/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060623.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, June 23, 2006, Vol. 7, No. 124 Headlines A U S T R I A A & H SCHLAFSYTEME: Innsbruck Court Dismisses Bankruptcy Case HERBERT WIESENHOFER: Creditors' Meeting Slated for July 11 HERTA GLUECK: Claims Registration Period Ends July 4 KONNTI: Vienna Court Closes Bankruptcy Case After Claims Payment KORREKT: Court Closes Bankruptcy Case After Final Distribution C Z E C H R E P U B L I C SAZKA AS: Aims to Raise More Cash in Exchange Offer D E N M A R K TDC A/S: Terminates American Depositary Receipts Program TDC A/S: Distributing DKK862 Million Interim Dividend TDC A/S: J. Alder to Serve as CEO & H. Dyremose as Chairman F R A N C E EUTELSAT COMMUNICATION: Moody's Rates Credit Facilities at (P)B1 G E R M A N Y CONNECT IN EUROPE: Creditors' Meeting Slated for June 28 DEFRA CONSULTING: Claims Registration Ends July 7 DOMA IMMOBILIEN: Claims Registration Ends July 7 DVV DEUTSCHE: Claims Registration Ends July 10 HOTEL RESTAURANT: Claims Registration Ends July 8 KARSTADTQUELLE AG: Shuffles Posts in Mail Order Unit KLEIN KARL: Claims Registration Ends July 10 KOSTER ALTBAUSANIERUNG: Claims Registration Ends July 7 LEUCHTENDE AUGEN: Claims Registration Ends July 7 MCG MULTICONZEPT: Creditors' Meeting Slated for July 3 SCHRODER FUSSBODENTECHNIK: Claims Registration Ends July 7 * Moody's Reports on German Life Insurers' Negative Outlook I R E L A N D QUANTA EUROPE: A.M. Best Lowers Financial Strength Rating to B I T A L Y ALITALIA SPA: Receives EC Observations on Antitrust Proceedings FIAT SPA: Chief Executive Refuses to Cut Back Capacity K A Z A K H S T A N AE PETROL: Creditors Must File Claims by July 3 AKM-HOLDING: Creditors Must File Claims by June 30 AKTOBE-LADA: Claims Registration Ends June 30 BEL-AGACH NEFTESNAB: Claims Registration Ends June 30 HALYK BANK: Fitch Rates US$300-Mln Eurobond at Long-Term BB+ JAIYK-ASFALT: West Kazakhstan Court Opens Bankruptcy Proceedings KAZAKHSTAN-KURYLYS-SNAB: Creditors' Claims Due June 30 PERFECT EKSPO: Creditors' Claims Due June 30 REMELEKTRODIZEL: Proof of Claim Deadline Slated for June 30 SHOMIR: Proof of Claim Deadline Slated for June 30 TENTEKSKAYA TES: Karaganda Court Starts Bankruptcy Process N E T H E R L A N D S KONINKLIJKE AHOLD: Earns EUR243 Million for First Quarter 2006 R U S S I A ASKIZSKAYA BREAD 18: Bankruptcy Hearing Slated for July 5 CONSTRUCTION SERVICE: Court Commences Bankruptcy Supervision GAZPROM: Inks Gas Supply Deal with Denmark's DONG Energy INTERNATIONAL MOSCOW: S&P Puts Credit Ratings on Watch Positive INZENSKAYA FURNITURE: Court Starts Bankruptcy Supervision JOINT TIMBER: Court Starts Bankruptcy Supervision KUZNETSKIY BRICKWORKS: Court Names A. Dogadin to Manage Assets NORTH-WEST: Fitch Keeps International Default Rating at B+ NOVOUSENSKAYA POULTRY: Bankruptcy Hearing Slated for July 20 OREL-INZH-SEL-STROY: Court Names I. Maslov as Insolvency Manager SEVERSTAL: Arcelor Board to Decide on Mittal Deal by June 25 SEVERSTAL: French Market Regulator Suspends Arcelor Shares SOTSGORBANK: S&P Assigns CCC/C Counterparty Credit Ratings SUKHINICHI-AGRO-PROM-KHIMIYA: G. Perov to Manage Assets USTYANSKOYE: Court Begins Bankruptcy Supervision ZIANCHURA-MILK: Court Appoints G. Yaparov as Insolvency Manager S W E D E N CONCORDIA BUS: To Publish First Quarter Results by June 27 S W I T Z E R L A N D SWISS INTERNATIONAL: To Expand Long-Haul Fleet Next Winter U K R A I N E AGROTEPLOTEHNIKA: Court Names Varvara Majsa to Manage Assets BAHMACHKONSERVMOLOKO: Court Starts Bankruptcy Supervision BEZPEKA: Court Names Oleksandr Dyomin as Liquidator IRONA: Court Names S. Yavorskij to Liquidate Assets KOMEKS-BROK: Court Names Mr. S. Yavorskij Insolvency Manager KRAMATORSK COLD: Court Names Oleg Kozhuhov as Liquidator MARSH: Kyiv Court Commences Bankruptcy Supervision RUZHIN' MILK: Court Names V. SemenchU.K. as Liquidator SOZAP: Court Names T. Kushnir to Liquidate Assets TOLDI: Court Appoints V. Melnikov to Manage Insolvency Assets U N I T E D K I N G D O M 52 LARK: Creditors Pass Winding Up Resolution 995 LTD: Financial Woes Trigger Liquidation ABSOLUTE CUSTOMER: Creditors' Meeting Slated for June 30 ACCIDENT CLAIMS: Taps David Wald to Liquidate Assets BRITISH AIRWAYS: DOJ & OFT Probes Alleged Cartel Activity BUSHMAN LTD: Creditors Resolve to Liquidation CARL BATEMAN: Claims Filing Period Ends July 5 COINBEACH LTD: Names Anthony Peter Jackson Liquidator CONVEYOR ACCESSORIES: Calverton Appoints Kay Johnson as Receiver FOODSERVICE SOLUTIONS: HSBC Appoints P&A as Joint Receivers HGI REALISATIONS: Taps Harrisons to Administer Assets J. PICKLES: Appoints Wilson Pitts as Joint Administrators JEC DEVELOPMENTS: Names Gerard Keith Rooney as Administrator MILLER BROTHERS: Brings In BDO Stoy as Administrators NOVAE HOLDINGS: A.M. Best Affirms US$11 Million Notes at bb QUALITY ELECTRICAL: Taps BDO Stoy to Administer Assets RANKARE LIMITED: K.B.C. Bank Appoints BN Jackson as Receiver REFER2US LIMITED: Appoints Neil Chesterton as Administrator THREE COUNTIES: Claims Registration Ends June 30 WILD IVY: Hires Liquidator from S G Banister & Co. WOOLWORTHS GROUP: Sales Drop 6.7% Due to Trading Difficulty ********* ============= A U S T R I A ============= A & H SCHLAFSYTEME: Innsbruck Court Dismisses Bankruptcy Case ------------------------------------------------------------- The Land Court of Innsbruck dismissed the bankruptcy case of KEG A & H Schlafsyteme Adolf Stenitzer und Harald Eichhorn (FN 223632x) on May 12 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in St. Johann in Tirol, Austria, the Debtor (Bankr. Case No. 7 S 14/04z) declared bankruptcy on May 10, 2004. Emilio Stock served as the court-appointed property manager for the bankrupt estate. HERBERT WIESENHOFER: Creditors' Meeting Slated for July 11 ---------------------------------------------------------- Creditors owed money by Transport and Trade LLC Herbert Wiesenhofer (FN 93824b) are encouraged to attend the creditors' meeting at 10:00 a.m. on July 11 to consider the revision of the rule by adoption and accountability. The first creditors' meeting will be held at: The Land Court of St. Polten Room 216 2nd Floor St. Polten, Austria Headquartered in Purgstall an der Erlauf, Austria, the Debtor declared bankruptcy on May 12 (Bankr. Case No. 14 S 81/06m). Christian Kies serves as the court-appointed property manager of the bankrupt estate. HERTA GLUECK: Claims Registration Period Ends July 4 ---------------------------------------------------- Creditors owed money by LLC Herta Glueck (FN 168011a) have until July 4 to submit written proofs of claim to court-appointed property manager Horst Winkelmayr at: Horst Winkelmayr Porzellangasse 22A/1/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 18 to consider the revision of the rule by adoption and accountability. The meeting will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 12 (Bankr. Case No. 4 S 79/06d). Carl Knittl represents Mr. Winkelmayr in the bankruptcy proceedings. KONNTI: Vienna Court Closes Bankruptcy Case After Claims Payment ---------------------------------------------------------------- The Trade Court of Vienna entered an order closing the bankruptcy case of Construction LLC Konnti (FN 247294v) on May 12 following the Debtor's final distribution to creditors. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 12, 2005 (Bankr. Case No. 3 S 97/05t). Michael Lesigang served as the court-appointed property manager for the bankrupt estate. KORREKT: Court Closes Bankruptcy Case After Final Distribution -------------------------------------------------------------- The Trade Court of Vienna entered an order closing the bankruptcy case of Construction LLC Korrekt (FN 234790f) on May 12 following the Debtor's final distribution to creditors. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 18, 2005 (Bankr. Case No. 3 S 107/05p). Thomas Deschka served as the court-appointed property manager for the bankrupt estate. =========================== C Z E C H R E P U B L I C =========================== SAZKA AS: Aims to Raise More Cash in Exchange Offer --------------------------------------------------- Sazka A.S. plans to increase its offer to exchange existing EUR174 million 7.375% bonds due 2014 for new ones of the same amount maturing in 2021 by at least EUR40 million, Bloomberg News reports. The Company plans to raise at least EUR215 million of new bonds through the sale of more debt. According to Bloomberg, investors have agreed to give the issuer the right to repurchase the existing debt at a discount to the price offered to bondholders taking part in the exchange. Headquartered in Prague, Sazka A.S. -- http://www.sazka.cz/-- is Czech Republic's largest betting and lottery operator. * * * As reported in TCR-Europe on April 28, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on the Czech Republic-based gaming company SAZKA a.s. to 'B' from 'B+'. At the same time, it assigned its 'B' rating to the proposed EUR215 million senior secured bonds, due to refinance the EUR175 million existing ones. The ratings remain on CreditWatch with negative implications, where they were placed on March 13, 2006. ============= D E N M A R K ============= TDC A/S: Terminates American Depositary Receipts Program -------------------------------------------------------- TDC A/S instructed the Bank of New York to stop offering American Depositary Receipts by June 26, following TDC's delisting from the New York Stock Exchange on April 19. TDC A/S and the Bank of New York, as Depositary, have offered ADRs through the Bank of New York's ADR-program since 1994. Each ADR represents one-half of one ordinary share of TDC A/S and ADRs currently issued under the ADR-program represent approximately 0.16% of TDC A/S's share capital. Additionally, the Bank of New York and TDC have agreed to amend the Deposit Agreement with effect after the expiry of a 90-day notice period. The amendment will allow the Bank of New York to sell all remaining deposited shares 30 days after the Deposit Agreement is terminated. Finally, The Bank of New York and TDC has agreed to terminate the Deposit Agreement by Sept. 26. As a result, TDC expects that the ADR-program will be finally terminated by the end of October 2006. Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.com/-- provides communications solutions in Denmark and is the second-largest telecommunications provider on the Swiss market. It has a presence in a number of select markets in Northern and Central Europe due to its shareholdings in major companies. * * * As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. TDC A/S: Distributing DKK862 Million Interim Dividend ----------------------------------------------------- The Board of Directors for TDC A/S authorized an interim dividend distribution. A dividend of DKK4.35 per share of a nominal value of DKK5 will be distributed amounting to a total dividend of DKK862 million, excluding dividend on treasury shares. Payment of dividend will take place on June 29. Dividend will be paid on the basis of the shareholdings registered on the VP accounts as of the end of June 28. Trading made with settlement no later than June 28 will therefore give right to dividend for the buyer. This means, on the basis of normal trading practice as this is understood by TDC, where trades are settled with three days' value, that trades made as of June 26 or later will be executed without dividend. Following the distribution of interim dividend TDC's outlook for net income for 2006 remains unchanged. Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.com/-- provides communications solutions in Denmark and is the second-largest telecommunications provider on the Swiss market. It has a presence in a number of select markets in Northern and Central Europe due to its shareholdings in major companies. * * * As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. TDC A/S: J. Alder to Serve as CEO & H. Dyremose as Chairman ----------------------------------------------------------- Henning Dyremose, President and CEO of TDC, has accepted an offer to become the Company's Chairman of the Board. Jens Alder, who left as President and CEO of Swisscom at the end of January, is expected to become new President and CEO of TDC. SEVP and CFO, Hans Munk Nielsen, will continue on the Executive Committee of TDC. Mr. Alder is expected to take on his new position as of Nov. 1, 2006, when he will no longer have any contractual obligations vis-a-vis Swisscom. The company expects to conclude a final agreement to that effect in the near future. Mr. Dyremose will be elected new Chairman in connection with TDC's Annual General Meeting in March 2007. He will continue as President and CEO until Mr. Alder takes over. After that Mr. Dyremose will as a non-executive director of TDC be at the company's disposal as advisor for Jens Alder until the Annual General Meeting. Mr. Dyremose will receive a retirement bonus in accordance with his current contract as stated in TDC's Annual Report 2005 and as further described in the company's stock exchange release dated Nov. 30, 2005. In addition, he will receive a special bonus of between DKK7.5 million and DKK15 million, depending on the company's financial performance in 2006. In accordance with his current contract, SEVP and CFO Hans Munk Nielsen will receive DKK11.4 million as a consequence of the change of control in the company. Furthermore, SEVP and CFO Hans Munk Nielsen has been granted a Stay-On bonus of up to DKK13.3 million payable no later than July 1, 2008. The company has in addition granted SEVP and CFO Hans Munk Nielsen a bonus of up to DKK4.3 million, depending on the company's financial performance in 2006. NTC plans to implement an incentive program for top managers in TDC, which will also include President and CEO Henning Dyremose as well as SEVP and CFO Hans Munk Nielsen. Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.com/-- provides communications solutions in Denmark and is the second-largest telecommunications provider on the Swiss market. It has a presence in a number of select markets in Northern and Central Europe due to its shareholdings in major companies. * * * As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. =========== F R A N C E =========== EUTELSAT COMMUNICATION: Moody's Rates Credit Facilities at (P)B1 ---------------------------------------------------------------- Moody's Investors Service assigned a (P)B1 rating to Eutelsat Communication S.A.'s new Term Loan and Revolving Credit Facilities, which replace similar facilities at SatBirds Finance, an intermediate holding company and financing vehicle set up in the context of Eutelsat S.A.'s leveraged recapitalization. The ratings for the facility at Satbirds Finance have been withdrawn. Eutelsat Communication's corporate family rating remains at Ba3 and the outlook for all ratings remains positive. Ratings assigned: * Eutelsat Communications S.A. (Eutelsat): -- Term Loan and Revolving Credit Facility due 2013: (P)B1 Ratings withdrawn: * Satbirds Finance: -- Term Loans A due 2012: B1; -- Term Loans B due 2013: B1; and -- Revolving Credit Facility due 2012: B1. The new facilities are made available on improved economic terms and are amongst other things aiming at facilitating a simplification of Eutelsat Communication's group structure to achieve direct ownership of Eutelsat SA by Eutelsat Communications by fiscal year 2007/8. Moody's also notes that the facilities' covenants provide for increased borrowing headroom at 5.5x Net Debt/EBITDA. Similar to the Satbirds Finance facilities the new facilities will be structurally subordinated to bank debt and long-term leases at Eutelsat S.A. (EUR869 million as of Dec. 31, 2005). Eutelsat Communications has only an indirect equity claim over Eutelsat S.A.'s assets and is therefore dependent on the indirect dividend flow from Eutelsat SA to service the rated debt. The ratings continue to acknowledge Eutelsat's strong business position based on its joint market leadership in satellite- distributed video content over Europe, a substantial, mainly video-based contract back-log, one of the industry's youngest satellite fleets and strong distribution partners. A positive outlook reflects potential for upward ratings development in the near-term, which should be achievable following the successful launch of Hot Bird 8 and assuming operating performance remains in line with guidance. It also assumes that the company preserves the de-leveraging achieved with its late 2005 IPO. Pro forma adjusted net debt including performance incentives to EBITDAR as of June 30, 2005 was approximately 4.1x Headquartered in Paris, Eutelsat S.A. is a leading, internationally operating supplier of fixed satellite services. Eutelsat Communications is a holding company, which indirectly owns 95.2% of Eutelsat SA ============= G E R M A N Y ============= CONNECT IN EUROPE: Creditors' Meeting Slated for June 28 -------------------------------------------------------- The court-appointed provisional administrator for Connect in Europe Ltd., Marc Herbert, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:30 p.m. on June 28. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Hall 13 1st Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulbach, Germany The Court will also verify the claims set out in the administrator's report at 1:45 p.m. on Aug. 23 at the same venue. Creditors have until July 26 to register their claims with the court-appointed provisional administrator. The District Court of Saarbruecken opened bankruptcy proceedings against Connect in Europe Ltd. on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Connect in Europe Ltd Urweilerstrasse 36 66640 Namborn, Germany The administrator can be reached at: Marc Herbert Neikesstrasse 3 66111 Saarbruecken, Germany Tel: 0681-375104 Fax: 0681-36513 DEFRA CONSULTING: Claims Registration Ends July 7 ------------------------------------------------- Creditors of DeFra Consulting GmbH have until July 7 to register their claims with court-appointed provisional administrator Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Aug. 9, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 4th Floor Insolvency Court Sievekingplatz 1 20355 Hamburg, 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 Hamburg opened bankruptcy proceedings against DeFra Consulting GmbH on May 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DeFra Consulting GmbH Attn: Frank Eschen, Manager Ladenbeker Furtweg 37 21033 Hamburg, Germany The administrator can be contacted at: Ingmar Jarchow Heuberg 1 20354 Hamburg, Germany Tel: 3501690 Fax: 35016915 DOMA IMMOBILIEN: Claims Registration Ends July 7 ------------------------------------------------ Creditors of DOMA Immobilien-Entwicklungs GmbH have until July 7 to register their claims with court-appointed provisional administrator Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.m. on July 28, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Court Place 1 44135 Dortmund, 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 Dortmund opened bankruptcy proceedings against DOMA Immobilien-Entwicklungs GmbH on May 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DOMA Immobilien-Entwicklungs GmbH Unterste-Wilms-Str. 44 44143 Dortmund, Germany Attn: Dr. Horst Heiermann, Manager Dreihuettenstr. 9 44135 Dortmund, Germany The administrator can be contacted at: Dr. Sebastian Henneke Hansastrasse 61 44137 Dortmund, Germany Tel: 0231-56559921 Fax: 0231-56559922 DVV DEUTSCHE: Claims Registration Ends July 10 ---------------------------------------------- Creditors of DVV Deutsche Vermogensvorsorge GmbH have until July 10 to register their claims with court-appointed provisional administrator Lothar Staab. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Aug. 8, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aschaffenburg Meeting Room 5.103 1st Upper Floor Schlossplatz 5 63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy proceedings against DVV Deutsche Vermogensvorsorge GmbH on May 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DVV Deutsche Vermogensvorsorge GmbH Siemensstr. 23 63768 Hosbach, Germany The administrator can be contacted at: Dr. Lothar Staab Kapuzinerplatz 1 63739 Aschaffenburg, Germany Tel: 06021/386710 Fax: 06021/3867130 HOTEL RESTAURANT: Claims Registration Ends July 8 ------------------------------------------------- Creditors of Hotel Restaurant Gut Funkenhof GmbH & Co. KG have until July 8 to register their claims with court-appointed provisional administrator Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on Aug. 