/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060515.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 Monday, May 15, 2006, Vol. 7, No. 95 Headlines F R A N C E BELVEDERE SA: Moody's Assigns (P)B1 Corporate Family Rating G E R M A N Y BAUUNTERNEHMUNG DELOR: Creditors' Meeting Slated for July 5 CRISTAL-TOURISTIK: Claims Registration Ends May 22 DAS HOLZ-PARADIES: Proof of Claim Deadline Set for June 22 DRUCKEREI GRAS: Claims Registration Ends May 24 GEPO-TV: Creditors' Meeting Slated for Sept. 14 JENOPTIK AG: Earns EUR5.3 Million in First Quarter 2006 KABEL DEUTSCHLAND: Moody's Keeps Ratings on Refinancing Deals NOHL BRANDSCHUTZ: Claims Filing Period Ends May 23 SPORT WEDDING: Claims Registration Ends May 22 TIEDE GMBH+CO: Court Opens Bankruptcy Proceedings TOB-TAXI-GMBH: Court to Verify Claims on Sept. 20 XXL REISEN: Court Names Thomas Georg Provisional Administrator I T A L Y TISCALI SPA: Cuts First Quarter Net Loss to EUR19.4 Million K A Z A K H S T A N ANDEGRAUND & K: Creditors' Claims Due May 20 EMBA: Proofs of Claims Deadline Slated for May 20 FERROSILIKOALUMINI: Claims Registration Ends May 20 FIRMA -EURO: Proof of Claim Deadline Slated for May 20 INTISAR: Creditors Must File Claims by May 20 JAN-PV: Creditors Must Submit Claims by May 20 KAZSTROISERVICE: Almaty Court Opens Bankruptcy Proceedings NORDSTROI 3V: Creditors' Claims Due May 20 TRI-A: Creditors Must File Claims by May 20 K Y R G Y Z S T A N 7J: Creditors Must File Claims by June 20 BUCKTON TRADING: Creditors Must Submit Claims by June 19 ELLORA LTD: Creditors' Claims Due June 19 GABRO: Creditors' Claims Due June 20 SANLIT TRAVEL: Proofs of Claims Deadline Slated for June 20 L U X E M B O U R G COLT S.A.: Asks Shareholders to Approve Scheme of Arrangement N O R W A Y FALCONBRIDGE: European Commission to Object to Inco Transaction P O L A N D NETIA SA: Court Closes Netia Telekom's Arrangement Proceedings NETIA SA: Completes Subscription Warrants Program R U S S I A AGRO-PROM-TRANS: Court Names V. Emelyanov Insolvency Manager B.I.N. BANK: Fitch Rates US$200 Million Eurobond at B- FACTORY KATUN: Khakasiya Court Begins Bankruptcy Proceedings HAMMER: Court Names E. Filipyev as Insolvency Manager KISELEVSK-SNAB: M. Bogatova Takes Over as Insolvency Manager MAMYJOVSKAYA INCUBATORY: Court Opens Bankruptcy Proceedings METROMEDIA INTERNATIONAL: Delays Filing of Financial Reports MILK: Lipetsk Court Commenced Bankruptcy Proceedings OCEAN: Court Taps A. Makhanov as Insolvency Manager POLESYE: Nizhniy Novgorod Court Starts Bankruptcy Proceedings STROY-SPETS-MONTAGE-INVEST: Insolvency Manager Takes Over Group S W I T Z E R L A N D ABB LTD: Court Sets June 21 Confirmation Hearing for ABB Lummus T U R K E Y VESTEL ELECTRONICS: Moody's Revises Outlook on US$225-Mln Notes U K R A I N E ELECTRON-TV: Lviv Court Commenced Bankruptcy Proceedings ENERGY SAVING: Court Names U. Arhipov Insolvency Manager EUROTRANSGAZ: Court Taps Energoexport to Liquidate Assets HARKIVNAFTOPRODUKT: Dmitro Maltsev Takes Over as Liqudiator MASTAK: Kyiv Court Opens Bankruptcy Proceedings MEGAPAK: Kyiv Region Commences Bankruptcy Process POLIS: Court Appoints G. Bilodid to Liquidate Assets UKRAINA: Vinnitsya Court Launches Bankruptcy Proceedings UKRMASHNAFTOGAZLIZING: Kyiv Court Names A. Gunko as Liquidator U N I T E D K I N G D O M COLT TELECOM: Asks Shareholders to Approve Scheme of Arrangement EUROSAIL 06-1: Fitch Assigns BB Rating to GBP4.8MM Class E Notes INCO LTD: Teck Cominco Proposes Cash & Stock Merger Transaction INCO LTD: European Commission to Object to Falconbridge Merger K.H. FORD: Creditors Resolve to Liquidate Company's Assets KEMDEN LIMITED: Claims Filing Period Ends June 9 LUMSDON CREATIVE: Claims Registration Ends July 31 METAL CASTINGS: Appoints Ernst & Young Joint Administrators MILLFIELD SOUTH: Calls In Administrators from Herron Fisher NATIONAL AUSTRALIA: Considers Acquiring Assets in United Kingdom RAP REALISATIONS: Meeting of Creditors Set on May 16 SIRA GROUP: Appoints Joint Administrators from Grant Thornton SPUNKIES IMAGING: Winds Up Operations & Appoints Liquidator WIGGMOORE GROUP: Sets June 30 Claims Bar Date TREND EUROPA: Hires Joint Liquidators of Wilson Pitts U.K. DEEJAY: Begins Winding Up Proceedings WESTWARD WORLDWIDE: HSBC Bank Chooses Grant Thornton Receiver WILLIAM FREEMAN: Purico Ltd Appoints Begbies Traynor Receiver WW GROUP: HSBC Bank Appoints Grant Thornton as Receiver ********* =========== F R A N C E =========== BELVEDERE SA: Moody's Assigns (P)B1 Corporate Family Rating ----------------------------------------------------------- Moody's Investors Service assigned a (P)B1 corporate family rating to Belvedere S.A. and concurrently assigned a (P)B1 rating to its proposed issuance of EUR300 million senior secured floating rate notes. This is the first time Moody's has assigned ratings to Belvedere S.A. The outlook on all ratings is stable. Belvedere is a leading producer of branded alcoholic beverages, principally vodka, in Poland, Lithuania and Bulgaria. In April 2006, Belvedere acquired a 69% stake in Marie Brizard & Roger International from Duke Street Capital and is in the process of tendering for the remaining shares with the intention to eventually de-list MBRI. MBRI is a producer and distributor of liqueurs, spirits, wine and non-alcoholic beverages mainly in France and Spain. Total consideration for MBRI is estimated at approximately EUR400 million including EUR93 million of existing debt at MBRI, which Belvedere is part financing through the proposed senior notes offering. The remainder is being financed through the issuance of EUR84 million OBSAR convertible notes and EUR76 million in equity from CLF. The group is also pursuing a bolt-on acquisition of Danzka, a leading brand in the duty-free vodka market, financing for which will be included in the above-mentioned funding sources. Belvedere's (P)B1 corporate family rating reflects: -- financial risks from its highly leveraged capital structure, with pro forma leverage at the outset at a level which is considered strained for the rating category and which incorporates a forward view of expected synergies as a result of the acquisition of MBRI; -- operational and execution risks associated with the acquisition of MBRI; and -- the likelihood of ongoing acquisition risk as well as ambitious growth plans including expanding to Russia and the U.S. as well as plans for vertical integration of drinks distributors in Poland. On a positive note, Belvedere's ratings reflect: -- the group's leading positions in the vodka and wine markets in Poland, Lithuania and Bulgaria and strong niche market positions in France especially in the supermarket whisky segment; -- significantly improved diversification of revenues and EBITDA generation as a result of the MBRI acquisition as well as growth potential in terms of enlarged geographic and portfolio scope pro forma; and -- a financial profile that benefits from stable and recurring revenues and cash flow generation. Belvedere's stable outlook reflects Moody's view that notwithstanding the transformational impact of the MBRI acquisition and increased risks including the resultant higher leverage, the group's operational and financial profile benefits from the stable demand characteristics of the alcoholic drinks market and benefits from its increased scale and scope. Belvedere's rating is currently constrained by its weak financial metrics and also execution risks associated with the acquisition of MBRI. We expect the group's financial metrics to improve over time, in particular, leverage below 4.5x and RCF to net debt above 12% would drive upward pressure on the rating. Belvedere's pro forma 2005 leverage at 6.8x is already strained for the B1 rating category but the rating reflects Moody's expectation that during 2006 the combined entity's leverage should be closer to 6.4x and fall below 6x during FY07. If leverage does not fall in line with expectations or if EBITA margins fall to the range of 7%-8%, this would place negative pressure on the B1 rating. Headquartered in Paris, France Belvedere is a leading producer of alcoholic beverages i.e. vodka, wine and spirits in Poland, Lithuania and Bulgaria. Through its acquisition of Marie Brizard & Roberts International, the group also has a significant presence in the French and Spanish spirits, liqueurs and non-alcoholic fruit concentrate markets. On a pro forma combined basis the group would have generated approximately EUR487.7 million in net sales (post excise taxes) in 2005. ============= G E R M A N Y ============= BAUUNTERNEHMUNG DELOR: Creditors' Meeting Slated for July 5 ----------------------------------------------------------- The court-appointed provisional administrator for Bauunternehmung Delor, Barthel und Partner Verwaltungs-GmbH, Carsten Morgenstern, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on July 5. The meeting of creditors and other interested parties will be held at: The District Court of Chemnitz Saal 24 Gerichtsgebaude Fuerstenstrasse 21 Chemnitz, 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 May 24 to register their claims with the court-appointed provisional administrator. The District Court of Chemnitz opened bankruptcy proceedings against Bauunternehmung Delor, Barthel und Partner Verwaltungs- GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Bauunternehmung Delor, Barthel und Partner Verwaltungs-GmbH Attn: Bernd Barthel, Manager Br…kenstrasse 8 09599 Freiberg, Germany The administrator can be reached at: Carsten Morgenstern Michaelstr. 71 09116 Chemnitz, Germany Web: http://www.hww-kanzlei.de/ CRISTAL-TOURISTIK: Claims Registration Ends May 22 -------------------------------------------------- Creditors of Cristal-Touristik-International GmbH have until May 22 to register their claims with court-appointed provisional administrator Dr. Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 21, 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 Rostock Saal 330 Zochstrasse 18057 Rostock, 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 Rostock opened bankruptcy proceedings against Cristal-Touristik-International GmbH on April 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Cristal-Touristik-International GmbH Attn: Gabriele Berger, Manager Industriestrasse 8 18069 Rostock, Germany The administrator can be contacted at: Dr. Achim Ahrendt Lange Strasse 1a 18055 Rostock, Germany DAS HOLZ-PARADIES: Proof of Claim Deadline Set for June 22 ---------------------------------------------------------- Creditors of Das Holz-Paradies Bauelemente Verwaltungs GmbH have until June 22 to register their claims with court-appointed provisional administrator Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting on Aug. 3 at 9:30 a.m., 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 Arnsberg EG 328 Eichholzstrasse 4 59821 Arnsberg 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 Arnsberg opened bankruptcy proceedings against the company on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The administrator can be contacted at: Manfred Gottschalk Kirchender Dorfweg 14 58313 Herdecke Germany Tel: 02330/80310 Fax: 02330/8031100 The Debtor can be contacted at: Das Holz-Paradies Bauelemente Verwaltungs GmbH Niederbergheimer Str. 13 59494 Soest Germany Attn: Bernhard Schnettler, Manager DRUCKEREI GRAS: Claims Registration Ends May 24 ----------------------------------------------- Creditors of Druckerei Gras und Jung GmbH & Co. KG have until May 24 to register their claims with court-appointed provisional administrator Eckhard Finke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 1, 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 Bad Kreuznach Saal 309 Ringstrasse 79 55543 Bad Kreuznach, Germany The Court will also verify the claims set out in the administrator's report at 8:30 a.m. on June 29, at the same venue. The District Court of Bad Kreuznach opened bankruptcy proceedings against Druckerei Gras und Jung GmbH & Co. KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Druckerei Gras und Jung GmbH & Co. KG Planiger Str. 34a 55543 Bad Kreuznach, Germany Attn: Werner Ulrich, Manager Kilianstr. 32 55543 Bad Kreuznach, Germany The administrator can be contacted at: Eckhard Finke Mannheimer Strasse 173 55543 Bad Kreuznach, Germany Tel: 0671/84007-68 Fax: 0671/84007-43 GEPO-TV: Creditors' Meeting Slated for Sept. 14 ----------------------------------------------- Creditors of GEPO-TV u. Filmproduktion GmbH have until July 30 to register their claims with court-appointed provisional administrator Dr. Bjorn Gehde. Creditors and other interested parties are encouraged to attend the meeting on Sept. 14 at 9:25 a.m., 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 Charlottenburg Stock Saal 218 Amtsgerichtsplatz 1 14057 Berlin 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 Charlottenburg opened bankruptcy proceedings against the company on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The administrator can be contacted at: Dr. Bjorn Gehde Goethestr. 85 10623 Berlin Germany The Debtor can be contacted at: GEPO-TV u. Filmproduktion GmbH Moritz-Seeler-Str. 3 12489 Berlin Germany JENOPTIK AG: Earns EUR5.3 Million in First Quarter 2006 ------------------------------------------------------- Jenoptik AG released its consolidated results for the first quarter of 2006. The group's net sales for the first three months of 2006 amounted to EUR109 million, 20.6% higher than EUR90.4 million for the same period in 2005. Jenoptik attributed the increase to its three new divisions -- Laser & Optics, Sensors and Mechatronics. First-quarter EBITDA also increased by 37.6% to EUR15.9 million in 2006 from EUR11.6 million in 2005. After tax earnings for the first quarter also went up by 24.7% to EUR5.3 million from EUR4.2 million a year ago. As of March 31, 2006, Jenoptik had total assets of EUR1.6 billion, total equity of EUR332.8 million, total liabilities of EUR1.26 billion. A copy of Jenoptik AG's first-quarter results is available free- of-charge at http://researcharchives.com/t/s?914 About the Company Headquartered in Jena, Germany, Jenoptik AG produces and markets components, systems and facilities for the medical, electronics, telecommunications and semiconductor manufacturing industries. The Company manufactures clean room for electronics producers, diode lasers, infrared cameras and high-resolution lenses. * * * As reported in the TCR-Europe on Feb 21, Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured B and Short-term B. Jenoptik's EUR150 million senior notes have also been affirmed at B. The Senior Unsecured rating, as well as the rating of the EUR150 million Senior Notes are removed from Rating Watch Negative. A Stable Outlook is assigned to the Senior Unsecured rating. KABEL DEUTSCHLAND: Moody's Keeps Ratings on Refinancing Deals ------------------------------------------------------------- Moody's Investors Service has commented on the potential impact on the ratings of Kabel Deutschland GmbH following the company's re-financing of its existing bank facility with a new senior secured bank facility in the total amount of EUR1.350 billion and the announced PIK Loan refinancing. The re-financings do not have an immediate impact on the ratings. The ratings remain: -- corporate family rating at Ba3; -- EUR250 million senior notes at B2; and -- US$610 million senior notes at B2. In May 2006, KDG refinanced its existing bank facility (at the time outstanding EUR1.2 billion) with a new senior secured facility in the amount of EUR1.35 billion. The new facility consists of: -- EUR1.15 billion term facility with a six-year maturity; and -- EUR200 million revolving facility. Moody's notes that the re-financing did not impact the company's leverage, which stands at 5.35x Total Debt to EBITDA on a third quarter 2005 annualized basis, including current financial liabilities, as the company partially used cash available on the balance sheet to repay the outstanding facility. On an adjusted basis taking into account the substantial amount of duct leases, leverage rises to 5.7x Adjusted Total Debt to EBITDAR. Given the leverage metrics, the company is adequately positioned within the Ba3 rating category. The new bank facility does provide KDG with greater flexibility to finance its operating expenditures from internally generated cash flow and for potential strategic acquisitions. The Ba3 rating does not factor in any material use of the flexibility embedded in the senior secured facility. On May 11, KDG announced to refinance its existing PIK notes -- at the time outstanding EUR466million -- with a new PIK loan facility of EUR480 million. Moody's notes that the Ba3 rating does not include in its leverage consideration EUR 480 million PIK loan facility as it is outside the restricted group. However, Moody's does regard the presence of the PIK loan within the capital structure as potentially qualitatively putting pressure on the restricted group with respect to the need for future distributions. Moody's notes that the company increased its capital expenditure program to accelerate the rollout of high-speed Internet and telephony products. The company, however, remains free cash flow positive. Also, Moody's notes that KDG's analogue subscriber business experienced weakness as its revenue declined in Q3 2005. On a nine-month basis, the revenue decline in the analogue business was offset by an increase in revenues from digital TV, high-speed Internet service and other revenues. Moody's will seek to provide further guidance on the company's positioning within its rating category following the 2005/2006 financial results release. Based in Germany, Kabel Deutschland GmbH is the largest network Level 3 cable television provider in Germany. For the nine months ended Dec. 31, 2005, the company generated total revenues of EUR754 million with EBITDA of EUR308.1 million. NOHL BRANDSCHUTZ: Claims Filing Period Ends May 23 -------------------------------------------------- Creditors of Nohl Brandschutz Verwaltungs GmbH have until May 23 to register their claims with court-appointed provisional administrator Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Darmstadt Saal 14 1. 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 Nohl Brandschutz Verwaltungs GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Nohl Brandschutz Verwaltungs GmbH Attn: George Hache, Manager Werner-von-Siemens-Strasse 2 64319 Pfungstadt, Germany The administrator can be contacted at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt, Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de SPORT WEDDING: Claims Registration Ends May 22 ---------------------------------------------- Creditors of Sport Wedding GmbH have until May 22 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 7, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Saal 185 I.OG Zweigertstr. 52 45130 Essen, 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 Essen opened bankruptcy proceedings against Sport Wedding GmbH on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Sport Wedding GmbH Ahstr. 14 45879 Gelsenkirchen, Germany Attn: Ludger Wedding, Manager Reiherstr. 37 46282 Dorsten, Germany Bernhard Wedding, Manager Grafte 52 45891 Gelsenkirchen, Germany The administrator can be contacted at: Rolf Weidmann Alfredstr. 279 45133 Essen, Germany Tel: 0201/437760 Fax: 0201/4377620 TIEDE GMBH+CO: Court Opens Bankruptcy Proceedings ------------------------------------------------- Creditors of Tiede GmbH+Co. Rissprufanlagen have until June 14 to register their claims with court-appointed provisional administrator Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting on July 10 at 8:30 a.m., at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aalen Stuttgarter Strasse 7 Saal 0.11 73430 Aalen 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 Aalen opened bankruptcy proceedings against the company on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The administrator can be contacted at: Michael Pluta Karlstr. 33 89073 Ulm Germany Tel.: 0731/96880-0 Fax: 0731/96880-50 E-mail: ulm@pluta.net The Debtor can be contacted at: Tiede GmbH+Co. Rissprufanlagen Bahnhofstrasse 94-98 73457 Essingen TOB-TAXI-GMBH: Court to Verify Claims on Sept. 20 ------------------------------------------------- Creditors of Tob-Taxi-GmbH have until July 27 to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubrugger. Creditors and other interested parties are encouraged to attend the meeting June 14 at 9:10 a.m., 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 Charlottenburg Stock Saal 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will verify the claims set out in the administrator's report on Sept. 20, at 9:10 a.m., while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Charlottenburg opened bankruptcy proceedings against the company on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The administrator can be contacted at: Dr. Christoph Schulte-Kaubrugger Genthiner Str. 48 10785 Berlin Germany The Debtor can be contacted at: Tob-Taxi-GmbH Fidicinstrasse 8a 10965 Berlin Germany XXL REISEN: Court Names Thomas Georg Provisional Administrator -------------------------------------------------------------- Creditors of XXL Reisen GmbH have until June 11 to register their claims with court-appointed provisional administrator Thomas Georg. Creditors and other interested parties are encouraged to attend the meeting on July 24 at 9:00 a.m., 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 3 Etage Sitzungssaal K 3 Alter Posthof 1 52062 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 the company on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The administrator can be contacted at: Thomas Georg Julicher Strasse 116 52070 Aachen Germany The Debtor can be contacted at: XXL Reisen GmbH Komphausbadstr. 