/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060411.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, April 11, 2006, Vol. 7, No. 72 Headlines F I N L A N D METSO CORPORATION: S&P Affirms BB+ Long-term Corp. Credit Rating SODER AVIATION: Cancels Flights & Files for Bankruptcy F R A N C E ALCATEL S.A.: Genesys Subsidiary to Acquire VoiceGenie LEGRAND FRANCE: S&P Upgrades US$400-Mln Bonds to BB+ After IPO G E R M A N Y BAU DESIGN: Claims Registration Ends April 15 CARRY MOBEL: Creditors' Meeting Slated for April 13 CS ROHRLEITUNGSBAU: Claims Registration Ends April 17 JOHANN DUTINE: Claims Registration Ends April 13 MAGIC-MOUNTAINS: Creditors' Meeting Slated for April 13 P & E: Claims Registration Ends April 18 PARKETT PROFI: Claims Registration Ends April 13 PAUL BOROWSKI: Creditors' Meeting Slated for April 13 POMMERENKE FUSSBODENTECHNIK: Claims Registration Ends April 14 WK BAUELEMENTE: Creditors' Meeting Slated for April 13 I R E L A N D ELAN CORPORATION: Demonstrates Significant Effect on Tysabri(R) I T A L Y ALITALIA SPA: Commences Codesharing with Continental Airlines K A Z A K H S T A N AKSUYSKYI HLEBOZAVOD: Files for Bankruptcy ALPAMYS: West Kazakhstan Court Starts Bankruptcy Proceedings AUTOGAZ-ASTANA: Creditors Must File Claims by April 21 EKOS: Creditors Must File Claims by April 16 FIRMA KAYSAR: Creditors Must File Claims by April 21 KAT: Files for Bankruptcy in West Kazakhstan Court NK-LOGISTIKS: Creditors Must File Claims by April 21 NUR B: Creditors Must File Claims by April 21 ORALPOLITELENGAZ: Files for Bankruptcy SAT-DAK: Files for Bankruptcy in West Kazakhstan Court K Y R G Y Z S T A N AGROVINMARKET: Creditors Must File Claims by May 27 BELEN-TEKE: Creditors Must File Claims by May 27 IKA TRAVEL: Creditors Must File Claims by May 27 N E T H E R L A N D S SENSATA TECHNOLOGIES: S&P Rates Senior Secured Debt at BB- P O L A N D BANK PEKAO: Fitch Affirms Individual Rating to C R U S S I A ALBASHSKIY: Krasnodar Court Begins Bankruptcy Proceedings ELANSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends April 27 ELTRA: Bankruptcy Hearing Slated for June 14 KUTUSHTANSKIY: Bankruptcy Hearing Set for June 28 MAGNITOGORSK IRON: Fitch Keeps BB- Issuer Default Rating MINE VOSTOCHNAYA-BIS: Court Names S. Krutilin Insolvency Manager OAO LUKOIL: Lukoil-Perm Discovers New Oil Field PAYVINSKOYE: Bankruptcy Hearing Set for May 3 PEREVALOVSKOYE: Claims Filing Period Ends April 27 PRITAMBOVYE: Deadline for Proofs of Claim Slated for April 27 SERDOBSKIY: Claims Filing Period Ends April 27 SIBERIA: Bankruptcy Hearing Slated for May 24 TURANALEM FINANCE: Fitch Rates Upcoming Eurobond at BB+ S P A I N ESPANOLA DEL ZINC: Leading Shareholder Sells 10.26% Equity Stake U K R A I N E AGRO-SLUCH: Zhitomir Court Starts Bankruptcy Supervision BUSINESS POSSIBILITIES: Court Opens Bankruptcy Proceedings CHERKASSY-MEDIA: Cherkassy Court Begins Bankruptcy Process INFARMA-WEST: Court Names Gusar Ivan Interim Insolvency Manager INTERTEHALLIANCE: Cherkassy Court Opens Bankruptcy Proceedings KOMSOMOLSKE' BREAD: Court Names Tsimberov Dmitro Liquidator MISKPLODOOVOCH: Cherkassy Court Begins Bankruptcy Process SELIDOVE' CITY: Donetsk Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M ALSOP DESIGN: Taps Joint Administrators from Berg Kaprow Lewis DEWHURST BUTCHERS: Taps BDO Stoy Hayward to Administer Assets DONIKA INDUSTRIAL: Members Resolve to Liquidate Assets EMBERDEN LIMITED: Winds Up Assets & Appoints Liquidator HADEN DUCOST: Claims Filing Period Ends Tomorrow HMV GROUP: Competition Commission Clears Ottakar's Merger HURLINGHAM COACHWORKS: Joint Liquidators Take Over Operations INDIAN MOTORCYCLE: Members Pass Winding Up Resolution K.D. PRODUCTS: Members Decide To Wind Up Operations K M R DEVELOPMENTS: Financial Woes Trigger Liquidation LIKE WATER: Taps Administrators from Kroll Limited M T INTERNATIONAL: Names Administrator from Butcher Woods MAGNUS DIRECT: Names Ian Pattinson to Liquidate Assets MICROPOINT SYSTEMS: Taps Bridgers as Administrator MISYS PLC: Buys Back 350,000 Shares From JPMorgan Cazenove MISYS PLC: Selling General Insurance Business to Montagu Private NETBOX LTD: Creditors Confirm Voluntary Liquidation OPTIONELECT LIMITED: Joint Liquidators Lead Liquidation Process P.H. POOL: Creditors' Meeting Slated Tomorrow PROFESSIONAL INDEMNITY: Creditors' Meeting Set for Tomorrow QUALITY INDUSTRIAL: Members Agree to Liquidate Assets RANK GROUP: Deregisters Ordinary Shares From U.S. SEC REGENT SECURITY: Brings In Administrator from Hazlewoods RENTOKIL INITIAL: Issues GBP30 Million 10-Year Bonds SILVERSCREEN LIMITED: Names Kroll Limited Administrator TARGET UNDERWRITING: Meeting of Creditors Slated Tomorrow WORKSPACE OFFICE: Taps Joint Administrators from Deloitte * Shepherd & Wedderburn Names Keith Wilson as Finance Director ********* ============= F I N L A N D ============= METSO CORPORATION: S&P Affirms BB+ Long-term Corp. Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital structure that offer it the potential to return to a low investment-grade rating. The 'BB+' long-term and 'B' short-term corporate credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed. "The rating is constrained at the current level by the remaining uncertainty over Metso's future structure and strategies," said Standard & Poor's credit analyst Izabela Listowska. Following a strategic review in response to a minor shareholder's demands for a break-up of Metso, the board of directors decided in February 2006 that that the present structure should be kept intact for the time being. While five out of six board members where reelected for the current Metso board, there still is some uncertainty concerning this proposition, as the board of directors now includes a new representative who advocates a break-up of the company. At Dec. 31, 2005, Metso reported net debt of EUR289 million (US$342 million), excluding postretirement liabilities and operating leases. The recently announced pending acquisition of AkerKvaerner ASA's pulping and power business at a cost of EUR335 million and an extra dividend of about EUR100 million would, however, significantly increase Metso's net debt in the near term. "The positive outlook reflects the possibility that the ratings on Metso could be raised if the company continues its consistent operating performance, and provided the uncertainty over the company restructuring abates," said Ms. Listowska. SODER AVIATION: Cancels Flights & Files for Bankruptcy ------------------------------------------------------ Passengers may or may not get their refund on Soder Aviation's cancelled flights after the Finnish carrier filed for bankruptcy on Friday, April 7, the Company's trustee, Kimmo Kariola told the Finnish News Agency STT. According to the report, Soder stopped selling tickets for flights between Helsinki and Lapland in mid-March. It previously recalled on April 3, a bankruptcy petition submitted on March 13. Headquartered in Tampere, Finland, Soder Aviation Oy operates a low-cost carrier. =========== F R A N C E =========== ALCATEL S.A.: Genesys Subsidiary to Acquire VoiceGenie ------------------------------------------------------ Alcatel intends its wholly owned subsidiary, Genesys Telecommunications Laboratories, to acquire privately-held VoiceGenie in an undisclosed cash transaction. The deal is expected to close in a few weeks. According to recent Garter/Dataquest estimates, VoiceGenie is number two in market share position, with Genesys in number one position. The combination of both companies will make Alcatel's Genesys the undisputed leader in a fast-developing market that is expected to double in the next three years, with nearly one- fourth of the market, almost two and a half times the size of its nearest competitor. Genesys expects to accelerate the trend away from legacy, proprietary IVRs to new Voice XML software standards. In addition, Genesys will expand its offerings for Service Providers allowing them to deploy a wide variety of internal and network services, including managed services. "The increased adoption of speech recognition provides a strong driver for companies to replace aging proprietary IVR systems with the standards-based voice portal systems," Gartner Analyst Drew Kraus wrote in a recent report. "In addition, vendors announced end-of-life plans for their proprietary IVR systems, causing some companies to accelerate their plans to replace these systems." "By acquiring VoiceGenie, just three months after acquiring GMK, a leading provider of self service solutions in Brazil, we reaffirm our commitment to the voice self service market," President and CEO of Genesys, Wes Hayden revealed. "VoiceGenie is extremely well-respected for its technology and its market presence, especially in North America. VoiceGenie is the perfect choice for Genesys to strengthen its leadership in the self-service industry by bringing an incredible pool of talent, complementary technologies and partners. This move will accelerate our strategy of delivering pure software solutions through flexible deployment models," Mr. Hayden added. VoiceGenie's president and CEO, Thomas Charlton disclosed, "We believe the market wants to see a clear leader emerge that is dedicated to standards-based solutions that make it easier and faster to deploy speech-enabled applications." "Together with Genesys, we will build the market leader, with global scale, and establish Voice XML as a universal platform," Mr. Charlton concluded. About VoiceGenie Headquartered in Toronto, Canada, VoiceGenie -- http://www.voicegenie.com/-- is a leader in Voice Self Service solutions, with a software platform based on Voice XML, an open standard used for developing self-service applications by both enterprises and carriers. Founded in 2000, with currently 90 people, VoiceGenie has established a strong position in the worldwide Voice Portal market, servicing some of the largest North American carriers and ASPs, such as Verizon, AT&T, and Rogers Telecom. About Genesys Headquartered in Daly City, California, Genesys Telecommunications Laboratories -- http://www.genesyslab.com/-- operates as an independent, wholly-owned subsidiary of Alcatel and serves as Alcatel's center of excellence for contact center applications. About Alcatel Headquartered in Paris, France, Alcatel -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user- centric broadband world. With sales of EUR13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in the Troubled Company Reporter-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'B' long-term corporate credit rating on U.S.