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 Hotel Restaurant Gut Funkenhof GmbH & Co. KG on May 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hotel Restaurant Gut Funkenhof GmbH & Co. KG Altenhellefelder Road 10 59846 Sundern, Germany The administrator can be contacted at: Dr. Axel Kampmann Bronnerstrasse 7 44141 Dortmund, Germany Tel: 0231/5411-0 Fax: 0231/5411-220 KARSTADTQUELLE AG: Shuffles Posts in Mail Order Unit ---------------------------------------------------- Marc Sommer, member of the Management Board of KarstadtQuelle AG with responsibility for the Mail Order segment, disclosed a reorganization of key positions in the Mail Order segment. "This reorganization aims to implement rigorously the impending changes in the Mail Order segment and advance the excellent market knowledge. At its core is economic recovery, reorganization of the brands and a quality campaign in terms of product ranges and services", said Mr. Sommer. Dirk Seifert as Quelle's Co-Managing Director Dirk Seifert will become the new Co-Managing Director of Quelle GmbH from July 1, 2006, thus succeeding Michael Badke, who has left the management. Mr. Seifert will primarily be responsible for purchasing and for the company's product range strategy. Mr. Seifert is currently Chief Operating Officer at ESPRIT. On completion of his business studies degree, he began working in Category Management at Procter&Gamble, where he completed a PhD in "Efficient Consumer Response." The retail expert was then a guest lecturer at the Harvard Business School for a year, where he focused on customer relationship management and supply chain management. In 2002, he joined Metro Cash&Carry where he was later Head of Category Management. He took up his new position at ESPRIT in 2005. Mr. Seifert is a proven product range expert and sales and marketing man with experience in operations across the whole value-added chain. "With Dirk Seifert, we are bringing an excellent retail expert into the company who will join us in shaping the quality campaign and in the restructuring of the Quelle brand, which we have already begun", said Mr. Sommer, who has been acting as sole Managing Director of Quelle GmbH for the past few months. Mr. Seifert will report to Mr. Sommer directly. Hanns Rech to Head Services Group Hanns Rech is also a new addition to the company. The former Chief Executive Officer of LSG Sky Chefs Holding AG, which is owned by Lufthansa, will take over responsibility for the Services group within the Mail Order segment in Germany and abroad as CEO with immediate effect. This includes the areas of Customer Care, Logistics, Fox Markets and Data and Address Management KQIS, with a total of around 6,000 employees. Mr. Rech was employed in management positions at the American Mars Group for nine years before taking over responsibility for international operations at M�ller Milch GmbH in Aretried following a period of employment at Masterfoods in Scandinavia. From 1991 to 1996, he was the Managing Director with sole rights of representation at Tchibo International GmbH, where he was responsible for all international operations of the Tchibo Group and for the creation of seven new national companies. Following two years as Director of Marketing at the Oetker Group in Bielefeld, Mr. Rech then spent three years as General Manager at DHL Worldwide Express Deutschland and as a member of the European Management Board before joining LSG Holding AG as CEO. "Hanns R. Rech's impressive business experience and his broad international background will help us to orientate the Services Group of the Mail Order segment and all its business activities to the market quickly and competitively", said Marc Sommer. Dirk Hess Enters Quelle's Management Dirk Hess, who has been the new Head of Sales at the company since June 6, will become a new member of the management of Quelle GmbH. His task is to bundle and interlink the area distribution paths efficiently in Germany and in Europe. Quelle currently has over 150 Quelle Technik Centers and well over 4,000 Quelle shops. Area sales also include Technical Customer Service and the large number of centralized buyers. Mr. Hess, who is a business graduate, was most recently responsible for over-the-counter sales for the Eastern European book club at DirectGroup Bertelsmann as a member of the management. About KarstadtQuelle Headquartered in Essen, Germany, KarstadtQuelle AG -- http://www.karstadtquelle.com/-- is the country's largest department store and mail order group. It has annual sales of EUR13.5 billion and employs around 90,000. The retailer has been suffering from sluggish consumption and high unemployment rate in Germany. KarstadtQuelle posted an EBITDA of -EUR428 million in 2004. The group is currently restructuring operations by selling off non-core assets and implementing cost- saving measures. The group achieved and exceeded its targets for the 2005 financial year. Group sales, adjusted for the strong impact of the realignment, were EUR15.45 billion, compared to EUR16.14 billion in the previous year, down 4.2 percent. Adjusted EBITDA improved by 5.1 percent to EUR544 million, compared to EUR518 million in the previous year. In 2005, net financial liabilities were reduced by a third to EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion in the previous year. KLEIN KARL: Claims Registration Ends July 10 -------------------------------------------- Creditors of Klein Karl & Hans-Juergen GbR have until July 10 to register their claims with court-appointed provisional administrator Martin Wiedemann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Room 225 Marienring 13 76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy proceedings against Klein Karl & Hans-Juergen GbR on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Klein Karl & Hans-Juergen GbR Attn: Hans-Juergen and Karl Klein, Managers Mettenbacherhof 76855 Annweiler, Germany The administrator can be contacted at: Martin Wiedemann Kanzlei feb Rechtsanwalte 68161 Mannheim, Germany Tel: 0621/16680 KOSTER ALTBAUSANIERUNG: Claims Registration Ends July 7 ------------------------------------------------------- Creditors of Koster Altbausanierung & Glasreinigung KG i.G. have until July 7 to register their claims with court-appointed provisional administrator Dirk Obermueller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 9, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Room W 1.24A 1 Stick William Route 21 53111 Bonn, 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 Bonn opened bankruptcy proceedings against Koster Altbausanierung & Glasreinigung KG i.G. on May 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Koster Altbausanierung & Glasreinigung KG i.G. Roderichstr. 10 53179 Bonn, Germany Attn: Claus Koster, Manager Gretenhof 8 53424 Remagen, Germany Rolf Heinrich Timm, Manager Eckumer Str. 7 50767 Cologne, Germany The administrator can be contacted at: Dirk Obermueller Godesberger Avenue 125-127 53175 Bonn, Germany Tel: 81 000 45 Fax: 81000820 LEUCHTENDE AUGEN: Claims Registration Ends July 7 ------------------------------------------------- Creditors of Leuchtende Augen Produktionen GmbH have until July 7 to register their claims with court-appointed provisional administrator Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Aug. 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 Hamburg Hall B 405 4th Floor Insolvency Court Sievekingplatz 1 20355 Hamburg, 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 Hamburg opened bankruptcy proceedings against Leuchtende Augen Produktionen GmbH on May 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Leuchtende Augen Produktionen GmbH Zitadellenstrasse 10 21079 Hamburg, Germany Attn: Michael Frede, Manager Sudermannstrasse 8 21077 Hamburg, Germany The administrator can be contacted at: Heiko Fialski Raboisen 38 20095 Hamburg, Germany Tel: 33446-0 Fax: 33446-111 MCG MULTICONZEPT: Creditors' Meeting Slated for July 3 ------------------------------------------------------ The court-appointed provisional administrator for MCG Multiconzept 24 GmbH, Ruediger Wienberg, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:05 a.m. on July 3. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II Stick District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Oct. 23 at the same venue. Creditors have until Aug. 28 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against MCG Multiconzept 24 GmbH on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MCG Multiconzept 24 GmbH Ebertystrasse 46 10249 Berlin, Germany The administrator can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin, Germany SCHRODER FUSSBODENTECHNIK: Claims Registration Ends July 7 ---------------------------------------------------------- Creditors of Schroder, Fussbodentechnik und Zimmerei GmbH have until July 7 to register their claims with court-appointed provisional administrator Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Aug. 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 Hamburg Hall B 405 4th Floor Insolvency Court Sievekingplatz 1 20355 Hamburg, 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 Hamburg opened bankruptcy proceedings against Schroder, Fussbodentechnik und Zimmerei GmbH on May 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Schroder, Fussbodentechnik und Zimmerei GmbH Attn: Michaele Aye, Manager Berry Valley Way 116 21077 Hamburg, Germany The administrator can be contacted at: Dirk Decker Speersort 4-6 20095 Hamburg, Germany Tel: 303010 Fax: 30301435 * Moody's Reports on German Life Insurers' Negative Outlook ----------------------------------------------------------- The overall rating outlook for the German life insurance industry remains negative due to ongoing earnings pressure and a series of strategic challenges, says Moody's Investors Service in its latest Industry Outlook on the sector. "In general, the German life insurance industry's financial status has stabilized in recent months thanks to a strong performance on the global equity markets, improvements in risk management coupled with a further de-risking of many companies' balance sheets, as well as a reversal of the downward trend in interest rates in the Eurozone at the end of 2005. This stabilization was reflected in a slowdown in rating downgrades in 2005 in comparison to the more volatile period from 2002 to 2004," says Beatrice Braun, a Moody's Assistant Vice President - Analyst and author of the report. Nonetheless, the operating environment for German life insurers remains difficult in light of a number of strategic challenges. Significantly, the volume of new sales is likely to remain subdued in 2006 continuing the trend witnessed in 2005 on the back of the introduction of a new tax regime, which will further increase the cost pressure on the industry. Moody's also anticipates that the flat yield curve and the prolonged low interest rate environment will continue to suppress earnings, which -- in conjunction with stringent tax laws and policyholder profit-sharing rules -- will hamper the ability of the sector to restore its core profitability and further strengthen its capital base. At the same time, various developments are likely to increase the legal and regulatory burden on the industry. Most significantly, the reform of the insurance contract law could have potentially major consequences and Moody's will monitor any developments in this area very closely. In addition, implementation of the EU Insurance Mediation Directive, designed to increase consumer protection and improve transparency, could notably impact the industry's distribution network. On an international level, the industry will be significantly affected by the implementation of International Financial Reporting Standards as well as the EU's review of prudential supervision. Both of these projects are likely to result in substantial changes to the way in which life insurance business is conducted and lead to better risk management capabilities of the sector. The rating agency says that these new developments should be beneficial in the long term, but cautions that some of the smaller and medium-sized players will be challenged in the short-to-medium term to ensure that these developments are properly understood and incorporated within the required timescale. ============= I R E L A N D ============= QUANTA EUROPE: A.M. Best Lowers Financial Strength Rating to B -------------------------------------------------------------- A.M. Best Co. downgraded the financial strength ratings to B from B++ and the issuer credit ratings to bb from bbb for the insurance/reinsurance