9 52062 Aachen Germany Attn: Michael Lehnen, Manager Roonstr. 3 52070 Aachen Germany ========= I T A L Y ========= TISCALI SPA: Cuts First Quarter Net Loss to EUR19.4 Million ----------------------------------------------------------- Tiscali S.p.A. released its pro-forma results for the first quarter of 2006. First-quarter revenues amounted to EUR173.8 million this year, 17% lower than EUR202.7 million in 2005. The group's first- quarter gross operating result also declined by 9%, from EUR29.2 million in 2005 to EUR26.9 million this year. Tiscali, however, was able to cut its net losses by 15% from EUR22.9 million to EUR19.4 million. As of March 31, 2006, Tiscali's net financial debt amounted to EUR313.6 million, higher than EUR290.1 million three months ago. A copy of Tiscali S.p.A.'s first quarter results is available for free at http://researcharchives.com/t/s?915 Headquartered in Cagliari, Italy, Tiscali S.p.A.has more than seven million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. * * * As reported in the TCR-Europe on March 8, Fitch Ratings sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at CCC with Stable Outlook. Tiscali's Short-term rating is downgraded to C from B to be in line with the CCC IDR. At the same time, the agency affirmed Tiscali Finance SA's EUR209 million guaranteed notes at B-/RR2. =================== K A Z A K H S T A N =================== ANDEGRAUND & K: Creditors' Claims Due May 20 -------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Andegraund & K insolvent on Jan. 25. Creditors have until May 20 to submit written proofs of claim to: Gogol Str. 177a Kostanai, Kazakhstan EMBA: Proofs of Claims Deadline Slated for May 20 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared LLP Emba insolvent on Feb. 16. Creditors have until May 20 to submit written proofs of claim to: Abylhair-hana Ave. 40, Room 506 Aktube, Kazakhstan Tel: 8 (3132) 56-84-67 FERROSILIKOALUMINI: Claims Registration Ends May 20 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Ferrosilikoalumini insolvent on Feb. 24. Bankruptcy proceedings were introduced at the company. Creditors have until May 20 to submit written proofs of claim to: Elgina Str. 100 Pavlodar, Kazakhstan Tel: 8 (3182) 50-11-47 FIRMA -EURO: Proof of Claim Deadline Slated for May 20 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Joint Venture Firma -Euro Azia Express insolvent on Dec. 15, 2005. Bankruptcy proceedings were introduced at the company. Creditors have until May 20 to submit written proofs of claim to: PO Box 252 General Post Office 050000 Almaty, Kazakhstan Tel: 8 333 241 79-98 INTISAR: Creditors Must File Claims by May 20 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Intisar (RNN 600600030153) insolvent on Dec. 14, 2005. Bankruptcy proceedings were introduced at the company. Creditors have until May 20 to submit written proofs of claim to: PO Box 252 General Post Office 050000 Almaty, Kazakhstan Tel: 8 333 241 79-98 JAN-PV: Creditors Must Submit Claims by May 20 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Jan-Pv insolvent on Feb. 27. Bankruptcy proceedings were introduced at the company. Creditors have until May 20 to submit written proofs of claim to: Elgina Str. 100 Pavlodar, Kazakhstan Tel: 8 (3182) 50-11-47 KAZSTROISERVICE: Almaty Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against CJSC Kazstroiservice on Feb. 27. The Specialized Inter-Regional Economic Court of Almaty can be reached at 8 (3292) 50-51-25. NORDSTROI 3V: Creditors' Claims Due May 20 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Nordstroi 3V insolvent on Jan. 24. Creditors have until May 20 to submit written proofs of claim to: Gogol Str. 177a Kostanai, Kazakhstan TRI-A: Creditors Must File Claims by May 20 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Tri-A insolvent on Jan. 18. Creditors have until May 20, to submit written proofs of claim to: Gogol Str. 177a Kostanai, Kazakhstan =================== K Y R G Y Z S T A N =================== 7J: Creditors Must File Claims by June 20 ------------------------------------------- CJSC 7J has declared insolvency. Creditors have until June 20, to submit written proofs of claim. The company can be reached at (0-502) 13-17-19. BUCKTON TRADING: Creditors Must Submit Claims by June 19 -------------------------------------------------------- Buckton Trading Limited has declared insolvency. Creditors have until June 19 to submit written proofs of claim to: Olimpyskaya Str. Djalalabad Region, Kyrgyzstan Tel: (+996 3722) 5-11-32 ELLORA LTD: Creditors' Claims Due June 19 ----------------------------------------- LLC Ellora Ltd. has declared insolvency. Creditors have until June 19 to submit written proofs of claim to: Karasuuiskaya Str. 71-2 Bishkek, Kyrgyzstan Tel: (+996 312) 57-02-22 GABRO: Creditors' Claims Due June 20 ------------------------------------ LLC Gabro has declared insolvency. Creditors have until June 20 to submit written proofs of claim. The company can be reached at (+996 312) 66-66-22. SANLIT TRAVEL: Proofs of Claims Deadline Slated for June 20 ----------------------------------------------------------- LLC Sanlit Travel has declared insolvency. Creditors have until June 20 to submit written proofs of claim to: Moskovskaya Str. 18 Bishkek, Kyrgyzstan =================== L U X E M B O U R G =================== COLT S.A.: Asks Shareholders to Approve Scheme of Arrangement ------------------------------------------------------------- COLT Telecom Group plc will convene shareholder meetings to approve the proposed scheme of arrangement to insert COLT Telecom Group S.A. as the new holding company of the COLT Group. COLT S.A. is domiciled in Luxembourg. A prospectus relating to COLT S.A. is also being posted to COLT shareholders, which contains full details of a proposed offer of shares in COLT S.A. to COLT Shareholders to raise approximately GBP300 million together with application forms relating to the offer where relevant. The Open Offer is conditional on, amongst other things, COLT shareholders approving the Scheme and the Scheme being sanctioned by the High Court of Justice in England and Wales. The price of the Open Offer will be determined by reference to the order-book volume weighted average price on the London Stock Exchange in COLT ordinary shares over the five days up to and including the price determination date, which is expected to be June 23. COLT's majority shareholder, Fidelity, has agreed to purchase all shares not purchased by other COLT shareholders under the Open Offer, as more fully described in the prospectus. COLT has three outstanding bond issues maturing in 2007, 2008 and 2009 respectively and it is intended that the net proceeds of the Open Offer will be applied to fund early redemption of the 2007 bonds, with the balance applied to fund a portion of the remaining bonds as and when COLT considers appropriate (whether before or at stated maturity). Expected timetable of principal events: Open Offer Record Date Closed on May 2 Court Meeting to sanction the Scheme May 30 COLT EGM to approve the Scheme May 30 Announcement of the Open Offer price* June 23 Scheme Record Time* 6 p.m., June 29 Scheme Effective Date* June 30 Suspension of dealings in COLT shares* 7.30 a.m., June 30 Closing date for the Open Offer* 11 a.m., June 30 Delisting of COLT shares and commencement of dealings in COLT S.A. shares on the London Stock Exchange* 8 a.m., July 3 * These dates are indicative only and may be subject to change. If the Scheme becomes effective, COLT shareholders will receive one COLT S.A. share for every three existing shares of COLT held at the Scheme Record Time. The number of COLT S.A. shares sold to shareholders under the Open Offer will be adjusted to reflect this consolidation ratio. Conditional on the Scheme being declared effective, COLT intends to suspend its listing of ordinary shares from 7.30 a.m. on Friday, June 30, and then cancel this listing from 8 a.m. on July 3 at which time it is anticipated that dealings in the COLT S.A. shares will commence on the London Stock Exchange. Headquartered in London, England, Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. =========== N O R W A Y =========== FALCONBRIDGE: European Commission to Object to Inco Transaction --------------------------------------------------------------- Falconbridge Limited and Inco Limited received reports that the European Commission will be issuing its Statement of Objections shortly regarding their pending merger. In 2005 Inco announced the acquisition of Canadian nickel and copper mining giant Falconbridge Limited. The merger will make Inco the world's largest nickel producer. The companies have been discussing with the EC the competitive concerns they have identified and which they expect will be in the SO. They will be submitting their responses to the SO in the time provided for in this process. Inco and Falconbridge also plan to submit a remedy intended to address the competitive concerns of the EC. They look forward to continuing to work with the EC as they move through their second phase process. This element of the process is one of the standard steps leading to a decision by July 12. The companies continue to have constructive discussions with the U.S. Department of Justice in anticipation of approval. The Companies continue to believe there is a strong value proposition in the Inco and Falconbridge transaction and the companies are determined to complete it in accordance with the existing agreement. "Our agreement with Inco is an excellent transaction and offers compelling value to shareholders of both our companies, with the potential for a re-rating in the capital markets," said Derek Pannell, Falconbridge's Chief Executive Officer. "The transaction would result in the creation of the world's number one nickel producer and a leading copper producer. Furthermore, it would have a portfolio of world-class growth