-based Lucent Technologies Inc. on CreditWatch with positive implications. Standard & Poor's affirmed its 'B' short-term corporate credit rating on Alcatel and its 'B-1' short-term corporate credit rating on Lucent. LEGRAND FRANCE: S&P Upgrades US$400-Mln Bonds to BB+ After IPO -------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit ratings on France-based Legrand S.A. and Legrand France to 'BBB- /A-3' from 'BB+/B', following the successful completion of Legrand's IPO. At the same time, Standard & Poor's also raised the ratings on Legrand France's US$400 million 8.5% debentures (Yankee bonds) to 'BB+' from 'BB-' and removed all ratings from CreditWatch where they had been placed with positive implications on Feb. 23, 2006. The outlook is stable. With sales of EUR3.2 billion in 2005, the Legrand group is a major global manufacturer of low-voltage electrical fittings. The rating action reflects Legrand's successful completion of an IPO, the refinancing of LBO-type shareholder pay-in-kind loans through common equity, and a EUR409 million capital increase. "It also reflects our expectation that Legrand's credit metrics will significantly improve in 2006," said Standard & Poor's credit analyst Xavier Buffon. Legrand had net unadjusted financial debt of EUR2 billion at year-end 2005. "The stable outlook reflects our belief that Legrand will continue to generate consistently solid free cash flows, which should provide adequate headroom to accommodate the company's acquisitive policy within the rating," said Mr. Buffon. Further rating upside could materialize should the ratio of FFO to net debt consistently increase toward 30%. That said, the rating implications of Legrand's ownership structure would need to be reassessed before we would consider any further upgrade. The fact that Legrand remains majority owned by two equity firms-- Wendel Investissement S.A. (BBB+/Stable/A-2) and Kohlberg Kravis Roberts & Co. (KKR; not rated) is rather unusual. Conversely, should the company's debt leverage rise to more than 3x net debt to EBITDA, which could be triggered by an aggressive debt-financed acquisition policy, the ratings would come under pressure. ============= G E R M A N Y ============= BAU DESIGN: Claims Registration Ends April 15 --------------------------------------------- Creditors of BAU Design ES GmbH have until April 15, to register their claims with court-appointed provisional administrator Andreas Mueller-Stein. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Koln Saal 142 1. Etage Luxemburger Strasse 101 50939 Koln, Germany 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 Koln opened bankruptcy proceedings against BAU Design ES GmbH on March 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BAU Design ES GmbH Muehlenfeld 44 50127 Bergheim, Germany Attn: Juliane Sagolla, Manager c/o Frauenhaus Spindelstrasse 41 49074 Osnabrueck, Germany The administrator can be contacted at: Andreas Mueller-Stein Schuetzenstr. 5 50126 Bergheim Tel: 02271-7691-0 Fax: +492271769110 CARRY MOBEL: Creditors' Meeting Slated for April 13 --------------------------------------------------- Court-appointed provisional administrator for Carry Mobel GmbH, Hans-A. Brauer, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m., on April 13. The meeting of creditors and other interested parties will be held at: The District Court of Cochem Saal 100 I. OG Ravenestrasse 39 56812 Cochem, Germany The Court will also verify the claims set out in the administrator's report at 9:30 a.m., on June 8, at the same venue. Creditors have until April 30, to register their claims with the court-appointed provisional administrator. The District Court of Cochem opened bankruptcy proceedings against Carry Mobel GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Carry Mobel GmbH Laach 9 56253 Treis-Karden, Germany Attn: Birgit Erschfeld, Manager Heidestrasse 6 54636 Ehlenz, Germany The administrator can be reached at: Hans-A. Brauer Jahnstrasse 1 54550 Daun, Germany Tel: 06592/7061 Fax: 06592/7344 CS ROHRLEITUNGSBAU: Claims Registration Ends April 17 ----------------------------------------------------- Creditors of CS Rohrleitungsbau und Montage GmbH have until April 17, to register their claims with court-appointed provisional administrator Dr. Alexander Hopfner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 17, 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 4-308 4. OG Gebaude D Mathildenplatz 15 64283 Darmstadt, Germany 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 CS Rohrleitungsbau und Montage GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CS Rohrleitungsbau und Montage GmbH Gaussstrasse 29a 68623 Lampertheim, Germany Attn: Ibrahim Dere, Manager Jakob-Binder-Strasse 23 67063 Ludwigshafen, Germany The administrator can be contacted at: Dr. Alexander Hopfner Darmstadter Str. 43 64646 Heppenheim, Germany Tel: 06252/6739988 Fax: 06252/6739989 JOHANN DUTINE: Claims Registration Ends April 13 ------------------------------------------------ Creditors of Johann Dutine Formenbau und Kunststoffspritzerei OHG have until April 13, to register their claims with court- appointed provisional administrator Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 4, 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 Offenbach am Main Saal 166N 1. OG Kaiserstrasse 16-18 63065 Offenbach am Main, Germany 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 Offenbach am Main opened bankruptcy proceedings against Johann Dutine Formenbau und Kunststoffspritzerei OHG on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Johann Dutine Formenbau und Kunststoffspritzerei OHG Attn: Heinrich und Johann Dutine, Managers Berliner Strasse 77 63065 Offenbach am Main, Germany The administrator can be contacted at: Stefan Rieger Zeilweg 42 D-60439 Frankfurt am Main, Germany Tel: 069/963761-130 Fax: 069/963761-145 MAGIC-MOUNTAINS: Creditors' Meeting Slated for April 13 ------------------------------------------------------- Court-appointed provisional administrator for Magic-Mountains GmbH, Dr. Jochen Orgelmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m., on April 13. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Saal 115 Ostertorstr. 25-31 28195 Bremen, Germany The Court will also verify the claims set out in the administrator's report at 10:00 a.m., on Sep. 7, at the same venue. Creditors have until Aug. 25, to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against Magic-Mountains GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Magic-Mountains GmbH Fallturm 7 28359 Bremen, Germany Attn: Adriana Agnieszka Grys, Manager Winlary 34/4 60-665 Poznan, Germany The administrator can be reached at: Dr. Jochen Orgelmann Schillerstr. 10 28195 Bremen, Germany Tel: 0421/337790 Fax: 0421/3377933 Web: http://www.dr-stankewitz.de/ E-mail: insolvenz@dr-stankewitz.de P & E: Claims Registration Ends April 18 ---------------------------------------- Creditors of P & E DV Consult GmbH have until April 18, to register their claims with court-appointed provisional administrator Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 9, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Raum A 409 4. Etage Muehlenstrasse 34 40213 Duesseldorf, Germany 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 Duesseldorf opened bankruptcy proceedings against P & E DV Consult GmbH on March 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: P & E DV Consult GmbH Grunewaldstr. 79-83 47053 Duisburg, Germany Attn: Orlando Leon Portas, Manager Grabenstr.61 47047 Duisburg, Germany The administrator can be contacted at: Sebastian Henneke Muelheimer Strasse 100 47057 Duisburg, Germany PARKETT PROFI: Claims Registration Ends April 13 ------------------------------------------------ Creditors of Parkett Profi Handels GmbH have until April 13, to register their claims with court-appointed provisional administrator Dr. Marc d' Avoine. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on May 16, 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 Koln Saal 142 1. Etage Luxemburger Strasse 101 50939 Koln, Germany 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 Koln opened bankruptcy proceedings against Parkett Profi Handels GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Parkett Profi Handels GmbH Derschlager Str. 17 51674 Wiehl, Germany Attn: Hanni Mueller, Manager Soelsiefener Strasse 38 51674 Wiehl, Germany The administrator can be contacted at: Dr. Marc d' Avoine Doppersberg 19 42103 Wuppertal, Germany Tel: 0202/245070 Fax: +492022450777 PAUL BOROWSKI: Creditors' Meeting Slated for April 13 ----------------------------------------------------- Court-appointed provisional administrator for Paul Borowski GmbH & Co. KG, Dr. Joachim Heitsch, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:10 a.m., on April 13. 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, Germany The Court will also verify the claims set out in the administrator's report at 10:10 a.m., on July 20, at the same venue. Creditors have until May 24, to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Paul Borowski GmbH & Co. KG on March 2. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Paul Borowski GmbH & Co. KG Monchmuehler Str. 122 13159 Berlin, Germany The administrator can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin, Germany POMMERENKE FUSSBODENTECHNIK: Claims Registration Ends April 14 -------------------------------------------------------------- Creditors of Pommerenke Fussbodentechnik GmbH have until April 14, to register their claims with court-appointed provisional administrator Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Aachen Sitzungssaal 21 Augustastrasse 78-80 52070 Aachen, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Aachen opened bankruptcy proceedings against Pommerenke Fussbodentechnik GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Pommerenke Fussbodentechnik GmbH Ursulinenstr. 8-10 52351 Dueren, Germany Attn: Thomas Bierbach, Manager Nordstr. 