subsidiaries of Quanta Capital Holdings Ltd. These rating actions apply to Quanta Reinsurance Ltd., its subsidiaries and Quanta Europe Ltd. A.M. Best also downgraded Quanta's ICR to b from bb and the securities rating to ccc from b+ for its US$75 million 10.25% Series A non-cumulative perpetual preferred shares. All ratings have been removed from under review with negative implications and assigned a negative outlook. Subsequently, all ratings of Quanta will be withdrawn and the FSRs will be assigned a rating of NR-4 in response to management's request that Quanta be removed from A.M. Best's interactive rating process. A.M. Best maintained a conservative view in evaluating the group's run-off given the potential for catastrophe and non- catastrophe related adverse reserve development, exposure to potential 2006 catastrophes due to the risk attaching nature of the remaining reinsurance business and execution risk with regard to dismantling the existing infrastructure. These rating actions follow A.M. Best's previous downgrading of Quanta's ratings on March 2, after Quanta reported a significant fourth-quarter 2005 net loss. The FSRs of B++ and the ICRs of bbb were downgraded to B and bb, respectively, for these insurance/reinsurance subsidiaries of Quanta Capital Holdings Ltd.: -- Quanta Reinsurance Ltd., -- Quanta Europe Ltd., -- Quanta Indemnity Company, -- Quanta Reinsurance U.S. Ltd., -- Quanta Specialty Lines Insurance Company The ICR of bb has been downgraded to b for Quanta Capital Holdings Ltd. These securities' rating has been downgraded: Quanta Capital Holdings Ltd. -- to ccc from b+ on US$75 million 10.25% Series A non- cumulative perpetual preferred shares Subsequently, all the above ratings will be withdrawn. ========= I T A L Y ========= ALITALIA SPA: Receives EC Observations on Antitrust Proceedings --------------------------------------------------------------- The European Commission has sent its observations to Alitalia S.p.A. arising from its investigation in 2000 relating to the SkyTeam alliance and the commercial agreements on which the alliance is based. The same document has been sent to the other alliance partner airlines. The receipt of these observations as such does not prejudice the outcome of the proceedings and has no negative implications regarding the operations and existence of SkyTeam, the participation of its current members or the alliance's future development. Furthermore, the SkyTeam investigation does not concern the bilateral partnership between Alitalia and Air France, which was approved by the European Commission in 2004 as part of separate proceedings. The agreements under investigation by the Commission are those, which enable SkyTeam partners to: -- standardize and improve quality and safety standards; -- provide a global network of 728 destinations in 149 countries; -- improve connectivity, infrastructures and customer services; -- simplify access to air transport; and -- offer frequent flyer programs that are competitive and attractive. While reserving the right to examine the document received from the European Commission more closely, Alitalia has no doubt that this is an important step towards a satisfactory conclusion for SkyTeam, for customers, and more generally for the European air transport sector. With this in mind, Alitalia intends to maintain its transparent and constructive approach towards the European Commission, which the Company has shown during the course of the investigations. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- generates around EUR4.8 billion in annual revenue and employs more than 11,000 people. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked net losses of EUR520 million in 2003; EUR813 million in 2004; and EUR168 million in 2005. FIAT SPA: Chief Executive Refuses to Cut Back Capacity ------------------------------------------------------ Fiat SpA's Chief Executive Sergio Marchionne refused to cut back capacity of its European plants and felt confident that Fiat's market share will continue to be above 30% in Italy, Stephen Power writes for the Wall Street Journal. Mr. Marchionne changed the company's outlook for the European market-share growth to 8% in 2006, but did not provide the company's full-year car sales target. "We've moved Fiat away from the brink of extinction, but the real work has just begun," Mr. Marchionne told WSJ. Fiat's new-car registrations in May rose 55% compared to a year ago. In Europe, new Fiat car registration increased to 22% in the five-month period. WSJ said the automaker's turnaround relied heavily on the sales of its new Grande Punto subcompact model. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * In August 2005, S&P revised its outlook on Fiat to stable from negative. At the same time, it affirmed its 'BB-' long-term and 'B' short-term corporate credit ratings on the group. As reported in the Troubled Company Reporter-Europe on Feb. 10, Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured rating to Stable from Negative. The agency has at the same time affirmed the Senior Unsecured and Short-term 'B' ratings. EUR6 billion of debt is affected by this Rating action. The Outlook change is underpinned by early signs that the restructuring plan is on track, the stabilization of Fiat Auto's market shares in late 2005 and the successful resolution of a number of credit issues. =================== K A Z A K H S T A N =================== AE PETROL: Creditors Must File Claims by July 3 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP AE Petrol insolvent on April 13. Creditors have until July 3 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Region Almatinskaya Str. 35 Pokrovka Almaty Region Kazakhstan Tel: 8 (3332) 26-20-31 AKM-HOLDING: Creditors Must File Claims by June 30 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared LLP AKM-Holding insolvent. Creditors have until June 30 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Region Altynsarina Str. 31 Aktobe, Kazakhstan Tel: 8 (3132) 21-30-32 AKTOBE-LADA: Claims Registration Ends June 30 --------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared JSC Aktobe-Lada insolvent. Creditors have until June 30 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Region Altynsarina Str. 31 Aktobe, Kazakhstan Tel: 8 (3132) 21-30-32 BEL-AGACH NEFTESNAB: Claims Registration Ends June 30 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Bel-Agach Neftesnab insolvent. Creditors have until June 30 to submit written proofs of claim. The Specialized Inter-Regional Economic Court of East Kazakhstan Region can be reached at 8 (3232) 55-02-78. HALYK BANK: Fitch Rates US$300-Mln Eurobond at Long-Term BB+ ------------------------------------------------------------ Fitch Ratings assigned Kazakhstan-based Halyk Bank's US$300 million 7.75% eurobond due May 2013 a final Long-term BB+ rating. Halyk is rated Long-term Foreign Currency IDR BB+ with a Stable Outlook, Local Currency IDR BBB- with a Stable Outlook, Short- term Foreign Currency B, Short-term Local Currency F3, Individual C/D, and Support 3. Halyk is the third largest bank in Kazakhstan holding 12% of the system's assets at end-2005. The bank operates the largest branch network in the country of 546 branches, reflecting its roots as the former state savings bank and also acts as a non- exclusive pension and social security payment and settlement agent. JAIYK-ASFALT: West Kazakhstan Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region commenced bankruptcy proceedings against LLP Joint Venture Jaiyk-Asfalt on April 24. A hearing will take place at: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Seifullina Str. 37 Uralsk, West Kazakhstan Region Kazakhstan KAZAKHSTAN-KURYLYS-SNAB: Creditors' Claims Due June 30 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Astana commenced bankruptcy proceedings against LLP Kazakhstan-Kurylys- Snab. Creditors have until June 30 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Astana Room 211 Tashenova Str. 6/2 Astana, Kazakhstan PERFECT EKSPO: Creditors' Claims Due June 30 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Perfect Ekspo insolvent. Creditors have until June 30 to submit written proofs of claim. The Specialized Inter-Regional Economic Court of East Kazakhstan Region can be reached at 8 (3232) 55-02-78. REMELEKTRODIZEL: Proof of Claim Deadline Slated for June 30 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Remelektrodizel insolvent. Creditors have until June 30 to submit written proofs of claim. The Specialized Inter-Regional Economic Court of East Kazakhstan Region can be reached at 8 (3232) 55-02-78. SHOMIR: Proof of Claim Deadline Slated for June 30 -------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Shomir insolvent. Creditors have until June 30 to submit written proofs of claim. The Specialized Inter-Regional Economic Court of East Kazakhstan Region can be reached at 8 (3232) 55-02-78. TENTEKSKAYA TES: Karaganda Court Starts Bankruptcy Process ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region commenced bankruptcy proceedings against LLP Tentekskaya TES (RNN 301900212005). The Specialized Inter-Regional Economic Court of Karaganda Region can be reached at: Industrialnaya Str. 38 Shahtinsk Karaganda Region Kazakhstan ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Earns EUR243 Million for First Quarter 2006 -------------------------------------------------------------- Koninklijke Ahold has released its unaudited results for the first quarter of 2006. As of March 31, 2006, the retail giant had EUR243 million in net income on EUR14.1 billion on net sales, compared to EUR139 million in net income on EUR12.97 billion of net sales a year ago. Market conditions remained competitive and, particularly in the United States, energy costs continued to impact consumer behaviour. Sales performance Stop & Shop/Giant-Landover Arena -- Net sales in the arena decreased by 0.8% to US$5 billion. Excluding the net sales to BI-LO/Bruno's (US$83 million), net sales increased by 0.9%; -- Identical sales at Stop & Shop decreased by 1.3% (2.2% excluding sales of gasoline). Identical sales at Giant-Landover decreased by 2.5%; -- Comparable sales at Stop & Shop decreased by 0.8% and at Giant-Landover by 2%. Giant-Carlisle/Tops Arena -- Net sales in the arena decreased by 5.6% to US$1.8 billion, primarily due to the divestment of Tops stores in 2005. -- Identical sales at Giant-Carlisle increased by 2.9% (1.5% excluding sales of gasoline). Identical sales at Tops decreased by 6.5% (7.3% excluding sales of gasoline). -- Comparable sales at Giant-Carlisle increased by 5.1% but at Tops decreased by 5.5%. Albert Heijn Arena -- Net sales in the arena increased by 4.8% to EUR2.1 billion; -- Net sales at Albert Heijn increased by 4.6% to EUR1.9 billion; -- Identical sales at Albert Heijn increased by 3%. Central Europe Arena -- Net sales increased by 37.4% to EUR558 million, reflecting a change in the accounting period from three months to 16 weeks (EUR99 million) as well as acquisitions and exchange rate changes. This was partially offset