/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060426.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 Wednesday, April 26, 2006, Vol. 7, No. 82 Headlines A U S T R I A ACCORD HANDELS: Innsbruck Court Closes Bankruptcy Case HAAS IM ZENTRUM: Insufficient Assets Prompt Court to Close Case G E R M A N Y ALLGEMEINE HYPOTHEKENBANK: Eyes Pfandbriefe Buyback ARO-REEDEREI: Creditors' Meeting Slated for April 27 BAUFACHMARKT SCHWARZE: Claims Registration Ends April 28 BLUMENHANDEL LANGERWISCH: Claims Registration Ends April 28 BRILLENSTUDIO HELGE: Claims Registration Ends April 28 CRC BREEZE: Fitch Assigns BB+ Rating on Class B Notes DHM DIRK: Claims Registration Ends April 28 DVC GMBH: Claims Registration Ends April 28 GEORG SCHONDORFER: Claims Registration Ends April 28 GESELLSCHAFT BUERGERLICHEN: Claims Registration Ends April 27 LETTMANN BAU: Claims Registration Ends April 27 REMA GMBH: Creditors' Meeting Slated for April 27 I T A L Y VOLARE GROUP: Inks Final Takeover Agreement with Alitalia K A Z A K H S T A N AKRAB-KOMHOZ: Aktube Court Starts Bankruptcy Proceedings BIGBAG: Creditors Must Submit Claims by July 6 COMPUTER CENTER: Creditors Must Submit Claims by June 6 ESKIZ SHEELI: Kyzylorda Court Begins Bankruptcy Process IMMET: Creditors Have Until June 6 to File Claims META-2 Creditors Must Submit Proofs of Claim by May 5 PLEMPTISA: Creditors' Claims Due May 5 PRESTIJ STROI: Court Sets July 6 Claims Bar Date S&M GROUP: Creditors Must Submit Proofs of Claim by June 6 STAN: Deadline for Submission of Claims Set May 5 K Y R G Y Z S T A N IRIS: Creditors Have Until June 9 to File Proofs of Claim OHOTNYI DVOR: Creditors Must Submit Claims by June 13 SUGAR TRADE: Court Set June 12 Claims Bar Date L I T H U A N I A MAZEIKIU NAFTA: Earns LTL885.7 Million in Fiscal 2005 N O R W A Y AKER KVAERNER: Moody's Ups Ratings to Ba1 on Strong Recovery P O L A N D ELEKTRIM SA: Enforcement Clause Allows Creditors to Seize Assets R U S S I A ALNASHI-AGRO-PROM-KHIMIYA: Creditors' Claim Due May 4 BRATSKAYA MONTAGE: Court Commences Bankruptcy Supervision BUILDING TRUST 7: Court Begins Bankruptcy Proceedings COMPUTER LAND: Khabarovsk Court Commences Bankruptcy Process DYATKOVSKIY CRYSTAL: Court Names N. Solovyev External Manager METAKON-TRADE: Court Starts Bankruptcy Supervision Procedure NEW KOSTROMSKAYA: Court Names B. Shatrov Insolvency Manager NORTH-WEST: Annual General Meeting Slated for June 30 TENGUSHEVSKIY: Mordoviya Court Begins Bankruptcy Proceedings TYUMEN-LES-TOP-PROM: Court Hearing Slated for May 25 ZEYA-GES-STROY: V. Boldlin Named Interim Insolvency Manager S W E D E N CORRAL INVESTMENT: Moody's Withdraws Ba3 Corporate Family Rating PREEM GROUP: Note Redemption Spurs Moody's to Withdraw Ratings U K R A I N E ASMO: Court Names Sergij Bagmet to Liquidate Assets LASER: Court Names Sergij Bagmet Insolvency Manager MEGA-TOUR: Undergoes Sanction Procedure in Harkiv NEKTAR-AGRO: Mikolaiv Court Starts Bankruptcy Supervision OJSC NAFTOGAZ: Fitch Downgrades US$500 Mln Eurobond at B+ PROMTEHRESURS: Zaporizhya Court Begins Bankruptcy Process PROMTEO: Zaporizhya Court Begins Bankruptcy Proceedings SPECTRANSNAFTA: Court Appoints Daki Audit as Liquidator UKRDORPOSTACHSERVICE: Kyiv Court Starts Bankruptcy Supervision U N I T E D K I N G D O M HMV GROUP: Tim Waterstone Eyes Specialist Bookseller's Purchase INTERFACE INC: Sells European Fabrics Biz for US$28 Million Cash MAPLE SUPPLIES: Winds Up Business & Appoints Liquidator MISYS PLC: Buys Back 1,000,000 Shares from JPMorgan Cazenove NORTH EAST: Members Pass Winding Up Resolution PETER GUILD: Hires Joint Liquidators to Wind Up Operations PLANAGRAPHIC STUDIOS: Creditors Confirm Voluntary Liquidation RIDGECREST CONSTRUCTION: Members Decide to Wind Up Operations ROXBY SURTEES: Financial Woes Prompt Voluntary Liquidation SPARSHOTT TECHNOLOGIES: Joint Liquidators Take Over Company SPECIALISED INDUSTRIAL: Members Resolve to Liquidation TRANS-EURO: Names Peter Anthony Jackson as Liquidator WINTERTHUR SWISS: Asks High Court to Approve Scheme of Transfer WOOD U LOVE: Creditors Affirm Voluntary Liquidation ********* ============= A U S T R I A ============= ACCORD HANDELS: Innsbruck Court Closes Bankruptcy Case ------------------------------------------------------ The Land Court of Innsbruck closed the bankruptcy case of LLC Accord Handels (FN 20863g) on April 7, following the Debtor's final distribution to creditors. Creditors received a 4.6% recovery on account of their claim. The Court confirmed the final allocation late March, after property manager Ernst Madlener approved the preliminary document. The Court declared Accord Handels bankrupt on May 31, 2005 (Case No. 19 S 54/05x). Gunther Riess represented the Debtor in the bankruptcy proceeding. He can be reached at: Maria-Theresien Road 38 6020 Innsbruck, Austria Tel.: 0512/58 38 66 The Company can be reached at: LLC Accord Handels Herzog-Friedrich-Strasse 32 6020 Innsbruck, Austria HAAS IM ZENTRUM: Insufficient Assets Prompt Court to Close Case --------------------------------------------------------------- The Land Court of Innsbruck entered an order on April 3, closing LLC Haas Im Zentrum's (FN 237838m) bankruptcy case after proving that the Debtor's assets are insufficient to pay financial obligations. Creditors will not receive any distribution under the plan. The Court declared the Company bankrupt on July 6, 2005 (Case No. 19 S 66/05m). Walter Rupprechter served as the court- appointed bankruptcy trustee. Dr. Peter Planer represented the Debtor in its bankruptcy proceeding. He can be reached at: Klostergasse 1 6370 Kitzb”el, Austria Tel: 05356/66883 The Company can be reached at: LLC Haas Im Zentrum Kaiserstrasse 4 6380 St. Johann i.T., Austria ============= G E R M A N Y ============= ALLGEMEINE HYPOTHEKENBANK: Eyes Pfandbriefe Buyback --------------------------------------------------- Allgemeine HypothekenBank Rheinboden AG intends to invite the holders of four Pfandbriefe listed on the official market of the Frankfurt Stock Exchange and on Eurolist of Euronext Paris S.A. to submit offers for the paper concerned. The offer period will start on Monday, April 24, and end on Wednesday, May 3, at 5:00 p.m. Central European Time. The buy- back volume will amount to a maximum of EUR3.94 billion in total. It is intended to appoint Deutsche Bank AG, London Branch, to carry out the transaction. The buy-back relates to these issues: -- DE0002029311 EUR2 billion 5.75% Mortgage Pfandbriefe series 331 of 2000/2008, maximum buy-back amount EUR385.0 million. -- DE0002027968 EUR2.5 billion 4.00% Public Pfandbriefe series 496 of 1999/2009, maximum buy-back amount EUR520.0 million. -- DE0002029519 EUR5 billion 5.00% Public Pfandbriefe series 501 of 1999/2009, maximum buy-back amount EUR1.79 billion. -- DE0002029550 EUR3 billion 5.50% Public Pfandbriefe series 505 of 2000/2010, maximum buy-back amount EUR1.24 billion. The buy-back is being made as part of the Bank's asset and liability management in relation to real estate and public sector finance. It is aimed at reducing the volume of Pfandbriefe in circulation and the associated interest rate liabilities. About the Company Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank Rheinboden AG -- http://www.ahbr.de/-- finances residential and commercial real estate projects locally. The group is also engaged in commercial lending abroad. It has assets of more than EUR80 billion. It is owned directly and indirectly -- through BHW -- by the trade union private equity holding group BGAG. BGAG has provided it EUR1.2 billion in financing, and guaranteed it under a EUR1.2 billion risk protection scheme. It recently sold the company to