projects." "We are surprised that Teck Cominco has taken this step to interfere in our transaction and will review the implications of what they have done," added Mr. Pannell. Inco and Falconbridge have conservatively estimated synergies stemming from their transaction of at least US$350 million per year, based on lower commodity prices prevailing in 2005. The estimated synergies were the result of a rigorous review by the companies' respective teams and derived from in-depth discussions and analysis. The companies believe they are better equipped than any other party to achieve significant operating and other synergies, especially given Falconbridge's recent experience at merging companies. About Inco Inco Limited is the world's no. 2 producer of nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the U.K. Headquartered in Toronto, Ontario, Falconbridge Limited -- http://www.falconbridge.com/-- produces nickel products. The Company owns nickel mines in Canada and the Dominican Republic and operates a refinery and sulfuric acid plant in Norway. It is also a major producer of copper (38% of sales) through its Kidd mine in Canada and its stake in Chile's Collahuasi mine and Lomas Bayas mine. Its other products include cobalt, platinum group metals, and zinc. * * * Standard & Poor's Ratings Services placed its 'BB+' rating on Inco's US$250 million subordinated convertible debentures in March 2003. =========== P O L A N D =========== NETIA SA: Court Closes Netia Telekom's Arrangement Proceedings -------------------------------------------------------------- The Regional Court in Warsaw completed the arrangement proceedings of Netia Telekom SA, which calls for the full repayment of receivables provided in the plan of arrangement adopted by Netia Telekom and its creditors. Pursuant to the Polish Commercial Companies Code, Netia SA became the legal successor of Netia Telekom SA and its eighteen wholly owned subsidiaries following a merger in December 2003. On June 24, 2002, majority of Netia Telekom's creditors representing over 98% of total claims value voted in favor of the arrangement plan. Detailed conditions of the Netia Telekom's arrangement plan include: (a) 91.3 % of the debts subject to the arrangement plan will be written off; (b) creditors will be repaid in annual installments; (c) installment obligations will be denominated in Polish zloty, will be zero coupon and shall be payable on the last day of each consecutive calendar year during the period when the arrangement plan is in force: -- the first installment payable on Dec. 31, 2007, will be equal to 8.5% of the reduced claims subject to the arrangement; -- the second installment payable on Dec. 31, 2008, will be equal to 8.5% of the reduced claims subject to the arrangement plan; -- the third installment payable on Dec. 31, 2009, will be equal to 17% of the reduced claims subject to the arrangement plan; -- the fourth installment payable on Dec. 31, 2010, will be equal to 17% of the reduced claims subject to the arrangement plan; -- the fifth installment payable on Dec. 31, 2011, will be equal to 24.5% of the reduced claims subject to the arrangement plan; and -- the sixth installment payable on Dec. 31, 2012, will be equal to 24.5% of the reduced claims subject to the arrangement plan. (d) Minor creditors' claims will be repaid in full commencing on the date when the decision becomes non-appealable, and thereafter on the due dates of respective claims. A minor claim will be defined as any claim of not more than PLN3 million inclusive, in compliance with an approved list of receivables; and (e) The obligations under the arrangement plan will not be secured by any form of security interest. Arrangements proceedings of Netia Telekom constituted a part of the court arrangement proceedings performed in connection with the financial restructuring of Netia Group. Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. NETIA SA: Completes Subscription Warrants Program ------------------------------------------------- The Operational Department of the National Deposit of Securities (Krajowy Depozyt Papier｢w Wartos'ciowych SA) informed Netia SA that, in connection with the expiration of three-year subscription warrants, depositary accounts kept for these warrants were closed. The last day of subscribing for series J shares in connection with the exercise of Netia's three-year subscription warrants by their holders was on April 29. The subscription warrants program was completed along with the expiration of three-year subscription warrants. Share Capital In this connection, Netia disclosed that its issued and outstanding share capital was PLN 389,167,839 and represented 389,167,839 shares, PLN1 par value per share, each share giving right to one vote at Netia's general meeting of shareholders. A motion for the registration of the share capital increase as of May 8, by the Polish court will be filed immediately. Warrants Issued As of May 8, Netia issued 62,464,062 series J shares pursuant to the exercise of 31,062,274 two-year subscription warrants by their holders, who subscribed for series J shares authorized from these warrants until April 29, 2005, and 31,401,788 three- year subscription warrants pursuant to the settlement by KDPW until May 8, 2005, all of transactions regarding the exercise of Netia's three-year subscription warrants by their holders, who subscribed for series J shares authorized from these warrants until April 29, 2006 at an issue price of PLN2.53 per share. Each series J share entitles its holder to one vote at Netia's general meeting of shareholders. Netia's series J shares are publicly traded on the Warsaw Stock Exchange under the same code as all other ordinary shares of Netia i.e. PLNETIA00014. The subscription warrants were exercised in accordance with Netia's Polish prospectus, dated April 17, 2002, as amended. In addition, Netia informed that 1,022,433 three-year subscription warrants, holders of which did not subscribed for series J shares until April 29, 2006 (inclusive), expired on that date. Series K Shares Issued Until May 8, Netia issued 4,945,065 series K shares in connection with the exercise of certain options granted under the performance stock option plan adopted by Netia's supervisory board on June 28, 2002, as amended. The total number of series K shares that may be issued under this plan will not exceed 18,373,785 shares. Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. =========== R U S S I A =========== AGRO-PROM-TRANS: Court Names V. Emelyanov Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Omsk Region appointed Mr. V. Emelyanov as insolvency manager for OJSC Agro-Prom-Trans (TIN 5535000111). He can be reached at: Post User Box 4357 660013, Krasnoyarsk Region, Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. K/E-126/05. The Debtor can be reached at: Tyumenskaya Str. 16 Tara Omsk Region, Russia B.I.N. BANK: Fitch Rates US$200 Million Eurobond at B- ------------------------------------------------------ Fitch Ratings assigned B.I.N. Capital S.A.'s US$200 million issue of limited recourse three-year loan participation notes due 2009 a final 'RR4' Recovery Rating and final Long-term 'B-' rating. The notes, which have a one-year put option available to noteholders, are to be used solely for financing a loan to Russia's Joint-Stock Bank "B.I.N." (Issuer Default B-/Stable Outlook, Short-term 'B', Individual 'D', Support '5', National Long-term 'BB(rus)'). BIN was established in 1993 and is majority-owned by one family (including the bank's president), which also controls the BIN group of companies. BIN's business remains focused on large corporations, notably in the oil and commercial real estate sectors, although the bank has been diversifying into small- and medium-sized enterprise and retail banking. At end-2005 BIN's tier 1 and total capital adequacy ratios in accordance with BIS guidelines were 23.5%. Fitch's Recovery Ratings, introduced in 2005, are a relative indicator of creditor recovery on a given obligation in the event of a default. FACTORY KATUN: Khakasiya Court Begins Bankruptcy Proceedings ------------------------------------------------------------ The Arbitration Court of Khakasiya Republic commenced bankruptcy proceedings against OJSC Garment Factory Katun after finding it insolvent. The case is docketed under Case No. A74-5103/2005. Mr. L. Shulyenko has been appointed insolvency manager and can be reached at: Sovetskaya Str. 73 Abakan 655018, Khakasiya Republic, Russia The Debtor can be reached at: Sovetskaya Str. 73 Abakan 655018, Khakasiya Republic, Russia HAMMER: Court Names E. Filipyev as Insolvency Manager ----------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region appointed Mr. E. Filipyev as insolvency manager for OJSC Hammer (TIN 5202000218). He can be reached at: Sovetskaya Str. 5 Ardatov Nizhniy Novgorod Region, Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-18963/2005-24-325. The Debtor can be reached at: Sovetskaya Str. 5 Ardatov Nizhniy Novgorod Region, Russia KISELEVSK-SNAB: M. Bogatova Takes Over as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Kemerovo Region appointed Ms. M. Bogatova as insolvency manager for OJSC Kiselevsk-Snab (Case No. A27-430066/2005-4). He can be reached at: Post User Box 3084 650024, Kemerovo Region, Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at Puteyskaya Str. 31-A Kiselevsk Kemerovo Region, Russia MAMYJOVSKAYA INCUBATORY: Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Tatarstan Republic commenced bankruptcy proceedings against OJSC Mamyjovskaya Incubatory Poultry Farming Station (TIN 1632006640) after finding it insolvent. The case is docketed under Case No. A65-16251/2005-SG4-21. Mr. G. Nuriev has been appointed insolvency manager and can be reached at: Kazan, Post User Box 249 420073 Tatarstan Republic, Russia The Debtor can be reached at: Nurlatskiy Region Tatarstan Republic, Russia METROMEDIA INTERNATIONAL: Delays Filing of Financial Reports ------------------------------------------------------------ Metromedia International Group, Inc. is unable to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2006. The filing of the Company's: -- Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2004; -- Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2005, June 30, 2005, and Sept. 30, 2005; -- Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2005; with the U.S. Securities and Exchange Commission, along with the Company's completion of its work effort for compliance with Section 404, "Management Assessment of Internal Controls" of the Sarbanes-Oxley Act of 2002 for corporate headquarters with respect to the filing of its 2005 Form 10-K, are a prerequisite for the filing of the 2006 Q1 Form 10-Q. At present, the Company cannot predict with confidence when it will file either the 2004 Form 10-K, the 2005 Quarterly Reports, or the 2005 Form 10-K and thus the 2006 Q1 Form 10-Q. Headquartered in Charlotte, North Carolina, Metromedia International Group -- http://www.metromedia-group.com/-- through its subsidiary, Metromedia International Telecommunications, owns interests in telecom and cable TV operations in Russia, Georgia, and elsewhere in Eastern Europe. Since the first quarter of 2003, the Company has focused its principal attentions on the continued development of its core telephony businesses, and has substantially completed a program of gradual divestiture of its non-core cable television and radio broadcast businesses. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned Georgian long distance telephony operator. * * * Moody's Investors Service has placed Metromedia's subordinated debt rating at B3 and junior subordinated debt rating at B2. MILK: Lipetsk Court Commenced Bankruptcy Proceedings ---------------------------------------------------- The Arbitration Court of Lipetsk Region commenced bankruptcy proceedings against OJSC Milk (TIN 4818000424) after finding it insolvent. The case is docketed under Case No. A36-3008/2005. Mr. A. Golubev has been appointed insolvency manager and can be reached at: Romantikov Str. 22. Pavlovo 606100, Nizhniy Novgorod Region, Russia The Debtor can be reached at: Lunacharskogo Str. 4-a Chaplygin Lipetsk Region, Russia OCEAN: Court Taps A. Makhanov as Insolvency Manager --------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. A. Makhanov as insolvency manager for LLC Ocean (Case No. A-27- 17317/2005-4). He can be reached at: Oktyabrskiy Pr. 64A, 107 650065, Kemerovo Region, Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at: Belovo Kemerovo Region, Russia POLESYE: Nizhniy Novgorod Court Starts Bankruptcy Proceedings ------------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region commenced bankruptcy proceedings against CJSC POLESYE after finding it insolvent. The case is docketed under Case No. A43-37842/2005 33-4b2. Mr. A. Zakharov has been appointed insolvency manager and can be reached at: Karabarovo Bolshemurashkinskiy Region, Russia The Debtor can be reached at: Karabarovo Bolshemurashkinskiy Region, Russia STROY-SPETS-MONTAGE-INVEST: Insolvency Manager Takes Over Group --------------------------------------------------------------- The Arbitration Court of Kriov Region appointed Mr. S. Shubin as insolvency manager for CJSC Stroy-Spets-Montage-Invest (Case No. A28-449/05-420/24). He can be reached at: Orlovskaya Str. 14-1 610002, Kirov Region, Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at: Orlovskaya Str. 14-1 610002, Kirov Region, Russia ===================== S W I T Z E R L A N D ===================== ABB LTD: Court Sets June 21 Confirmation Hearing for ABB Lummus --------------------------------------------------------------- The Hon. Judith K. Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware set a combined hearing on June 21 to determine the adequacy of ABB Lummus Global Inc.'s Disclosure Statement and confirmation of its prepackaged Chapter 11 Plan of Reorganization. ABB Lummus is the U.S. subsidiary of ABB Ltd. Objections to the Disclosure Statement or Plan must be filed by 4:00 p.m. on June 1. The Debtor tells the Court that the Plan was developed through extensive discussions among: -- the Debtor; -- its indirect parent, ABB Ltd.; -- Richard B. Schiro, the future claimants' representative for unknown and future holders of the Debtor's Asbestos PI Trust Claims; -- an informal committee comprised of representatives of certain claimants with claims against the Debtor and Combustion Engineering; -- representatives of certain cancer claimants with claims against Combustion Engineering in Combustion's bankruptcy case; -- the Official Committee of Unsecured Creditors appointed in Combustion's bankruptcy proceedings; and -- David Austern, the future claimants representative appointed in Combustion's bankruptcy proceedings. Overview of the Plan The Plan addresses the asbestos-related personal injury liabilities of the Debtor and the Asbestos Protected Parties. The Plan provides for the issuance of the Lummus Asbestos PI Channeling Injunction pursuant to Sections 105 and 524(g) of the Bankruptcy Code that will result in the channeling of all asbestos-related personal injury liabilities, to the Lummus Asbestos PI Trust, of Lummus and other Asbestos Protected Parties, including: -- ABB Lummus Global Construction Co., a former affiliate merged with the Debtor on June 28, 2005, and -- ABB Lummus Global International Corporation, a wholly owned subsidiary of the Debtor, Terms of the Plan Under the prepackaged Plan, these claims will be paid in full: -- Administrative Expense Claims; -- Tax Claims; -- Priority Claims; -- Secured Claims; -- Workers' Compensation Claims; and -- General Unsecured Claims. Non-Debtor Affiliate Intercompany Claims will be paid in full subject to the subordination provisions described in the ABB Ltd., and Non-Debtor Affiliate Settlement Agreement. Holders of Equity Interests in the Debtor will retain their interests subject to the pledge and security interest in 51% of the issued and outstanding shares of Capital Stock of the Debtor. The shares will be held by ABB Oil & Gas on the Effective Date to secure the Lummus Note and the guaranty provided by ABB Ltd., ABB Holdings, and ABB Oil & Gas with respect to the Debtor's payment obligation under the Lummus Note. All Lummus Asbestos PI Trust Claims will be subject to the Lummus Asbestos PI Channeling Injunction. Other than Settled Asbestos Claims, all Lummus Asbestos PI Trust Claims will be evaluated, determined, and paid, pursuant to the terms, provision, and procedures of the Lummus Asbestos PI Trust Distribution Procedures. The Lummus Asbestos PI Trust will funded in accordance with the provision of Article 7 of the Plan and the Lummus PI Trust Agreement. A full-text copy of the Debtor's Disclosure Statement and Prepackaged Chapter 11 Plan of Reorganization is available for free at http://ResearchArchives.com/t/s?8d6 About ABB Lummus Headquartered in Houston, Texas, ABB Lummus Global Inc. -- http://www.abb.com/lummus/-- offers advanced process technologies, project management, engineering, procurement and construction-related services for the oil and gas, petroleum refining and petrochemical process industries. The group oversees the construction of process plants and offshore facilities. The company filed for chapter 11 protection on Apr. 21, 2006 (Bankr. D. Del. Case No. 06-10401). Jeffrey N. Rich, Esq., at Kirkpatrick & Lockhart Nicholson Graham LLP, represents the Debtor. Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl Young, Jones & Weintraub, LLP, serves as the Debtor's co- counsel. When the Debtor filed for protection from its creditors, it estimated more than US$100 million in assets and debts. Headquartered in Zurich, Switzerland, ABB Ltd. -- http://www.abb.com/-- provides power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 103,000 people. * * * As reported in the TCR-Europe on Feb. 3, Standard & Poor's Ratings Services was maintaining its credit ratings on Switzerland-based engineering services group ABB Ltd. (BB+/B) and related entities on CreditWatch with positive implications. Conditional on the final successful resolution of the asbestos litigation settlement for U.S. subsidiary Combustion Engineering Inc., ABB's credit ratings will be raised to 'BBB-/A-3', with the senior unsecured debt to be raised to 'BB+'. S&P said the outlook would be positive. =========== T U R K E Y =========== VESTEL ELECTRONICS: Moody's Revises Outlook on US$225-Mln Notes --------------------------------------------------------------- Moody's changed the outlook on the Ba3 rating of the US$225 million Guaranteed Notes of Vestel Electronics Finance Ltd. due 2012 to negative from stable. Moody's concurrently assigned a Ba3 Corporate Family Rating to Vestel Elektronik Sanayi Ve Ticaret A.S. with a negative outlook. Rating affected: -- The Ba3 rating on the EUR 225.0 million 8.75% Guaranteed Notes due 2012 The change in outlook reflects the combined impact of a combination of factors currently affecting the company's credit metrics. These include: -- the continued weakening in operating margins, which have shown a sustained decline in recent years and is the primary driver behind rating action, in addition to; -- the increased capital spending in the past two years, aimed mainly at increasing production capacities in Russia, where long-term returns on the investment remain uncertain; and -- the recently increased stake in Vestel White Goods, an entity that has been consolidated since 2003, which the company estimates will lead to a net cash outflow of US$71 million. Moody's recognizes that some of the decline in margins in 2005 was attributable to the relative strength of the Turkish Lira versus the Euro, but believes that the decline also reflects continued downward price pressure within Vestel's main markets, and increased commoditization of its products. This combined with increased investments caused free cash flows to turn negative in 2005, although the company expects capex to decline this year. The company's Adj. Total Debt/EBITDA increased to 2.52x in 2005 from 1.75x in 2004, which can in part be attributed to the appreciation of the Turkish Lira. The impact on cash flow metrics was mitigated by a decline in financial charges, although Adj. Retained Cash Flow/Total Debt was nevertheless 26.3% versus 38.8% in 2004. The senior guaranteed notes due 2012 are rated at the same level as the corporate family rating, as Moody's expects that going forward only a limited portion of total debt will be outside the guarantor group, notably at Vestel White Goods, and therefore structurally senior to the bonds. Vestel's liquidity remains strong, with YTL 581 million in cash and equivalents at year-end, which remains in excess of short- term borrowings and annual financial charges. The company further benefits from extensive credit lines from domestic and international banks. The ratings could be lowered if the company's operating environment continues to negatively impact on margins, and if free cash flows remain negative leading to a weakening in credit metrics. The outlook could be stabilized if the company manages to