by the divestment of Polish hypermarkets. Identical sales for the arena decreased by 5.6%. Schuitema -- Net sales increased by 1% to EUR951 million. U.S. Foodservice -- Net sales at U.S. Foodservice increased by 3.8% to US$5.8 billion. Net sales were negatively impacted by approximately 1% as a result of the decision to exit the Sofco business in the third quarter of 2005. Inflation had a negligible impact on quarterly comparisons; -- Net sales at U.S. Foodservice Broadline company increased by 3.9% to US$5.1 billion; -- Net sales at North Star Foodservice increased by 3.6% to US$747 million. Unconsolidated Joint Ventures and Associates -- Net sales of the unconsolidated joint ventures and associates increased by 1%. Excluding the impact of currency, net sales increased by 2.3%. A copy of Koninklijke Ahold's first quarter results for 2006 is available free-of-charge at http://researcharchives.com/t/s?be0 About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== R U S S I A =========== ASKIZSKAYA BREAD 18: Bankruptcy Hearing Slated for July 5 --------------------------------------------------------- The Arbitration Court of Khakasiya Republic will convene at 11:00 a.m. on July 5 to hear the bankruptcy supervision procedure on OJSC Askizskaya Bread Depot 18. The case is docketed under Case no. A74-1242/2006. The Temporary Insolvency Manager is: A. Timoshkevich Post User Box 16795 662074 Krasnoyarsk-74 Russia The Debtor can be reached at: OJSC Askizskaya Bread Depot 18 Askiz Khakasiya Republic Russia CONSTRUCTION SERVICE: Court Commences Bankruptcy Supervision ------------------------------------------------------------ The Arbitration Court of Moscow Region has commenced bankruptcy supervision procedure on CJSC Construction Service (TIN 7731124811). The case is docketed under Case no. A40-65804/ 05-124-156b. The Temporary Insolvency Manager is: R. Mochalin Building 2 Trofimova Str. 21 115432 Moscow Russia The Debtor can be reached at: CJSC Construction Service Domodedovskaya Str. 20 115551 Moscow Russia GAZPROM: Inks Gas Supply Deal with Denmark's DONG Energy -------------------------------------------------------- Alexander Medvedev, Deputy Chairman of Gazprom's Management Committee and Kurt Bligaard Pedersen, Executive Vice President of DONG Energy (Denmark) signed the first Contract for Russian gas supply to Denmark on June 16. Under the Contract, gas deliveries to Denmark will start in 2011 and will be implemented by the North European Gas Pipeline. DONG Energy is committed to annually buying within 20 years 1 bcm of gas, with Contract provisions stipulating potential increase in gas supply. The parties also signed a Contract, under which DONG Energy would supply gas to Gazprom Marketing and Trading entering the Gazprom Group of companies. The gas will be marketed within 15 years in the Great Britain starting from 2007. The Langeled gas pipeline, designed to link the Norwegian Ormen Lange gas field with the Great Britain, will pump 600 MMcm/y. "By signing the long-term Contracts with DONG Energy, we are gaining access to a previously unconquered region -- the Danish gas market. On the other hand, Gazprom Marketing and Trading receives the opportunity of diversifying its purchasing portfolio and acquiring, I'd like to emphasize it, also over a long-term the gas extracted in the North Sea," noted Alexander Medvedev. "We are delighted to announce the commencement of long-term cooperation with the world's largest gas supplier. The Contracts inked will enable DONG Energy to continue diversifying prospective gas deliveries to its customers. Apart from gas originating in the Danish and Norwegian sectors of the North Sea, our import portfolio now also includes gas from Russia," underlined Kurt Bligaard Pedersen. About DONG Energy DONG Energy is an energy leader in North Europe. The company is mainly engaged in energy production, distribution, marketing and supply to North European consumers. Over the next few years, DONG Energy plans to list its shares on the Copenhagen Stock Exchange. DONG Energy has ownership interests in the Ormen Lange field and Langeled pipeline, which is anticipated to be operational in 2007. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. INTERNATIONAL MOSCOW: S&P Puts Credit Ratings on Watch Positive --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB' long-term and 'B' short-term counterparty credit ratings on Russia-based International Moscow Bank on CreditWatch with positive implications. The rating action follows the announcement on June 20, that the Italian bank UniCredito Italiano SpA, through its subsidiary Bayerische Hypo- und Vereinsbank AG (HVB), has reached an agreement with Finland-based Nordea Bank Finland PLC to acquire its 26.4% stake in IMB. This acquisition will increase HVB's overall shareholding in IMB to 79% from 53%. The transaction is subject to regulatory approvals from the relevant authorities, and will be completed in the third quarter of 2006. "The ratings on IMB are likely to be raised by a maximum of two notches if the transaction is approved and completed," said Standard & Poor's credit analyst Eugene Tarzimanov. The extent of the rating change will depend on the level of financial and operational support given to IMB by UniCredito, and on the maintenance of its conservative risk profile in view of the still-high-risk Russian banking market. "We expect IMB to take an increasingly important position within the group," he added. The ratings on IMB remain constrained by the bank's marginal, although improving, capitalization level; operational risks related to the bank's network reorganization; large single-party concentration in funding; and the risky operating environment in Russia. These negative factors are mitigated by parental support to IMB from HVB; its strong position in the large Russian corporate finance market; relatively well-developed risk-management systems; ample liquidity; and good levels of profitability. INZENSKAYA FURNITURE: Court Starts Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Ulyanovsk Region has commenced bankruptcy supervision procedure on OJSC Inzenskaya Furniture Factory. The case is docketed under Case no. A72-12732/ 05-19/137-B. The Temporary Insolvency Manager: Mr. N. Korchagin Office 37 Krymova Str. 12432071 Ulyanovsk Region The Debtor can be reached at: OJSC Inzenskaya Furniture Factory Inza Ulyanovsk Region Russia JOINT TIMBER: Court Starts Bankruptcy Supervision ------------------------------------------------- The Arbitration Court of Vologda Region will convene on July 20at 10:00 a.m. to hear the bankruptcy supervision procedure on CJSC Joint Timber Enterprise. The case is docketed under Case No. A13-16199/2005-25. The Temporary Insolvency Manager is: S. Chelpanov Section 7 Novgorodskiy Pr. 87 163000 Arkhangelsk Russia The Debtor can be reached at: CJSC Joint Timber Enterprise Struzhkina Str. 35 Babaevo Vologda Region Russia KUZNETSKIY BRICKWORKS: Court Names A. Dogadin to Manage Assets -------------------------------------------------------------- The Arbitration Court of Penza Region appointed Mr. A. Dogadin as insolvency manager for OJSC Kuznetskiy Brickworks. He can be reached at: A. Dogadin Lunacharskogo Str. 53 440061 Penza Tel: (841-2)64-19-73 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-994/2006-102B/26. The Debtor can be reached at: OJSC Kuznetskiy Brickworks Kirpichnyj Per. 1 Kuznetsk Penza Region Russia NORTH-WEST: Fitch Keeps International Default Rating at B+ ---------------------------------------------------------- Fitch Ratings assigned OAO North-West Telecom a National Senior Unsecured rating of A with a Stable Outlook. NWT's existing international Issuer Default rating is B+ with a Stable Outlook and its Short-term is B. Fitch has also assigned A ratings to two NWT's existing bonds: Issue Two RUB1.5 billion bond with a maturity in October 2007 and Issue Three RUB3 billion bond with a maturity in Feb 2011. The ratings reflect Fitch's expectation that NWT is well placed to maintain its dominant market position as a regional incumbent telecom operator. The company controls approximately 94% residential fixed lines and around 55% of the corporate segment in northwest Russia. Fitch's rating for NWT takes into account the fact that it is only moderately leveraged as evidenced by its net debt/EBITDA ratio of 1.7x and net debt/funds from operations of 2.4x at end-2004. NOVOUSENSKAYA POULTRY: Bankruptcy Hearing Slated for July 20 ------------------------------------------------------------ The Arbitration Court of Saratov Region will convene at 2:40 p.m. on July 20 to hear the bankruptcy supervision procedure on OJSC Novousenskaya Poultry Farm at: The Arbitration Court of Saratov Region Department 31 Babushkion Vvoz Str. 1 Saratov Region Russia The case is docketed under Case no. A57-706B/05-31. The Temporary Insolvency Manager is: Mr. V. Laptev Chapaeva Str. 119 410006 Saratov Region Russia The Debtor can be reached at: OJSC Novousenskaya Poultry Farm Novouzensk 410340 Saratov Region Russia OREL-INZH-SEL-STROY: Court Names I. Maslov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Orel Region appointed Mr. I. Maslov as insolvency manager for OJSC Orel-Inzh-Sel-Story. He can be reached at: I. Maslov 8th Floor Leskova Str. 19A 302027 Orel Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case no. A48-5351/05-17b. The Debtor can be reached at: OJSC Orel-Inzh-Sel-Stroy Aviatsionnaya Str. 14 302000 Orel Russia SEVERSTAL: Arcelor Board to Decide on Mittal Deal by June 25 ------------------------------------------------------------ The Board of Directors for Arcelor SA met on June 21 to consider the improvements to the OAO Severstal merger transaction proposed by Severstal's Chairman and largest shareholder Alexei Mordashov. All directors were present or represented at the meeting. The Board also received a status report concerning ongoing discussions between Mittal Steel and Arcelor. The Arcelor Board decided to postpone to June 28 the deadline for shareholders to block shares and file proxies in connection with their participation in person or by authorized representative at the shareholders' meeting of June 30, 2006. The Board unanimously decided to meet again at 10:00 a.m. CET on Sunday, June 25, in order to take a decision regarding the latest proposals from Mittal Steel and Mr. Mordashov. Mittal's offer expires on July 5. About Arcelor Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A. http://www.arcelor.com/-- is the number one steel company in the world with EUR32.6 billion in turnover in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labor relations and social responsibility. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of approximately EUR150 per ton. As at March 1, 2004, 82.75% of Severstal's share capital was controlled directly or indirectly by Alexey Mordashov, Chairman of Severstals Board of Directors. Institutional investors held around 6.5% of Severstals shares while management and employees held the remaining 10.75%. As of Dec. 31, 2005, Severstal had US$10.75 billion in total assets, US$3.66 billion in total liabilities and US$7.09 billion in total shareholders' equity. * * * As reported in the TCR-Europe on May 30, Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Russia-based integrated steel maker OAO Severstal on CreditWatch with positive implications, following the announcement of an agreed merger with Luxembourg steelmaker Arcelor S.A. Moody's Investors Service also placed the corporate family rating of B1 and the senior unsecured rating of B2 of Severstal on review for possible upgrade following the intention of Severstal's majority owner to merge Severstal and its mining assets with Arcelor. On Feb. 13, Moody's has changed the outlook of Severstal's ratings from stable to positive, following the company's announcement of the acquisition of a majority interest in mining assets currently held by affiliated parties outside the borrowing group. Fitch Ratings also placed OAO Severstal's ratings of Issuer Default BB-, Senior Unsecured BB-, Short-term B and National Long-term A+ on Rating Watch Positive, following Severstal's agreement to merge with Arcelor. SEVERSTAL: French Market Regulator Suspends Arcelor Shares ---------------------------------------------------------- Autorite des Marches Financiers, the French market regulator, has suspended Arcelor S.A.'s shares from trading at the Paris Stock Exchange pending a decision from the Company's board on the offers made by OAO Severstal and Mittal Steel, The Associated Press says. The shares were also suspended in Spain, Luxembourg, and Belgium. AMF wants to clarify the status of the talks between Arcelor and bidders Severstal and Mittal. The suspension came after Alexei Mordashov, Severstal's majority owner, sweetened his offer by reducing his resulting stake from 32% to 25% in the Arcelor-Severstal merger. Arcelor's board will meet on June 25 to decide on Mr. Mordashov's revised offer as well as Mittal's. Arcelor's shareholders will meet on June 30 to vote on the pre-signed Arcelor-Severstal deal. "Discussions are still open with Severstal and Mittal," Emmanuel Soupre, a fund manager at Neuflize Gestion, told Bloomberg News. "It is too early to know what solution could be proposed by the management of Arcelor. Things are still evolving," he said. About Arcelor Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A. http://www.arcelor.com/-- is the number one steel company in the world with EUR32.6 billion in turnover in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labor relations and social responsibility. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of approximately EUR150 per ton. As at March 1, 2004, 82.75% of Severstal's share capital was controlled directly or indirectly by Alexey Mordashov, Chairman of Severstals Board of Directors. Institutional investors held around 6.5% of Severstals shares while management and employees held the remaining 10.75%. As of Dec. 31, 2005, Severstal had US$10.75 billion in total assets, US$3.66 billion in total liabilities and US$7.09 billion in total shareholders' equity. * * * As reported in the TCR-Europe on May 30, Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Russia-based integrated steel maker OAO Severstal on CreditWatch with positive implications, following the announcement of an agreed merger with Luxembourg steelmaker Arcelor S.A. Moody's Investors Service also placed the corporate family rating of B1 and the senior unsecured rating of B2 of Severstal on review for possible upgrade following the intention of Severstal's majority owner to merge Severstal and its mining assets with Arcelor. On Feb. 13, Moody's has changed the outlook of Severstal's ratings from stable to positive, following the company's announcement of the acquisition of a majority interest in mining assets currently held by affiliated parties outside the borrowing group. Fitch Ratings also placed OAO Severstal's ratings of Issuer Default BB-, Senior Unsecured BB-, Short-term B and National Long-term A+ on Rating Watch Positive, following Severstal's agreement to merge with Arcelor. SOTSGORBANK: S&P Assigns CCC/C Counterparty Credit Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC/C' counterparty credit ratings to Russia-based Sotsgorbank. At the same time, Standard & Poor's assigned its 'ruBB-' Russia national scale rating to the bank. The outlook is positive. "The ratings on Sotsgorbank reflect its limited commercial franchise, its high concentrations in lending, and constrained financial flexibility. The bank does, however, benefit from adequate recurring earnings and capital, and a stable ownership and management structure," said Standard & Poor's credit analyst Eugene Tarzimanov. With total assets of US$140 million at Dec. 31, 2005, Sotsgorbank is a small bank headquartered in Moscow. Its commercial franchise is limited and contained within Moscow and the Moscow region. Core clientele includes small and midsize Russian companies involved in trade and real estate. The bank is majority owned by a stable team of senior managers, which have been with the bank since 1995. "The positive outlook reflects Standard & Poor's expectation that SOTSGORBANK will improve its commercial profile by addressing its credit concentrations and reducing its exposure to the real-estate sector," added Mr. Tarzimanov. The bank's focus on retail and small and midsize enterprise lending should improve margins and provide a flow of recurrent revenues in the future. An upgrade might follow if SOTSGORBANK builds a larger and more diversified customer base while maintaining an adequate level of the capitalization, and improves its funding profile. A negative rating action might result if capitalization level erodes, lending concentrations worsen, or the quality of the loan portfolio and earnings structure deteriorates. SUKHINICHI-AGRO-PROM-KHIMIYA: G. Perov to Manage Assets ------------------------------------------------------- The Arbitration Court of Kaluga Region appointed Mr. G. Perov as insolvency manager for OJSC Sukhinichi-Agro-Prom-Khimiya. He can be reached: G. Perov Tyavkina Str. 50 Sukhinichi 249270 Kaluga Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A23-6277/05B-10-128. The Debtor can be reached at: OJSC Sukhinichi-Agro-Prom-Khimiya Tyavkina Str. 50 Sukhinichi 249270 Kaluga Region Russia USTYANSKOYE: Court Begins Bankruptcy Supervision ------------------------------------------------ The Arbitration Court of Krasnoyarsk Region has commenced bankruptcy supervision procedure on CJSC Ustyanskoye. The case is docketed under Case no. A33-4572/2006. The Temporary Insolvency Manager is: A. Shevtsov Post User Box 78 Berzovka 662520 Krasnoyarsk Region Russia The Debtor can be reached at: CJSC Ustyanskoye Ustyansk Abanskiy Region Krasnoyarsk Region Russia ZIANCHURA-MILK: Court Appoints G. Yaparov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed Mr. G. Yaparov as insolvency manager for OJSC Zianchura-Milk (TIN 0222005144). He can be reached at: G. Yaparov Tramvaynaya Str. 4B Ufa-27 450027 Bashkortostan Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-37554/05-G-ADM. The Debtor can be reached at: OJSC Zianchura-Milk Khabibullina Str. 38. Isyangulovo Zianchurinskiy Region Bashkortostan Republic Russia =========== S W E D E N =========== CONCORDIA BUS: To Publish First Quarter Results by June 27 ---------------------------------------------------------- Concordia Bus AB will release its first quarter FY2006-2007 results on June 27. Quarterly report and presentation will be available to download from http://www.concordiabus.com/after 12:00 noon (U.K. time) on June 27. About Concordia Bus Headquartered in Stockholm, Sweden, Concordia Bus AB -- http://www.concordiabus.com/-- is the largest private bus transportation company in the Nordic region with revenues for the six months period ended Aug. 31, 2005, of SEK2.3 billion. * * * As reported in the TCR-Europe on Feb. 15, Moody's Investors Service has upgraded the corporate family rating of Concordia Bus AB to B3 from Caa3. Concurrently the rating on the EUR130 million senior secured notes issued by Concordia Bus Nordic AB was upgraded to B3 from Caa1 and the rating on the EUR160 million senior subordinated notes issued by Concordia Bus was withdrawn. The ratings upgrade reflects Moody's view that the restructuring has substantially strengthened the company's financial position and that the current interest cost burden (estimated to be c. SEK170 million per annum) should be sustainable over the near term given the expected performance of the company. Ratings upgraded: -- Concordia Bus AB's corporate family rating has been upgraded to B3 (from Caa3); -- The rating on the EUR130 million 9.125% secured notes due 2009 issued by Concordia Bus Nordic AB has been upgraded to B3 from Caa1. Moody's said the outlook for all ratings is stable. ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: To Expand Long-Haul Fleet Next Winter ---------------------------------------------------------- SWISS International Air Lines will expand its long-haul fleet by two Airbus A330-200 aircraft as of the next winter timetable. Configured for 42 business class and 187 economy class seats, these aircraft will replace leased-in equipment on East and West Africa routes and also be used for timetable improvement on intercontinental routes. In pushing ahead with its commitment to growth, SWISS will add two Airbus A330-200 to its long-haul fleet. The two new aircraft are to be integrated into SWISS flight operations as of the end of this year. Lufthansa supports this fleet expansion. With the restructuring program that was introduced last year now largely completed and negotiations with most employee groups either concluded or at an advanced stage, the Management Board and the Board of Directors have given the green light for fleet expansion. Factors supporting this decision are the high seat load factor for the current long-haul route network and strong demand for as many daily services as possible. "SWISS wants to grow step by step. By adding these two long- haul aircraft, SWISS is strengthening the quality of its route network. They are also highly compatible with our existing fleet," commented SWISS CEO Christoph Franz. "We have taken advantage of the opportunity to expand our long- haul fleet even though our restructuring program, which aims to bring about a permanent improvement in our cost structure, is not yet complete. Significant milestones have already been achieved, and we will continue resolutely in the same direction. The integration of these two aircraft will generate about 150 jobs for flying personnel alone. This will help us to realise our plans to boost productivity on the part of our Airbus pilots without having to shed jobs. And towards the end of the summer we can, for the first time, start recruiting new flight attendants." SWISS will take delivery of the first Airbus A330-200 in mid- November. It will be put into service on flights to Malabo/Douala/Yaounde and Nairobi/Dar es Salaam. The second aircraft will arrive in December and add capacity on existing routes. Flights LX16/15 from Zurich to New