on Oct. 15, 2023, and bear interest at the rate of 7.125%. In 2005, the interest payments regarding the 7.125% non- convertible, unsecured, unsubordinated senior notes of CHNA were funded by Converium AG with regards to the coupon payments of April 15, and Oct. 15, 2005, due to the dividend restrictions of CRNA. In addition to the syndicated letter of credit facility, other irrevocable letters of credit of US$852.9 million were outstanding at Dec. 31, 2005, to secure certain assumed reinsurance contracts. Investments of US$2,238.1 million were pledged as collateral related to the Syndicated Letter of Credit Facility, as well as other irrevocable letters of credit. As of Dec. 31, 2005, Converium Holding AG had cash and cash equivalents of US$41.9 million. Significant cash needs in 2006 will be payments of the 2005 dividend to shareholders of approximately CHF15.0 million (US$12.0 million) and interest payments to Converium Finance S.A., Luxembourg of approximately US$10.0 million, related to the note payable with a principle of US$200.0 million. The cash needs are primarily financed through: -- existing cash funds held at Converium Holding AG; -- short-term intercompany loan receivables from Converium AG, Switzerland; and -- dividend payments from Converium IP Management AG, Switzerland and Converium Finance Ltd., Bermuda. Credit Agreements On Nov. 29, 2004, Converium AG signed a US$1.6 billion, three- year syndicated letter of credit facility from various banks. The facility provides Converium's non-US operating companies with a US$1.5 billion capacity for issuing letters of credit and a US$100.0 million liquidity reserve. It replaces the existing US$900.0 million letter of credit facility, which was signed in July 2003. As of Dec. 31, 2005, Converium had outstanding letters of credit of US$1.16 billion under the facility. Converium must maintain these financial covenants in order to avoid default under the agreement: (i) consolidated total borrowings do not at any time exceed 35% of consolidated tangible net worth, which is defined as total shareholders' equity less goodwill; and (ii) consolidated tangible net worth must remain greater than US$1.23 billion at all times. Converium pays commission fees on outstanding letters of credit, which are distributed to the facility banks and can only be impacted by a change in the Company's credit rating. The maximum amount of this fee is 0.5%. As of Dec. 31, 2005, Converium reported total investments including cash and cash equivalents and excluding the Funds Withheld Asset of US$6.26 billion, of which US$1.38 billion are held in its North American operations and are subject to the restrictions of an entity in run-off. Of the total US$4.87 billion related to Converium's ongoing operations, certain amounts were pledged as follows: (i) US$2.23 billion were pledged as collateral relating to outstanding letters of credit of US$1.16 billion (these outstanding letters of credit are related to the US$1.6 billion Syndicated Letter of Credit Facility) and other irrevocable letters of credit of US$852.9 million (to secure certain assumed reinsurance contracts); (ii) US$246.0 million were pledged primarily as deposits with cedents; and (iii) US$582.6 million were pledged to support Converium internal reinsurance transactions. US$255.2 million were deposited in trust or with regulatory authorities or states related to the US$1.38 billion held in its North American operations. The Company's Annual General Meeting 2006 will be held at 10:30 a.m. local time on Tuesday, April 11, at the Casino in Zug, Switzerland. Headquartered in Luxembourg, Converium Finance S.A. is a wholly owned subsidiary of Converium Holding AG. Converium operates as an international reinsurer in Europe, Asia, the Middle East and Latin America. It underwrites and manages US-orginated business through Converium AG, Zurich, with a focus on shorter-tail lines. * * * Following its publication of its 2005 year-end results, restated financial information for the periods 1998 to 2004, and for each quarter from March 31, 2003, to June 2005, Fitch Ratings affirmed Converium AG's Insurer Financial Strength BBB- rating and removed it from Rating Watch Negative on which it had been placed since Nov. 4, 2005. Fitch also affirmed other ratings within Converium group and also withdrawn them from RWN: a) Converium AG IFS affirmed at BBB-; b) Converium AG IDR affirmed at BBB-; c) Converium Insurance Limited affirmed at IFS BBB-; d) Converium Ruckversicherungs AG affirmed at IFS BBB-; e) Converium Holding AG IDR affirmed at BB; and f) Converium Finance S.A.'s USD 200 million subordinated debt due 2032 affirmed at BB+. ===================== N E T H E R L A N D S ===================== AURELIA ENERGY: Earns US$13.3 Million in Fiscal 2005 ---------------------------------------------------- Aurelia Energy N.V. reported its financial results for the year ended Dec. 31, 2005. In 2005, the Company earned US$13.3 million on US$398.9 million of revenues, compared to a US$6.4 million net income on US$437.6 million of revenues in 2004. At Dec. 31, 2005, Aurelia Energy's balance sheet showed US$1.5 billion in total assets, US$1 billion in total liabilities and US$495.4 million in positive stockholders' equity. Financing Arrangements As of Dec. 31, 2005, the Company did