U.S. investment group Lone Star for EUR400 million. * * * As reported in TCR Europe on Feb. 7, Fitch Ratings said Allgemeine Hypothekenbank Rheinboden's planned restructuring is in line with the agency's expectations. The bank currently has the following ratings: -- Long-term 'BBB-' with Negative Outlook. The Long-term rating applies to all AHBR's senior unsecured obligations; -- Short-term 'F3'; -- Support '2'; -- Individual 'E' on Positive Rating Watch; -- Public-sector Pfandbriefe: 'AAA'; -- Mortgage Pfandbriefe: 'AA+'; -- Subordinated obligations: 'BB+'; and -- Profit participation rights (Genussscheine): 'CC' on Negative Rating Watch. As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's Ratings Services removed its 'BB+' counterparty credit ratings on AHBR from CreditWatch, where they were first placed on Oct. 25, 2005. In addition, Standard & Poor's affirmed its 'BB+/B' counterparty credit and senior unsecured ratings on AHBR, and raised the ratings on subordinated debt issued by AHBR to 'BB-' from 'B'. The outlook is negative. At the same time, the 'AAA' ratings on senior secured Offentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed. ARO-REEDEREI: Creditors' Meeting Slated for April 27 ---------------------------------------------------- Court-appointed provisional administrator for ARO-Reederei GmbH & Co, Thomas Lissner, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m., on April 27. The meeting of creditors and other interested parties will be held at: The District Court of Osnabrueck N 301 Nebenstelle Kollegienwall 10 49074 Osnabrueck, 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. Creditors have until July 7, to register their claims with the court-appointed provisional administrator. The District Court of Osnabrueck opened bankruptcy proceedings against ARO-Reederei GmbH & Co on March 3. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: ARO-Reederei GmbH & Co. Attn: Kurt Lammel, Manager Rheinstr. 82 49090 Osnabrueck, Germany The administrator can be reached at: Thomas Lissner Schillerstr. 20 49074 Osnabrueck, Germany Tel: (0541) 338500 Fax: (0541) 33850-50 BAUFACHMARKT SCHWARZE: Claims Registration Ends April 28 -------------------------------------------------------- Creditors of Baufachmarkt Schwarze GmbH have until April 28, to register their claims with court-appointed provisional administrator Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 19, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hildesheim Saal 16 Hauptgebaude Kaiserstrasse 60 31134 Hildesheim, 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 Hildesheim opened bankruptcy proceedings against Baufachmarkt Schwarze GmbH on Feb. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Baufachmarkt Schwarze GmbH Attn: Barbel Schwarze, Manager Alte Heerstr. 6 31061 Alfeld, Germany The administrator can be contacted at: Knut Thomas Hofheinz Am Markte 13 30159 Hannover, Germany Tel: 0511/357721-0 Fax: 0511/357721-40 E-mail: hannover@hofheinz-mitendorff.de BLUMENHANDEL LANGERWISCH: Claims Registration Ends April 28 ----------------------------------------------------------- Creditors of Blumenhandel Langerwisch GmbH have until April 28, to register their claims with court-appointed provisional administrator Bert Buske. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 31, 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 Potsdam Saal 301 Nebenstelle Lindenstrasse 6 14467 Potsdam, 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 Potsdam opened bankruptcy proceedings against Blumenhandel Langerwisch GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Blumenhandel Langerwisch GmbH Attn: Dirk Schmeier, Manager Peter-Huchel-Chaussee 139 14552 Michendorf OT Langerwisch, Germany The administrator can be contacted at: Bert Buske Alt Nowawes 67 14482 Potsdam, Germany BRILLENSTUDIO HELGE: Claims Registration Ends April 28 ------------------------------------------------------ Creditors of Brillenstudio Helge Steinhagen GmbH have until April 28, to register their claims with court-appointed provisional administrator Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 19, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Sitzungssaal 14 1. Etage 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 Brillenstudio Helge Steinhagen GmbH on March 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Brillenstudio Helge Steinhagen GmbH Lothringerstr. 72 52070 Aachen, Germany Attn: Marc Steinhagen, Manager Am Reulert 49 52078 Aachen, Germany The administrator can be contacted at: Carsten Lange Laurentiusstrasse 16-20 52072 Aachen, Germany CRC BREEZE: Fitch Assigns BB+ Rating on Class B Notes ----------------------------------------------------- Fitch Ratings assigned CRC Breeze Finance S.A.'s upcoming issue of Class A and Class B notes expected ratings of BBB and BB+ respectively. The notes are to fund the refinancing of a portfolio of wind farm assets located in France and Germany. The final documents conforming to information already received. The expected ratings reflect favorable regulatory frameworks in the two countries, which provide for a fixed tariff for the sale of electricity generated by the wind farms. Debt can be repaid according to terms and conditions of the notes even if wind was considerably reduced from the base case assumption. In addition, the ratings consider the remaining risks in the transactions, including the construction risk, and the relatively low creditworthiness of the wind farms' sponsors, which is a concern during the construction phase. The proceeds will be on-lent by the issuer to Breeze II Energy GmbH & Co. KG and its 100% subsidiary in France to fund the acquisition and completion of a portfolio of 39 wind farms with a total capacity of 330MW located in Germany and in France, and also fund the debt service reserve account, fees and expenses incurred in the transaction. The portfolio is well diversified with no single asset accounting for more than 8% of total production. It also benefits from diversified sponsors, electricity off takers and regions, which alleviate some of the concentration risk present in a single asset wind farm transaction. At the issue date, 39% of the portfolio is in operation and a further 18% is awaiting grid connection. Each wind farm is built under a fixed-price construction contract by the original developer, which leaves the borrower exposed to performance risk on these thinly capitalized entities. This risk is mitigated by the simplicity and speed of wind farm construction, and the turbine supply agreements with the suppliers, which represent more than 80% of the costs. The notes have one-year interest-only period, which allows the borrower to absorb significant cost over-runs and delays if a developer was to default, and then amortize over the remaining period. The other significant risk is wind, given the lack of on-site wind data for the majority of the sites. The concern is mitigated by minimum debt service coverage ratios of 1.64x and 1.3x, respectively for the Class A and B notes in Fitch's base case, which is based on a conservative wind assumption. In addition, the project generates cash flows that will repay both Classes of debt in downside scenarios that are deemed highly improbable by wind consultants. The Class B notes are contractually subordinated to the Class A notes and carry a higher risk, which is reflected by the two- notch rating difference between those notes. There is no structural subordination between these two Classes of debt, and they are issued by the same issuer and on-lent to the same borrower. DHM DIRK: Claims Registration Ends April 28 ------------------------------------------- Creditors of DHM Dirk Hausgen Metallbau GmbH have until April 28, to register their claims with court-appointed provisional administrator Jorg Zumbaum. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 29, 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 14 1. Etage 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 DHM Dirk Hausgen Metallbau GmbH on March 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DHM Dirk Hausgen Metallbau GmbH Am Langen Graben 12 52355 Dueren, Germany Attn: Dirk Hausgen, Manager Lyatenstr. 7 52382 Niederzier, Germany The administrator can be contacted at: Jorg Zumbaum Zuelpicher Strasse 117 52349 Dueren, Germany DVC GMBH: Claims Registration Ends April 28 ------------------------------------------- Creditors of DVC GmbH have until April 28, to register their claims with court-appointed provisional administrator Axel W. Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Muenchen Sitzungssaal 101 Infanteriestr. 5 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 Muenchen opened bankruptcy proceedings against DVC GmbH on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DVC GmbH Streitfeldstr. 33 81673 Muenchen, Germany The administrator can be contacted at: Axel W. Bierbach Schwanthalerstr. 32 80336 Muenchen, Germany Tel: 54511-0 Fax: 54511-444 GEORG SCHONDORFER: Claims Registration Ends April 28 ---------------------------------------------------- Creditors of Georg Schondorfer GmbH & Co. KG have until April 28, to register their claims with court-appointed provisional administrator Dr. Martin Prager. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 3, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Traunstein SS C 001 Herzog-Otto-Str. 1 83278 Traunstein, Germany The Court will also verify the claims set out in the administrator's report at 11:30 a.m., on May 31, at the same venue. The District Court of Traunstein opened bankruptcy proceedings against Georg Schondorfer GmbH & Co. KG on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Georg Schondorfer GmbH & Co. KG Thumseestr. 44 83435 Bad Reichenhall, Germany The administrator can be contacted at: Dr. Martin Prager Barthstr. 16 80339 Muenchen, Germany Tel: 089/8589633 Fax: 089/85896350 GESELLSCHAFT BUERGERLICHEN: Claims Registration Ends April 27 ------------------------------------------------------------- Creditors of Gesellschaft buergerlichen Rechts MaurerMeisterBetrieb Peter Jakob & H.-J. Nehring GbR have until April 27, to register their claims with court-appointed provisional administrator Dr. Carsten Krage. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 12, 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 Norderstedt Saal B Rathausallee 80 22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings against Gesellschaft buergerlichen Rechts MaurerMeisterBetrieb Peter Jakob & H.-J. Nehring GbR on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gesellschaft buergerlichen Rechts MaurerMeisterBetrieb Peter Jakob & H.-J. Nehring GbR Wobser Weg 9 23715 Hassendorf, Germany The administrator can be contacted at: Dr. Carsten Krage Wall 55 24103 Kiel, Germany LETTMANN BAU: Claims Registration Ends April 27 ----------------------------------------------- Creditors of Lettmann Bau GmbH have until April 27, to register their claims with court-appointed provisional administrator Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 18, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muenster Sitzungssaal Saal 13 B Gerichtsstr. 2-6 48149 Muenster, 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 Muenster opened bankruptcy proceedings against Lettmann Bau GmbH on March 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Lettmann Bau GmbH Bahnhofstrasse 12, 48143 Muenster Attn: Heinz Gerbig, Manager Kampstrasse 8, 48147 Muenster, Germany The administrator can be contacted at: Stephan Michels von-Vincke-Strasse 2 48143 Muenster, Germany REMA GMBH: Creditors' Meeting Slated for April 27 ------------------------------------------------- Court-appointed provisional administrator for Rema GmbH Reha- Rollstuhl-Technik, Dr. Urte Wellbrock, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:30 a.m., on April 27. The meeting of creditors and other interested parties will be held at: The District Court of Syke Saal 112 Nebenstelle Hauptstr. 5A Syke, Germany The Court will also verify the claims set out in the administrator's report at 11:30 a.m., on June 22, at the same venue. Creditors have until June 1, to register their claims with the court-appointed provisional administrator. The District Court of Syke opened bankruptcy proceedings against Rema GmbH Reha-Rollstuhl-Technik on March 10. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Rema GmbH Reha-Rollstuhl-Technik Attn: Frauke Martens, Manager Gutenbergstrasse 6 28816 Stuhr, Germany The administrator can be reached at: Dr. Urte Wellbrock Ostertorsteinweg 74/75 28203 Bremen, Germany ========= I T A L Y ========= VOLARE GROUP: Inks Final Takeover Agreement with Alitalia --------------------------------------------------------- National carrier Alitalia S.p.A. and low-cost rival Volare S.p.A. signed a final takeover agreement, subject to regulatory approval, Flight International says. Alitalia intends to acquire Volare for EUR38 million, excluding the latter's debts. The flag carrier is reported to be eyeing Volare's slots at Milan's Linate Airport. According to the report, Alitalia wants to penetrate the low-cost market more effectively and develop leisure routes in the Milan and Lombardy regions through Volare. Tension among Volare staff has been growing as the carrier failed to pay wage arrears. Volare extraordinary commissioner Carlo Rinaldini, however, was able to extract a EUR1.6 million loan for its financial obligations. As reported in TCR Europe on March 22, the Italian government approved Alitalia's proposed takeover bid for Volare Group, following a favorable ruling from a Roman court. About Volare Headquartered in Milan, Italy, Volare Group S.p.A. -- http://www.volare-group.it/-- is an operative holding company that controls Volare Airlines S.p.A. and Air Europe since 2001. The company declared insolvency on Nov. 22, 2004, citing huge debt and heavy losses. The group then filed for extraordinary administration, which allowed it to be protected from creditors while resuming daily operations. Volare emerged from administration in spring, after beating its EUR7 million revenue forecast by around EUR3.8 million. Volare needs fresh capital to expand its fleet. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- generates more than EUR4 billion in annual revenue and employs more than 20,000 people. As of December 2004, its net debt stood at EUR1.76 billion in 2004. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. Despite a EUR1.4 billion state-backed restructuring in 1997 and a EUR1.4 billion capital injection two years ago, it remains financially troubled. It has posted a profit only four times in the past 16 years. =================== K A Z A K H S T A N =================== AKRAB-KOMHOZ: Aktube Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube power commenced bankruptcy proceeding against JSC Akrab-Komhoz on March 2. BIGBAG: Creditors Must Submit Claims by July 6 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Bigbag insolvent on Nov. 16, 2005. Bankruptcy proceedings were introduced at the company. Creditors have until July 6, to submit written proofs of claim to: Sadovnikova Str. 5 Almaty, Kazakhstan Tel: 8 (3272) 99-69-32 COMPUTER CENTER: Creditors Must Submit Claims by June 6 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared CJSC Computer Center in Kazakhstan insolvent on Oct. 12, 2005. Creditors have until June 6, to submit written proofs of claim to: Makatayeva Str. 117, 3rd Floor, Office 3 Almaty, Kazakhstan Tel: 8 (3272) 34-39-74 ESKIZ SHEELI: Kyzylorda Court Begins Bankruptcy Process ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda region commenced bankruptcy proceeding against LLP Eskiz Sheeli on Feb. 10. The proofs of claim will be accepted at: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda, Kazakhstan IMMET: Creditors Have Until June 6 to File Claims ------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Immet insolvent on Oct. 21, 2005. Creditors have until June 6, to submit written proofs of claim to: Makatayeva Str. 117, 3rd Floor, Office 3 Almaty, Kazakhstan Tel: 8 (3272) 34-39-74 META-2 Creditors Must Submit Proofs of Claim by May 5 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Meta-2 insolvent on Feb. 7. Creditors have until May 5, to submit written proofs of claim to: Al-Farabi Ave. 119, Room 303 Kostanai, Kazakhstan PLEMPTISA: Creditors' Claims Due May 5 -------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared OJSC Plemptisa insolvent on Feb. 9. Creditors have until May 5, to submit written proofs of claim to: Al-Farabi Ave. 119, Room 303 Kostanai, Kazakhstan PRESTIJ STROI: Court Sets July 6 Claims Bar Date ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Prestij Stroi Ltd. insolvent on Nov. 16, 2005. Bankruptcy proceedings were introduced at the company. Creditors have until July 6, to submit written proofs of claim to: Sadovnikova Str. 5 Almaty, Kazakhstan Tel: 8 (3272) 99-69-32 S&M GROUP: Creditors Must Submit Proofs of Claim by June 6 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP S&M Group insolvent on Dec. 23, 2005. Creditors have until June 6, to submit written proofs of claim to: Makatayeva Str. 117, 3rd Floor, Office 3 Almaty, Kazakhstan Tel: 8 (3272) 34-39-74 STAN: Deadline for Submission of Claims Set May 5 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Stan insolvent on Feb. 10. Creditors have until May 5, to submit written proofs of claim to: Al-Farabi Ave. 119, Room 303 Kostanai, Kazakhstan =================== K Y R G Y Z S T A N =================== IRIS: Creditors Have Until June 9 to File Proofs of Claim --------------------------------------------------------- LLP Iris has declared insolvency. Creditors have until June 9, to submit written proofs of claim. The company can be reached at (+996 312) 62-28-59. OHOTNYI DVOR: Creditors Must Submit Claims by June 13 ----------------------------------------------------- LLC Ohotnyi Dvor has declared insolvency. Creditors have until June 13, to submit written proofs of claim to: Korumdu Issyk-Kul Region Kyrgyzstan Tel: (0-502) 32-47-11 SUGAR TRADE: Court Set June 12 Claims Bar Date ---------------------------------------------- LLC Sugar Trade has declared insolvency. Creditors have until June 12, to submit written proofs of claim to: Micro District 7, 34/1-3 Bishkek Kyrgyzstan ================= L I T H U A N I A ================= MAZEIKIU NAFTA: Earns LTL885.7 Million in Fiscal 2005 ----------------------------------------------------- AB Mazeikiu Nafta reported the consolidated audited financial results for the financial year 2005. The financial results of the Company were audited by PricewaterhouseCoopers. The company earned LTL885.714 million (US$318.723 million) audited net profit in 2005 under International Financial Reporting Standards, compared to a LTL721.106 million (US$260.843 million) of profit in 2004 under IFRS. Mazeikiu Nafta's revenues totaled LTL11.155 billion (US$4.005 billion) in 2005, compared to LTL7.663 billion (US$2.760 billion) the year before. The audited financial results will be presented to the General Shareholders' Meeting for final approval. The General Meeting of Shareholders will take place on April 28, in the Administration Center of AB Mazeikiu Nafta, Juodeikiai, Mazeikiai District. Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta -- http://nafta.it/en-- is an integrated downstream oil company that comprises in one complex pipeline operations, oil refining, marine terminal operations, and logistics of crude oil and refined products. * * * Mazeikiu Nafta carries Fitch Ratings' short-term B and B+ senior unsecured debt with stable outlook since 2005. =========== N O R W A Y =========== AKER KVAERNER: Moody's Ups Ratings to Ba1 on Strong Recovery ------------------------------------------------------------ Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and its subsidiary Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring-fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. The outlook on all ratings is stable. Aker Kvaerner Oil & Gas Group's Ba1 corporate family rating is based on the significant and sustained increase in operating margins achieved over the past two years, underpinned by the improved cost base, operating structure, working capital management and successful headcount rationalization initiative. Furthermore, the continuing upswing in the oil and gas industry cycle has given rise to higher volumes of capital project spending by oil and gas companies, which has in turn boosted the group's order intake and backlog, and led to a record number of secured orders in 2005. As a result of increasing operating cash flow generation and associated repayment of outstanding bank debt, Aker Kvaerner Oil & Gas Group's coverage and debt leverage metrics have improved materially in comparison to the ratios exhibited in March 2004, when the initial rating was assigned to the ring-fenced structure. The corporate family rating benefits from the restrictions on cash flow out of the ring-fenced structure. Simultaneously, Aker Kvaerner Oil & Gas Group's rating reflects the high-embedded implementation risk associated with the complexity of a large number of the group's projects and the cyclical nature of the oil and gas services industry, which drives the company's order intake. In this context, the counter-cyclical effect of the MMO (Maintenance, Modification and Operations) business, aftermarket services from the Subsea business and Maritime Well Service in the P&T (Products and Technology) division provides the group with some stability. Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas is an international provider of oil and gas services, and recorded revenues of NOK28.177 billion at year-end 2005. Approximately 38% of revenues were derived from the Field Development division, 35% from the Subsea, Product & Technology business unit and 26% from services offered through the Maintenance, Modification and Operations business unit. Aker Kv'rner Oil & Gas Group AS is fully owned by Aker Kv'rner ASA, a Norwegian company listed on the Oslo Stock Exchange. =========== P O L A N D =========== ELEKTRIM SA: Enforcement Clause Allows Creditors to Seize Assets ---------------------------------------------------------------- Debt collectors of telecom group Elektrim S.A. may now seize the company's assets to recover their money, Polish News Bulletin says. The group's bond trustee, Law Debenture Trust Corporation, was recently granted an enforcement clause, allowing bondholders to take possession of the group's assets, against which the debts have been secured. Elektrim bondholders' spokesperson Kamila Gorecka said the debt claims against the company could be satisfied through the sale of the bankrupt estate. She stressed that debt collectors must prioritize the bondholders' claims once Elektrim is declared bankrupt. Ms. Gorecka, however, noted that Elektrim's properties could be seized regardless of the bankruptcy proceedings. The court has already named experts to estimate the value of Elektrim's property by the end of May. Elektrim spokesperson Ewa Bojar said that no seizures have occurred so far. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- is a public holding company quoted on the Warsaw Stock Exchange. Its most valuable assets are Elektrim Telekomunikacja Sp. z o.o. and Elektrownia Patnow- Adamow-Konin S.A. Since 1999, Elektrim has implemented a far- reaching restructuring program to improve its operational efficiency and strengthen its position in the market. It plans to concentrate in two industries -- telecommunications and power. In November 2005, an English court rejected Elektrim's appeal on a decision declaring it in breach of bond conditions. The Court ordered Elektrim in September 2005 to immediately buy back EUR471.4 million of bonds for having broken a restructuring agreement signed in 2002. Holders demanded immediate buyout of their bonds, which are now worth EUR470 million. Elektrim was due to redeem the bonds on Dec. 15, 2005, but failed. Elektrim said it was impossible to redeem the bonds since the court has frozen its assets. Bondholders filed the motion to freeze Elektrim's assets, fearing the group would hide its assets and declare bankruptcy to avoid repaying its debt. The company said it would repay the debt if the collateral were cancelled. =========== R U S S I A =========== ALNASHI-AGRO-PROM-KHIMIYA: Creditors' Claim Due May 4 ----------------------------------------------------- Creditors of Alnashi-Agro-Prom-Khimiya have until May 4, to submit their proofs of claim to court-appointed insolvency manager Ms. S. Gordilova at: Pushkina Str. 99/19. Mozhga 427793 Russia The Arbitration Court of Udmurtiya Republic commenced bankruptcy proceedings against the open joint stock company after finding it insolvent. The case is docketed as A71-83/2005-G21. The Debtor can be reached at: Alnashi, Stroitelnaya Str. 4. Alnashskiy Region Udmurtiya Republic 427880 Russia BRATSKAYA MONTAGE: Court Commences Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Irkutsk Region as commenced bankruptcy supervision procedure on OJSC Bratskaya Montage Enterprise Hydro-Montage. The case was docketed as A19-41959/05-29. Mr. V. Turushev has been appointed temporary insolvency manager and can be reached at: Mr. V. Turushev Kustarnyj Per. 4, Office 4. Khabarovsk Russia The Debtor can be reached at: Ust-Ilimsk - 14, Dmitrova Str. Irkutsk Region 666684 Russia BUILDING TRUST 7: Court Begins Bankruptcy Proceedings ----------------------------------------------------- The Arbitration Court of St-Petersburg and the Leningrad Region commenced bankruptcy proceedings against Building Trust 7 (TIN 7815001182) after finding the open joint stock company insolvent. The case is docketed as A56-43170/20055. Mr. G. Zhuravlev has been appointed insolvency manager and can be reached at: Mr. G. Zhuravlev Angliyskiy Pr. 3, Office 206 St-Petersburg 190121 Russia The Debtor can be reached at: Transportnyj Per. 10 St-Petersburg 191036 Russia COMPUTER LAND: Khabarovsk Court Commences Bankruptcy Process ------------------------------------------------------------ The Arbitration Court of Khabarovsk Region has commenced bankruptcy supervision procedure on LLC Computer Land. The case is docketed as A73-67/2006-9. Ms. O. Bekreneva has been appointed temporary insolvency manager and can be reached at: Ms. O. Bekreneva Khabarovsk, Post User Box 87/25 680001 Russia The Debtor can be reached at: Postysheva Str. 16. Khabarovsk Russia DYATKOVSKIY CRYSTAL: Court Names N. Solovyev External Manager ------------------------------------------------------------- The Arbitration Court of Bryansk Region named N. Solovyev as external insolvency manager for Dyatkovskiy Crystal. The Court has commenced external management bankruptcy procedure on the open joint stock company. The case is docketed as A09- 3488/05-27. The external insolvency manager can be reached at: Mr. N. Solovyev Dyatkovo, Lenina Str. 184. Bryansk Region 242600 Russia The Debtor can be reached at: Dyatkovo, Lenina Str. 184. Bryansk Region Russia METAKON-TRADE: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Kemerovo Region has commenced bankruptcy supervision procedure on CJSC Metakon-Trade. The case is docketed as A27-42320/05-4. Mr. S. Bychkovskiy has been appointed temporary insolvency manager and can be reached at: Mr. S. Bychkovskiy Kemerovo, Post User Box 5228 650055 Russia The Debtor can be reached at: Rukavishnikova Str. 26-7 Kemerovo Region Russia NEW KOSTROMSKAYA: Court Names B. Shatrov Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Kostroma Region appointed Mr. B. Shatrov insolvency manager of New Kostromskaya Manufacture (TIN 4401019038). The Court commenced bankruptcy proceedings against the close joint stock company after finding it insolvent. The case is docketed as A31-296/2006-12. The insolvency manager can be reached at: Mr. B. Shatrov Sverdlova Str. 80, room 88 Kostroma 156005 Russia The Debtor can be reached at: Erokhova Str. 3. Kostroma Russia NORTH-WEST: Annual General Meeting Slated for June 30 ----------------------------------------------------- The Board of Directors of OJSC North-West Telecom will convene on June 30, 1 p.m. Moscow time, for the company's annual general shareholders meeting. The meeting will be held at: 14, Sinopskaya nab. St. Petersburg, Russia The registration of shareholders for participation in the meeting begins at 11 a.m. Moscow time at the meeting venue. Shareholders have until June 24, to mail filled-out voting ballots to: OJSC North-West Telecom 14/26 Gorokhovaya ul. (26, B. Morskaya ul.) St. Petersburg, 191186 Russia About North-West Telecom OAO North-West Telecom is one of Russia's major telecommunication companies, and the leading operator in the North-West Federal District, providing traditional telephone services, as well as Internet and advanced data services. The Company originated from the merger of 10 regional fixed line operators and is ranked among the Financial Times' Top 100 major Eastern European companies. NWT ranks eighth in Standard & Poor`s Transparency Index of the 50 largest MICEX-listed companies and fifth in the S&P Corporate governance rating. NWT international debt is rated by S&P at B+ with stable outlook and domestic debt ruA+. TENGUSHEVSKIY: Mordoviya Court Begins Bankruptcy Proceedings ------------------------------------------------------------ The Arbitration Court of Mordoviya Republic commenced bankruptcy proceedings against Butter Factory Tengushevskiy after finding the open joint stock company insolvent. The case is docketed as A39-7786/05 263/6. Mr. G. Stepanov has been appointed insolvency manager and can reached at: Mr. G. Stepanov Tengushevo, Novaya Str. 48. Mordoviya Republic Russia The Debtor can be reached at: Tengushevo, Novaya Str. 48. Mordoviya Republic Russia TYUMEN-LES-TOP-PROM: Court Hearing Slated for May 25 ---------------------------------------------------- The Arbitration Court of Tyumen Region will convene on May 25, to hear the bankruptcy proceedings of Tyumen-Les-Top-Prom. The Court has commenced bankruptcy supervision procedure on the open joint stock company. The case was docketed as A70-15720/3- 2005. Ms. T. Ustyuzhanina has been appointed temporary insolvency manager and can be reached at: Ms. T. Ustyuzhanina Respubliki Str. 62-639. Tyumen Russia ZEYA-GES-STROY: V. Boldlin Named Interim Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Amur Region appointed Mr. V. Boldlin as temporary insolvency manager for JSC Zeya-Ges-Stroy. Mr. V. Boldlin can be reached at: Khabarovsk-23, Post User Box 