York JFK and LX64/65 from Zurich to Miami will then operate daily. Zurich-Riyadh-Jeddah will increase from three to four weekly frequencies, Zurich-Nairobi-Dar es Salaam from four to five weekly frequencies and Zurich-Sao Paulo-Santiago de Chile from five to six weekly frequencies. Both Airbus A330-200 aircraft were previously in service at Lufthansa. They have a 229-seat, two-class configuration with 42 business class and 187 economy class seats, with a cabin interior practically identical with that of the existing SWISS Airbus A330s. Their addition brings the SWISS long-haul fleet to 21 aircraft, consisting of nine A340-300 and eleven A330-200 aircraft, plus the leased-in Boeing Business Jet (BBJ) in service on the Zurich-Newark route. About Swiss International Headquartered in Bazel, Switzerland, Swiss International Air Lines -- http://www.swiss.com/-- rose from the ashes of predecessor Swissair, to become the country's new flag carrier. Swiss operates short-haul flights to nearly 75 destinations in Europe, North Africa, and the Middle East. The carrier also operates 37 medium- and long-haul flights. As of Dec. 31, 2005, Swiss International had CHF2.818 billion in total assets, CHF2.11 billion in total liabilities and CHF708 million in total equity. As of Dec. 31, 2005, the carrier had CHF970 million in current assets and CHF1.118 billion in current liabilities. ============= U K R A I N E ============= AGROTEPLOTEHNIKA: Court Names Varvara Majsa to Manage Assets ------------------------------------------------------------ The Economic Court of Rivne Region appointed Varvara Majsa as Liquidator/Insolvency Manager for Agroteplotehnika (code EDRPOU 24171829. The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 24. The case is docketed under Case No. 4/8. The Economic Court of Rivne Region is located at: Yavornitski Str. 59 33001 Rivne Ukraine The Debtor can be reached at: Agroteplotehnika 33000 Rivne Ukraine BAHMACHKONSERVMOLOKO: Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Chernigiv Region commenced bankruptcy supervision procedure on CJSC Bahmachkonservmoloko (code EDRPOU 00418188) on April 27. The case is docketed under Case No. 9/134-b. The Temporary Insolvency Manager is: O. Barbarov Polubotok Str. 18 14000 Chernigiv Region Ukraine The Economic Court of Chernigiv Region is located at: Miru Avenue 20 14000 Chernigiv Region Ukraine The Debtor can be reached at: CJSC Bahmachkonservmoloko Peremogi Str. 13 Bahmach 16500 Chernigiv Region Ukraine BEZPEKA: Court Names Oleksandr Dyomin as Liquidator --------------------------------------------------- The Economic Court of Donetsk Region appointed Oleksandr Dyomin as Liquidator/Insolvency Manager for LLC Bezpeka (code EDRPOU 31492586). He can be reached at: Oleksandr Dyomin Politbijtsiv Str. 16/59 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 20. The case is docketed under Case No. 27/153 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Bezpeka 50-richya SRSR Str. 144/5 Donetsk Region Ukraine IRONA: Court Names S. Yavorskij to Liquidate Assets --------------------------------------------------- The Economic Court of Zhitomir Region appointed Mr. S. Yavorskij appointed as Liquidator/Insolvency Manager for LLC IRONA (code EDRPOU 31945095) The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 7. The case is docketed under Case No. 3/97-B. The Economic Court of Zhitomir Region is located at: Putyatinski square, 3/65 10002 Zhitomir Region Ukraine The Debtor can be reached at: LLC Irona Vatutin Str. 172 10001 Zhitomir Region Ukraine KOMEKS-BROK: Court Names Mr. S. Yavorskij Insolvency Manager ------------------------------------------------------------ The Economic Court of Kyiv Region appointed Mr. S. Yavorskij as Liquidator/Insolvency Manager for LLC KOMEKS-BROK (code EDRPOU 14297653) The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 7. The case is docketed under Case No. 44/376-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Komeks-Brok Industrialna Str. 27 03056 Kyiv Region Ukraine KRAMATORSK COLD: Court Names Oleg Kozhuhov as Liquidator -------------------------------------------------------- The Economic Court of Donetsk Region appointed Oleg Kozhuhov as Liquidator/Insolvency Manager for OJSC Kramatorsk Cold Combine (code EDRPOU 01550903). He can be reached at: Oleg Kozhuhov 50-richya SRSR Str. 144/42 83055 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 12. The case is docketed under Case No. 5/99 b. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Kramatorsk Cold Combine Sherbakov Str. 2 Kramatorsk 84333 Donetsk Region Ukraine MARSH: Kyiv Court Commences Bankruptcy Supervision -------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Marsh (code EDRPOU 31841172) on March 28. The case is docketed under Case No. 43/230. The Temporary Insolvency Manager is: Roman Sapelin Kiyivska Str. 168/128 Obuhiv Kyiv Region Ukraine The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Marsh 04112 Kyiv Region Oranzherejna Str. 3 Ukraine RUZHIN' MILK: Court Names V. SemenchU.K. as Liquidator ---------------------------------------------------- The Economic Court of Zhitomir Region appointed Mr. V. SemenchU.K. as Liquidator/Insolvency Manager for Production Association Ruzhin' Milk Enterprise (code EDRPOU 30379672). He can be reached at: V. SemenchU.K. Lenin Str. 68 Ruzhin 13600 Zhitomir Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 4/56 B. The Debtor can be reached at: Production Association Ruzhin' Milk Enterprise Lenin Str. 68 Ruzhin 13600 Zhitomir Region Ukraine SOZAP: Court Names T. Kushnir to Liquidate Assets ------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. T. Kushnir as Liquidator/Insolvency Manager for LLC Sozap (code EDRPOU 24216153). He can be reached at: T. Kushnir Pravdi Avenue 96/17 04208 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 12. The case is docketed under Case No. 93/11 b-06. The Economic Court of Kyiv Region is located at: Komintern Str. 165 01032 Kyiv Region Ukraine The Debtor can be reached at: LLC Sozap Zhovtneva Str. 3 Uzin Bila Tserkva District Kyiv Region Ukraine TOLDI: Court Appoints V. Melnikov to Manage Insolvency Assets ------------------------------------------------------------- The Economic Court of Odessa Region appointed Mr. V. Melnikov as Liquidator/Insolvency Manager for LLC Toldi (code EDRPOU 21022365). He can be reached at: V. Melnikov Zooparkova Str. 7-a/3 68001 Odessa Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 13. The case is docketed under Case No. 2/101-06-3532. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Toldi Zooparkova Str. 7-a/3 68001 Odessa Region Ukraine =========================== U N I T E D K I N G D O M =========================== 52 LARK: Creditors Pass Winding Up Resolution --------------------------------------------- Creditors of 52 Lark Lane Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 5. Colin Burke of Milner Boardman & Partners was appointed Liquidator. The company can be reached at: 52 Lark Lane Limited Lark Lanee Liverpool Merseyside L17 8UU United Kingdom Tel: 0151 726 707 Web: http://www.larklane.com/ 995 LTD: Financial Woes Trigger Liquidation ------------------------------------------- 995 Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Graham Randall and Mark Roach of BDO Stoy Hayward LLP were appointed Joint Liquidators. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. The company can be reached at: 995 Limited Brunel House 995 Gorseinon Road Penllergaer Swansea SA4 9RU United Kingdom Tel: 0845 130 2440 ABSOLUTE CUSTOMER: Creditors' Meeting Slated for June 30 -------------------------------------------------------- Creditors of Absolute Customer Management Ltd. (Company Number 04145947) will meet at 11:00 a.m. on June 30 at: Devonshire House 1 Devonshire Street London W1W 5DR 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 12:00 noon on June 29 at: Mark Richard Phillips and Murzban Khurshed Mehta Joint Administrators Citroen Wells Devonshire House 1 Devonshire Street London W1W 5DR United Kingdom Tel: +44 (0) 20 7304 2000 Fax: +44 (0) 20 7304 2020 Citroen Wells -- http://www.citroenwells.co.uk/-- provides accountancy and tax services to businesses and personal clients. ACCIDENT CLAIMS: Taps David Wald to Liquidate Assets ---------------------------------------------------- David Wald, of D. Wald & Co., was appointed Liquidator of Accident Claims Solutions Limited after creditors decided to wind up the company on April 5. The company can be reached at: Accident Claims Solutions Ltd. 1st Floor 2-4 Canning Road Middlesex Harrow HA3 7JS United Kingdom Tel: 0800 3289895 BRITISH AIRWAYS: DOJ & OFT Probes Alleged Cartel Activity --------------------------------------------------------- The Office of Fair Trading and the United States Department of Justice are investigating alleged cartel activity involving British Airways and other airlines in relation to pricing passenger air transportation, including fuel surcharges. British Airways is assisting the OFT and DOJ with their investigations as the company's policy is to conduct business in compliance with all applicable competition laws. Commercial Director Martin George and Head of Communications Iain Burns were given leave of absence during the investigation. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the U.K.'s largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. BUSHMAN LTD: Creditors Resolve to Liquidation --------------------------------------------- Creditors of Kids Kabin Nurseries Limited resolved to liquidate the company's assets during an extraordinary general meeting on April 4. Graham Geoffrey King of Kings was appointed Liquidator. The company can be reached at: Bushman Limited 10-12 East Parade Leeds LS1 2AJ United Kingdom Tel: 020 7722 8338 CARL BATEMAN: Claims Filing Period Ends July 5 ---------------------------------------------- Creditors of Carl Bateman (Developments) Limited approved a resolution to wind up the company on April 5. Appointed Joint Liquidators, Gordon Craig and Paul Hennessy, of Cresswell Associates, require 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 5. The company can be reached at: Carl Bateman (Developments) Limited BCR House Unit 3 Bredbury Park Cheshire SK6 2SN United Kingdom Tel: 0161 374 5268 COINBEACH LTD: Names Anthony Peter Jackson Liquidator ----------------------------------------------------- Coinbeach Limited is liquidating its assets after creditors agreed to wind up the company on March 29. Anthony Peter Jackson, of Jackson Gregory & Co, was appointed Liquidator. The company can be reached at: Coinbeach Limited Kitling Road Knowsley Business Park Prescot Merseyside L34 9JA United Kingdom Tel: 0151 546 2727 CONVEYOR ACCESSORIES: Calverton Appoints Kay Johnson as Receiver ---------------------------------------------------------------- Calverton Factors Limited appointed Jonathan Elman Avery-Gee of Kay Johnson Gee administrative receiver of Conveyor Accessories Supplies Limited (Company Number 03829362) on June 12. The administrative receiver can be reached at: Kay Johnson Gee Griffin Court 201 Chapel Street Salford Manchester M3 5EQ Tel: 0161 832 6221 Fax: 0161 834 8479 E-mail: traceyshanley@kayjohnsongee.com Headquartered in Northampton, Conveyor Accessories Supplies Limited manufactures conveyor accessories. FOODSERVICE SOLUTIONS: HSBC Appoints P&A as Joint Receivers ----------------------------------------------------------- HSBC Bank PLC appointed Christopher Michael White and John Russell of The P&A Partnership on June 2 as joint administrative receivers of: -- The Foodservice Solutions Group Limited (Company Number 03603623) -- Catering Connections Limited (Company Number 02893550) -- Caterserv Limited (Company Number 03603765) -- Fabrications Incorporated Limited (Company Number 03189446) -- Bakers Pride Europe Limited (Company Number 02543072) -- Bourgeois U.K. Limited (Company Number 03603776) The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. HGI REALISATIONS: Taps Harrisons to Administer Assets ----------------------------------------------------- P.R. Boyle of Harrisons was appointed administrator of HGI Realisations 2006 Ltd. (formerly The Henley Group International Ltd)(Company Number 01907975) on May 25. Harrisons -- http://www.harrisons.uk.com/-- provide advice and solutions to professional advisors who found their clients experiencing financial difficulties. Headquartered in London, HGI Realisations 2006 Ltd. is engaged in public relations services. J. PICKLES: Appoints Wilson Pitts as Joint Administrators --------------------------------------------------------- D.F. Wilson and J.N.R. Pitts of Wilson Pitts were appointed joint administrators of J. Pickles (Harrogate) Limited (Company Number 00655956) on May 24. The administrators can be reached at: Wilson Pitts Glendevon House Hawthorn Park Coal Road Leeds West Yorkshire LS14 1PQ United Kingdom Tel: 0113 237 5560 Fax: 0113 237 5561 Headquartered in Knaresborough, United Kingdom, J. Pickles (Harrogate) Limited manufactures cosmetics and toiletries. JEC DEVELOPMENTS: Names Gerard Keith Rooney as Administrator ------------------------------------------------------------ Gerard Keith Rooney of Rooney Associates was appointed administrator of JEC Developments Limited (Company Number 4200911) on May 31. The administrator can be reached at: Rooney Associates 2nd Floor 19 Castle Street Liverpool L2 4SX United Kingdom Tel: 0151 236 9999 Fax: 0151 236 9777 Web: http://www.rooney.co.uk/ E-mail: mail@rooney.co.uk JEC Developments Limited can be contacted at: 298A Kensington Liverpool L7 2RN United Kingdom Tel: 0151 263 8764 MILLER BROTHERS: Brings In BDO Stoy as Administrators ----------------------------------------------------- Dermot Justin Power and Toby Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Miller Brothers Group Limited (Company Number 4192780) and Miller Brothers (Electrical) Limited (Company Number 276203) on May 26. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Miller Brothers Group Limited retails and supplies electrical appliances. NOVAE HOLDINGS: A.M. Best Affirms US$11 Million Notes at bb ----------------------------------------------------------- A.M. Best Co. assigned an issuer credit rating of bbb- to Novae Group PLC, the new ultimate non-operating holding company of Novae Syndicates Limited and Novae Insurance Company Limited. At the same time, A.M. Best upgraded the debt rating to bbb- from bb+ on the GBP50 million convertible bonds that have become obligations of NG. Additionally, A.M. Best affirmed the ICR of bb+ on Novae Holdings PLC, the debt ratings of bb+ on the US$15 million and US$10 million floating notes and bb on the US$11 million subordinated floating notes, all due in 2034 and issued by NH. The ratings on the syndicates managed by NSL remained unchanged. The outlook for all these ratings is stable. The rating of NG reflects its established source of earnings from the group's existing Lloyd's syndicates, in addition to anticipated earnings from NICL, the group's newly established FSA-regulated company. New capital raised to support NICL will be segregated from existing capital supporting the group's Lloyd's business. The upgrade in the GBP50 million convertible bonds reflects the transfer of this obligation from NH to NG. QUALITY ELECTRICAL: Taps BDO Stoy to Administer Assets ------------------------------------------------------ Dermot Justin Power and Toby Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Quality Electrical Direct Limited (Company Number 3650721) on May 26. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Headquartered in Doncaster, United Kingdom, Quality Electrical Direct Limited retails electrical appliances. RANKARE LIMITED: K.B.C. Bank Appoints BN Jackson as Receiver ------------------------------------------------------------ K.B.C. Bank NV appointed Michael Colin Sanders of BN Jackson Norton administrative receiver of Rankare Limited (Company Number 3147498) on June 5. The administrative receiver can be contacted at: B.N Jackson Norton 1 Gray's Inn Square Gray's Inn London WC1R 5AA United Kingdom Tel: 020 7405 3000 Previously known as Selena Nursing Home, Rankare Limited can be reached at: 31 Horn Lane London W3 9NJ United Kingdom REFER2US LIMITED: Appoints Neil Chesterton as Administrator ----------------------------------------------------------- Neil Chesterton of The MacDonald Partnership was appointed administrator of Refer2us Limited (Company Number 4511748) on May 31. The MacDonald Partnership (TMP) -- http://www.tmp.co.uk/-- is a multi-disciplined firm specializing in business turnarounds of financially distressed businesses. Headquartered in Newton Abbot, United Kingdom, Refer2Us Ltd. offers nurse contract services. THREE COUNTIES: Claims Registration Ends June 30 ------------------------------------------------ Creditors of Three Counties Windows Limited 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, John Gorman, of Hazlewoods LLP. The company can be reached at: Three Counties Windows Limited Pichells Place Walls Hills Farm Hereford Road Ledbury, HR8 2PR United Kingdom Tel: 01531 633558 WILD IVY: Hires Liquidator from S G Banister & Co. -------------------------------------------------- Tim Alexander Clunie, of S G Banister & Co., was appointed Liquidator after creditors passed a resolution to wind up the company on March 31. The company can be reached at Wild Ivy Floral Styling Limited Cambridge Court 210 Shepherds Bush Road London W6 7NJ United Kingdom Tel: 020 7371 9096 WOOLWORTHS GROUP: Sales Drop 6.7% Due to Trading Difficulty ----------------------------------------------------------- Woolworths Group plc revealed a decrease in total sales for the current fiscal year. The retailer reports that Total Group sales from the combined retail and entertainment wholesale and publishing businesses for the 19-weeks ended June 10, 2006, have decreased 0.4 percent. "Trading in the retail part of the business has remained difficult," Company chairman Gerald Corbett said. "Woolworths' like-for-like sales were down by 6.7 percent. Of this decline, 0.5 percent is due to 54 stores having been closed for periods during the 19 weeks to enable their 10/10 refit. The sales performance post refit has been encouraging, with the uplift exceeding that achieved in prior years. A similar number of stores will be refitted over the remainder of the year." At a category level, performance has been very mixed. At one end of the performance spectrum have been the Entertainment categories. Here a weak market in tandem with competitive pressure has been the most significant factors impacting like- for-like sales performance. At the other end of the spectrum have been the outdoor living and outdoor toy categories, which have posted good year-on-year increases, supported by our much strengthened multi-channel capability. Sales of Easter Eggs produced a positive result despite the difficult market. Tighter buying, with the emphasis on everyday low prices and products exclusive to Woolworths, led to a higher sell through of Eggs and improved cash margin generation. "During the 19-week period we have continued to implement changes to evolve toward a more efficient supply chain for Woolworths," Mr. Corbett continued. "This improved supply chain will allow us to reduce overall stock levels and drive up margins through more effective deployment of stock. We are beginning to see the results of the activity in this area. Woolworths stocks are currently some GBP15 million below the prior year levels. To achieve part of this reduction we have been clearing stock from the stores and, as a result, gross margins for the year to date are below the prior year. This is expected to recover in the second half and we are anticipating a full year improvement in gross margin of 100 basis points." Third party sales at Entertainment U.K. for the 19-week period were up 21.2 percent. EUK continues to seek new customers to replace the Tesco business, which ceases in April 2007 and to broaden the scope of its capabilities. 2 entertain, the Group's 40 percent-owned entertainment publishing joint venture with BBC Worldwide, continued to trade well, with sales in the 19-week period up 4.0 percent. "We anticipate that the retail environment will continue to be challenging. In the short-term, we expect England's participation in the World Cup to reduce overall high street footfall. Against that background the Board will remain focused on controlling costs and generating cash. The first half results will carry the costs of the stock and supply chain measures which have been initiated to generate improved performance particularly over the crucial Christmas trading period. It is also important that we continue to invest in the business. A prime focus over the summer months will be to continue to develop our multi-channel capability in readiness for Christmas and to complete this year's store refurbishment program." Headquartered in London, U.K., Woolworths Group plc -- http://www.woolworthsgroupplc.com/-- is a major U.K. retailer focused on the home, family and entertainment. For the fiscal year ended January 2006, the company reported net sales of GBP2.6 billion. The Group also operates the entertainment businesses E.UK, 2 Entertain and Streets Online. E.U.K. is Britain's largest wholesale distributor of home entertainment products while 2 Entertain is an audio-visual publishing group. Streets Online, one of the UK's leading specialist online entertainment retailers, was acquired in December 2000. * * * As reported in TCR-Europe on June 5, Moody's Investors Service today downgraded the issuer rating of Woolworths Group plc to Ba2 from Ba1. This concludes the rating review initiated on March 15. The downgrade is prompted by Moody's view that the loss of the Tesco contract at EUK -- Woolworths Group's entertainment, wholesale and publishing division -- will result in a loss of momentum in part of the business that had been a major supporter of the group's previous Ba1 rating. ********* 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, 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. 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