not have any short-term bank debt under working capital facilities or its credit facility. "We had total long-term bank debt of US$116.9 million incurred under our credit facility, a long term bank debt of US$291.5 million in relation of the purchase of the FPSO Jotun A and cash of US$43.0 million, the Company disclosed in its Annual Report. "We also had US$335.0 million aggregate principal amount of 101- 4% Senior Notes due 2012 outstanding and US$147.0 million of indebtedness outstanding under the subordinated Marenco loan." A full-text copy of Aurelia Energy's 2005 Annual Report under Form 20-F delivered to the U.S. Securities and Exchange Commission on March 31, is available at no charge at http://ResearchArchives.com/t/s?794 Aurelia Energy N.V. is the holding company of Bluewater Holding B.V., which is in turn the holding company of Bluewater Finance Limited. Bluewater is a privately-owned, specialized oil services company based in Hoofddorp, the Netherlands which owns and operates floating, production, storage and offloading vessels and provides single point mooring systems to the oil industry. In the nine-month period to Sept. 30, 2005, Bluewater generated an operating profit of approximately US$ 38 million from revenues of US$306 million. * * * As reported in the Troubled Company Reporter on April 6, Moody's Investors Service has downgraded the ratings of Aurelia Energy N.V. and its subsidiaries (together Bluewater) based on a weakened financial profile resulting from substantially increased debt levels following acquisitions and the expectation of continued debt-financed capital investment. Ratings downgraded: -- Aurelia Energy N.V., Corporate Family Rating, downgraded to Ba3 from Ba2, negative outlook -- Bluewater Holding B.V., Senior Secured Debt Rating, downgraded to Ba3 from Ba1, negative outlook -- Bluewater Finance Ltd, Senior Unsecured Debt Rating, downgraded to B2 from B1, negative outlook. Moody's last rating action on Bluewater was to place all ratings under review for possible downgrade on March 8, 2006. The rating actions mark the conclusion of this review process. GETRONICS N.V.: Secures EUR9-Mln Two-Year Contract with Chevron --------------------------------------------------------------- Getronics N.V., secured approximately EUR9 million in contracts with Chevron Corporation over the next two years. Services covered under the contracts include: -- remote management of Chevron's North American network infrastructure; -- delivery of onsite services in core US locations; and -- support for over 100 additional US sites. In addition, Getronics will provide management and monitoring of SCADA, microwave, and other specialty tower devices for Chevron Pipe Line Company. Getronics will support Chevron's strategy to aggregate services delivered to its various business units. Based on its proven track record, global portfolio of services, and organizational flexibility, Getronics was awarded the contracts to enable Chevron to reduce costs and streamline its network support structure. Chevron, the fifth-largest integrated energy company in the world, operating in approximately 180 countries, will also benefit from Getronics' Global Service Centres, which are integrated into a single virtual global center through standardised technologies and consistent Information Technology and Infrastructure Library (ITIL)-based processes. "We are very pleased to be able to help Chevron enhance their network operations while reducing their overall cost," says Steve Sullivan, Getronics' Vice President of Integrated Managed Service Delivery. "We have a very solid track record of providing advanced network management services to global leaders in diverse industries such as financial services, energy, and pharmaceuticals. Chevron is capitalizing on our expertise while remaining very much in control of service and delivery strategy." Getronics will take over the monitoring and management of more than 1,200 network routers and switches, along with monitoring a number of Nortel PBX switches for Chevron's Information Technology Company. The two companies will now begin to integrate their tracking systems around asset, ticket, incident, problem, and change management. Ultimately, the number of enterprise network devices managed by Getronics could reach 5,000 across various business units. "Getronics is one of the top tier suppliers for device management across ICT infrastructure environments where the client has a complex set of business requirements. Getronics' laser focus on this segment allows them to optimise the productivity of the client's workforce," says Michel Janssen at Everest Group, the outsourcing consulting firm who introduced Getronics to Chevron. "The key to Getronics' success is their agility in working with clients to generate well defined business value. This is an ideal match-up of need with solution, offering Chevron both autonomy and efficiency in managing its network." 