101/5 680023 Russia Amur Region The Court has commenced bankruptcy supervision procedure on the open joint stock company. The case was docketed as A04-2248/05- 17/62B. The Debtor can be reached at: Cherepovets, Metallistov Str. 5. Amur Region Russia =========== S W E D E N =========== CORRAL INVESTMENT: Moody's Withdraws Ba3 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service has withdrawn all ratings of the Preem Group following the early redemption on April 4, of the EUR305 million 10-5/8% Senior Secured Notes due 2011 at Preem Holdings AB (rated B2) and the approximately EUR421.6 million and US$154.2 million Floating Rate Split Coupon Notes due 2010 at Corral Investment AB (not rated). Following a tender process, the company has repurchased 97.3% of the EUR100 million outstanding 9% Senior Subordinated Notes due 2014 at Preem Petroleum AB (rated B1). Moody's understands that cash balances sufficient to repay the remaining 2.7% of the Senior Subordinated Notes due 2014 are in escrow. These ratings have been withdrawn: -- Corral Investment AB: Corporate Family rating of Ba3; -- Preem Petroleum AB: Senior Subordinated Debt Rating of B1; and -- Preem Holdings AB: Senior Secured Debt Rating of B2 (withdrawn on April 4, 2006). Corral Investment AB is the holding company of Preem Holdings AB and in turn Preem Petroleum AB. It is a 100% subsidiary of the ultimate parent, Corral Petroleum Holdings AB, which is part of the Corral Group owned by the Saudi Arabian investor, Mr. Al- Amoudi. Headquartered in Stockholm, Preem is the largest oil company in Sweden, and operates through two refining facilities, Preemraff Lysekil and Preemraff Gothenburg. Preem sells its refined products primarily in Sweden and other northwestern European markets, including Scandinavia, the United Kingdom and Germany. PREEM GROUP: Note Redemption Spurs Moody's to Withdraw Ratings -------------------------------------------------------------- Moody's Investors Service has withdrawn all ratings of the Preem Group following the early redemption on April 4, of the EUR305 million 10-5/8% Senior Secured Notes due 2011 at Preem Holdings AB (rated B2) and the approximately EUR421.6 million and US$154.2 million Floating Rate Split Coupon Notes due 2010 at Corral Investment AB (not rated). Following a tender process, the company has repurchased 97.3% of the EUR100 million outstanding 9% Senior Subordinated Notes due 2014 at Preem Petroleum AB (rated B1). Moody's understands that cash balances sufficient to repay the remaining 2.7% of the Senior Subordinated Notes due 2014 are in escrow. These ratings have been withdrawn: -- Corral Investment AB: Corporate Family rating of Ba3; -- Preem Petroleum AB: Senior Subordinated Debt Rating of B1; and -- Preem Holdings AB: Senior Secured Debt Rating of B2 (withdrawn on April 4, 2006). Corral Investment AB is the holding company of Preem Holdings AB and in turn Preem Petroleum AB. It is a 100% subsidiary of the ultimate parent, Corral Petroleum Holdings AB, which is part of the Corral Group owned by the Saudi Arabian investor, Mr. Al- Amoudi. Headquartered in Stockholm, Preem is the largest oil company in Sweden, and operates through two refining facilities, Preemraff Lysekil and Preemraff Gothenburg. Preem sells its refined products primarily in Sweden and other northwestern European markets, including Scandinavia, the United Kingdom and Germany. ============= U K R A I N E ============= ASMO: Court Names Sergij Bagmet to Liquidate Assets --------------------------------------------------- The Economic Court of Zaporizhya Region appointed Sergij Bagmet as Liquidator/Insolvency Manager for JSCCT Asmo (code EDRPOU 20488819). The Court commenced bankruptcy proceedings against the company on Feb. 15, after finding it insolvent. The case is docketed as 25/20/06. CONTACT: JSCCT Asmo Energodar, Komsomolska Str. 3 71500 Ukraine, Zaporizhya Region Sergij Bagmet Liquidator/Insolvency Manager 69104 Ukraine, Zaporizhya Region a/b 1064 Economic Court of Zaporizhya Region Shaumyana Str. 4 69001 Ukraine, Zaporizhya Region LASER: Court Names Sergij Bagmet Insolvency Manager --------------------------------------------------- The Economic Court of Zaporizhya Region appointed Sergij Bagmet as Liquidator/Insolvency Manager for LLC Complex Exploratory- Experimental Laboratory Laser (code EDRPOU 22145974). The Court commenced bankruptcy proceedings against the company on Feb. 15, after finding after finding it insolvent. The case is docketed as 25/21/06. CONTACT: Laser Energodar, Komsomolska Str. 3 71500 Ukraine, Zaporizhya Region Sergij Bagmet Liquidator/Insolvency Manager 69104 Ukraine, Zaporizhya Region a/b 1064 Economic Court of Zaporizhya Region Shaumyana Str. 4 69001 Ukraine, Zaporizhya Region MEGA-TOUR: Undergoes Sanction Procedure in Harkiv ------------------------------------------------- The Economic Court of Harkiv Region commenced sanction procedure on CJSC Tourist Company Mega-Tour (code EDRPOU 30588996) on March 1. The case is docketed as B-39/15-06. Stepanenko Yuliya has been appointed sanction manager. Fomin Grant has been appointed temporary insolvency manager. CONTACT: Mega-Tour Artema Str. 46 61002 Ukraine, Harkiv Region Stepanenko Yuliya Sanction Manager Kulinichi, Yuvilejna Str. 2-v/49 Harkiv District Ukraine, Harkiv Region Fomin Grant Temporary Insolvency Manager Ukraine, Harkiv Region N. Uzhvij Str. 96/68 Economic Court of Harkiv Region Svobodi Square 5, Derzhprom, 8th entrance NEKTAR-AGRO: Mikolaiv Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Mikolaiv Region commenced bankruptcy supervision procedure on LLC Nektar-Agro (code EDRPOU 31309302) on Feb. 24. The case is docketed as 14/23/06. Viktoriya Cherepenko has been appointed temporary insolvency manager. CONTACT: Nektar-Agro Bashtanskij District, Lenino 57433 Ukraine, Mikolaiv Region Viktoriya Cherepenko Temporary Insolvency Manager Moskovska Str. 54a 54017 Ukraine, Mikolaiv Region Economic Court of Mikolaiv Region Admiralska Str. 22 54009 Ukraine, Mikolaiv Region OJSC NAFTOGAZ: Fitch Downgrades US$500 Mln Eurobond at B+ --------------------------------------------------------- Fitch Ratings lowered OJSC Naztogaz of Ukraine's local and foreign currency Issuer Default Ratings to B+ from BB- due to the company's deteriorating financial condition. The Outlooks for the IDRs remain Negative. The senior unsecured rating on the company's US$500 million Eurobond maturing in 2007 is also downgraded to B+ from BB-. The downgrade reflects expectations that Naftogaz could be facing a serious liquidity constraint as the company seeks to cope with rising natural gas costs in a regulated domestic price environment. The government has begun looking into Naftogaz's accounting practices amid claims that first quarter losses in 2006 are between US$500 million and US$660 million. Company expectations are that losses could amount to as much as US$1.5 billion in fiscal year 2006. Naftogaz's EBITDA in 2004, the last year for which audited IFRS figures are available, totaled US$1.24 billion. The government has also refused to sign off on Naftogaz's financial plan for 2006. It has instead demanded that Naftogaz scale back spending on a number of foreign projects, rather than allow price increases on gas supplied to domestic households, in order for the company to conserve cash. At the same time, Ukraine's Finance Ministry is claiming that Naftogaz has tax arrears of US$118 million. Naftogaz's tax burden increased by 90% in 2005, while income grew by 11.7% over the same period, as measured under Ukrainian GAAP. Of additional concern to Fitch are reports in the press that Naftogaz has accumulated debts of