maintain or improve on current margins and generate free cash flow, thereby preventing further weakening in its credit metrics. Headquartered in Istanbul, Turkey, Vestel is a leading manufacturer of consumer electronic products, including televisions, digital products and white goods. The company is one of the largest original equipment manufacturers (OEMs) in the world. In fiscal year 2005 the company generated YTL 4.46 billion (US$3.3 billion) and YTL 284 million (US$210 million) in revenues and EBITDA, respectively. ============= U K R A I N E ============= ELECTRON-TV: Lviv Court Commenced Bankruptcy Proceedings -------------------------------------------------------- The Economic Court of Lviv Region commenced bankruptcy proceedings against Electron-TV (code EDRPOU 22346615) on Feb. 28 after finding it insolvent. The case is docketed under Case NO. 6/18-8/35. Yaroslav Onushkanich has been appointed liquidator/insolvency manager and can be reached at: Strijska Str. 71b/3 79031 Lviv Region, Ukraine The Economic Court of Lviv Region is located in: Lichakivska Str. 81 79010 Lviv Region, Ukraine The Debtor can be reached at: Shevchenko Str. 313 79049 Lviv Region, Ukraine ENERGY SAVING: Court Names U. Arhipov Insolvency Manager -------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Mr. U. Arhipov as liquidator/insolvency manager for LLC Energy Saving Technologies (code EDRPOU 30086312). He can be reached at: Radishev Str. 85 69013 Zaporizhya Region, Ukraine The Court commenced bankruptcy proceedings against the company on March 16 after finding it insolvent. The case is docketed under Case No. 21/78/06. The Economic Court of Zaporizhya Region is located in: Shaumyana Str. 4 69001 Zaporizhya Region, Ukraine The Debtor can be reached at: Zaporizka Str. 5 Vilnyansk 70000 Zaporizhya Region, Ukraine EUROTRANSGAZ: Court Taps Energoexport to Liquidate Assets --------------------------------------------------------- The Economic Court of Kyiv Region appointed LLC Energoexport as liquidator for LLC Eurotransgaz (code EDRPOU 30214519). The liquidator can be reached at: 40-Richya Zhovtnya Avenue 120 03127 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings against the company on March 2 after finding it insolvent. The case is docketed under Case No. 44/651-b. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: Gorkij Str. 95 Kyiv Region, Ukraine HARKIVNAFTOPRODUKT: Dmitro Maltsev Takes Over as Liqudiator ----------------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy proceedings against OJSC Harkivnaftoprodukt (code EDRPOU 31422681) on Nov. 22, 2005, after finding it insolvent. The case is docketed under Case No. B-31/58-05. Dmitro Maltsev has been appointed liquidator/insolvency manager and can be reached at: Kyiv Region, Ukraine a/b 223 The Economic Court of Harkiv Region is located in: Svobodi Square 5, Derzhprom 8th Entrance 61022 Harkiv Region, Ukraine The Debtor can be reached at: 23 Serpnya Str. 12a Dzerzhinskij District 61086 Harkiv Region, Ukraine MASTAK: Kyiv Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC MASTAK (code EDRPOU 32105841) on March 16 after finding it insolvent. The case is docketed under Case No. 43/150. Mr. I. Putrya has been appointed liquidator/insolvency manager. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: Magnitogorska Str. 1/308 02094 Kyiv Region, Ukraine MEGAPAK: Kyiv Region Commences Bankruptcy Process ------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Megapak (code EDRPOU 32853812) on Feb. 16 after finding the company insolvent. The case is docketed under Case No. 14/14b-06. Zayikina Ludmila has been appointed liquidator/insolvency manager and can be reached at: Melnikov Str. 2/10 Kyiv Region, Ukraine The Economic Court of Kyiv Region is located in: Komintern Str. 165 01032 Kyiv Region, Ukraine The Debtor can be reached at: Borodyanka Kyiv Region, Ukraine POLIS: Court Appoints G. Bilodid to Liquidate Assets ---------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. G. Bilodid as liquidator/insolvency manager for LLC POLIS (code EDRPOU 21647355). The Court commenced bankruptcy proceedings against the company on March 10 after finding it insolvent. The case is docketed under Case No. 15/71-b. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: Chervonozoryanij Avenue 130 03118 Kyiv Region, Ukraine UKRAINA: Vinnitsya Court Launches Bankruptcy Proceedings -------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy proceedings against CJSC Agro-Industrial Association Ukraina (code EDRPOU 30804248) on Feb. 23 after finding it insolvent. The case is docketed under 10/16-06. Vinnitsya Regional Sector of Bankruptcy Questions has been appointed liquidator. The Economic Court of Vinnitsya Region is located in: Hmelnitske Shose 7 Vinnitsya Region, Ukraine The Debtor can be reached at: Stadnitsya, Shevchenko Str. 2 Vinnitsya District Vinnitsya Region, Ukraine UKRMASHNAFTOGAZLIZING: Kyiv Court Names A. Gunko as Liquidator -------------------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. A. Gunko as liquidator/insolvency manager for CJSC Ukrmashnaftogazlizing (code EDRPOU 30574421). He can be reached at: 07400 Kyiv Region, Ukraine Brovari, Grushevskij Str. 17/55 The Court commenced bankruptcy proceedings against on March 13 after finding it insolvent. The case is docketed under 23/49-b. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: Kikvidze Str. 13 01103 Kyiv Region, Ukraine =========================== U N I T E D K I N G D O M =========================== COLT TELECOM: Asks Shareholders to Approve Scheme of Arrangement ---------------------------------------------------------------- COLT Telecom Group plc will convene shareholder meetings to approve the proposed scheme of arrangement to insert COLT Telecom Group S.A. as the new holding company of the COLT Group. COLT S.A. is domiciled in Luxembourg. A prospectus relating to COLT S.A. is also being posted to COLT shareholders, which contains full details of a proposed offer of shares in COLT S.A. to COLT Shareholders to raise approximately GBP300 million together with application forms relating to the offer where relevant. The Open Offer is conditional on, amongst other things, COLT shareholders approving the Scheme and the Scheme being sanctioned by the High Court of Justice in England and Wales. The price of the Open Offer will be determined by reference to the order-book volume weighted average price on the London Stock Exchange in COLT ordinary shares over the five days up to and including the price determination date, which is expected to be June 23. COLT's majority shareholder, Fidelity, has agreed to purchase all shares not purchased by other COLT shareholders under the Open Offer, as more fully described in the prospectus. COLT has three outstanding bond issues maturing in 2007, 2008 and 2009 respectively and it is intended that the net proceeds of the Open Offer will be applied to fund early redemption of the 2007 bonds, with the balance applied to fund a portion of the remaining bonds as and when COLT considers appropriate (whether before or at stated maturity). Expected timetable of principal events: Open Offer Record Date Closed on May 2 Court Meeting to sanction the Scheme May 30 COLT EGM to approve the Scheme May 30 Announcement of the Open Offer price* June 23 Scheme Record Time* 6 p.m., June 29 Scheme Effective Date* June 30 Suspension of dealings in COLT shares* 7.30 a.m., June 30 Closing date for the Open Offer* 11 a.m., June 30 Delisting of COLT shares and commencement of dealings in COLT S.A. shares on the London Stock Exchange* 8 a.m., July 3 * These dates are indicative only and may be subject to change. If the Scheme becomes effective, COLT shareholders will receive one COLT S.A. share for every three existing shares of COLT held at the Scheme Record Time. The number of COLT S.A. shares sold to shareholders under the Open Offer will be adjusted to reflect this consolidation ratio. Conditional on the Scheme being declared effective, COLT intends to suspend its listing of ordinary shares from 7.30 a.m. on Friday, June 30, and then cancel this listing from 8 a.m. on July 3 at which time it is anticipated that dealings in the COLT S.A. shares will commence on the London Stock Exchange. Headquartered in London, England, Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. EUROSAIL 06-1: Fitch Assigns BB Rating to GBP4.8MM Class E Notes ---------------------------------------------------------------- Fitch Ratings assigned expected ratings to seven Eurosail 06-1 Plc's GBP735 million-equivalent mortgage-backed floating-rate notes: -- GBP-equivalent 330.75 million Class A1 due 2025: 'AAA' -- GBP-equivalent 321.195 million Class A2 due 2044: 'AAA' -- GBP-equivalent 31.605 million Class B due 2044: 'AA' -- GBP-equivalent 25.725 million Class C due 2044: 'A' -- GBP-equivalent 20.947 million Class D1 due 2044: 'BBB-' -- GBP-equivalent 4.778 million Class E due 2044: 'BB' -- GBP-equivalent 11.025 million Class DTc due 2044: 'BBB-' The final ratings are contingent upon receipt of documents conforming to information already received. This transaction is a securitization of sub-prime and near-prime residential mortgages originated and located in the UK. The ratings are based on the quality of the collateral, available credit enhancement, the underwriting criteria of Southern Pacific Mortgage Limited and the transaction's sound legal structure. Credit enhancement for the Class A notes is initially 11.8%, provided by the subordination of the Class B notes (4.3%), the Class C notes (3.5%), the Class D notes (2.85%), the Class E notes (0.65%) and an initial and target reserve fund of 0.5%. Class DTc notes (equivalent to GBP11.025m) will also be issued and will be repaid solely by excess spread available in the transaction. To determine appropriate credit enhancement levels, Fitch analysed the collateral using its UK Residential Mortgage Default Model III. The agency also modelled cash flows using the results of the default model, with structural stresses including various prepayment and interest rate scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. INCO LTD: Teck Cominco Proposes Cash & Stock Merger Transaction --------------------------------------------------------------- Teck Cominco Limited will make a CDN17.8 billion cash and share offer to acquire all of the outstanding shares of Inco Limited, conditioned on Inco not completing its announced takeover bid for Falconbridge Ltd. Inco shareholders will receive CDN78.50 per common share in cash or shares: -- CDN28.00 in cash; and -- 0.6293 of a