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. =========== R U S S I A =========== AGRO-PROM-TRANS: Pskov Court Begins Bankruptcy Proceedings ---------------------------------------------------------- The Arbitration Court of Pskov Region commenced bankruptcy proceedings against Agro-Prom-Trans after finding the close joint stock company insolvent. The case is docketed as A52- 3783/05/4. Mr. P. Radin has been appointed insolvency manager. The Debtor can be reached at: Agro-Prom-Trans Pustoshka, Mira Str. 7 Pskov Region, Russia The insolvency manager can be reached at: P. Radin Konnaya Str. 2 180007, Pskov Region, Russia CHISTOVSKOYE: Claims Filing Period Ends April 18 ------------------------------------------------ Creditors of Chistovskoye (TIN 5527002620) have until April 18, to file their proofs of claim to the court-appointed insolvency manager at: 13th floor, K. Libknekhta Str. 35 644043, Omsk Region, Russia The Arbitration Court of Omsk Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as K/E-167/05. The Debtor can be reached at: Chistovskoye Okoneshnikovskiy Region, Chistovo 646955, Omsk Region, Russia CORUNDUM: Claims Registration Ends April 18 ------------------------------------------- Creditors of Corundum have until April 18, to file their proofs of claim to court-appointed insolvency manager Mr. A. Kuzmin at: K. Marksa Pr. 34A-508 644042, Omsk Region, Russia Tel: 8(3812) 325418 The Arbitration Court of Omsk Region commenced bankruptcy proceedings against the limited liability company with the case docketed as K/E-22/05. The Debtor can be reached at: Corundum Ordzhonikidze Str. 48 644043, Omsk Region, Russia FACTORY OF BUILDING MATERIALS: Under Bankruptcy Supervision ----------------------------------------------------------- The Arbitration Court of Bashkortostan Republic has commenced bankruptcy supervision procedure on Factory Of Building Materials (TIN 0277050379). The case is docketed as A07- 23207/05-G-KhRM. Mr. R. Khayretdinov has been appointed temporary insolvency manager. The Debtor can be reached at: Factory of Building Materials Ufa, Gorkogo Str. 69a 450112, Bashkortostan Republic, Russia The insolvency manager can be reached at: R. Khayretdinov Ufa, Kislorodnaya Str. 1 450112, Bashkortostan Republic, Russia ISKRA: Claims Filing Period Ends April 18 ----------------------------------------- Creditors of Iskra (TIN 2323016731) have until April 18, to submit their proofs of claim to the court-appointed insolvency manager Mr. V. Osadchuk at: Office 307, Kolkhoznaya Str. 3 350042, Krasnodar Region, Russia The Arbitration Court of Krasnodar Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A-32-17915/2005-38/237. The Debtor can be reached at: Iskra Fedorovskaya St., Krasnaya Str. 3 Krasnodar Region, Russia KRASNOTURYINSK-STROY: Court Names Temporary Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Sverdlovsk Region appointed Mr. A. Kashkurov as temporary insolvency manager for OJSC Krasnoturyinsk-Stroy. The Court has commenced bankruptcy supervision procedure on the close joint stock company with the case docketed as A60- 27405/2005-S11. The Debtor can be reached at: Krasnoturyinsk-Story Delegatskaya Str. 100 624441, Krasnoturinsk Region, Russia The insolvency manager can be reached at: A. Kashkurov Post User Box 177 620062, Ekaterinburg Region, Russia ORENBURGSKOYE: Deadline for Proofs of Claim Slated for April 18 --------------------------------------------------------------- Creditors of Orenburgskoye have until April 18, to submit their proofs of claim to the court-appointed insolvency manager Mr. V. Gusev at: Chebenki, Parkovaya Str. 6 462100, Orenburg Region, Russia Tel/Fax: (3532) 78-12-54 The Arbitration Court of Orenburg Region commenced bankruptcy proceedings against the open joint stock company with the docketed as A47-9917/2005-14GK. The Debtor can be reached at: Orenburgskoye Menovinskaya Str. 11 460027, Orenburg Region, Russia RUS-AGRO: Deadline for Proofs of Claim Slated for April 18 ---------------------------------------------------------- Creditors of Rus-Agro have until April 18, to submit their proofs of claim to the court-appointed insolvency manager Mr. L. Vlasov at: Varshavskoye Shosse, 21 117105, Moscow Region, Russia The Arbitration Court of Moscow Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A41-K2-7980/05. The Debtor can be reached at: Rus-Agro Egoryevskiy Region, Popovskaya 101881, Moscow Region, Russia STROY-INVEST-URAL: Court Names A. Bannykh Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Sverdlovsk Region appointed Mr. A. Bannykh insolvency manager of Stroy-Invest-Ural. The Court commenced bankruptcy proceedings to the open joint stock company with the case docketed as A60-37093/2005-S11. The Debtor can be reached at: Stroy-Invest-Ural Room 51, Papanina Str. 7a 620014, Ekaterinburg Region, Russia The insolvency manager can be reached at: A. Bannykh Building 2, Office 209 St. Bolshevikov Str. 2a 620017, Ekaterinburg Region, Russia SUVOROV-AGRO-PROM-STROY: Claims Filing Period Slated April 18 ------------------------------------------------------------- Creditors of Suvorov-Agro-Prom-Story have until April 18, to submit their proofs of claim to the court-appointed insolvency manager at: Office 608, Ryazanskaya Str. 1 300026, Tula Region, Russia The Arbitration Court of Tula Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A68-44/B-05. The Debtor can be reached at: Suvorov-Agro-Prom-Story Suvorov, Belinskogo Str. 2A Tula Region, Russia ============= U K R A I N E ============= AGROBUD: Rivne Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------ The Economic Court of Rivne region commenced bankruptcy supervision procedure