35 52351 Dueren, Germany The administrator can be contacted at: Dr. Christoph Niering Brabanter Strasse 2 50674 Koln, Germany WK BAUELEMENTE: Creditors' Meeting Slated for April 13 ------------------------------------------------------ Court-appointed provisional administrator for WK Bauelemente Bremen GmbH, Ralph Buenning, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m., on April 13. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Saal 115 Ostertorstr. 25-31 28195 Bremen, Germany The Court will also verify the claims set out in the administrator's report at 9:30 a.m., on May 11, at the same venue. Creditors have until April 18, to register claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against WK Bauelemente Bremen GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: WK Bauelemente Bremen GmbH Osterholzer Muehlendamm 42 28325 Bremen, Germany Attn: Wolfram Kunert, Manager Langwedeler Strasse 30 28307 Bremen, Germany The administrator can be reached at: Ralph Buenning Domshof 18-20 28195 Bremen, Germany Tel: 0421/3686-0 Fax: 0421/3686-100 Web: http://www.schubra.de/ E-mail: InsOBremen@schubra.de ============= I R E L A N D ============= ELAN CORPORATION: Demonstrates Significant Effect on Tysabri(R) --------------------------------------------------------------- Biogen Idec and Elan Corporation, Plc disclosed that in Phase III multiple sclerosis studies TYSABRI(R) (natalizumab) showed significant effects on pre-specified health-related quality of life (QoL) measures, in addition to those previously reported on disability progression, relapse rate and MRI. Data presented this week at the annual meeting of the American Academy of Neurology in San Diego, California also showed a significant impact on additional pre-specified measures of disability progression, including visual and cognitive function. "MS is a debilitating disease that significantly reduces the quality of patients' lives by causing symptoms like fatigue, pain, and diminished emotional well-being. We have never before observed positive findings on our quality of life measures in a Phase III MS study. The TYSABRI study data show not only significant reductions in relapses and disability, but also suggest improved quality of life. This is very encouraging," said Richard Rudick, MD, Director of the Mellen Center for Multiple Sclerosis Treatment and Research at the Cleveland Clinic, who presented the QoL findings at the AAN meeting. TYSABRI Shows Improvement in Quality of Life Assessments In the two Phase III TYSABRI clinical trials, AFFIRM and SENTINEL, QoL was assessed using three different measures, the Multiple Sclerosis Quality of Life Inventory (MSQLI), the Short Form-36 Health Survey (SF-36), which is a component of the MSQLI, and a Visual Analogue Scale (VAS). The MSQLI is an MS- specific battery of 10 scales that measure disease impact on QoL including, fatigue, pain, sexual function, bowel and bladder function, visual impairment, mental health and need for social support. SF-36 is comprised of 36 questions designed to assess patients' physical and mental well-being. General well-being was also measured using the VAS. In the AFFIRM monotherapy study, patients in the TYSABRI-treated group realized a significant improvement in physical measures of the SF-36 compared with a decline in the placebo-treated group (p=0.003). A significant improvement was also seen in the mental component of the SF-36 in patients treated with TYSABRI compared with a decline in the placebo-group (p=0.011). Significant benefits were also seen using the VAS (p=0.007). Improvements on quality of life measures were also observed in the SENTINEL study, in which TYSABRI was added to AVONEX(R) (Interferon beta-1a). TYSABRI Impacts Measures of Visual Function In another analysis of the AFFIRM and SENTINEL data, patients treated with TYSABRI had a reduction in the risk of visual decline as measured by contrast testing compared to control. Loss of visual function is one of the most common causes of disability and lower QoL in MS patients. Low contrast letter acuity was a pre-specified endpoint in both studies. Recent studies have demonstrated that low contrast letter acuity (perception of light gray letters of progressively smaller size on a white background) is a more sensitive measure of visual dysfunction in MS than traditional measures. TYSABRI Impacts Measures of Disability Progression The primary efficacy endpoint of AFFIRM and SENTINEL at two years was the rate of disability progression sustained for three months as measured by the Expanded Disability Status Scale (EDSS). Additional measures of disability included the Multiple Sclerosis Functional Composite (MSFC), which consists of three tests that evaluate ambulation, upper extremity dexterity and cognitive function. In AFFIRM, treatment with TYSABRI led to a 42% reduction in the risk of disability progression compared to placebo (p=0.0002). TYSABRI was also associated with significant delay in progressing to EDSS of 4.0 (ambulatory with moderate disability) and 6.0 (requiring a cane, crutch or brace). TYSABRI treatment also had a significant impact on all subscales of the MSFC, including the Paced Auditory Serial Addition Test (PASAT), a measure of cognitive function (p=0.005). TYSABRI Phase III Safety Progressive multifocal leukoencephalopathy (PML), a rare and potentially fatal, demyelinating disease of the central nervous system has been reported in patients receiving TYSABRI. PML occurred in two MS patients who had received TYSABRI with AVONEX and in one Crohn's disease patient who had recently received an immunosuppressant. In placebo-controlled trials of TYSABRI in MS, the incidence and rate of other serious infections were balanced between TYSABRI-treated patients and controls. Serious infections reported in TYSABRI-treated patients included pneumonia, urinary tract infection and appendicitis. The overall incidence and rate of common infections were also balanced between treatment groups. Commonly reported infections included upper respiratory tract infections, influenza, urinary tract infections, and gastroenteritis. Herpes infections were slightly more common in patients treated with TYSABRI. The incidence and rate of other serious and common adverse events in clinical trials were similarly balanced between treatment groups. Serious events that occurred in TYSABRI-treated patients included hypersensitivity reactions, including systemic reactions, depression, and cholelithiasis. Common adverse events reported include infusion reactions, headache, fatigue, and arthralgia. Biogen Idec and Elan had previously voluntarily suspended TYSABRI from the U.S. market and dosing in all ongoing clinical trials based on reports of PML. Biogen Idec and Elan completed a comprehensive safety evaluation of more than 3,000 TYSABRI patients in collaboration with leading experts in PML and MS. The results of the safety evaluation yielded no new confirmed cases of PML beyond the three previously reported. On March 8, 2006, the Peripheral and Central Nervous System Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) voted unanimously to recommend reintroduction of TYSABRI as a treatment for relapsing forms of MS. The companies anticipate action by the Agency regarding the reintroduction for TYSABRI in the U.S. on or before June 28, 2006. The companies' application for approval of TYSABRI as a treatment for MS is also under review with the European Medicines Agency. On March 29, 2006, the companies said they have enrolled and dosed the first patients in the TYSABRI monotherapy safety extension study program in MS. Patients who previously participated in the Phase III MS trials and subsequent safety evaluation are eligible to be screened for entry in this open label multi-center study. Sites throughout Europe, the United States, Canada, Australia, New Zealand and Israel are expected to enroll patients. About Biogen Idec Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/-- creates new standards of care in oncology, neurology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. About the Company Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Moody's Investors Service rates Elan's long-term corporate family rating at Ba3. The company's long-term foreign issuer credit rating and long-term local issuer credit rating carry Standard & Poor's single-B rating. As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri(TM). Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. ========= I T A L Y ========= ALITALIA SPA: Commences Codesharing with Continental Airlines ------------------------------------------------------------- SkyTeam alliance members Continental Airlines (NYSE: CAL) and Alitalia SpA are beginning code-sharing to provide better service to passengers who travel between Italy and the U.S. and transfer between the two carriers. Continental and Alitalia are two of the nine carriers who make up the SkyTeam alliance, which also includes Aeromexico, Air France, CSA Czech, Delta, KLM, Korean Air and Northwest. Effective immediately, Continental will place its code on these Alitalia flights: -- between Rome/Milan and Bari, Brindisi, Catania, Florence, Lamezia Terme, Naples, Palermo, Pisa, Trieste and Venice, Italy; -- between Rome and Bologna, Genoa, Reggio Calabria, Turin and Verona, Italy; and -- between Rome/Milan and Tirana, Albania. These flights will connect with Continental's daily non-stop services between New York/Newark and both Rome and Milan. At the same time, Alitalia will place its code on Continental flights between New York/Newark and 11 U.S. destinations - Cleveland, Dallas/Fort Worth, Denver, Houston, Los Angeles, Philadelphia, Phoenix, Pittsburgh, Portland (Oregon), San Francisco and Seattle - plus Aguadilla, Puerto Rico. These flights will connect with Alitalia's daily non-stop services between both Rome and Milan and New York/Newark. Codesharing improves airline service by simplifying the booking process with electronic ticketing and communication of itinerary information between airlines. Customers traveling on connecting CO/AZ itineraries are able to have single check-in for all flights, including the issuance of boarding passes and checked baggage to their final destination. Additional codesharing routes will be announced in the upcoming months. Continental and Alitalia already have airport lounge and frequent flyer reciprocity under the SkyTeam alliance. Members of the