Teck Class B subordinate voting share at full pro ration. The business combination, with a pro forma enterprise value of approximately CA$35 billion, will create a broadly diversified Canadian-based mining company with market-leading positions in zinc, nickel and metallurgical coal and a significant presence in copper, gold and other commodities. The offer represents a premium of 27.8% and 20.1% to the 30-day volume weighted average price and closing price of Inco common shares on the Toronto Stock Exchange as of May 5, 2006. Teck Cominco President and Chief Executive Officer, Donald R. Lindsay said: "This combination of two great mining companies will create a Canadian powerhouse on the world stage, with the financial strength and management skills necessary to capitalize on its existing portfolio of long-life, low- cost operations and its unique portfolio of world-class development projects. Those same strengths will also enable the new Teck Cominco to compete for and develop the world's next generation of great mining assets." New Teck Cominco will be: -- the world's leading zinc miner; -- the world's second largest nickel miner; -- through its interest in Elk Valley Coal, the world's second largest producer of seaborne hard coking coal; -- the world's largest indium producer; -- an important producer of copper, gold, silver, platinum, palladium, cobalt and molybdenum and specialty metals; -- a meaningful participant in the Canadian oil sands. Mr. Lindsay said: "We expect the new Teck Cominco's cash flow generation potential to provide substantial internal funding for development of its complementary growth assets. We will be combining two strong management teams. They will lead the integration of the combined company's global workforce. We will work closely with Inco's joint venture partners, in particular at PT Inco and Goro, as well as with aboriginal communities, government officials and other stakeholders to realize the benefits of this transaction." Dr. Norman B. Keevil, Teck Cominco's Chairman, said: "Over the years, Teck Cominco has grown by executing sound strategic transactions that have built significant shareholder value. The company that will be created by this transaction makes our vision of creating a Canadian-based, leading global mining company a reality." Under the terms of the offer, Inco shareholders will have the right to elect to receive CA$78.50 in cash or 0.9776 of a Teck Cominco Class B subordinate voting share plus CA$0.05 for each Inco share, subject to pro ration based upon the maximum amount of cash and Teck Cominco Class B subordinate voting shares offered. The maximum amount of cash that Teck Cominco will pay pursuant to the offer is CDN6.36 billion and the maximum number of Teck Cominco Class B subordinate voting shares that Teck Cominco will issue pursuant to the offer is approximately 143 million. Assuming full pro ration of these maximum amounts, this would result in CDN28.00 cash and 0.6293 of a Teck Cominco Class B subordinate voting share per Inco common share. Teck Cominco has been considering the possible combination of Teck Cominco and Inco for some time. Last year, before the proposed Inco/Falconbridge transaction was announced, Teck Cominco had discussions and correspondence with Inco in which Teck Cominco proposed a combination of Teck Cominco and Inco on a basis that would see Inco shareholders receive a premium for their shares. Those discussions did not come to fruition. In October, Inco announced its takeover bid for, and support agreement with, Falconbridge. Teck Cominco owns approximately 8.9 million Inco common shares, including 5.1 million shares pledged as security for Teck Cominco's outstanding Inco exchangeable debentures due 2021. Mr. Lindsay said: "Our offer presents an attractive opportunity for Inco's shareholders in comparison to the Inco/Falconbridge transaction. Market sentiment indicates that the price required to ultimately acquire Falconbridge may be materially higher than the current Inco bid. Under our offer, Inco shareholders will receive a significant premium for their Inco shares, rather than seeing their company pay a premium to acquire Falconbridge." "They will also benefit from an opportunity to participate in a large, diversified company with a strong balance sheet, enhanced dividend yield and outstanding growth potential. We are initially targeting administrative and operating synergies of over CDN150 million annually, and will aim for more after we achieve that. As well, Teck Cominco's patented CESL hydrometallurgical technology has the potential to produce significant additional synergies at Inco's operations." Mr. Lindsay added that: "For Teck Cominco shareholders, this transaction is expected to be accretive to earnings and cash flow per share, and should create substantial long-term shareholder value through increased scale, diversification and growth." Teck Cominco will finance the cash portion of the offer using its substantial cash resources and an underwritten bridge facility. Full details of the offer will be included in a formal offer and takeover bid circular to be mailed to Inco shareholders in accordance with applicable securities laws. Teck Cominco intends to apply to the NYSE for a listing of Teck Cominco's Class B subordinate voting shares. This listing is expected to be effective prior to completion of the transaction. Teck Cominco will formally request a list of Inco's shareholders today and will mail the takeover bid documents to Inco shareholders as soon as possible. The offer will be open for acceptance for at least 60 days following the date of the mailing. Teck Cominco's financial advisors are BMO Nesbitt Burns Inc. and Merrill Lynch Canada Inc. Its legal advisors are Lang Michener LLP in Canada and Paul, Weiss, Rifkind, Wharton & Garrison LLP in the United States. About Teck Cominco Teck Cominco Limited's Red Dog mine in Alaska holds one of the world's largest zinc reserves. The company also owns or has interests in a number of mines located in Canada and Peru. Teck Cominco also mines gold, coal, and copper. In 2003 it traded its metallurgical coal interests and US$150 million for a stake in the newly formed Fording Canadian Coal Trust. Teck Cominco holds about 40% of the Elk Valley Coal partnership, with the trust controlling the remainder, and manages its operations. About Inco Inco Limited is the world's no. 2 producer of nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the U.K. * * * Standard & Poor's Ratings Services placed its 'BB+' rating on Inco's US$250 million subordinated convertible debentures in March 2003. INCO LTD: European Commission to Object to Falconbridge Merger -------------------------------------------------------------- Falconbridge Limited and Inco Limited received reports that the European Commission will be issuing its Statement of Objections shortly regarding their pending merger. In 2005 Inco announced the acquisition of Canadian nickel and copper mining giant Falconbridge Limited. The merger will make Inco the world's largest nickel producer. The companies have been discussing with the EC the competitive concerns they have identified and which they expect will be in the SO. They will be submitting their responses to the SO in the time provided for in this process. Inco and Falconbridge also plan to submit a remedy intended to address the competitive concerns of the EC. They look forward to continuing to work with the EC as they move through their second phase process. This element of the process is one of the standard steps leading to a decision by July 12. The companies continue to have constructive discussions with the U.S. Department of Justice in anticipation of approval. The Companies continue to believe there is a strong value proposition in the Inco and Falconbridge transaction and the companies are determined to complete it in accordance with the existing agreement. "Our agreement with Inco is an excellent transaction and offers compelling value to shareholders of both our companies, with the potential for a re-rating in the capital markets," said Derek Pannell, Falconbridge's Chief Executive Officer. "The transaction would result in the creation of the world's number one nickel producer and a leading copper producer. Furthermore, it would have a portfolio of world-class growth projects." "We are surprised that Teck Cominco has taken this step to interfere in our transaction and will review the implications of what they have done," added Mr. Pannell. Inco and Falconbridge have conservatively estimated synergies stemming from their transaction of at least US$350 million per year, based on lower commodity prices prevailing in 2005. The estimated synergies were the result of a rigorous review by the companies' respective teams and derived from in-depth discussions and analysis. The companies believe they are better equipped than any other party to achieve significant operating and other synergies, especially given Falconbridge's recent experience at merging companies. About Falconbridge Headquartered in Toronto, Ontario, Falconbridge Limited -- http://www.falconbridge.com/-- produces nickel products. The Company owns nickel mines in Canada and the Dominican Republic and operates a refinery and sulfuric acid plant in Norway. It is also a major producer of copper (38% of sales) through its Kidd mine in Canada and its stake in Chile's Collahuasi mine and Lomas Bayas mine. Its other products include cobalt, platinum group metals, and zinc. About Teck Cominco Teck Cominco Limited's Red Dog mine in Alaska holds one of the world's largest zinc reserves. The company also owns or has interests in a number of mines located in Canada and Peru. Teck Cominco also mines gold, coal, and copper. In 2003 it traded its metallurgical coal interests and US$150 million for a stake in the newly formed Fording Canadian Coal Trust. Teck Cominco holds about 40% of the Elk Valley Coal partnership, with the trust controlling the remainder, and manages its operations. About Inco Inco Limited is the world's no. 2 producer of nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the U.K. * * * Standard & Poor's Ratings Services placed its 'BB+' rating on Inco's US$250 million subordinated convertible debentures in March 2003. K.H. FORD: Creditors Resolve to Liquidate Company's Assets ---------------------------------------------------------- Creditors of K.H. Ford Engineering Limited resolved to liquidate the company's assets during members' extraordinary general meeting on March 13. Subsequently, they authorized J.A. O'Sullivan, of