on JSCCT Agrobud (code EDRPOU 03586182) on Feb. 8. The case is docketed as 913. Mr. Ivan Demidov has been appointed as a temporary insolvency manager. CONTACT: Agrobud Ostrog, Tatarska Str. 204 35800, Ukraine, Rivne region Mr. Ivan Demidov Temporary Insolvency Manager 33000, Ukraine, Rivne Region Slovatskij Str. 4/6 Economic Court of Rivne Region 33001, Ukraine, Rivne Region Yavornitski Str. 59 CAFE EXPRESS: Lviv Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Economic Court of Lviv Region declared LLC Cafe Express (code EDRPOU 13840836) bankrupt after finding the company insolvent. The case is docketed as 6/199-4/186. Mr. Vitalij Vinnikov has been appointed Liquidator/Insolvency Manager. CONTACT: Cafe Express General Chuprinka Str. 36 79044, Ukraine, Lviv Region Mr. Vitalij Vinnikov Liquidator/Insolvency Manager Pustomiti, Sportivna Str. 2/9 81100, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region KORIAND: Lviv Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Lviv Region declared LLC Koriand (code EDRPOU 22333972) bankrupt after finding the company insolvent. The case is docketed as 6/61-4/36. Mr. Andrij Sibal has been appointed Liquidator/Insolvency Manager. CONTACT: Koriand Teslenko Str. 2 Ukraine, Lviv Region Mr. Andrij Sibal Liquidator/Insolvency Manager P. Doroshenko Str. 61/5 79000, Ukraine, Lviv Region Economic Court Of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region KRAMATORSK' HEAT: Court Names M. Filonov to Liquidate Assets ------------------------------------------------------------ The Economic Court of Donetsk Region appointed Mr. M. Filonov as Liquidator/Insolvency Manager for LLC Kramatorsk' Heat Electric Central (code EDRPOU 31037774). The Court declared the Company on Feb. 7, after finding the company insolvent. The case is docketed as 42/133 B. CONTACT: Kramatorsk' Heat Electric Central Kramatorsk, Ordzhonikidze Str. 5 84313, Ukraine, Donetsk Region Mr. M. Filonov Liquidator/Insolvency Manager Kramators, Socialistichna Str. 51/62 84301 Ukraine, Donetsk Region Economic Court of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region ODESGOLOVPOSTACH: Odessa Court Starts Bankruptcy Supervision ------------------------------------------------------------ The Economic Court of Odessa Region commenced bankruptcy supervision procedure on Odesgolovpostach of State Joint-Stock Company Ukrresursi (code EDRPOU 01886796). The case is docketed as 21/05-06-189. Mr. Liseyev Kiril has been appointed as a temporary insolvency manager. CONTACT: Odesgolovpostach 65012, Ukraine, Odessa Region Velika Arnautska Str. 2 b Economic Court of Odessa Region Shevchenko Avenue 4 65032, Ukraine, Odessa Region SKLOPRILAD: Lviv Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Lviv Region declared OJSC Shirets' Plant Skloprilad (code EDRPOU 00227005) after finding the company insolvent. The case is docketed as 6/338-29/276. Mr. Andrij Sibal has been appointed Liquidator/Insolvency Manager. CONTACT: Mr. Andrij Sibal Liquidator/Insolvency Manager 79000, Ukraine, Lviv Region P. Doroshenko Str. 61/5 Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region STAROBESHIVSKIJ RAJAGROBUD: Court Starts Bankruptcy Supervision --------------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on OJSC Starobeshivskij Rajagrobud (code EDRPOU 01352066) on Jan. 10, 2006. The case is docketed as 42/4 B. Mr. Volodimir Kondratyev has been appointed as a temporary insolvency manager. CONTACT: Starobeshivskij Rajagrobud Komsomolske, Naberezhna Str. 11 87250, Ukraine, Donetsk region Mr. Volodimir Kondratyev Temporary Insolvency Manager Gorkij Str. 34 83086, Ukraine, Donetsk Region Economic Court of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region SUMITEPLOSERVICE: Court Names I. Shevchenko Insolvency Manager -------------------------------------------------------------- The Economic Court of Sumi Region appointed Mr. I. Shevchenko as temporary insolvency manager for LLC Sumiteploservice (code EDRPOU 31065995). The Company commenced bankruptcy supervision procedure on the Company with the case docketed as 6/136-05. CONTACT: Mr. I. Shevchenko Temporary Insolvency Manager Harkivska Str. 4/127 40024, Ukraine, Sumi Region Economic Court of Sumi Region Shevchenko Avenue 18/1 40030, Ukraine, Sumi Region =========================== U N I T E D K I N G D O M =========================== AVAC LIMITED: Taps Administrator from Norton Practice Insolvency ---------------------------------------------------------------- David William Tann of The Norton Practice (Insolvency Services) Ltd was appointed administrator of Avac Limited (Company Number 4573083) on March 24. Its registered office is at The Old Coroner's Court, No 1 London Street, Reading RG1 4QW. The administrator can be reached at: The Norton Practice (Insolvency Services) Ltd 1 Wesley Gate 70 Queens Road Reading Berkshire RG1 4AP Tel: 0118 957 6464 Fax: 0118 959 5560 E-mail: d.tann@nortonp.co.uk The Company can be contacted at: Avac Ltd 20 Beevor Street Lincoln LN6 7DJ Lincolnshire Tel: 01522 539444 Fax: 01522 525561 BAXI HOLDINGS: S&P Lowers Corp. Credit Rating to B+; Off Watch -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based heating products manufacturer Baxi Holdings Ltd. to 'B+' from 'BB-' following a review of the company's 2005 financial performance and medium- term