around US$700 million for natural gas supplied by RosUkrEnergo in February and March, after Naftogaz was forced to sell gas in the domestic market at prices lower than the acquisition price. As a result, out of the reported 11 billion cubic meters of gas supplied in Q1 2006 to Naftogaz, only 4 billion cubic meters has been paid for, which has in turn caused RosUkrEnergo to cut its supplies to 50% of the previously agreed volumes. The Outlook remains Negative, reflecting Fitch's concerns over potential price increases for Ukraine to import gas. Under the current agreement with Russia's Gazprom, transportation tariffs through Ukraine are fixed for five years, whereas gas prices for Ukraine could be reviewed every six months. The next review will be July 1. This effectively puts a cap on Naftogaz's ability to recover any additional gas cost increases from Gazprom and could place additional downward pressure on Naftogaz's ratings. An additional rating downgrade would likely result from an inability to adequately offset rising costs, resulting in a further deterioration of the company's key cash flow and leverage ratios. Fitch is starting to question the degree of state support for Naftogaz, despite the 100% state-ownership, as relations between Naftogaz and the Finance Ministry have become contentious with Naftogaz laying the blame for any potential disruptions to gas imports on the government. In addition, rumors continue that Chairman Ivchenko may resign once a government coalition is formed. The Outlook could return to Stable if Naftogaz were able to demonstrate an ability to offset rising natural gas costs either through a renegotiation in prices, an increase in transportation tariffs or an ability to pass on these costs to domestic end-users. PROMTEHRESURS: Zaporizhya Court Begins Bankruptcy Process --------------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against Private Enterprise Promtehresurs (code EDRPOU 31646952) on Feb. 20, after finding it insolvent. The case is docketed as 19/25/06. Sergij Bagmet has been appointed Liquidator/Insolvency Manager. CONTACT: Promtehresurs 40 rokiv Radyanskoyi Ukraini Str. 43-A/83 69037 Ukraine, Zaporizhya Region Sergij Bagmet Liquidator/Insolvency Manager 69104 Ukraine, Zaporizhya Region a/b 1064 Economic Court of Zaporizhya Region Shaumyana Str. 4 69001 Ukraine, Zaporizhya Region PROMTEO: Zaporizhya Court Begins Bankruptcy Proceedings ------------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against Promteo (code EDRPOU 32547295) on Feb. 27, after finding it insolvent. The case is docketed as 19/19/06. Sergij Bagmet has been appointed Liquidator/Insolvency Manager. CONTACT: Promteo Diagonalna Str. 7 69035 Ukraine, Zaporizhya Region Sergij Bagmet Liquidator/Insolvency Manager 69104 Ukraine, Zaporizhya Region a/b 1064 Economic Court of Zaporizhya Region Shaumyana Str. 4 69001 Ukraine, Zaporizhya Region 4 SPECTRANSNAFTA: Court Appoints Daki Audit as Liquidator ------------------------------------------------------- The Economic Court of Kyiv Region appointed Daki Audit (code EDRPOU 30267859) as liquidator for OJSC Spectransnafta (code EDRPOU 32911051). The Court commenced bankruptcy proceedings against the company on Feb. 24, after finding it insolvent. The case is docketed as 44/655-b. CONTACT: OJSC Spectransnafta Novopirogivska Str. 62-a 03045 Ukraine, Kyiv Region Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030 Ukraine, Kyiv Region UKRDORPOSTACHSERVICE: Kyiv Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on Ukrdorpostachservice (code EDRPOU 32847662) on March 1. The case is docketed as 43/101. Kachkurov Farit has been appointed temporary insolvency manager. CONTACT: Ukrdorpostachservice Gorkij Str. 51 03068 Ukraine, Kyiv Region Kachkurov Farit Temporary Insolvency Manager 02206 Ukraine, Kyiv Region, a/b 169 Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030 Ukraine, Kyiv Region =========================== U N I T E D K I N G D O M =========================== HMV GROUP: Tim Waterstone Eyes Specialist Bookseller's Purchase --------------------------------------------------------------- The Board of Directors for HMV Group PLC disclosed that it is yet to receive a formal proposal from Tim Waterstone for the acquisition of Waterstone's upon which any discussion could take place. Mr. Waterstone indicated his interest in Waterstone's, UK's leading specialist bookseller, to the Board in February 2006. The Board disclosed that they would always give proper consideration to any proposal that might enhance value for shareholders. On March 30, the Competition Commission gave provisional clearance for a potential combination between Waterstone's and Ottakar's which the Board continues to believe provides a potentially value enhancing opportunity for shareholders. The Board is awaiting the formal Competition Commission decision then it will consider its position. 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. INTERFACE INC: Sells European Fabrics Biz for US$28 Million Cash ---------------------------------------------------------------- Interface, Inc. (Nasdaq:IFSIA) sold its European fabrics division, Camborne Holdings Limited, for approximately US$28 million in cash. Proceeds from the sale will be used to pay down debt or reinvest in the Company's other businesses. The acquisition was led by the current management of Camborne, with financing provided by Bank of Scotland. For the full year 2005, the European fabrics division generated revenue of US$62.8 million and operating income of US$3.1 million, and had depreciation and amortization of US$1.5 million. As a result of the sale, Interface will record an after-tax, non-cash write- down for the impairment of goodwill of approximately $20 million in the first quarter of 2006. North American Fabrics Biz Reform In addition, the Company is taking actions to reduce operating costs within its North American fabrics business. Interface is closing its East Douglas, Massachusetts manufacturing facility and integrating those operations into its Elkin, North Carolina manufacturing facility. As a result, the Company will record an after-tax restructuring charge in the first quarter of 2006 of approximately US$3.3 million related to severance costs. The Company expects the restructuring to result in operating savings in 2006 of approximately US$2 million, and US$3.6 million annually thereafter. "We are pleased that we have been able to reach an agreement with the management team of our European fabrics division for the sale of that business," Daniel T. Hendrix, President and Chief Executive Officer, commented. "In 2005, we saw solid operating improvements and growth within our North American fabrics business, and continuing to increase sales and enhance the profitability of this business remains an important part of our strategy. Overall, we feel the sale transaction and our restructuring activity in North America allow for greater financial flexibility." Headquartered in Atlanta, Georgia, Interface, Inc. -- http://www.interfaceinc.com/-- is a recognized leader in the worldwide interiors market, offering floor coverings and fabrics. The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value. The Company is the world's largest manufacturer of modular carpet under the Interface, InterfaceFLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the high quality, designer-oriented segment of the broadloom carpet market. The Company is a leading producer of interior fabrics and upholstery products, which it markets under the Guilford of Maine and Chatham brands, and provides specialized fabric services through its TekSolutions business. * * * As