two airlines' frequent flyer programs, Continental's OnePass and Alitalia's MilleMiglia, can earn and redeem miles on all flights operated by the other carrier. Indeed, travelers on any SkyTeam airline earn mileage in their frequent flyer account regardless of which member airline they fly. SkyTeam was named the 2005 Best Airline Alliance by Global Traveler Magazine. Continental Airlines, together with Continental Express and Continental Connection, has more than 3,100 daily departures throughout the Americas, Europe and Asia, serving 151 domestic and 133 international destinations, more than any other carrier in the world. More than 400 additional points are served via SkyTeam alliance airlines. With over 42,000 employees, Continental has hubs serving New York, Houston, Cleveland and Guam, and together with Continental Express carries approximately 61 million passengers per year. Continental consistently earns awards and critical acclaim for both its operation and its corporate culture. Alitalia enters into 2006 with an operating fleet of 177 aircraft connecting 98 airports worldwide with an average of 800 flights daily. While 151 aircraft serve the short and medium haul routes, 28 provide the intercontinental service. In 2005 Alitalia carried 24 million passengers, with a 7.8% increase YOY (a significant result especially when compared with other European carriers), thanks to a network redesign, which included new destinations such as Delhi, Strasburg, Shanghai, St. Petersburg, Kiev, Zagreb, Budapest, Timisoara, Sarajevo, Krakow. =================== K A Z A K H S T A N =================== AKSUYSKYI HLEBOZAVOD: Files for Bankruptcy ------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar Region OJSC Aksuyskyi Hlebozavod filed for bankruptcy with on Feb. 14, 2006. ALPAMYS: West Kazakhstan Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of West Kazakhstan Region has commenced bankruptcy proceedings against LLP Sary Suu on Feb. 13, 2006. AUTOGAZ-ASTANA: Creditors Must File Claims by April 21 ------------------------------------------------------ LLP Autogaz-Astana has declared insolvency. Creditors have until April 21, to submit written proofs of claim to: Bibitshilik Str. 56, Room 17 Astana EKOS: Creditors Must File Claims by April 16 -------------------------------------------- LLP Es has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Energeticheskyi, Lenina Str. 30 Iliiskyi District Almaty Region, Kazakhstan Tel: 8 (252) 2-23-52 FIRMA KAYSAR: Creditors Must File Claims by April 21 ---------------------------------------------------- LLP Firma Kaysar filed for bankruptcy with the Specialized Inter-Regional Economic Court of Akmola Region on Feb. 1, 2006. Creditors have until April 21, to submit written proofs of claim to: Auelbekova Str. 139a, Office 228 Kokshetau, Kazakhstan Tel: 8 (3162) 25-79-32 KAT: Files for Bankruptcy in West Kazakhstan Court -------------------------------------------------- LLP KAT filed for bankruptcy with the Specialized Inter-Regional Economic Court of West Kazakhstan Region on Dec. 13, 2005. CONTACT: Specialized Inter-Regional Economic Court of West Kazakhstan Region Uralsk, Pochitalina Str. 107 West Kazakhstan Region NK-LOGISTIKS: Creditors Must File Claims by April 21 ---------------------------------------------------- LLP NK-Logistiks has declared insolvency. Creditors have until April 21, to submit written proofs of claim to: Dostyk Ave. 160. Almaty, Kazakhstan NUR B: Creditors Must File Claims by April 21 --------------------------------------------- LLP NUR B filed for bankruptcy with the Specialized Inter- Regional Economic Court of Akmola Region on Jan. 31, 2006. Creditors have until April 21, to submit written proofs of claim to: Auelbekova Str. 139a, Office 228 Kokshetau, Kazakhstan Tel: 8 (3162) 25-79-32 ORALPOLITELENGAZ: Files for Bankruptcy -------------------------------------- LLP Oralpolitelengaz filed for bankruptcy with the Specialized Inter-Regional Economic Court of West Kazakhstan Region. CONTACT: Specialized Inter-Regional Economic Court of West Kazakhstan Region Uralsk, Pochitalina Str. 107 West Kazakhstan Region SAT-DAK: Files for Bankruptcy in West Kazakhstan Court ------------------------------------------------------ LLP Sat-Dak filed for bankruptcy with the Specialized Inter- Regional Economic Court of West Kazakhstan Region on Feb. 8, 2006. CONTACT: LLP Sat-Dak Baitursynova Str. 70 Kostanai, Kazakhstan =================== K Y R G Y Z S T A N =================== AGROVINMARKET: Creditors Must File Claims by May 27 --------------------------------------------------- LLC Agrovinmarket has declared insolvency. The proofs of claim will be accepted until May 27. The company can be contacted at (+996 312) 98-44-60 or 98-56-21. BELEN-TEKE: Creditors Must File Claims by May 27 ------------------------------------------------ LLC Belen-Teke has declared insolvency. Creditors have until May 27 to submit written proofs of claim to: Tashkumyrskaya Str. 17 Bishkek, Kyrgyzstan Tel: (+996 312) 62-36-73 IKA TRAVEL: Creditors Must File Claims by May 27 ------------------------------------------------ LLC Ika Travel has declared insolvency. Creditors have until May 27, to submit written proofs of claim to: Manas Ave. 40, Room 16 Bishkek, Kyrgyzstan Tel: (+996 312) 21-76-25 ===================== N E T H E R L A N D S ===================== SENSATA TECHNOLOGIES: S&P Rates Senior Secured Debt at BB- ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to Sensata Technologies B.V., a global manufacturer of customized, engineered sensors and controls. The company, which is domiciled in the Netherlands, has executive headquarters in Attleboro, Mass. Sensata, formerly the S&C business of Texas Instruments Inc., is being acquired by Bain Capital LLC, a coinvestor, and by Sensata management. Proceeds from a bank credit facility and note offerings, together with $985 million of cash equity, will be used to acquire the firm for $3 billion. The purchase price represents a 9.9x EBITDA purchase price multiple based on the company's pro forma 2005 adjusted EBITDA plus fees and expenses. A 'BB-' senior secured rating and a '1' recovery rating were assigned to Sensata's proposed $1.35 billion senior secured credit facility being issued as part of the transaction. These ratings indicate Standard & Poor's high expectation of full recovery of principal (100%) by lenders in the event of a payment default. The ratings on the bank loan are based on preliminary terms and are subject to review upon final documentation. (For the complete recovery analysis, see Standard & Poor's recovery report on Sensata, published April 6, 2006, on RatingsDirect.) Standard & Poor's also assigned 'B-' ratings to Sensata's European senior unsecured notes due 2016; to its U.S. senior unsecured notes due 2016; and to its U.S. senior subordinated notes due 2016. These issues will total $900 million, though the split has yet to be determined. The outlook is stable. "The ratings reflect Sensata's satisfactory business profile, though this is offset by the company's heavy debt burden, which results in a highly leveraged balance sheet and thin cash-flow protection," said Standard & Poor's credit analyst Daniel DiSenso. Privately held Sensata manufactures sensors and controls serving the automotive, commercial, industrial, residential, and aerospace markets. The company has No. 1 or No. 2 global positions for most of its product applications, which are engineered into products. The company is the sole or primary source for 95% of its business. These factors help to provide significant barriers to competitors. Although the company's end markets are cyclical, Sensata enjoys high, stable operating margins because of the good diversity among its customers, applications, and regions of operation. The margins also benefit from the company's participation in some growth niches for sensor applications and from the limited capital intensiveness of the business. These factors furthermore mitigate earnings and cash flow volatility. Meanwhile, Sensata is moving its manufacturing to lower cost locations and transforming its supply chain to allow best-cost sourcing, which should further enhance its competitive position. Sensata's growth strategy is expected to be organically driven, although small niche acquisitions are possible to enhance its technology and to expand product applications. =========== P O L A N D =========== BANK PEKAO: Fitch Affirms Individual Rating to C ------------------------------------------------ Fitch Ratings affirmed Poland's Bank BPH's Support rating at 1 and Bank Pekao SA's Issuer Default rating at A with Stable Outlook. Pekao's other ratings are affirmed at Short-term F1, Individual C and Support 1. BPH's Support rating and Pekao's Issuer Default, Short-term and Support ratings are based on the extremely strong potential support available from their ultimate controlling shareholder, UniCredito Italiano. The affirmation follows the announcement of an agreement between the Polish government and UCI, which will allow the planned merger of BPH and Pekao to proceed. According to the terms of the agreement published thus far, UCI will be required to sell 200 of the combined entity's branches as well as the BPH brand name, and has agreed not to cut jobs for two years. Additionally, the government will be able to appoint two directors to the supervisory board of BPH. UCI could potentially choose to sell additional assets and liabilities with the branches, as well as the banking license. Fitch considers that the agreement will to a limited extent reduce the benefits of the merger. "The job cut freeze means it will take longer to achieve cost savings from the merger. Additionally, the political interference sets a bad precedent for the market," added Mr. Birney. Pekao's Individual rating of C already takes into consideration the costs of the merger and of any required restructuring. Ultimately, Fitch still expects the merger to result in a stronger bank. Pekao had assets of PLN62 billion at end-2005, compared to BPH's PLN58 billion assets. Both banks trade on the Warsaw Stock Exchange. =========== R U S S I A =========== ALBASHSKIY: Krasnodar Court Begins Bankruptcy Proceedings --------------------------------------------------------- The Arbitration Court of Krasnodar Region commenced