prospects. The senior secured debt rating on the GBP100 million mezzanine notes issued by Heating Finance PLC and guaranteed by Baxi was also lowered by one notch, to 'B-' from 'B'. All ratings were removed from CreditWatch with negative implications, where they had been placed on March 16, 2006. The outlook is stable. "The one-notch downgrade reflects recent financial underperformance due to challenges faced within Baxi's key U.K. market," said Standard & Poor's credit analyst Jarrad Oberhardt. "In addition to the general decline in market volumes, the company had not anticipated the speed with which the market would switch to high-efficiency boiler products, leading to a loss in market share to Baxi's key European competitors." The company's market share is now down to about 20% of the U.K. boiler market, from closer to 30% in recent years. Following the acquisition of the heating business of Spain-based Corporacion Empresarial Roca S.A. in June 2005, Standard & Poor's had expected Baxi to maintain group performance from existing operations at a level at least consistent with that achieved historically. The challenges faced by the company, however, have resulted in a 7% and 26% decline in U.K. revenues and EBITDA, respectively. This result would have been considerably worse were it not for good performance from nonboiler products such as water heaters and spares. A strong contribution from Baxi's international operations was also insufficient to offset the deterioration in U.K. boilers, leaving the company with weak credit protection metrics overall. Adjusted funds from operations (FFO) to net debt, after allowing for Roca's full-year contribution, remains below 10%, while fully adjusted net debt to EBITDA has increased to more than 5.5x. "We expect Baxi's financial performance to improve. Specifically, we expect the company to post adjusted FFO to net debt of about 10% to 15% and adjusted net debt to EBITDA of about 5x by year-end 2006, despite continued challenging conditions in the U.K. market," Standard & Poor's said. Failure to achieve this would likely result in further negative rating actions. Conversely, sustained improvement in cash generation and debt reduction could have positive rating implications. Baxi would need to achieve adjusted FFO to net debt of above 15% and adjusted net debt to EBITDA of 4x or below to be considered for an upgrade back to the 'BB-' rating level. BRITISH AIRWAYS: Reports Preliminary March 2006 Traffic Results --------------------------------------------------------------- British Airways PLC reported its preliminary traffic results for March 2006. In March 2006, passenger capacity, measured in Available Seat Kilometers, was 2.5 per cent above March 2005. Traffic, measured in Revenue Passenger Kilometers, was higher by 1.8 per cent. This resulted in a passenger load factor down 0.5 points versus last year, to 75.2 per cent. The increase in traffic comprised a 15 per cent increase in premium traffic and a 0.4 per cent decrease in non-premium traffic. Cargo, measured in Cargo Tonne Kilometers, rose by 3.5 per cent. Overall load factor fell by 0.2 points to 70.5 per cent. The timing of Easter this year has benefited premium volumes and reduced non-premium volumes in March. This effect will reverse next month. For the January to March quarter, ASKs rose by 2.8 per cent, with RPKs rising by 2.9 per cent. This resulted in an increase in passenger load factor of 0.1 points, to 73.1 per cent. This comprised a 10.1per cent increase in premium traffic and a 1.6 per cent increase in non-premium traffic. CTKs rose by 0.9 per cent. Market Conditions Market conditions remain broadly unchanged as significant promotional activity is required to maintain seat factors. Strategic Developments The company disclosed a proposal to clear the GBP1 billion past service actuarial deficit in its New Airways Pension Scheme. The proposal is based on a final salary pension scheme with no changes to past service benefits or staff contribution rates but with changes to members' future benefits. The airline will make a payment of GBP500 million into NAPS after the changes are accepted. The airline announced its two-year business plan to March 2008 to drive down costs and strengthen customer service. It is targeting a GBP450 million reduction in costs with GBP225 to be delivered in each year. It also included investment of nearly o200 million in new products. BA disclosed the restructure of parts of its UK direct sales operations with the proposed closure of British Airways' Travel Shops and the airline's Belfast-based customer call center by August 2006. The move comes in response to changing customer behavior and increased sales on its http://www.ba.com/Web site. The summer 2006 schedule was announced with British Airways' first ever flights to Tirana in Albania and Varna on Bulgaria's Black Sea coast. Four other new destinations from London Gatwick airport include Reykjavik in Iceland, Izmir in Turkey, Kiev in the Ukraine and Athens, Greece. The airline also disclosed a series of service enhancements to be introduced ahead of its move into Heathrow airport's Terminal 5. The first change will be launched from April 25, when the airline introduces self-service check-in for all customers traveling on UK domestic flights. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the UK's largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. CONSUMERS TRUST: Hires Francis Treager as English Law Consultant ---------------------------------------------------------------- The Consumers Trust sought and obtained authority from the U.S. Bankruptcy Court for the Southern District of New York to hire Francis Tregear QC to advise David Rubin and Henry Lan, the Receivers for the Debtor, and Lawrence Graham LLP, the Debtor's special English law counsel. As reported in the Troubled Company Reporter on Feb. 9, the Debtor hired Lawrence Graham LLP to represent it in matters before the High Court of Justice, Chancery Division, in London. As reported in the Troubled Company Reporter on Mar. 13, Mr. Tregear is expected to: (1) take necessary actions before the High Court with respect to tracing and marshaling the Debtor's assets; (2) appear before the High Court to prosecute any actions against individuals and entities resident in the United Kingdom that may arise in connection with the administration and management of the Debtor prior to the commencement of the chapter 11 case; (3) take necessary actions to enforce the automatic stay in the United Kingdom or to facilitate the investigation of the Debtor's affairs being conducted by the Debtor and the Official Committee of Unsecured Creditors, including the examination under Rule 2004 of the Federal Rules of Bankruptcy Procedure of individuals and entities resident in the United Kingdom; and (4) advise with respect to the Trust's property and the scope and interpretation of the High Court order appointing the Receivers, including actions to obtain clarifications or augmentation of the order or supplemental orders to facilitate the ability of the Receivers and the Debtor to carry out their fiduciary duties and obligations under the Bankruptcy Code and the order of the High Court. Mr. Tregear's current standard hourly rate is GBP375 per hour (approximately $650 per hour). Under the practices of the United Kingdom, only solicitors may instruct and compensate barristers. Accordingly, the Debtor requests that in lieu of direct payment of fees and expenses from the Debtor to Mr. Tregear, it be authorized to remit payments to Lawrence Graham, which, in turn, will compensate Mr. Tregear. This arrangement does not prejudice the Debtor's right or the right of any other party-in-interest to object to any fees or expenses to be paid to Mr. Tregear through Lawrence Graham, Mr. Friedman assures the Court. Mr. Tregear assures the Court that he is "disinterested" as the term is defined in Section 101(14) of the Bankruptcy Code and that he does not hold any interest adverse to the Debtor. Headquartered in London, England, The Consumers Trust filed for chapter 11 protection on Dec. 5, 2005 (Bankr. S.D.N.Y. Case No. 05-60155). Jeff J. Friedman, Esq., at Katten Muchin Rosenman LLP, represents the Debtor in its restructuring efforts. The Debtor hired Fraser Milner Casgrain LLP to represent it in its ancillary proceeding in Canada under the Canadian Companies' Arrangement Act. David Rubin & Partners is the Debtor's financial advisor. David L. Barrack, Esq., at Fulbright & Jaworski L.L.P represents the Official Committee of Unsecured Creditors. When the Debtor filed for protection from its creditors, it estimated between $1 million to $10 million in total assets and more than $100 million in total debts. DIRECT BINDERS: Creditors' Meeting Set for April 18 --------------------------------------------------- Creditors of Direct Binders & Print Limited (Company Number 03480755) will meet at 10:30 a.m. on, April 18, at: 4 Shakespeare Road London N3 1XE 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 17, to: J. Bradney S. T. Bennett Joint Administrators Berg Kaprow Lewis LLP 35 Ballards Lane, London N3 1XW Tel: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 Direct Binders & Print Limited -- http://www.directbinders.co.uk/-- specializes in digital printing and photocopying for all manuals and user guide needs. DIRECT INSULATED: Names Administrator from Ideal Corporate ---------------------------------------------------------- Andrew David Rosler of Ideal Corporate Solutions Limited was appointed administrator of Direct Insulated Renders Limited (Company Number 03967597) on March 24. Its registered office is at 82 Main Street, Frodsham, Cheshire WA6 7AR. The administrator can be reached at: Ideal Corporate Solutions Limited 10 Eagley House Deakins Business Park Bolton BL7 9RP Direct Insulated Renders Ltd can be reached at: P.O. Box 66 Frodsham, Cheshire WA6 7YY GAZEBO HAIR: Salon Appoints Administrator from Begbies Traynor -------------------------------------------------------------- D. Bailey of Begbies Traynor was appointed administrator of Gazebo Hair Salon Limited (Company Number 05146191) on March 21. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Gazebo Hair Salon Limited operates a hair salon. H FORD: HSBC Bank Appoints PKF as Administrative Receiver --------------------------------------------------------- (Liv) HSBC Bank Plc appointed Jonathan D. Newell and Kerry Bailey of PKF (UK) LLP joint administrative receivers of H Ford & Sons Limited (Company Number 01588408) on March 23. PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. H Ford & Sons Ltd sells food and beverage, including tobacco, and can be reached at: 25 Queens St Newton-le-Willows Merseyside WA12 9AH HENLYS GROUP: Financial Woes Prompt Liquidation ----------------------------------------------- Henlys Group PLC is liquidating is assets after members found out that the company could no longer continue its business due to financial liabilities. Geoffrey Paul Rowley, of Vantis PLC, was appointed Liquidator. Henlys Group PLC can be contacted at: Crossroads Anston Sheffield S25 4ES Tel: 01909 551 166 HORIZONS CARE: Alex Kachani Leads Winding Up Process ---------------------------------------------------- Alex Kachani, of Crawfords, was appointed Liquidator for Horizons Care Ltd., after members decided to wind up the company's operations on Feb. 24. Director F. Blyth revealed the company could no longer continue its operations due to mounting debts. Horizon Care Ltd Regent House Bath Avenue Wolverhampton WV1 4EG Tel: 01902 717 324 Web: http://www.horizoncare.co.uk/ HYTYME MANAGEMENT: Names Joint Administrators from Vantis --------------------------------------------------------- G. Mummery and P. Atkinson of Vantis Redhead French Limited were appointed joint administrators of Hytyme Management Services Limited (Company Number 04123571) on March 23. Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) - - http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. JOURNAL PRINTING: Appoints David Horner & Co Administrator ---------------------------------------------------------- David Anthony Horner of David Horner & Co was appointed administrator of The Journal Printing Company Ltd (Company Number 03506140) on March 22. David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is a firm of insolvency practitioners based at three different locations, which together cover the whole of Yorkshire and the North East. It also has offices in York, Doncaster and Middlesbrough. The firm offers practical advice and solutions to all types of businesses, individuals and creditors, often enabling formal insolvency to be avoided. The Journal Printing Company Ltd -- http://www.journalprint.co.uk/-- prints magazines, journals, directories and brochures. MAS COMMERCIAL: Claims Filing Period Ends April 25 -------------------------------------------------- MAS Commercial Fitting Services Ltd is liquidating its assets after members decided to wind up the company's operations on Feb. 28. Appointed Liquidator, Helen Timothe Phillips, 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 25. MAS Commercial Fitting Services Ltd can be contacted at: Unit 205 Challenge Road Ashford Middlesex TW15 1AX Tel: 07765 258528 Fax: 01784 421 966 MMI CREATIVE: Names Begbies Traynor to Administer Assets -------------------------------------------------------- S. L. Conn and D. Appleby of Begbies Traynor were appointed administrators of MMI Creative Limited (Company Number 05526033) on March 24. Its registered office is at 117-123 King Street, Knutsford, Cheshire WA16 6EH. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. MMI Creative Limited specializes in providing advertising services and advertising campaigns. NATIONWIDE MORTGAGE: Claims Registration Ends May 23 ---------------------------------------------------- Creditors of Nationwide Mortgage Services Ltd have until May 23, 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 J. N. R. Pitts. Nationwide Mortgage Services Limited can be reached at: 208A Ashley Road Hale Altrincham Cheshire WA15 9SN Tel: 0161 929 4296 Fax: 0161 929 7569 NICHOLSON WARWICK: Begins Winding Up Operations ----------------------------------------------- Nicholson Warwick Limited is winding up its operations after members decided to liquidate the company's assets on Feb. 28. Peter O'Hara, of O'Hara & Co, will lead the winding up proceedings. Nicholson Warwick Limited can be contacted at: 49A Burbage Avenue Stratford-Upon-Avon Warwickshire CV37 0DU Tel: 01789 262 979 OCEAN MANAGEMENT: Taps Administrator from Fisher Partner -------------------------------------------------------- Stephen M. Katz of Fisher Partners was appointed administrator of Ocean Management Services Limited (Company Number 04779552) on March 23. Its registered office is at Gordon Court, Millfields, Plymouth, Devon PL1 3JB. The administrator can be reached at: Fisher Partners Acre House 11/15 William Road London NW1 3ER Tel: 020 7388 7000 Fax: 020 7380 4900 E-mail: skatz@hwfisher.co.uk Ocean Management Services Ltd offers recruitment consultancy and audiovisual conference facility service and can be reached at: 01752 268268. ODS OPTICAL: Appoints Joint Administrators from Vantis ------------------------------------------------------ Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis were appointed joint administrators of ODS Optical Disc Service Limited (Company Number 04551132) on March 27. Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) - - http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. ODS Optical Disc Service Ltd markets and sells optical discs and can be reached at: Unit 20 Upper Ground London SE1 9PQ Tel: 020 7960 4100 Fax: 0870 9223988 PAN SECURITY: Creditors Affirm Voluntary Liquidation ---------------------------------------------------- Creditors of Pan Security International Limited affirmed the company's voluntary liquidation after members passed a resolution to wind up the company on Feb. 23. Creditors also ratified the appointment of Alistair Steven Wood, of Mazars LLP, as Liquidator. Pan Security International Limited can be reached at: 1677A High Street Knowle Solihull West Midlands B93 0LL Tel: 0121 780 0600 QUESTRELAY LIMITED: Members Resolve to Company's Liquidation ------------------------------------------------------------ Members of Questrelay Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 23. They appointed Allan Cooper and John Russell, both of The P&A Partnership, as Joint Liquidators. Quest Relay Limited can be contacted at: Unit 50 Clayton Square Shopping Centre Liverpool Merseyside L1 1QR Tel: 0151 707 1159 Fax: 0151 707 1079 RANK GROUP: Repurchases 305,786 Shares for Cancellation ------------------------------------------------------- The Rank Group Plc purchased 305,786 ordinary shares of 10 pence in the Company on April 5, for cancellation at an average price of 239.97 pence per share. Headquartered in London, Rank Group plc -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the Troubled Company-Europe on March 8, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). The rating action is prompted by Rank's announcement that it will distribute GBP200 million to shareholders, following the completion of the Deluxe Film's disposal as well as by the group's weak operating performance in 2005. The downgrade reflects Moody's expectation that Rank's more limited business scope and less diversified business profile combined with its increased leverage will result in a considerably weakened financial profile. The rating action concludes a review initiated on Dec. 7 2005. At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. RAY BOYNTON: Members Pass Winding Up Resolution ----------------------------------------------- Ray Boynton Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 27. Lisa Hogg and David Elliot, of Wilson Field, will jointly liquidate the company's assets. Ray Boynton Limited can be reached at: 916 Herries Road Sheffield South Yorkshire S6 1QW Tel: 0114 249 7777 Fax: 0114 249 1266 SCANMODULE LIMITED: Joint Liquidators Take Over Operations ---------------------------------------------------------- John Russel and Andrew Philip Wood, of The P&A Partnership, were appointed Joint Liquidators of Scanmodule Limited after members decided to liquidate the company's assets on Feb. 28. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. Scanmodule Limited can be reached at: The Old Airfield Belton Road Sandtoft Doncaster South Yorkshire DN8 5SX Fax: 01724 710 188 SCORPIO PRINT: Taps Joint Administrators From BDO Stoy Hayward -------------------------------------------------------------- Charles MacMillan and Toby Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Scorpio Print Finishing Limited (Company Number 03681877) on March 22. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Scorpio Print Finishing Ltd offers bookbinding and finishing service and can be reached at: Pudsey West Yorkshire LS28 6QW Tel: 0113-2 058400 SELECT FRANCE: Meeting of Creditors Set for April 12 ---------------------------------------------------- Creditors of Select France Limited (Company Number 00672031) will meet at 10:30 a.m., on April 12, at: One Victoria Street Bristol BS1 6AA 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 11, to: G. D. Randall Joint Administrator BDO Stoy Hayward Fourth Floor One Victoria Street Bristol BS1 6AA BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Select France Ltd can be reached at: Kidlington Road Islip, Kidlington Oxfordshire OX5 2RE Tel: 01865331350 Fax: 01861137222 SOUTHBROOK CIVIL: Liquidator Sets April 28 Claims Bar Date ---------------------------------------------------------- Members of Southbrook Civil Engineering Ltd passed a resolution to wind up the company on March 1. Appointed Liquidator, Stephen James Hobson, of Francis 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 28. Southbrook Civil Engineering Ltd can be reached at: Commercial Yard East Burton Road Wool Wareham Dorset BH20 6HG Tel: 01929 405 055 Fax: 01929 405 544 TRANSOL EXPRESS: Names Armstrong Watson to Administer Assets ------------------------------------------------------------ M. C. Kienlen of Armstrong Watson was appointed administrator of Transol Express Freight Limited (Company Number 04260305) on March 17. Its registered office is at 2 Church Court, Morley, Leeds LS27 9TN. 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 Transol Express Freight Ltd can be reached at: Unit 2A/Blackhall Colliery Industrial Estate Hackworth Road Hartlepool Cleveland TS27 4EL Tel: 0191 586 0783 Fax: 0191 586 0833 VISION WORKSHOP: Calls in Joint Administrators from CBA ------------------------------------------------------- Neil Richard Gibson and Mark Grahame Tailby of CBA were appointed joint administrators of Vision Workshop Limited (Company Number 03899772) on March 27. CBA -- http://www.cba-insolvency.co.uk/-- is a small compact group of experts specializing only in the fields of corporate and personal insolvency. Vision Workshop Ltd can be reached at: 13 University Road Leicester, LE1 7RA Tel: 0116-262-9525 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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