Bishop Fleming, to liquidate the company's assets. The Liquidator can be contacted at: Bishop Fleming 16 Queen Square Bristol BS1 4NT United Kingdom The company can be reached at: K.H Ford Engineering Ltd East Moortown Chawleigh Chulmleigh Devon EX18 7EU Tel: 01769 580629 KEMDEN LIMITED: Claims Filing Period Ends June 9 ------------------------------------------------ Kemden Limited is liquidating its assets after creditors passed a resolution to wind up the company's operations on March 9. Creditors have until June 9, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator J.N.R. Pitts. The liquidators can be contacted at: Wilson Pitts Glendevon House Hawthorn Park, Coal Road Leeds West Yorkshire LS14 1PQ United Kingdom Tel: 0113 237 5560 Fax: 0113 237 5561 The company can be reached at: Kemden Limited 6 Banklands Avenue Silsden Keighley West Yorkshire BD200JL United Kingdom Tel: 01535 655 653 Fax: 01535 657 152 LUMSDON CREATIVE: Claims Registration Ends July 31 -------------------------------------------------- Creditors of Lumsdon Creative Consultants Ltd decided to wind up the company's operations on March 14. Appointed Liquidator E. Walls required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before July 31. The company can be reached at: Lumsdon Creative Consultants Limited Rose & Thistle South Road Longhorsley Morpeth Northumberland NE65 8UW United Kingdom Tel: 01670 788 188 Fax: 01670 788 189 METAL CASTINGS: Appoints Ernst & Young Joint Administrators ----------------------------------------------------------- I. Best and D.K. Duggins of Ernst & Young LLP were appointed joint administrators of Metal Castings Limited (Company Number 00274826) on April 28. Ernst & Young -- http://www.ey.com/-- is global organization help companies in businesses across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. Metal Castings Limited manufactures high-pressure aluminum die- castings and can be reached at: Droitwich Rd Worcester Worcestershire WR3 7JX Tel: 01905 754400 MILLFIELD SOUTH: Calls In Administrators from Herron Fisher ----------------------------------------------------------- Christopher Herron and Nicola Jayne Fisher of Herron Fisher were appointed joint administrators of Millfield South East Limited (Company Number 4470016) on April 28. The administrators can be contacted at: Herron Fisher Capital Business Centre 22 Carlton Road Croydon Surrey CR2 0BS Tel: 07956 640156 E-mail: chris.herron@begbies-traynor.com Millfield South East Limited is engaged in financial services and can be reached at: 101A South End Croydon CR0 1BG Tel: 020 8667 9988 NATIONAL AUSTRALIA: Considers Acquiring Assets in United Kingdom ---------------------------------------------------------------- National Australia Bank Ltd. is considering making acquisitions in the United Kingdom, the Sydney Morning Herald reports, citing NAB chief executive officer John Stewart. Mr. Stewart disclosed that the bank was considering all possibilities for the future of its presence in the U.K., such as making a large acquisition to exiting the market altogether. The Australian Associated Press recounts that NAB owns the Clydesdale and Yorkshire banks in the U.K., which have been undergoing major restructures including the slashing of thousands of jobs. According to the Sydney Herald, NAB's U.K. business lifted cash earnings by 12.2% to AU$257 million in the first half of compared to the second half of fiscal year 2004/05. Mr. Stewart said that he expects NAB's U.K. interests to take about a year longer to become "truly competitive" than the rest of the group. However, he said that he was very happy with the progress there. National Australia Bank Limited -- http://wwww.national.com.au/ -- is an international banking group, which operates in Australia, New Zealand, Europe, Asia, and the United States. The Group offers banking services; credit and access card facilities; leasing, housing and general finance; international and investment banking; wealth and funds management; life insurance; and custodian, trustee and nominee services. * * * In January 2004, NAB announced that it had identified AU$326 million in losses relating to unauthorized trading in foreign currency options. In the investigation of those losses, NAB found out that there were significant issues in relation to risk systems, procedures and organizational culture. NAB is undertaking a three-year revival program after the foreign exchange trading scandal, which cost it several profit downgrades in 2005 that hammered its share price. Part of its revival scheme is to cut costs by slashing 11% of its total workforce in the next two years. As of May 2006, NAB disclosed that it is "half-way" through eliminating 4,662 jobs worldwide. In February 2006, NAB said that it has turned around, was "moving ahead," and its post-recovery phase was under way. RAP REALISATIONS: Meeting of Creditors Set on May 16 --------------------------------------------------- Creditors of RAP Realisations Limited (Company Number 02818084) will meet at 10:00 a.m., on May 16 at: The National Motorcycle Museum The Museum and Conference Banqueting Complex Coventry Road Bickinell Solihull West Midlands B92 0EJ United Kingdom 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 May 15, to: Christopher Kim Rayment Joint Administrator BDO Stoy Hayward LLP 125 Colmore Row Birmingham B3 3SD United Kingdom 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. Rap Realisations Limited (formerly Rapra Technology Limited) -- http://www.rapra.net/-- is Europe's leading independent plastics and rubber specialist organisation, providing research, technology and information services for the polymer industry and for industries using polymers in their products or processes. Rapra Technology is a wholly owned subsidiary of The Smithers Group. SIRA GROUP: Appoints Joint Administrators from Grant Thornton ------------------------------------------------------------- Martin Ellis and Andrew Hosking of Grant Thornton UK LLP were appointed joint administrators of Sira Group Limited (Company Number 3444757) on April 21. Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Sira Group Limited can be reached at: 191 Victoria Street London SW1E 5NE SPUNKIES IMAGING: Winds Up Operations & Appoints Liquidator ----------------------------------------------------------- Spunkies Imaging Limited is winding up its operations after creditors agreed to liquidate the company's assets on March 14. J. Ryan of M.J. Ryan & Co. was appointed Liquidator. The company can be reached at: Spunkies Imaging Limited 99 Goswell Rd London EC1V 7EY United Kingdom Tel: 020 7336 6999 WIGGMOORE GROUP: Sets June 30 Claims Bar Date --------------------------------------------- Creditors of The Wiggmoore Group Limited agreed to wind up the company's operations during members' extraordinary general meeting on March 10. Creditors have until June 30, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Liquidator Anthony Harry Hyams. The company can be reached at: The Wiggmoore Group Limited 161-165 Greenwich High Road London SE10 8JA United Kingdom Fax: 020 8305 1609 TREND EUROPA: Hires Joint Liquidators of Wilson Pitts ----------------------------------------------------- D.F. Wilson and J.N.R. Pitts, of Wilson Pitts were appointed Joint Liquidators of Trend Europa Limited after creditors passed a resolution to wind up the company's operations on March 10. The company can be reached at: Trend Europa Limited Unit A3 Rosehill Road Stoke Heath Market Drayton Shropshire TF9 2JU United Kingdom Tel: 01630 638 978 Fax: 01630 639 594 U.K. DEEJAY: Begins Winding Up Proceedings ------------------------------------------ U.K. Deejay Limited is winding up its operations after creditors decided to liquidate the company's assets on Feb. 27. Alex Kachani of Crawfords was appointed Liquidator. The liquidator can be reached at: Crawfords Stanton House 41 Blackfriars Road Salford Manchester Greater Manchester M3 7DB United Kingdom Tel: 0161 828 1000 Fax: 0161 832 1829 E-mail: akachani@aol.com The company can be reached at: UK Deejay Limited Unit 6 Moorings Close Blackburn Lancashire BB2 4AH United Kingdom Tel: 0870 4287850 WESTWARD WORLDWIDE: HSBC Bank Chooses Grant Thornton Receiver ------------------------------------------------------------- HSBC Bank plc appointed Joseph McLean and Keith Hinds of Grant Thornton UK LLP joint administrative receivers of Westward Worldwide Limited (Company Number 01092585) on April 20. Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Headquartered in Crediton, England, Westward Worldwide Limited is engaged in manufacturing and wholesaling children's/babies clothing. WILLIAM FREEMAN: Purico Ltd Appoints Begbies Traynor Receiver ------------------------------------------------------------- Purico Limited appointed Richard Albert Brock Saville and Paul Finnity of Begbies Traynor joint administrative receivers of William Freeman Limited (Company Number 00745308) on May 2. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. William Freeman founded the company in Yorkshire in 1936. William Freeman Limited -- http://www.williamfreeman.com/-- researched and developed rubber & plastic sealing devices for glass containers and rapidly established itself as a market leader for the manufacture of rubber and plastic moldings. WW GROUP: HSBC Bank Appoints Grant Thornton as Receiver ------------------------------------------------------- HSBC Bank plc appointed Joseph McLean and Keith Hinds at Grant Thornton UK LLP on April 20 as joint administrative receivers of: -- WW Group Limited (Company Number 2467364) -- Wilkinson Warburton Holdings Limited (Company Number 1092565) -- Worldwide Garment Sourcing Limited (Company Number 00118535) Asset Sale Messrs. McLean and Hinds is offering for sale the business and assets of WW Group Limited. The sale includes 54 retail and concession outlets, significant stock levels, skilled and experienced team of 130 personnel, and a substantial order book. The company has an annual turnover of approximately GBP26 million. Inquiries can be addressed to: Grant Thornton U.K. LLP Attn: Andy Wood Tel.: 0113 209 5311 Fax: 0113 246 0828 E-mail: andrew.m.wood@gtuk.com Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Headquartered in Pudsey, England, WW Group Limited is a holding company whose subsidiaries design, develop, distribute, source and manufacture garments to the clothing retail market. ********* 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, Carmel Paderog, and Joy Agravante, 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 * * *