bankruptcy proceedings against Albashskiy after finding the open joint stock company insolvent. The case is docketed as #A32-65903/2005-27/678B. Mr. A. Pukhov has been appointed insolvency manager and can be contacted at: A. Pukhov 1st floor, Rashpilevskaya Str. 321, 350051, Krasnodar Region, Russia The Debtor can be reached at: Albashskiy Kanevskiy Region, Novominskaya St. Sovetskaya Str. 24 353700, Krasnodar Region, Russia ELANSKAYA SEL-KHOZ-TEKHNIKA: Claims Filing Period Ends April 27 --------------------------------------------------------------- Creditors of Elanskaya Sel-Khoz-Tekhnika (TIN 3406001466) have until April 27, to submit their proofs of claim to the court- appointed insolvency manager Mr. V. Belyakov at: Apartment 76 Volzhskiy, Mira Str. 151 404101, Volgograd Region, Russia The Arbitration Court of Volgograd Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A12-17706/05-s24. The Debtor can be reached at: Elanskaya Sel-Khoz-Tekhnika Lenina Pr. 98 Volgograd Region, Russia ELTRA: Bankruptcy Hearing Slated for June 14 -------------------------------------------- The Arbitration Court of Tambov Region will convene on June 14, to hear the bankruptcy proceedings of open joint stock company Eltra. The case is docketed as A64-12734/05-21. Mr. D. Kozlov has been appointed insolvency manager and can be reached at: D. Kozlov Studenetskaya Nabarezhnaya Str. 20 Tambov Region, Russia The Debtor can be reached at: Eltra Rasskazovo, Industrialnaya Str. 2 Tambov Region, Russia KUTUSHTANSKIY: Bankruptcy Hearing Set for June 28 ------------------------------------------------- The Arbitration Court of Perm Region will convene at 2 p.m., on June 28, to hear the bankruptcy supervision procedure on open joint stock company Kutushtanskiy (TIN 5948002576). The case is docketed as A50-2595/2006-B. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. A. Nudelman at: Office 6, Uinskaya Str. 1B 614051, Perm Region, Russia Tel/Fax: (342) 261-14-98 The Debtor can be reached at: Kutushtanskiy Yeast Plant Kutushan, Drozhzavodskaya Str. 7 614540, Perm Region, Russia MAGNITOGORSK IRON: Fitch Keeps BB- Issuer Default Rating -------------------------------------------------------- Fitch Ratings disclosed that Magnitogorsk Iron & Steel Works Issuer Default Rating of BB- with Stable Outlook will not be affected by the recent acquisition of a 75% stake in Pakistan Steel Mills Corporation. The acquisition is made with a consortium including MMK, Al-Tuwairqi and Arif Habib Group. As a lead partner in a consortium for this PSMC acquisition, MMK will finance the main part of the transaction. The consortium submitted the highest bid of US$361.8 million, which the Pakistani government is expected to formally accept within 30 business days. MMK had a net cash position of US$499m at end- 2005, which is sufficient to finance the purchase without it taking on additional debt. In Fitch's view this acquisition will not materially change the operating or financial profile of MMK, and is therefore seen as credit neutral. PSMC is an integrated steel producer with an installed capacity of 1.1 million tons p.a., which is equal to only 10.8% of MMK's 2005 annual output. This deal will be the first acquisition by MMK, which has so far refrained from domestic or international M&A expansion. Taking into account the acquisition's relatively small size, it may be viewed as a test pilot project and does not necessarily indicate a strategic change in the company to a more aggressive stance on debt-financed acquisitions. Fitch would see any further acquisitions as an event risk. MINE VOSTOCHNAYA-BIS: Court Names S. Krutilin Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Komi Republic appointed Mr. S. Krutilin as insolvency manager for Mine Vostochnaya-Bis. The Court commenced bankruptcy proceedings against the open joint stock company after finding it insolvent. The case is docketed as A29-8989/05-3B. The insolvency manager can be reached at: S. Krutilin Inta, Post User Box 65 169840, Komi Republic, Russia Tel/Fax: (82145) 6-16-17 The Debtor can be reached at: Mine Vostochnaya-Bis Inta, Shakhtnaya Str. 56 169845, Komi Republic, Russia OAO LUKOIL: Lukoil-Perm Discovers New Oil Field ----------------------------------------------- LUKOIL-Perm, the operator of Russian projects of LUKOIL Overseas, has discovered the Sharonovskoe oil field. The field is located in Oktyabrsky and Chernushinsky districts in the south of Perm Region. The field is confined to the Novo- Kamyshlovskaya structure on which seismic was acquired in 2002. An exploration well drilled to the depth of 1,800 meters flowed commercial oil. Oil has been discovered in Verean, Lower and Mid Visean, and Upper Devonian-Tournaisian stages. Category C1 recoverable reserves of the field are estimated at 731,000 tons, with category C2 reserves estimated at 71,000 tons. The plan is to put the field on line in 2009. Peal production of 20,000 tons of oil is planned to be achieved in 2012. Headquartered in Moscow, Russia, OAO LUKOIL, is the country's largest vertically integrated oil & gas company in terms of reserves, and one of the largest oil & gas companies in the world. In the first 9 months of 2005, the group produced 1.92 million barrels of oil equivalent (boe) per day and in 2004 had refinery throughput of 44 million tons. Total SPE reserves in 2004 were just over 20 billion boe. The group's 9M2005 revenues were US$40.6 billion. * * * As reported in the Troubled Company Reporter-Europe on Jan. 26, Moody's Investors Service has changed the outlook of OAO LUKOIL's Ba1 Corporate Family Rating and Ba2 Issuer Rating to positive from stable. Moody's last rating action on LUKOIL was on 26 April 2005, when the agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2. PAYVINSKOYE: Bankruptcy Hearing Set for May 3 --------------------------------------------- The Arbitration Court of Novosibirsk Region will convene at 11 a.m., on May 3, to hear the bankruptcy supervision procedure on close joint stock company on Payvinskoye at: Kirova, 3-916 Novosibirsk Region, Russia The case is docketed as #A45-24437/05-29/360. Mr. G. Taran has been appointed temporary insolvency manager and can be reached at: G. Taran Room 10, Oktyabrskaya Str. 84 630005, Novosibirsk Region, Russia The Debtor can be reached at: Payvinskoye Maslyaninskiy Region, Payvino 633571, Novosibirsk Region, Russia PEREVALOVSKOYE: Claims Filing Period Ends April 27 -------------------------------------------------- Creditors of Perevalovskoye have until April 27, to submit their proofs of claim to court-appointed insolvency manager Mr. A. Katkov at: Office 500, Krasina Str. 7a 625003, Tyumen Region, Russia The Arbitration Court of Tyumen Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A-70-5246/3-05. PRITAMBOVYE: Deadline for Proofs of Claim Slated for April 27 ------------------------------------------------------------- Creditors of Pritambovye have until April 27, to submit their proofs of claim to court-appointed insolvency manager Mr. A. Semenov at: Rucheynyj Proezd, 5 392023, Tambov Region, Russia The Arbitration Court of Tambov Region has commenced bankruptcy supervision procedure on limited liability company with the case is docketed as A64-5924/05-18. The Debtor can be reached at: Pritambovye Avdeevka Tambov Region, Russia SERDOBSKIY: Claims Filing Period Ends April 27 ---------------------------------------------- Creditors of Serdobskiy (TIN 5830001641) have until April 27, to submit their proofs of claim to court-appointed insolvency manager Mr. D. Pimenov at: Lunacharskogo Str. 53 440061, Penza Region, Russia Tel: (841-2) 65-19-73 The Arbitration Court of Penza Region will hear the bankruptcy proceedings of the open joint stock company at: The Arbitration Court of Penza Region GSP, Belinskogo Str. 2 440600, Penza Region, Russia The case is docketed as A49-6109/2005-1076/10. The Debtor can be reached at: Serdobskiy Serdobsk, Saratovskaya Str. 117 Penza Region, Russia SIBERIA: Bankruptcy Hearing Slated for May 24 --------------------------------------------- The Arbitration Court of Novosibirsk Region will convene at 2:30 p.m., on May 24, to hear the bankruptcy supervision procedure on open joint stock company Siberia. The case is docketed as A45- 2075/06-4/5. Mr. V. Makarov has been appointed temporary insolvency manager and can be reached at: V. Makarov Krasnoobsk, Post User Box 325 630501, Novosibirsk Region, Russia The Debtor can be reached at: Siberia Cherepanovskiy Region, Zimovye Tsentralnaya Str. 1 633535, Novosibirsk Region, Russia TURANALEM FINANCE: Fitch Rates Upcoming Eurobond at BB+ ------------------------------------------------------- Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming USD eurobond issue an expected BB+ Long-term rating. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The issue is to be guaranteed by Kazakhstan's Bank TuranAlem, rated foreign currency Issuer Default BB+/Stable, local currency Issuer Default BBB-/Stable, Short-term foreign currency B, Short-term local currency F3, Individual C/D and Support 3. Proceeds from the issue will be deposited with BTA. The issue is to be made within the framework of BTA's and TAF's USD3 billion global medium-term note program, rated Long-term BB+ for senior unsecured foreign currency notes with maturities in excess of one year and Short-term B for senior unsecured foreign currency notes with maturities of less than one year. BTA's guarantee of the upcoming issue is to rank at least pari passu with all present or future unsecured senior obligations of the bank, save those preferred by relevant provisions of law and of general application. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2005, retail deposits accounted for 13% of BTA's total liabilities, according to the bank's International Financial Reporting Standards accounts. BTA was the second largest commercial bank in Kazakhstan by IFRS assets at end-2005, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors, but Raiffeisen Zentralbank, the European Bank for Reconstruction and Development, the International Finance Corporation and Nederlandse Financierings - Maatschappij Voor Ontwikkelingslanden own convertible preferred shares. ========= S P A I N ========= ESPANOLA DEL ZINC: Leading Shareholder Sells 10.26% Equity Stake ---------------------------------------------------------------- The leading shareholder of Espanola del Zinc has sold its 10.26% stake in the Company for EUR2.4 million to an undisclosed buyer, Expansion says. According to the report, Metainversion, which owns 1.2 million shares in the company, will recoup its EUR2.88 million from the sale after acquiring its 10% stake in the Company for EUR2 per share in 2004. In January 2005, Espanola del Zinc's share price was frozen to EUR1.84 after the company filed for insolvency. Its recovery plan involving full debt repayment within three years was agreed in January this year. Headquartered in Madrid, Spain, Espanola Del Zinc S.A. -- http://www.edz.es/-- produce and sells zinc, zinc alloys, sulphuric acid and all products obtained after its electrolysis. The Company reported its sales in 2005 amounting to EUR6,075,000. It employs 268 workers. ============= U K R A I N E ============= AGRO-SLUCH: Zhitomir Court Starts Bankruptcy Supervision -------------------------------------------------------- The Economic Court of Zhitomir Region commenced bankruptcy supervision procedure on OJSC Agro-Sluch (code EDRPOU 05488516). The case is docketed as 7/142 B. Mr. Oleg Dovzhanitsya has been appointed temporary insolvency manager. CONTACT: Agro-Sluch Romanivskij District, Miropil, Lenin Str. 127 13033, Ukraine, Zhitomir Region Mr. Oleg Dovzhanitsya Temporary Insolvency Manager Ukraine, Zhitomir Region Chernyahiv, Uritskij Str. 160 Ukraine, Zhitomir Region Economic Court of Zhitomir Region Putyatinski Square 3/65 10002, Ukraine, Zhitomir Region BUSINESS POSSIBILITIES: Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy proceedings against LLC Business Possibilities (code EDRPOU 22810834) after finding the company insolvent. Mr. V. Yatchuk has been appointed Liquidator/Insolvency Manager. CONTACT: Business Possibilities Ukraine, Cherkassy Region Lukyanov Str. 12/3 Mr. V. Yatchuk Liquidator/Insolvency Manager Sedov Str. 15/3 18000, Ukraine, Cherkassy Region Economic Court of Cherkassy Region Shevchenko Avenue 307 18005, Ukraine, Cherkassy Region CHERKASSY-MEDIA: Cherkassy Court Begins Bankruptcy Process ---------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy proceedings against LLC TV-Radio Company Cherkassy-Media (code EDRPOU 32583789) after finding the company insolvent. Mr. V. Yatchuk has been appointed Liquidator/Insolvency Manager. CONTACT: Cherkassy-Media Ukraine, Cherkassy Region Hreshatik Str. 200/58 Mr. V. Yatchuk, Liquidator/Insolvency Manager Sedov Str. 15/3 18000, Ukraine, Cherkassy Region Economic Court Of Cherkassy Region Shevchenko Avenue 307 18005, Ukraine, Cherkassy Region INFARMA-WEST: Court Names Gusar Ivan Interim Insolvency Manager --------------------------------------------------------------- The Economic Court of Kyiv Region appointed Gusar Ivan as temporary insolvency manager for CJSC Infarma-West (code EDRPOU 22954970). The Court commenced bankruptcy supervision procedure on the company with the case docketed as 15/35-b. CONTACT: Infarma-West 01034, Ukraine, Kyiv Region Yaroslaviv Val Str. 21 Mr. Gusar Ivan Temporary Insolvency Manager 01030, Ukraine, Kyiv Region, a/b 29 Economic Court of Kyiv Region 01030, Ukraine, Kyiv Region B. Hmelnitskij Boulevard 44-B INTERTEHALLIANCE: Cherkassy Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy proceedings against LLC Intertehalliance (code EDRPOU 33283077) on Feb. 9, after finding the company insolvent. The case is docketed as 01/645. Ms. Olena Vorontsova has been appointed Liquidator/Insolvency Manager. CONTACT: Intertehalliance 18023, Ukraine, Cherkassy Region Odeska Str. 8, Room 358 Ms. Olena Vorontsova Liquidator/Insolvency Manager Ukraine, Kyiv Region, Sherbakova Str. 56/7, office 21 Economic Court of Cherkassy Region Shevchenko Avenue, 307 18005, Ukraine, Cherkassy Region KOMSOMOLSKE' BREAD: Court Names Tsimberov Dmitro Liquidator ----------------------------------------------------------- The Economic Court of Harkiv Region appointed Tsimberov Dmitro as Liquidator/Insolvency Manager for OJSC Komsomolske' Bread Plant (code EDRPOU 00382007). The Court commenced bankruptcy proceedings against the Company after finding it insolvent. The case is docketed as B-19/92-05. CONTACT: Komsomolske' Bread Plant 63460, Ukraine, Harkiv Region Zmiyivskij District, Komsomolske, Balaklijske Shose 1 Mr. Tsimberov Dmitro Liquidator/Insolvency Manager Bakulin Str. 9/13-52 Ukraine, Harkiv Region Economic Court Of Harkiv Region Svobodi Square 5, Derzhprom 8th Entrance 61022, Ukraine, Harkiv Region MISKPLODOOVOCH: Cherkassy Court Begins Bankruptcy Process --------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy proceedings against Miskplodoovoch (code EDRPOU 25584731) after finding the company insolvent. Mr. V. Yatchuk has been appointed Liquidator/Insolvency Manager. CONTACT: Miskplodoovoch Rizdvyana Str. 175/8 Ukraine, Cherkassy Region Mr. V. Yatchuk Liquidator/Insolvency Manager Sedov Str. 15/3 18000, Ukraine, Cherkassy Region Economic Court of Cherkassy Region Shevchenko Avenue 307 18005, Ukraine, Cherkassy Region SELIDOVE' CITY: Donetsk Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy proceedings against JSCCT Selidove' City Milk Plant (code EDRPOU 13542205) on Jan. 26, after finding the company insolvent. The case is docketed as 5/121 B. Mr. E. Lesnikov has been appointed Liquidator/Insolvency Manager. CONTACT: Selidove' City Milk Plant Selidove, Krasnoarmijska Str. 136 85400, Ukraine, Donetsk Region Mr. E. Lesnikov Liquidator/Insolvency Manager 85483, Ukraine, Donetsk Region Novogrodivka, Koshovij Str. 37/19 Economic Court of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region =========================== U N I T E D K I N G D O M =========================== ALSOP DESIGN: Taps Joint Administrators from Berg Kaprow Lewis -------------------------------------------------------------- Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP were appointed joint administrators of design company Alsop Design Limited (Company Number 05216454) on March 23. The joint administrators can be reached at: Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW Tel: 020 8922 9222 Fax: 020 8922 9223 Inquiry Line: 020 8922 9121 DEWHURST BUTCHERS: Taps BDO Stoy Hayward to Administer Assets ------------------------------------------------------------- Shay Bannon and Graham D. Randall of BDO Stoy Hayward were appointed joint administrators of Dewhurst Butchers (Holdings) Limited (Company Number 03995890) and Dewhurst Butchers Limited (Company Number 03073264) on March 27. 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. Dewhurst Butchers (Holdings) Ltd retails meat and meat products and can be reached at: 6-8 Long Lane London EC1A 9HF Dewhurst Butchers Ltd can be reached at: 59 High St Rushden Tel: (01933) 312293 DONIKA INDUSTRIAL: Members Resolve to Liquidate Assets ------------------------------------------------------ Members of Donika Industrial Products Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 23. They appointed Peter Adrian Finn as Liquidator. Donika Industrial Products Limited can be contacted at: Unit 4 Station Yard Station Road Llanrwst Gwynedd LL26 0EH Tel: 01492 641 011 Fax: 01492 584 789 EMBERDEN LIMITED: Winds Up Assets & Appoints Liquidator ------------------------------------------------------- Emberden Limited is winding up its operations after members found out that the company could no longer continue its business due to mounting debts. Surjit Kumar Singla, of Singla & Co, was appointed Liquidator. Emberden Limited can be reached at: Building 174 Churchill Way Biggin Hill Westerham Kent TN16 3BN Tel: 01959 573 853 Fax: 01959 573 853 HADEN DUCOST: Claims Filing Period Ends Tomorrow ------------------------------------------------ Creditors of Haden Ducost Systems Limited (Company Number 01285079) will meet at 11 a.m., on April 13 at: 1 Snow Hill London EC1A 2DH 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 12, to: Jeremy Willmont Joint Administrator Moore Stephens LLP 1 Snow Hill London EC1A 2DH Moore Stephens -- http://www.moorestephens.co.uk-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its UK network comprises over 1,400 partners and staff. Haden Ducost Systems Ltd can be reached at: Unit 7, Blackland Way Abingdon Business Park Abingdon OX14 1DY Oxfordshire Tel: 01235 541100 Fax: 01235 553566 HMV GROUP: Competition Commission Clears Ottakar's Merger --------------------------------------------------------- The Competition Commission provisionally cleared the anticipated acquisition of Ottakar's plc by HMV Group plc through Waterstone's Booksellers Ltd, after concluding that the merger would not lead to a substantial lessening of competition in the market for the retail sale of new books to consumers in any part of the UK. "We have looked at all the evidence submitted to us very carefully and we do not believe this acquisition would result in a substantial lessening of competition," Diana Guy, chairperson of the inquiry group, said. "It is not likely to affect book prices, range of titles offered or quality of service. In the few locations where Waterstone's and Ottakar's stores are close together, we found the range of books and quality of service were similar to their stores located in other areas. So the effect of competition between Waterstone's and Ottakar's at the local level seems limited. "Throughout the country there is growing competition from supermarkets and Internet retailers in terms of both price and range, so the merged company would have little ability to raise prices either on best-sellers or other titles. It would have every incentive to offer an extensive range of titles and high- quality service in its stores, as these features give the merging parties a competitive advantage over supermarkets and other non specialist retailers," Ms. Guy added. The inquiry group found that, contrary to widespread perception, Waterstone's, like Ottakar's, operates a book-buying system which mixes central and local input on stock selection. Although the merger may reduce the number of central buying decision-makers, the Commission does not believe this will have a significant impact on the range and variety of titles available to readers. "Despite the substantial changes in the industry following the abolition of the Net Book Agreement, with new types of retailers entering the market and increased