reported in the Troubled Company Reporter on April 19, Moody's Investors Service affirmed the ratings of Interface, Inc., and changed the ratings outlook to positive from stable. The change in the outlook to positive reflects an expectation of sustained improvement in operating margin and free cash flow generation which should evidence the stability of Interface's financial and operating recovery. Moody's rating actions: * Affirmed the B2 rating on $148 million 7.3% guaranteed senior unsecured notes due 2008; * Affirmed the B2 rating on B2 $175 million 10.375% guaranteed senior unsecured notes due 2010; * Affirmed the Caa1 rating on $135 million 9.5% guaranteed senior subordinated notes due 2014; * Affirmed the B2 rating on the Corporate Family Rating. * Changed the ratings outlook to positive from stable. MAPLE SUPPLIES: Winds Up Business & Appoints Liquidator ------------------------------------------------------- Maple Supplies Limited is winding up its business after members passed a resolution to wind up the company's assets on Feb. 27. Roderick Graham Butcher was appointed Liquidator. The company can be reached at: Maple Supplies Limited Baker House The Hayes Stourbridge West Midlands DY9 8RS Tel: 01384 422 291 Fax: 01384 893 171 MISYS PLC: Buys Back 1,000,000 Shares from JPMorgan Cazenove ------------------------------------------------------------ Misys plc purchased 1,000,000 of its own ordinary shares on April 24 at a price of 209.0871 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 55,176,390 of its shares in Treasury and has 502,550,646 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. NORTH EAST: Members Pass Winding Up Resolution ---------------------------------------------- Members of North East Environmental Services Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on March 7. Subsequently, they appointed Allan Cooper and Derek Leslie Woolley, of The P&A Partnership, as Joint Liquidators. The company can be reached at: North East Environmental Services Limited 28 Kempton Drive Dunsville Doncaster South Yorkshire DN7 4QA Tel: 0800 542 4982 PETER GUILD: Hires Joint Liquidators to Wind Up Operations ---------------------------------------------------------- Matthew Colin Bowker and David Antony Willis were appointed Joint Liquidators after members of Peter Guild Limited decided to wind up the company's operations on March 3. Chairman P. Douglas expressed that the company could no longer continue its operations due to mounting debts. The company can be contacted at: Peter Guild Limited 84 College Street Kempston Bedford MK4 28LU Tel: 01234 273 372 Fax: 01234 270 838 PLANAGRAPHIC STUDIOS: Creditors Confirm Voluntary Liquidation ------------------------------------------------------------- Creditors of Planagraphic Studios Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on March 8. Creditors also ratified the appointment of David Paul Hudson, of Begbies Traynor, as Liquidator. The company can be contacted at: Planagraphic Studios Limited Unit 1 18 Sirdar Road Brook Road Industrial Estate Rayleigh Essex SS6 7XF Tel: 01268 747 091 Fax: 01268 745 218 RIDGECREST CONSTRUCTION: Members Decide to Wind Up Operations ------------------------------------------------------------- Ridgecrest Construction Limited is liquidating its assets after members decided to wind up the company's operations on March 9. Ninos Koumettou, of Alexander Lawson & Co, was appointed Liquidator. The company can be reached at: Ridgecrest Construction Limited 51 Colney Hatch Lane London N10 1LJ Tel: 020 8444 4165 Fax: 020 8444 1084 ROXBY SURTEES: Financial Woes Prompt Voluntary Liquidation ---------------------------------------------------------- Members of Roxby Surtees Limited resolved to voluntarily liquidate the company's assets after proving that the company could no longer continue its operations due to mounting debts. Gordon Smythe Goldie and Allan David Kelly, of Tait Walker, will jointly liquidate the company's assets. The company can be reached at: Roxby Surtees Limited The Mill Shotley Bridge Consett County Durham DH8 9TD Tel: 01207 504 104 Fax: 01207 580 584 SPARSHOTT TECHNOLOGIES: Joint Liquidators Take Over Company ----------------------------------------------------------- John Michael Munn and Joseph Gordon Maurice Sadler, of Elwell Watchorn & Saxton LLP, were appointed Joint Liquidators of Sparshott Technologies Limited after members decided to liquidate the company's assets on March 7. The voluntary liquidation came as a result of the Debtor's inability to continue its business due to its liabilities. The company can be reached at: Sparshott Technologies Ltd Unit 3 48 Coldharbour Lane Harpenden Hertfordshire AL5 4UN Tel: 01582 761 717 Fax: 01582 462 525 Web: http://www.spar-tec.com/ SPECIALISED INDUSTRIAL: Members Resolve to Liquidation ------------------------------------------------------ Members of Specialised Industrial Services Ltd resolved to liquidate the company's assets after proving that the company could no longer continue its operations due to financial liabilities. Bruce G. T. Rees was appointed Liquidator. The company can be reached at: Specialised Industrial Services Ltd Brynsiriol Llechryd Cardigan Dyfed SA43 2NH Tel: 01239 682 070 TRANS-EURO: Names Peter Anthony Jackson as Liquidator ----------------------------------------------------- Peter Anthony Jackson was appointed Liquidator of Trans-Euro Industries Limited after members pass a resolution to wind up the company's assets on March 3. Director J. Kidwell disclosed that the company could no longer continue its business due to mounting debts. The company can be reached at: Trans-Euro Industries Ltd Ravenside Retail Park Victoria Road Stoke-On-Trent ST4 2HJ Tel: 01782 745 344 Fax: 01782 745 355 WINTERTHUR SWISS: Asks High Court to Approve Scheme of Transfer --------------------------------------------------------------- "Winterthur" Swiss Insurance Company and Tenecom Limited asked the High Court Justice to sanction the scheme for the transfer of the general insurance business of Winterthur's branch in the United Kingdom to Tenecom Limited pursuant to section 107 of the Financial Services and Markets Act 2000. A full-text copy of the report prepared by an independent expert, H.S. Weavers Underwriting Limited, is available, upon request, at: KMS Insurance Services Limited America House 2 America Square London EC3N 2LU, United Kingdom Web: http://www.winterthur.com/weavers/ E-mail: winterthur.helpdesk@kmsl.co.uk The Application will be heard before the Companies Court Judge on May 12, at: Royal Court of Justice The Strand London WC2A 2LL Any person who claimed to be adversely affected by the carrying out of the Scheme may appear at the time of the hearing in person or by counsel. Anyone who objects to the Scheme but does not intend to appear, must give at least two days prior notice in writing of such intention or dissent and their reasons therefore, to the solicitors of "Winterthur" Swiss Insurance Company at: Lovells Atlantic House Holborn Viaduct London EC1A 2FG Tel: +44 (0) 20 7296 2000 Fax: +44 (0) 20 7296 2001 WOOD U LOVE: Creditors Affirm Voluntary Liquidation --------------------------------------------------- Creditors of Wood U Love Limited affirmed the company's voluntary liquidation after members passed a winding up resolution on March 7. Creditors also ratified the appointment of Richard William James Long, of Richard Long & Co, as Liquidator. The company can be reached at: Wood U Love Limited 16 Baldock Street Ware Hertfordshire SG12 9DZ Tel: 01920 466 669 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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