concentration in publishing, sales have continued to grow," Ms. Guy said. "We do not see any reason why the merger would change this or reduce the number of titles published." The merger was referred by the Office of Fair Trading on Dec. 6, 2005, and the Competition Commission is required to publish its final report by May 22, 2006. HMV's offer for Ottakar's lapsed upon referral to the CC. A full-text summary of the Competition Commission's provisional findings is available at no charge at: http://ResearchArchives.com/t/s?7af HMV Group said it is now considering the full text of the Competition Commission's provisional conclusions and will continue to work closely with the Commission. About the Competition Commission The Competition Commission -- http://www.competition- commission.org.uk/ -- is an independent public body established by the Competition Act 1998. It replaced the Monopolies and Mergers Commission on April 1, 1999. The Commission conducts in-depth inquiries into mergers, markets and the regulation of the major regulated industries. Every inquiry is undertaken in response to a reference made to it by another authority: usually by the Office of Fair Trading but in certain circumstances the Secretary of State, or by the regulators under sector-specific legislative provisions relating to regulated industries. The Commission has no power to conduct inquiries on its own initiative. About the Company Headquartered in the U.K., HMV Group PLC -- http://www.hmvgroup.com/-- operates 580 stores in 8 different countries under two powerful retail brands (HMV and Waterstone's). On March 31, 2005, the Group completed a refinancing of its senior bank facilities, creating a more efficient capital structure. A five-year GBP260 million revolving credit facility was arranged, replacing an existing GBP150 million revolving credit facility, together with outstanding term debt of GBP160 million which was repaid in full. Consequent to the refinancing, GBP2.7 million of unamortized deferred financing fees were written-off in the financial year to April 30, 2005, as a non-cash exceptional interest charge. At Oct. 29, 2005, the company's balance sheet showed GBP49.7 million in stockholders' deficit, compared with a GBP14.4 million stockholders' deficit at Apr. 30, 2005. HURLINGHAM COACHWORKS: Joint Liquidators Take Over Operations ------------------------------------------------------------- John Kelmanson and Elias Paourou, both of The Kelmanson Partnership, were appointed Joint Liquidators of Hurlingham Coachworks Limted after members passed a resolution to wind up the company's operations on Feb. 28. Hurlingham Coachworks Limited can be reached at: Unit 1 Carnwath Road Ind Est 31 Carnwath Road London SW6 3HR Tel: 020 7371 8050 Fax: 020 7371 0072 INDIAN MOTORCYCLE: Members Pass Winding Up Resolution ----------------------------------------------------- Members of Indian Motorcycle Ltd passed a resolution to wind up the company's operations during an extraordinary general meeting on Feb. 24. Alan Simon, of Langley & Partners, will lead the winding up proceedings. Indian Motorcycle Ltd can be contacted at: 6 Culford Mews London N1 4DX Tel: 020 7241 1353 Fax: 020 7241 4400 K.D. PRODUCTS: Members Decide To Wind Up Operations --------------------------------------------------- K.D. Products (UK) Limited is liquidating its assets after members decided to wind up the company's operations on Feb. 27. C.K. Rayment and G.S. Kinlan were appointed Joint Liquidators. K D Products (UK) Limited can be reached at: Ground Floor Redwither Tower Redwither Business Park Wrexham Clwyd LL13 9XT Tel: 01978 661 797 Fax: 01978 661 848 K M R DEVELOPMENTS: Financial Woes Trigger Liquidation ------------------------------------------------------ Andrew Hartley Wilkinson was appointed Liquidator of K.M.R. Developments (Huddersfield) Limited after members passed a resolution to wind up the company on March. 2. Chairman K.M. Richter revealed the company could no longer continue its operations due to financial liabilities. K.M.R. Developments (Huddersfield) Limited can be reached at: 367 Eastfield Road Peterborough PE1 4RD Tel: 01733 572 538 LIKE WATER: Taps Administrators from Kroll Limited -------------------------------------------------- D. J. Whitehouse and S. Wilson of Kroll Limited were appointed administrators of Like Water Limited (Company Number 5540379) on March 28. Its registered office is at Nexus Solicitors, Carlton House, 16-18 Albert Square, Manchester M2 5PE. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. M T INTERNATIONAL: Names Administrator from Butcher Woods --------------------------------------------------------- Roderick Graham Butcher of Butcher Woods Limited was appointed administrator of M T International Limited (Company Number 01872367) on March 24. The administrator can be reached at: Butcher Woods 79 Caroline Street Birmingham West Midlands B3 1UP Tel: 0121 236 6001 Fax: 0121 236 5702 E-mail: rod.butcher@butcher-woods.co.uk M T International Limited wholesales fabrics and trimmings to the textile manufacturing industry. MAGNUS DIRECT: Names Ian Pattinson to Liquidate Assets ------------------------------------------------------ Magnus Direct Limited is liquidating its assets after members passed a resolution to wind up the company on March 2. Ian Pattinson was appointed Liquidator. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its financial liabilities. Magnus Direct Limited can be contacted at: Unit 6 Higher Tweed Mills Webbers Way Dartington Totnes Devon TQ9 6JY Tel: 01803 840 200 Fax: 01803 840 169 Web: http://www.magnusdirect.co.uk/ MICROPOINT SYSTEMS: Taps Bridgers as Administrator -------------------------------------------------- John Arthur Kirkpatrick and Peter Bridger of Bridgers were appointed administrators of Micropoint Systems Limited (Company Number 03314121) on Jan. 31. The administrator can be reached at: Bridgers 6C Church Street, Reading, Berkshire RG1 2SB Tel: 0118 9512131 Fax: 0118 9512161 E-mail: john.kirkpatrick@bridgers.co.uk Micropoint Systems Ltd develops computer software and can be reached at: 206a Great West Road Hounslow, Middlesex TW5 9AW Tel: 02085729843 MISYS PLC: Buys Back 350,000 Shares From JPMorgan Cazenove ---------------------------------------------------------- Misys plc purchased 350,000 of its own ordinary shares on April 7, at a price of 219.6783 pence per share from JPMorgan Cazenove Limited. The Company intends to hold these shares in Treasury. Following the purchase of these shares the Company holds a total of 54,111,976 of its shares in Treasury and has 505,615,060 shares in issue (excluding Treasury shares). Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the UK general insurance industry. At Nov. 30, 2005, the company reported GBP155.6 million in total stockholders' deficit. MISYS PLC: Selling General Insurance Business to Montagu Private ---------------------------------------------------------------- Misys plc will sell its general insurance broking systems business, Misys General Insurance, to Montagu Private Equity Limited. The gross proceeds from the sale will be approximately GBP182 million and will be satisfied entirely in cash on completion. Completion is expected to take place within the next three months, subject to consent from the Financial Services Authority to the change of control and other customary closing conditions. Misys intends to use the proceeds from this transaction initially to repay existing company debt. Misys General Insurance is the leading supplier of IT solutions and products for the general insurance intermediary industry in the UK and the Republic of Ireland. Through Misys Insurance Management, MGI also offers customers membership of a broker network that provides access to superior insurance schemes and preferential service levels from insurers. "The general insurance business has been a strong contributor to Misys for over two decades of our growth and development," said Kevin Lomax, Chief Executive, Misys plc. "It is the leader in its market and has consistently delivered high profit margins and strong cash flow. The Board has taken the decision to sell it because it is no longer central to our strategy, which is to focus on the expansion opportunities in our core markets of banking and healthcare. We are pleased that the management team, under the leadership of Phillip Bell, has found a strong and enthusiastic backer in Montagu Private Equity, and we wish them well for the future development of the business." Jason Gatenby, Director, Montagu Private Equity, said, "We are delighted to agree this transaction with Misys. MGI is a business which we have followed for some time. It has delivered excellent financial performance while staying at the forefront of its market. This is the kind of business, and management team, in which we like to invest. The business has good opportunities for growth as a standalone business and we are looking forward to working with Phillip Bell and his team to exploit them." Phillip Bell, Chief Executive of MGI, said, "While Misys has been a good corporate parent to this business in its first quarter century, we believe that there are avenues for future development which we will be better able to explore as an independent company. This transaction is good news for our customers, our insurance partners and our employees." Whilst MGI itself is not a regulated business, the business it carries out through MIM is regulated by the FSA. The sale of MGI is therefore subject to the FSA's consent to the change of control. Closing is subject to receipt of this consent from the FSA, which is expected within the next three months. Closing is also subject to conditions typical for a transaction of this type. At Nov. 30, 2005, MGI had gross assets of GBP8.8 million. In the year to May 31, 2005, MGI delivered pre-tax profit of GBP15.8 million from revenue of GBP33.7 million; in the six months to Nov. 30, 2005, MGI's operating profit was GBP7.3 million and its revenue was GBP16.0 million. Lexicon Partners Limited acted as financial adviser to Misys in respect of this transaction. Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the UK general insurance industry. At Nov. 30, 2005, the company reported GBP155.6 million in total stockholders' deficit. NETBOX LTD: Creditors Confirm Voluntary Liquidation --------------------------------------------------- Creditors of Nebox Ltd confirmed the company's voluntary liquidation after members passed a resolution to wind up the company on Feb. 28. Creditors also ratified the appointment of M.S.E. Solomons as Liquidator. Netbox Ltd can be reached at: Tower House The Street Kingscourt Stroud Gloucestershire GL5 5DN Tel: 01453 840 171 OPTIONELECT LIMITED: Joint Liquidators Lead Liquidation Process --------------------------------------------------------------- Optionelect Limited is winding up its operations after members decided to liquidate the company's assets during an extraordinary general meeting on March 2. Susan Purnell and Leigh-Jane Holmes, of Purnells, will jointly liquidate the company's assets. Option Elect Limited can be reached at: 5 High Street Newport Arcade Newport Gwent NP20 1GD Tel: 01633 246 007 P.H. POOL: Creditors' Meeting Slated Tomorrow --------------------------------------------- Creditors of P.H. Pool Services Limited (Company Number 01519956) will meet at 3 p.m., on April 12, at: David Rubin & Partners Pearl Assurance House 319 Ballards Lane London N12 8LY Creditors who want to be represented at the meeting may appoint proxies. Proxy form must be submitted together with written debt claims at 12 p.m., today, April 11, to: Lane Bednash Administrator David Rubin & Partners Pearl Assurance House 319 Ballards Lane London N12 8LY David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. P H Pool Services Ltd manufactures medical equipment and supplies and can be reached at: Wanborough Business Centre Wanborough Guildford, Surrey GU3 2JR Tel: 01483813181 PROFESSIONAL INDEMNITY: Creditors' Meeting Set for Tomorrow ----------------------------------------------------------- Creditors of Professional Indemnity Select Limited (Company Number 03254412) will meet at 11 a.m., on April 12, at: David Rubin & Partners Pearl Assurance House 319 Ballards Lane London N12 8LY 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., today, April 11 to: Asher Miller Joint Administrator David Rubin & Partners Pearl Assurance House 319 Ballards Lane London N12 8LY David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. Professional Indemnity Select Ltd can be reached at: Nicholas House Enfield EN1 3TF Tel: 020 8366 5595 QUALITY INDUSTRIAL: Members Agree to Liquidate Assets ----------------------------------------------------- Members of Quality Industrial Supplies Limited decided to liquidate the company's assets on Mach 1. Matthew Colin Bowker and David Anthony Willis, of Jacksons Jolliffe Cork, were appointed Joint Liquidators. Chairman J. Bennie disclosed the company could no longer continue its operations due to mounting debts. Quality Industrial Supplies Limited can be reached at: 26 Unit Factory Estate Argyle Street Hull HU3 1HD Tel: 01482 588 856 Fax: 01482 588 856 RANK GROUP: Deregisters Ordinary Shares From U.S. SEC ----------------------------------------------------- The Rank Group Plc filed a Form 15 with the U.S. Securities and Exchange Commission to: -- terminate the SEC registration of its ordinary shares; and -- suspend its SEC reporting obligations in relation to its debt securities previously registered under the US Securities Act of 1933 (as amended). SEC de-registration will occur 90 days after April 7, 2006, or such shorter period as the SEC may determine. On filing of the form, Rank's obligations to file certain forms and reports with the SEC, including Forms 20-F and 6-K, were suspended. The Company confirmed on March 3, its intention to commence exercising the compulsory transfer provisions contained in the Company's Articles of Association to reduce the number of US resident shareholders on its share register to below three hundred and thereafter terminate registration of its ordinary shares with the SEC. Under currently applicable SEC regulations, after the de- registration takes effect, the number of Rank's US resident shareholders must remain below 300 at each financial year-end to avoid re-commencement of SEC reporting and other applicable US obligations. Rank's Articles of Association give the Company's Directors the ability to limit the number of Rank's US resident shareholders for this purpose. Pursuant to the Articles of Association, Rank's Board may, from time to time, require US resident shareholders, whether holding directly or through nominees, to sell their shares in order to be satisfied that their number is less than 300 at each financial year-end. Furthermore, the number of US residents holding debt securities of Rank previously registered under the Securities Act must also remain below 300 at each financial year-end to avoid re-commencement of SEC reporting obligations. On Dec. 23, 2005, the SEC published a proposed rule that introduces new criteria to make it easier for foreign private issuers such as Rank to de-register from the SEC. Finalization of this proposed rule is likely to take several months and it is not possible to be certain what form any new criteria will finally take. It is possible the new criteria will not require Rank to maintain the number of its US-resident shareholders at below 300 at each financial year-end in order to avoid re- commencement of registration obligations. The Company said it will keep the position under review. 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 downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). 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. REGENT SECURITY: Brings In Administrator from Hazlewoods -------------------------------------------------------- Philip John Gorman of Hazlewoods LLP was appointed administrator of Regent Security Solutions Limited (Company Number 05301184) on March 24. Its registered office is at Eagle Tower, Montpellier Drive, Cheltenham GL50 1TA. Hazlewoods -- http://www.hazlewoods.co.uk/-- offers a service that sets it apart from other chartered accountancy firms. It is highly qualified and experienced staff provides the greatest level of professionalism in all areas of business advice, accountancy, financial planning and tax. The firm employs 150 staff. Regent Security Solutions Ltd operates a security guards agency and can be reached at: P.O. Box 271 Cheltenham, GL50 3YQ Tel: 01242 573327 RENTOKIL INITIAL: Issues GBP30 Million 10-Year Bonds ---------------------------------------------------- Rentokil Initial plc disclosed the issue of GBP300 million of 10-year bonds on March 31. The annual coupon on the bonds has been set at 5.75%. The bonds will be repayable at par on March 31, 2016, and will be issued under the company's Euro Medium Term Note Program. Headquartered in West Sussex, England, Rentokil Initial PLC -- http://www.rentokil-initial.com/-- is one of the largest business services companies in the world, operating in all the major economies of Europe, North America, Asia Pacific and Africa. The company has some 90,000 employees providing a range of support services in over 40 countries. At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6 million in stockholders' deficit, compared to a GBP784 million deficit at Dec. 31, 2004. The Company's balance sheet also showed strained liquidity with GBP745 million in assets available to pay GBP789.5 million in the next 12 months. SILVERSCREEN LIMITED: Names Kroll Limited Administrator ------------------------------------------------------- Andrew John Pepper and Peter Mark Saville of Kroll Limited were appointed joint administrators of Silverscreen Limited (Company Number 04666764) on March 29. Its registered office is at 2 Lambs Passage, London EC1Y 8BB. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Silverscreen Ltd retails DVDs and can be reached at: Unit 4, Lewisham Centre London, SE13 7EP Tel: 0208 852 0697 Fax: 0208 852 0698 TARGET UNDERWRITING: Meeting of Creditors Slated Tomorrow --------------------------------------------------------- Creditors of Target Underwriting Limited (Company Number 03252336) will meet at 11 a.m., on April 12, at: David Rubin & Partners Pearl Assurance House 319 Ballards Lane London N12 8LY 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: Asher Miller Joint Administrator David Rubin & Partners Pearl Assurance House 319 Ballards Lane London N12 8LY David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. Target Underwriting Ltd can be reached at: Nicholas House, River Front Enfield, Middlesex EN1 3TF Tel: 0208366 5595 E-mail: office@targetunderwirting.com WORKSPACE OFFICE: Taps Joint Administrators from Deloitte --------------------------------------------------------- Neville Barry Kahn, Nicholas James Dargan and Ian Brown of Deloitte & Touche LLP were appointed joint administrators of Workspace Office Solutions Limited (Company Number 00253775) on March 27. Its registered office is at 39 Cornhill, London EC3V 3NU. Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. Headquartered in Haverhill, Suffolk, Workspace Office Solutions Limited -- http://www.project.co.uk/-- manufactures and distributes office furniture and equipment. * Shepherd & Wedderburn Names Keith Wilson as Finance Director -------------------------------------------------------------- Shepherd and Wedderburn appointed Keith Wilson as the firm's new finance director. An experienced finance professional and CA, Mr. Wilson (45) has held several senior positions with a number of blue chip companies, including Price Waterhouse, Diageo (formerly United Distillers) and Scottish Equitable/Aegon UK where he was latterly director of finance for Aegon UK. "With a proven track record of sound financial management with some of the UK's most successful companies, Keith brings invaluable experience from the commercial sector," Patrick Andrews, chief executive at Shepherd and Wedderburn, said. "His appointment is in line with our aspirations for growing our business and we are really excited about the contribution which he will make." About Shepherd & Wedderburn Shepherd and Wedderburn -- http://www.shepwedd.co.uk/-- is one of the United Kingdom's leading law firms. It provides expert, experienced legal advice, tailored to meet its clients' business needs. The firm is based in Edinburgh, Glasgow, London and Aberdeen, and its team of legal experts work with clients all over the UK and beyond. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *