/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060731.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, July 31, 2006, Vol. 7, No. 150 Headlines A U S T R I A AIGNER LEOPOLD: Linz Court Orders Closing of Business COMU DEICHGRABER: Vienna Court Orders Closing of Business FLEISCHVEREDELUNGSZENTRUM: Claims Registration Ends August 1 GROOVE: Wels Court Orders Closing of Business HOLD: St. Poelten Court Orders Closing of Business ING. SEPP LETMAIER: Awaits Final Distribution & Closing Protocol MEUSBURGER: Feldkirch Court Orders Closing of Business TANDAKO WAREN: Claims Registration Period Ends August 2 B U L G A R I A INVESTBANK AD: Moody's Rates Financial Strength at E+ * S&P Affirms Bulgarian City of Varna's BB Credit Rating C Y P R U S HELLENIC BANK: Fitch Affirms Individual Ratings at D RUSSIAN COMMERCIAL: Fitch Affirms D/E Individual Rating F R A N C E EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute G E R M A N Y COCOSOFT IT: Creditors' Meeting Slated for August 17 FT-TRANSPORTE: Claims Registration Ends August 21 JOACHIM ZENS: Claims Registration Ends August 8 KAFFEE UND MASCHINEN: Claims Registration Ends August 3 KOCH & SCHWENK: Claims Registration Ends August 15 MOEBELHAUS SCHROEDER: Claims Registration Ends August 23 OLAF GMBH: Claims Registration Ends August 17 PROFI TEAM: Creditors' Meeting Slated for August 16 TEUTONIA ZWEITE: Claims Registration Ends August 8 WUTZLER GMBH: Claims Registration Ends August 18 H U N G A R Y BORSODCHEM NYRT: Returned Shares Hike Treasury Stock I T A L Y FIAT SPA: Iveco Sells Ashok Leyland Stake to Hinduja Group FIAT SPA: Reports EUR330 Million Net Result for 2nd Quarter 2006 K A Z A K H S T A N AARON: Creditors Must File Claims by Aug. 21 ALTYN DEN: Creditors Must File Claims by Aug. 21 ARKADA: Creditors Must File Claims by Aug. 21 BEREKET: Proof of Claim Deadline Slated for Aug. 21 ELEVER: Proof of Claim Deadline Slated for Aug. 21 KARASHA: Proof of Claim Deadline Slated for Aug. 21 KAZGOLD: Claims Registration Ends Aug. 21 MUKN-AY: Claims Registration Ends Aug. 21 TEHNOEKSPORT-K: Creditors' Claims Due Aug. 21 VOSTOKAGROEKSPORT: Creditors' Claims Due Aug. 21 K Y R G Y Z S T A N SHER: Creditors Must File Claims by Sept. 12 N O R W A Y AKER KVAERNER: Earns NOK466 Million in Second Quarter 2006 R U S S I A BANQUE COMMERCIALE: Fitch Affirms Individual Rating at C/D CENTROCREDIT BANK: S&P Assigns CCC+/C Counterparty Credit Rating CHUVASH-FURNITURE-PROM-SERVICE: E. Alipov to Manage Assets ENERGO-ATOM-INFORM: V. Vinogorov to Manage Assets INDUSTRY & CONSTRUCTION: Fitch Affirms Individual Rating at D INTERNATIONAL MOSCOW: Fitch Maintains C/D Individual Rating KLONDIKE ELECTRONICS: Court Names V. Sofronov to Manage Assets LEMISOV I.E.: Court Names S. Gontsov as Insolvency Manager MOSCOW NARODNY: Fitch Lifts IDR to BBB & Keeps Individual C ORLOVSKIYE MEAT: Court Names M. Orlov as Insolvency Manager PEREVOZSKAYA SEL-KHOZ-TEKHIKA: S. Andreev to Manage Assets RUSSIAN AGRICULTURAL: Fitch Lifts Issuer Default Rating to BBB+ SBERBANK-SAVINGS: Fitch Keeps Individual Rating at C/D SIB-LINE INTERNATIONAL COMPANY: V. Kharitonov to Manage Assets VIMPEL COMMUNICATIONS: Court of Appeals Sustains URS Takeover VNESHTORGBANK: Fitch Lifts IDR to BBB+ & Keeps C/D Individual T U R K E Y * Standard & Poor's Affirms Istanbul's BB- Rating U K R A I N E AGROPROMTEPLITSYA: District Tax Agency to Liquidate Assets AVTOSILGOSPTEHNIKA: Court Names S. Braude as Insolvency Manager ENERGOMASHVIN: Court Names Tax Agency to Liquidate Assets FARM-PROEKT: Court Names S. Lipskij as Insolvency Manager FERUM SERVICE: Court Names A. Kamsaryan as Insolvency Manager FUEL-ENERGY COMPANY: Court Names Central Mountain as Liquidator KIROVOGRADBUDINVEST: Court Names O. Savonina as Liquidator KOLYADINETS: Court Names Andrij Savochka as Liquidator KYIV FINANCIAL: Court Names Oleksandra Kostikova as Liquidator LOTOS: Court Names L. Gritsaj as Insolvency Manager PEREMOGA: Court Names Volodimir Rogovchenko as Liquidator RODNIKI: Court Names Ludmila Chudajkina as Liquidator TAVRIYA-MET: Court Names Olena Klyashtorna as Liquidator UKRAINA: Court Names Ludmila Alekseyeva as Liquidator UKRVTORSIROVINA: Court Names District Tax Agency as Liquidator U N I T E D K I N G D O M 4 X 4 PARTS: Creditors Nominate Liquidator ADAMS EXPRESSGLAZE: Creditors Pass Winding Up Resolution ALARM & COMMUNICATION: Appoints Liquidator from Tenon Recovery AMTEK UK: Financial Woes Prompt Voluntary Liquidation ARBITUS LIMITED: Appoints Norton Practice as Administrator CARATRANS LIMITED: Names Vincent Simmons as Administrator CHERWELL CONSERVATORIES: Names Gerald Irwin as Administrator CLOVER BUSINESS: Names Christopher James Farrington Liquidator COLORS CLOTHING: Hires Joint Liquidators from Valentine & Co. D.A. MCKENNA: Creditors' Meeting Slated for August 4 DESIGNER SUITES: Creditors Resolve to Voluntary Liquidation EAST CHESHIRE: Creditors Opt to Wind Up Business EAZYKEY LTD: Creditors Approve Winding Up Resolution EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute EVOLVE HEALTH: Claims Filing Period Ends Aug. 3 F.T.S. NOTTINGHAM: Creditors Confirm Liquidators' Appointment FURNISS LIMITED: Hires Joint Administrators from Begbies Traynor GATESHEAD PHOTOGRAPHIC: Brings In Liquidator from Tenon Recovery HYDROSERVE LIMITED: Brings In Administrators from PwC INVENSYS PLC: Moody's Upgrades Corporate Family Rating to Ba3 MORGAN RETAIL: Appoints KPMG as Joint Administrators PHIL WORLD: Brings In Antony Batty to Administer Assets SWANKY'S LIMITED: Taps Begbies Traynor as Administrators TMJ LIMITED: Hires Tenon Recovery as Administrator ********* ============= A U S T R I A ============= AIGNER LEOPOLD: Linz Court Orders Closing of Business ----------------------------------------------------- The Land Court of Linz entered an order on June 13 closing the business of LLC & KEG Aigner Leopold (FN 497g). Court-appointed property manager Wilhelm Hermann Deutschmann determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Mag. Wilhelm Hermann Deutschmann Stelzhamerstrasse 12/3 4020 Linz, Austria Tel: 0732 602080 Fax: 0732 60208020 E-mail: info@df-ra.at Headquartered in Pregarten, Austria, the Debtor declared bankruptcy on April 12 (Bankr. Case No. 38 S 19/06g). COMU DEICHGRABER: Vienna Court Orders Closing of Business --------------------------------------------------------- The Trade Court of Vienna entered an order on June 13 closing the business of LLC Comu Deichgraber (FN 131738h). Court- appointed property manager Hans Rant determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna, Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 1 (Bankr. Case No. 2 S 94/06w). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. FLEISCHVEREDELUNGSZENTRUM: Claims Registration Ends August 1 ------------------------------------------------------------ Creditors owed money by LLC Fleischveredelungszentrum Waldviertel (FN 167353h) have until Aug. 1 to file written proofs of claims to court-appointed property manager Wolfgang Mayrhofer at: Mag.Wolfgang Mayrhofer Raiffeisenpromenade 2 3830 Waidhofen an der Thaya, Austria Tel: 02842/52005-0 Fax: 02842/52005-50 E-mail: waidhofen@wvanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Aug. 16 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A 2nd Floor Krems an der Donau, Austria Headquartered in Vitis, Austria the Debtor declared bankruptcy on June 7 (Bankr. Case No. 9 S 30/06v). GROOVE: Wels Court Orders Closing of Business --------------------------------------------- The Land Court of Wels entered an order on June 13 closing the business of LLC Groove (FN 237099a). Court-appointed property manager Gerhard Gotschhofer determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Gerhard Gotschhofer Schlossplatz 15 4655 Vorchdorf, Austria Tel: 07614/7575 Fax: 07614/7575-14 E-mail: rechtsanwalt@goetschhofer.at Headquartered in Vorchdorf, Austria, the Debtor declared bankruptcy on May 31 (Bankr. Case No. 20 S 65/06v). HOLD: St. Poelten Court Orders Closing of Business -------------------------------------------------- The Land Court of St. Poelten entered an order on June 13 closing the business of KEG Hold (FN 157641a). Court-appointed property manager Peter Schobel determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Peter Schobel Viennese Road 12 3100 St. Poelten, Austria Tel: 02742/354234 Fax: 02742/351448 E-mail: office-phsf@plusjus.at Headquartered in Karlstetten, Austria, the Debtor declared bankruptcy on April 28 (Bankr. Case No. 14 S 70/06v). ING. SEPP LETMAIER: Awaits Final Distribution & Closing Protocol ---------------------------------------------------------------- Creditors of LLC Ing. Sepp Letmaier (FN 81542s) will recover 8.9% on account of their claims once the final allocation document filed by the court-appointed property manager, Dr. Norbert Scherbaum is approved. The Land Court of Leoben will close the Debtor's bankruptcy case following the final distribution to creditors. Headquartered in Liezen, Austria, the Debtor declared bankruptcy on March 25, 2004 (Bankr. Case No. 17 S 30/04m). The property manager can be reached at: Dr. Norbert Scherbaum Einspinnergasse 3 8010 Graz, Austria Tel: 0316-832460-10 Fax: 0316-832460-0 E-mail: office@scherbaum-seebacher.at MEUSBURGER: Feldkirch Court Orders Closing of Business ------------------------------------------------------ The Land Court of Feldkirch entered an order on June 13 closing the business of LLC Meusburger (FN 77550w). Court-appointed property manager Ronald Sutter determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Ronald Sutter Market Route 24 6800 Feldkirch, Austria Tel: 05522/72755 Fax: 05522/75125 E-mail: kanzlei@ronaldsutter.at Headquartered in Frastanz, Austria, the Debtor declared bankruptcy on June 13 (Bankr. Case No. 14 S 27/06t). TANDAKO WAREN: Claims Registration Period Ends August 2 ------------------------------------------------------- Creditors owed money by Trade LLC Tandako Waren (FN 60574f) have until Aug. 2 to file written proofs of claims to court-appointed property manager Dominik Baurecht at: Mag. Dominik Baurecht Weihburggasse 4/22 1010 Vienna, Austria Tel: 533 66 61-77 Fax: 533 66 61-10 E-mail: baurecht@gnbz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Aug. 16 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna, Austria Headquartered in Vienna, Austria the Debtor declared bankruptcy on June 13 (Bankr. Case No. 28 S 38/06a). =============== B U L G A R I A =============== INVESTBANK AD: Moody's Rates Financial Strength at E+ ----------------------------------------------------- Moody's Investors Service assigned B3/Not-Prime Long- and short- term foreign currency deposit ratings to Commercial Bank Investbank AD. An E+ financial strength rating has also been assigned to the bank. All ratings carry stable outlooks. Moody's said that the E+ financial strength rating reflects: -- the bank's small business franchise in Bulgaria's competitive banking market, -- its high credit concentration levels, as well as -- its vulnerability to development risks in the evolving Bulgarian banking market. The rating also captures the bank's good credit quality and good liquidity levels. At the same time the rating is constrained by iBank's weak earning power reflecting its low interest rate margins in the Bulgarian context and the relatively expensive operating structure. Starting from a low base, the bank has been experiencing strong business and balance sheet growth. Going forward iBank is looking to change its strategic focus away form corporate banking and into retail. Aggressive expansion plans and fierce competition in the Bulgarian retail banking sector give rise to challenges with regards to managing growth which may become a concern, says Moody's. In Moody's view, one of the challenges facing management will be the need to expand the funding base and grow the stable deposit base in order to support the bank's growth. The rating agency also cites possible challenges in ensuring that the bank's internal systems, procedures and controls are adequate and are commensurate with every stage in its development. In this regard, iBank does not have the benefit of access to the support of a foreign shareholder bank, as do some of its competitors, and will therefore need to develop its internal systems based on its own resources. The B3/NP deposit ratings reflect the bank's stand-alone creditworthiness based on its intrinsic franchise strength. Although the strategic shareholder has so far displayed willingness to provide capital support for the bank's growth, Moody's has not imputed external support in the deposit ratings. The planned BGN10 million capital increase will support the bank's ratings while failure to successfully increase capital levels promptly will limit the bank's capacity to grow. Any further deterioration of regulatory capitalization will be viewed as a negative rating driver. Moody's notes that the bank's ratings could move up with a material strengthening of its franchise and improvement in the bank's earning capacity and credit risk profile through the expansion and diversification of the loan portfolio. iBank is headquartered in Sofia, Bulgaria, and had total assets of BGN288.46 million (US$179.28 million) as at end-March 2006. * S&P Affirms Bulgarian City of Varna's BB Credit Rating -------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term issuer credit rating on the Bulgarian City of Varna following growing revenues. The outlook is positive. "The rating on Varna, the third-largest city in the Republic of Bulgaria, reflects its weak operating performance, low financial flexibility, and predictability, and high infrastructure needs," said Standard & Poor's credit analyst Boris Kopeykin. "These factors are mitigated by the city's diversified and growing economy, expected benefits from Bulgaria's EU accession, modest debt that is expected to remain below 15% of total revenues in 2006, sophisticated management, and currently strong liquidity." Varna's operating performance is weak, in common with other Bulgarian cities. Operating balances are expected to be below 5% of operating revenues in the next couple of years, largely due to a systematic mismatch between Varna's revenues and expenditure responsibilities. The city is a popular center of tourism. Varna's economy is diversified and rapidly developing, supported by high levels of domestic and foreign direct investment. Wealth levels are low in the international context, but are above the norm for Bulgaria, and Varna has higher salaries and a lower unemployment rate than the national average. Standard & Poor's expects that the city's debt will remain modest at below 30%-40% of total revenues in the next two-to- three years and that the city's rapid economic development will support revenue growth. "Future positive rating actions will depend on the city's ability to improve its financial performance--achieving a balanced operating budget in 2006, and operating surpluses greater than 3%-5% of operating revenues from 2007 or 2008," said Mr. Kopeykin. "If the city's operating performance deteriorates, however, due to growing operating expenditure pressures or a lower rate of revenue growth, resulting in recurrent operating deficits, the outlook may be revised to stable, or the rating may be lowered." =========== C Y P R U S =========== HELLENIC BANK: Fitch Affirms Individual Ratings at D ---------------------------------------------------- Fitch Ratings affirmed Hellenic Bank's IDR at BBB. At the same time, HB's Short-term, Support and Individual ratings are affirmed at F3, 2 and D respectively. The Outlook on the IDR is Stable as the bank's IDR is now at its support floor. HB's IDR, Short-term and Support ratings are based on the strong probability of support HB could receive from the Cypriot financial authorities in the event of need, given HB's important position within the financial system. The Individual rating reflects the bank's tight capital ratios given its high level of impaired loans, its weak but improving cost efficiency, as well as its improved revenue generation and good liquidity. For the first time since 2001, the bank posted positive bottom- line results in 2005 on the back of lower loan impairment charges. In Q106, HB recorded an improved performance, with operating income up 19%, although this was inflated by non- recurring capital gains. The bank has a target cost/income ratio of 69% for 2006, which is achievable. However, HB's cost/income ratio continues to remain high compared with that of its peers. Its asset quality, like that of other Cypriot banks, compares poorly with international benchmarks. HB is partly protected from credit losses by real estate, pledged cash and share collaterals, which equated to 92% of its Cypriot loan portfolio at end-March 2006. However, Fitch regards loan loss reserve coverage of 65% at end-March 2006 to be slightly thin due to the length of time it takes to recover collateral in Cyprus. Structural interest rate risk is small. Funding and liquidity are sound. At end-March 2006, HB's Tier 1 ratio was 10%, which Fitch considers slightly tight given the large stock of impaired loans. Potential dividend distribution could put further pressure on capital ratios. HB is the third-largest bank in Cyprus by total assets. It offers a full range of retail banking and financial services, mainly to corporates and SMEs. At end-2005, HB had 78 branches in Cyprus, 25 branches in Greece and 1,810 employees. HB is listed on the Cyprus Stock Exchange. Its largest shareholders are Cyprus Popular Bank with 9% and Bank of Cyprus with 7%. The remaining shares are widely held. RUSSIAN COMMERCIAL: Fitch Affirms D/E Individual Rating ------------------------------------------------------- As a result of Vneshtorgbank's upgrade, Fitch has also upgraded its subsidiary bank, Russian Commercial Bank (Cyprus) Ltd., reflecting VTB's greater capacity to provide support to these entities, if required: Russian Commercial Bank (Cyprus) Ltd.: -- Upgraded to IDR BBB from BBB- with a Stable Outlook; -- Short-term affirmed at F3; -- Individual affirmed at D/E; and -- Support affirmed at 2. Fitch comments that its view of the propensity of VTB to support its subsidiary banks and leasing company, and hence the support floors for their IDRs, will continue to depend, among other things, on the degree of operational integration between the subsidiaries and VTB, the strategic importance of the subsidiaries to the group and the clarity of plans with regard to the place of the subsidiaries in the group's legal structure. The rating actions follow the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB. =========== F R A N C E =========== EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute ----------------------------------------------------------- Eurotunnel Group, Societe Nationale des Chemins de Fer and British Railways Board have reached an agreement regarding the calculation of their contribution to the Channel Tunnel operating costs, bringing an end to a dispute started in 2001. The dispute had led to an application before an Arbitral Tribunal that decided upon the financial years 1997 to 2002, and subsequently to a first, partial agreement between Eurotunnel and the Railways in December 2005 in relation to the years 1999 to 2004. The current agreement is definitive and brings to an end the various disputes concerning operating costs. It confirms the agreement, relating to the years up to 2004, settles the 2005 financial year and sets out a lump sum mechanism for the majority of operating costs for each of the years from 2006 to 2014 inclusive. Consultation mechanisms have also been put in place in order to determine the contribution of the Railways to renewal investments that concern them. These measures allow the Railways to participate in the savings made by Eurotunnel with respect to its railway costs. "It was regrettable that Eurotunnel had had a dispute with its principal customer for nearly 10 years and it was therefore necessary to turn the page. This agreement restores a favorable climate fro better cooperation between the Railways and Eurotunnel," Jacques Gounon, Chairman and CEO of Eurotunnel disclosed. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * As reported by TCR-Europe on July 14, Eurotunnel Group was forced to place itself under creditor protection at the Commercial Court of Paris pursuant to the French law "procedure de sauvegarde" on July 13, after restructuring talks with bondholders failed. Eurotunnel had turned down, on June 27, a restructuring plan prepared by a group of secured bondholders led by Deutsche Bank AG asserting that it requires too much debt and gives too much to bondholders. The bondholders' restructuring plan, which valued the company at EUR7.99 billion, aimed to reduce 60% of total debt to EUR3.7 billion and issue a EUR2.175 billion convertible hybrid note with a 4% coupon. The plan rivaled the preliminary restructuring agreement backed by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC. The plan dated May 23, valued the company at around EUR7.03 billion and included a EUR1.5 billion hybrid issue with a 6% to 9% coupon and would reduce debt by 54%. Under the agreement, bondholders will get a GBP75 million return for their GBP1.9 billion bond holdings. On July 12, Eurotunnel presented an ultimate proposal to reach a compromise between the May 23 preliminary restructuring agreement and the demands made by its subordinated creditors represented by The Association of Eurotunnel's Secured Bondholders (ARCO). The company claimed that the majority of these demands were satisfied by the substantial efforts jointly made by the company and the Ad Hoc Committee. The subordinated creditors, led by Deutsche Bank, rejected this final attempt to reach a consensual deal. The Joint Board of Eurotunnel unanimously decided to cancel the General Meetings of Shareholders of Eurotunnel PLC and Eurotunnel SA, planned for July 27. Absent a final agreement, the Group may default in January 2007 under a 1998 debt agreement. Company Crisis Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faced uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. ============= G E R M A N Y ============= COCOSOFT IT: Creditors' Meeting Slated for August 17 ---------------------------------------------------- The court-appointed provisional administrator for Cocosoft IT- Concepts GmbH, Knut Rebholz, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on Aug. 17. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:20 a.m. on Nov. 2 at the same venue. Creditors have until Sept. 20 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Cocosoft IT-Concepts GmbH on July 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cocosoft IT-Concepts GmbH Alexander Place 6 10178 Berlin, Germany The administrator can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin, Germany FT-TRANSPORTE: Claims Registration Ends August 21 ------------------------------------------------- Creditors of FT-Transporte GmbH have until Aug. 21 to register their claims with court-appointed provisional administrator Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 19 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 FT-Transporte GmbH on July 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: FT-Transporte GmbH Zechenstr. 2 44536 Luenen, Germany Attn: Brigitte Ilse Ottilie Fischer, Manager Konradstr. 12 44536 Luenen, Germany The administrator can be contacted at: Dr. Winfrid Andres New Customs Office 3 40221 Duesseldorf, Germany JOACHIM ZENS: Claims Registration Ends August 8 ----------------------------------------------- Creditors of JOACHIM ZENS Widerstandsschweisstechnik GmbH have until Aug. 8 to register their claims with court-appointed provisional administrator Matthias Landwehr. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 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 Detmold Hall 12 Gerichtsstr. 6 Auxiliary Building 32756 Detmold, 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 Detmold opened bankruptcy proceedings against JOACHIM ZENS Widerstandsschweisstechnik GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: JOACHIM ZENS Widerstandsschweisstechnik GmbH Trifte 12 32689 Kalletal, Germany Attn: Joachim Zens, Manager Strang 7 32689 Kalletal, Germany The administrator can be contacted at: Matthias Landwehr Gerichtsstr. 12 32791 Lage, Germany Tel: 05232/95400 Fax: 05232/954040 KAFFEE UND MASCHINEN: Claims Registration Ends August 3 ------------------------------------------------------- Creditors of Kaffee und Maschinen GmbH have until Aug. 3 to register their claims with court-appointed provisional administrator Jorg Spies. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 14 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 Dresden Hall D132 Olbrichtplatz 1 01099 Dresden, 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 Dresden opened bankruptcy proceedings against Kaffee und Maschinen GmbH on July 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kaffee und Maschinen GmbH Tharandter Road 30a-32 01723 Wilsdruff/OT Grumbach, Germany The administrator can be contacted at: Jorg Spies Glashuetter Road 104 01277 Dresden, Germany Web: http://www.pkl.com/ KOCH & SCHWENK: Claims Registration Ends August 15 -------------------------------------------------- Creditors of Koch & Schwenk Fleisch GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Sept. 26 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 Koch & Schwenk Fleisch GmbH on June 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Koch & Schwenk Fleisch GmbH Heisenbergstr. 6 59423 Unna, Germany Attn: Georg Schwenk, Manager Bonekamp 18 59423 Unna, Germany The administrator can be contacted at: Dr. Winfrid Andres New Customs Office 3 40221 Duesseldorf, Germany MOEBELHAUS SCHROEDER: Claims Registration Ends August 23 -------------------------------------------------------- Creditors of Moebelhaus Schroeder GmbH have until Aug. 23 to register their claims with court-appointed provisional administrator Henning Jung. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Sept. 20 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 Braunschweig E 01 Martinikirche 8 38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings against Moebelhaus Schroeder GmbH on June 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Moebelhaus Schroeder GmbH Albert-Schweitzer-Str. 53 38226 Salzgitter, Germany Attn: Joachim Schroeder, Manager Dixweg 3 38228 Salzgitter/OT Osterlinde, Germany The administrator can be contacted at: Henning Jung Albert-Schweitzer-Road 55 38226 Salzgitter, Germany Tel: 05341/1861475 Fax: 05341/1861476 OLAF GMBH: Claims Registration Ends August 17 --------------------------------------------- Creditors of Olaf GmbH -- Fleisch- und Wurstspezialitaten have until Aug. 17 to register their claims with court-appointed provisional administrator Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 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 Dresden Hall D132 Olbrichtplatz 1 01099 Dresden, 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 Dresden opened bankruptcy proceedings against Olaf GmbH -- Fleisch- und Wurstspezialitaten on July 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Olaf GmbH -- Fleisch- und Wurstspezialitaten Heinrich-Heine-Str. 80 02943 Weisswasser, Germany The administrator can be contacted at: Ruediger Wienberg Wasastrasse 15 01219 Dresden, Germany Web: http://www.hww-kanzlei.de/ PROFI TEAM: Creditors' Meeting Slated for August 16 --------------------------------------------------- The court-appointed provisional administrator for PROFI TEAM Logistik und Umwelt GmbH, Petra Mork, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Aug. 16. The meeting of creditors and other interested parties 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 at 1:00 p.m. on Sept. 27 at the same venue. Creditors have until Aug. 17 to register their claims with the court-appointed provisional administrator. The District Court of Dortmund opened bankruptcy proceedings against PROFI TEAM Logistik und Umwelt GmbH on June 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PROFI TEAM Logistik und Umwelt GmbH Ruhr Avenue 9 44139 Dortmund, Germany Attn: Peter Dumont, Manager Anger 23 58454 Witten, Germany Ralf Haferkamp, Manager Hafenstr. 156 45356 Essen, Germany The administrator can be reached at: Dr. Petra Mork Arndtstr. 28 44135 Dortmund, Germany TEUTONIA ZWEITE: Claims Registration Ends August 8 -------------------------------------------------- Creditors of TEUTONIA zweite Beteiligungs-GmbH have until Aug. 8 to register their claims with court-appointed provisional administrator Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Aug. 11 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Area A 409 4th Floor Muehlenstrasse 34 40213 Duesseldorf, Germany The Court will also verify the claims set out in the administrator's report at 9:20 a.m. on Sept. 1 at the same venue. The District Court of Duesseldorf opened bankruptcy proceedings against TEUTONIA zweite Beteiligungs-GmbH on July 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TEUTONIA zweite Beteiligungs-GmbH Mercedesstrasse 4 40470 Duesseldorf, Germany Attn: Alexander Grueter, Manager Rottmannstrasse 11a 80333 Munich, Germany The administrator can be contacted at: Georg Kreplin Breite Road 27 40213 Duesseldorf, Germany WUTZLER GMBH: Claims Registration Ends August 18 ------------------------------------------------ Creditors of Wutzler GmbH i.L. have until Aug. 18 to register their claims with court-appointed provisional administrator Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Oct. 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 Chemnitz Hall 28 Law Courts Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against Wutzler GmbH i.L. on July 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Wutzler GmbH i.L. Expresses Schneeberger Road 37 08056 Zwickau, Germany The administrator can be contacted at: Wolfgang Hauser Poet Way 36 08056 Zwickau, Germany ============= H U N G A R Y ============= BORSODCHEM NYRT: Returned Shares Hike Treasury Stock ---------------------------------------------------- BorsodChem Nyrt. informs its investors and other participants of the capital markets that due to developments concerning its Registered Employee Share Ownership Program (Ministry of Finance registration number: 65982EP2005) the number of the Company's treasury shares changed. Out of the 203,062 shares transferred to the employees' securities accounts in HVB Bank Hungary Zrt.'s custody on Nov. 9, 2005, the Company received back 49 pieces with a value date of July 18, from employees terminating their employment relations. Following the transaction the number of the Company's treasury shares increased by 49 pieces to 1,192,541. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. As reported in TCR-Europe on July 12, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on Hungary-based intermediate chemicals producer BorsodChem Rt. on CreditWatch with negative implications, following BorsodChem's announcement of the receipt of a takeover bid from Permira, a private equity fund. "The CreditWatch placement reflects our concerns regarding BorsodChem's potential higher debt load and subsequent weaker credit protection measures if this sale materializes," said Standard & Poor's credit analyst Khaled Zitouni. The ratings continue to reflect the group's exposure to a single site, limited scale of markets, and presence in cyclical industries. These negative factors are partially offset by the group's leading positions and solid profitability in performance chemicals, namely toluene di-isocyanate and methylene di-para- phenylene isocyanate; firm positions in polyvinyl chloride; presence in growing markets in central and Eastern Europe; and moderate financial profile. ========= I T A L Y ========= FIAT SPA: Iveco Sells Ashok Leyland Stake to Hinduja Group ---------------------------------------------------------- Fiat S.p.A.'s Iveco sold its 30% stake in Machen Iveco Holding SA to Hinduja Group. Machen Iveco, through its wholly owned subsidiary Land Rover Leyland International Holdings Ltd. U.K., has about 50% shareholding in Ashok Leyland Ltd. and 59% in Ennore Foundries Ltd. The partnership between the Hinduja Group and Iveco dates back to their 1987 acquisition of LRLIH from the Rover Group (U.K.). LRLIH's shareholding in Ashok Leyland was then 40%, which was increased to 51% in 1994. In a joint statement, Mr. G. P. Hinduja, President, Hinduja Group, and Mr. Paolo Monferino, CEO of Iveco, dislclosed, "The Hinduja Group and Iveco are proud of the rapid strides made by Ashok Leyland in product and process technologies over the last two decades. In view of the changed business plans of both the partners and considering the strategic priorities for Ashok Leyland and Iveco in the emerging global scenario, we have mutually agreed to pursue our goals independently, in the spirit of mutual respect and goodwill adopted during our long partnership." About Fiat S.p.A 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. * * * As reported in TCR-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. 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. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. FIAT SPA: Reports EUR330 Million Net Result for 2nd Quarter 2006 ---------------------------------------------------------------- The Board of Directors of Fiat S.p.A. approved the consolidated results for the Group for the second quarter ending June 30, 2006. The Group posted EUR13.61 billion in net revenue for the second quarter in 2006, compared with EUR12.05 billion for the same period in 2005. Trading profit posted EUR659 million for 2006 and EUR360 million for second quarter in 2005. Group's net result for second quarter of 2006 is EUR330 million, compared with EUR217 million for the same quarter in 2005. As of July 30, 2006, the group's balance sheet showed EUR62.33 billion in total assets, EUR52.87 billion in total liabilities and EUR9.46 billion in shareholders' equity. Net debt for the Group as of June 30, 2006, is EUR17.6 billion. Fiat Group's first half results are well in line with the Group's forecast performance for 2006 and on this basis, Fiat is more optimistic and supports an upward revision of Group targets for the year Basing on the Group's first half results, Fiat revised its target for the year, raising trading profit target to EUR1.85 billion from EUR1.6 billion and net income to EUR800 million from EUR700 million. The group also aims at lowering its net industrial debt to EUR2 billion by year-end. Full-text copy of Fiat S.p.A.'s second quarter results is available free-of-charge at http://researcharchives.com/t/s?e8d About Fiat S.p.A 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. * * * As reported in TCR-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. 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. Fiat carries Moody's Ba3 long-term corporate family rating since July 14, 2003. =================== K A Z A K H S T A N =================== AARON: Creditors Must File Claims by Aug. 21 -------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Aaron insolvent on May 25. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Aaron Myzy Str. 45/1-65 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 29-24-03 ALTYN DEN: Creditors Must File Claims by Aug. 21 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Altyn Den insolvent on May 22. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Altyn Den Office 410 M. Gorkogo Str. 74 Ust-Kamenogorsk East Kazakhstan Region Kazakshtan Tel: 8 (3232) 26-60-66 Fax: 8 (3232) 26-60-66 ARKADA: Creditors Must File Claims by Aug. 21 --------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Arkada insolvent on May 25. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Arkada Myzy Str. 45/1-65 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 29-24-03 BEREKET: Proof of Claim Deadline Slated for Aug. 21 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Bereket insolvent on May 29. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Bereket Aktau, 27-67-7 Mangistau Region Kazakhstan Tel: 8 (3292) 41-00-42 Fax: 8 (3292) 41-00-42 ELEVER: Proof of Claim Deadline Slated for Aug. 21 -------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Elever insolvent on May 25. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Elever Myzy Str. 45/1-65 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 29-24-03 KARASHA: Proof of Claim Deadline Slated for Aug. 21 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Karasha insolvent on May 30. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Karasha Micro District 6, 26-55 Aktau Mangistau Region Kazakhstan Tel: 8 (3292) 53-40-20 Fax: 8 (3292) 41-83-94 KAZGOLD: Claims Registration Ends Aug. 21 ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared CJSC Kazgold insolvent on May 25. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: CJSC Kazgold Myzy Str. 45/1-65 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 29-24-03 MUKN-AY: Claims Registration Ends Aug. 21 ----------------------------------------- LLP Mukn-ay has declared insolvency. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Mukn-ay Suinbaya Str. 263/13-7 Almaty, Kazakhstan Tel: 8 (3272) 35-94-71 TEHNOEKSPORT-K: Creditors' Claims Due Aug. 21 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Tehnoeksport-K insolvent on May 11. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Tehnoeksport-K Micro District Mamyr-2, 4-24 Almaty, Kazakhstan Tel: 8 (3272) 57-10-19 8 (3335) 62-62-33 VOSTOKAGROEKSPORT: Creditors' Claims Due Aug. 21 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Vostokagroeksport insolvent on May 22. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 21 to submit written proofs of claim to: LLP Vostokagroeksport Office 410 M. Gorkogo Str. 74 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-60-66 Fax: 8 (3232) 26-60-66 =================== K Y R G Y Z S T A N =================== SHER: Creditors Must File Claims by Sept. 12 -------------------------------------------- CJSC Sher has declared insolvency. Creditors have until Sept. 12 to submit written proofs of claim to: CJSC Sher Isanova Str. 35a/12 Osh Osh Region Kyrgyzstan Tel: (+996 3222) 2-33-77 =========== N O R W A Y =========== AKER KVAERNER: Earns NOK466 Million in Second Quarter 2006 ---------------------------------------------------------- Aker Kvaerner ASA released its pro-forma results for the second quarter ended June 30, 2006. Net profit for the second quarter of 2006 amounted to NOK466 million, compared to NOK104 million for the same period in 2005. EBITDA for the second quarter was NOK733 million, an increase of 66% compared to the second quarter of 2005. New contract awards in the Subsea, Product & Technology segment and growth in existing contracts, resulted in a NOK15.2-billion order intake and an order backlog of NOK56 billion at the end of June 2006. Revenues in the second quarter totaled NOK13.998 billion, an increase of 44% compared with the same quarter last year, reflecting strong markets and high activity in all reporting segments. EBITDA for the three-month period was NOK733 million. This represents an increase of 66% from NOK441 million in the second quarter 2005. The quarterly EBITDA margin was 5.2% compared to 4.5% in the second quarter last year. The second quarter order intake was NOK15.2 billion. This brings the order backlog to a solid NOK56 billion. Cashflow from operating activities was NOK-169 million in the second quarter, reflecting a NOK1 265 million increase in net current operating assets. Cash and bank deposits at the end of June amounted to NOK6.2 billion. The liquidity buffer, including undrawn credit facilities of NOK2.2 billion, was a comfortable NOK8.4 billion. The closing price of the Aker Kvaerner share at the end of June was NOK584. Accordingly, the company's market capitalization was NOK32.1 billion, an increase of NOK9.3 billion from yearend 2005. A total of 25 million Aker Kvaerner shares were traded on the Oslo Stock Exchange during the second quarter, which constitutes 45% of total outstanding shares. The market is still expected to be strong with attractive opportunities. With the high capacity utilization in the industry, the focus for Aker Kvaerner will be to continue to select and execute the right projects successfully. The Pulping and Power segment is treated as "discontinued operations" in the accounts from Jan. 1, 2006. Pro-forma accounts showing Pulping and Power as an integrated part of the group have been prepared as well. Full-text copy of Aker Kvaerner's 2nd quarter results is available free-of-charge at: http://researcharchives.com/t/s?e85 About Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner ASA -- http://www.akerkvaerner.com/-- through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The Aker Kvaerner group is organized into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. * * * As reported in TCR-Europe on April 26, Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring- fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. Moody's said the outlook on all ratings is stable. =========== R U S S I A =========== BANQUE COMMERCIALE: Fitch Affirms Individual Rating at C/D ---------------------------------------------------------- As a result of Vneshtorgbank's upgrade, Fitch has also upgraded its subsidiary bank, Banque Commerciale pour l'Europe du Nord - Eurobank (BCEN-Eurobank), reflecting VTB's greater capacity to provide support to this entity: -- Upgraded to IDR BBB from BBB- with a Stable Outlook; -- Short-term affirmed at F3; -- Individual affirmed at C/D; and -- Support affirmed at 2. Fitch comments that its view of the propensity of VTB to support its subsidiary banks and leasing company, and hence the support floors for their IDRs, will continue to depend, among other things, on the degree of operational integration between the subsidiaries and VTB, the strategic importance of the subsidiaries to the group and the clarity of plans with regard to the place of the subsidiaries in the group's legal structure. The rating actions follow the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB. CENTROCREDIT BANK: S&P Assigns CCC+/C Counterparty Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC+/C' counterparty credit and 'ruBB' Russia national scale ratings to Russia-based CentroCredit Bank JSC. The outlook is stable. "The ratings on CCB reflect the bank's high exposure to the Russian securities markets, limited customer franchise, high dependence on trading income, and the weak structure of the funding base," said Standard & Poor's credit analyst Elena Romanova. These negative factors are partially mitigated by the bank's good capitalization, good track record in trading, and the improving macroeconomic environment in Russia. CCB's stable management team that has been with the bank since 1996 is another positive factor. The stable outlook reflects Standard & Poor's expectation that CCB will grow and diversify its revenues and activities through its commercial and investment banking business. "An upgrade would depend on the bank's ability to build a larger profitable customer base while maintaining an adequate level of capitalization and productivity, and improve its funding profile. A negative rating action might result if CCB's financial profit deteriorates significantly, or its capitalization comes under severe and sustained pressure," added Ms. Romanova. CHUVASH-FURNITURE-PROM-SERVICE: E. Alipov to Manage Assets ---------------------------------------------------------- The Arbitration Court of Chuvashiya Republic appointed Mr. E. Alipov as Insolvency Manager for CJSC Chuvash-Furniture-Prom- Service. He can be reached at: E. Alipov Post User Box 64 603028 Nizhniy Novgorod Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 79-14118/2005. The Debtor can be reached at: CJSC Chuvash-Furniture-Prom-Service Lomonosova Str. 2 Cheboksary 428005 Chuvashiya Republic Russia ENERGO-ATOM-INFORM: V. Vinogorov to Manage Assets ------------------------------------------------- The Arbitration Court of Moscow appointed Mr. V. Vinogorov as Insolvency Manager for OJSC energo-atom-inform (TIN 7722169263). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-12234/06-103-20 B. The Debtor can be reached at: OJSC Energo-Atom-Inform Room 203 Voytovicha Str. 46A 111024 Moscow Region Russia INDUSTRY & CONSTRUCTION: Fitch Affirms Individual Rating at D ------------------------------------------------------------- As a result of Vneshtorgbank's upgrade, Fitch has also upgraded its subsidiary bank, Industry & Construction Bank, St. Petersburg, reflecting VTB's greater capacity to provide support, if required: -- Upgraded to IDR BBB from BBB- with a Stable Outlook; -- Short-term affirmed at F3; -- Individual affirmed at D; and -- Support affirmed at 2. ICB's US$300 million senior unsecured eurobond, due 2008, is also upgraded to BBB from BBB-. The bank's US$400 million subordinated debt issue, due 2015, is upgraded to BBB- from BB+. Fitch comments that its view of the propensity of VTB to support its subsidiary banks and leasing company, and hence the support floors for their IDRs, will continue to depend, amongst other things, on the degree of operational integration between the subsidiaries and VTB, the strategic importance of the subsidiaries to the group and the clarity of plans with regard to the place of the subsidiaries in the group's legal structure. The rating actions follow the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB. INTERNATIONAL MOSCOW: Fitch Maintains C/D Individual Rating ----------------------------------------------------------- As a result of the upgrade of Russia's Country Ceiling to BBB+ from BBB, Fitch has also upgraded International Moscow Bank's foreign currency IDR to BBB+ from BBB, and its foreign currency Short-term rating to F2 from F3. Fitch has also placed the bank's local currency IDR of BBB+ on Positive Watch. The F2 local currency Short-term rating, 2 Support rating and C/D Individual rating are affirmed. IMB's IDRs, Short-term and Support ratings are driven by the potential strong support from its indirect majority-owner, UniCredito Italiano ("UCI", IDR 'A+', Outlook Stable). However, IMB's foreign currency IDR remains constrained by Russia's Country Ceiling. The Positive Watch on IMB's local currency IDR reflects UCI's agreement to acquire a further 26% of the voting rights in IMB from Nordea Bank Finland, and thus increase its stake in the common equity of IMB to approximately 79%. The Positive Watch also reflects the reduced probability of a sovereign default, as captured in the upgrade of Russia's IDRs, and hence lower risk, in Fitch's view, of sovereign actions which could affect the ability of IMB and other Russian banks to meet obligations in local currency. KLONDIKE ELECTRONICS: Court Names V. Sofronov to Manage Assets -------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. V. Sofronov as Insolvency Manager for CJSC Klondike Electronics. He can be reached at: V. Sofronov Post User Box 516 603000 Nizhniy Novgorod Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-85243/05-71-293B. The Debtor can be reached at: CJSC Klondike Electronics Building 4 26 Bakinskikh Komissarov Str. 4 119526 Moscow Region Russia LEMISOV I.E.: Court Names S. Gontsov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Astrakhan Region appointed Mr. S. Gontsov as Insolvency Manager for OJSC Bakery Named After Lemisov I.E. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A06-6704-b/3-11k/2005. The Debtor can be reached at: OJSC Bakery Named After Lemisov I.E. Boevaya Str. 64 414045 Astrakhan Russia MOSCOW NARODNY: Fitch Lifts IDR to BBB & Keeps Individual C ----------------------------------------------------------- As a result of Vneshtorgbank's upgrade, Fitch has also upgraded its subsidiary bank, Moscow Narodny Bank Limited, reflecting VTB's greater capacity to provide support to these entities, if required: Moscow Narodny Bank Limited: -- Upgraded to IDR BBB from BBB- with a Stable Outlook; -- Short-term affirmed at F3; -- Individual affirmed at C; and -- Support affirmed at 2. MNB's outstanding senior unsecured debt is also upgraded to BBB from BBB-. Fitch comments that its view of the propensity of VTB to support its subsidiary banks and leasing company, and hence the support floors for their IDRs, will continue to depend, among other things, on the degree of operational integration between the subsidiaries and VTB, the strategic importance of the subsidiaries to the group and the clarity of plans with regard to the place of the subsidiaries in the group's legal structure. The rating actions follow the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB. ORLOVSKIYE MEAT: Court Names M. Orlov as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Rostov Region appointed Mr. M. Orlov as Insolvency Manager for LLC Orlovskiye Meat Products (TIN 6126008390). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-3454/2006-S2-33. The Debtor can be reached at: LLC Orlovskiye Meat Products Severnaya Str. 147. Orlovskiy Rostov Region Russia PEREVOZSKAYA SEL-KHOZ-TEKHIKA: S. Andreev to Manage Assets ---------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region appointed Mr. S. Andreev as Insolvency Manager for LLC Perevozskaya Sel-Khoz- Tekhika. He can be reached at: S. Andreev LLC Perevozskaya Sel-Khoz-Tekhika Office 805 Nesterova 9 603005 Nizhniy Novgorod Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-4674/2006 33-38. The Debtor can be reached at: LLC Perevozskaya Sel-Khoz-Tekhika Office 805 Nesterova 9 603005 Nizhniy Novgorod Region Russia RUSSIAN AGRICULTURAL: Fitch Lifts Issuer Default Rating to BBB+ --------------------------------------------------------------- Fitch Ratings upgraded the Issuer Default Rating of Russian Agricultural Bank to BBB+ from BBB with a Stable Outlook, Short- term upgraded to F2 from F3, Individual affirmed at D/E, Support affirmed at 2, National Long-term affirmed at AAA with Stable Outlook. RAB's outstanding international senior unsecured debt is also upgraded to BBB+ from BBB. Its RUB7 billion domestic senior unsecured debt issue, due 2011, is affirmed at AAA. The rating actions reflect Fitch's view of the Russian authorities' improved capacity to support RAB if required. This followed the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB. SBERBANK-SAVINGS: Fitch Keeps Individual Rating at C/D ------------------------------------------------------ Following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings lifted Sberbank-Savings Bank of the Russian Federation ratings: -- Issuer Default Rating to BBB+ from BBB, Outlook Stable; -- Short-term upgraded to F2 from F3; -- Individual affirmed at C/D; -- Support affirmed at 2; Sberbank's outstanding senior unsecured debt is also upgraded to BBB+ from BBB. Its US$1 billion subordinated debt issue, due 2015, is upgraded to BBB from BBB-. The rating actions reflect Fitch's view of the Russian authorities' improved capacity to support the bank, if required. SIB-LINE INTERNATIONAL COMPANY: V. Kharitonov to Manage Assets -------------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region appointed Mr. V. Kharitonov as Insolvency Manager for CJSC Sib-Line International Company. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-6418/2006. The Debtor can be reached at: CJSC Sib-Line International Company Mira Pr. 30-46 660049 Krasnoyarsk Region Russia VIMPEL COMMUNICATIONS: Court of Appeals Sustains URS Takeover ------------------------------------------------------------- The Court of Appeals affirmed the May 15 ruling of the Moscow Arbitration Court in favor of Open Joint Stock Company Vimpel- Communications (NYSE: VIP) in one of the lawsuits filed by Telenor East Invest AS. VimpelCom is pleased with the ruling, which once again upholds the validity of the September 2005 shareholder vote that approved VimpelCom's acquisition of CJSC Ukrainian Radio Systems (URS) as an interested party transaction. The ruling is subject to further appeal. As reported in TCR-Europe on May 19, the Moscow Arbitration Court ruled in favor of VimpelCom, upholding the validity of the September 2005 shareholder vote that approved the acquisition of CJSC Ukrainian Radio Systems as an interested party transaction. About VimpelCom Headquartered in Moscow, Russia, VimpelCom -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS' brands in Kazakhstan. * * * As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings Services said that its ratings and outlook on Russian mobile telecommunications operator Vimpel-Communications (VimpelCom; BB/Positive/--) are unaffected by the company's announcement that it has launched a bid for Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM (BB-/Watch Positive/--) for a consideration of US$5 billion in VimpelCom common registered shares plus assumed debt. VNESHTORGBANK: Fitch Lifts IDR to BBB+ & Keeps C/D Individual ------------------------------------------------------------- Following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and Vnesheconombank ratings at: Vnesheconombank: -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and -- Short-term upgraded to F2 from F3, Support affirmed at 2. Vneshtorgbank: -- Upgraded to foreign currency and local currency IDR BBB+ from BBB with a Stable Outlook; -- Short-term upgraded to F2 from F3; -- Individual affirmed at C/D; and -- Support affirmed at 2. VTB's outstanding senior unsecured debt is also upgraded to BBB+ from BBB. Its US$750 million subordinated debt issue, due 2015, is upgraded to BBB from BBB-. Fitch comments that its view of the propensity of the Russian authorities to support these two banks, and hence the support floors for their IDRs, will continue to depend, amongst other things, on the banks' status, ownership and importance to the Russian banking system. As a result of VTB's upgrade, Fitch has also upgraded its subsidiary banks and leasing company, as follows, reflecting VTB's greater capacity to provide support to these entities, if required: VTB Leasing: -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and -- Short-term upgraded to F2 from F3, Support affirmed at 2. VTB Retail Financial Services: -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; -- Short-term upgraded to F2 from F3; -- Support affirmed at 2; and -- National Long-term affirmed at AAA with Stable Outlook. Fitch comments that its view of the propensity of VTB to support its subsidiary banks and leasing company, and hence the support floors for their IDRs, will continue to depend, amongst other things, on the degree of operational integration between the subsidiaries and VTB, the strategic importance of the subsidiaries to the group and the clarity of plans with regard to the place of the subsidiaries in the group's legal structure. =========== T U R K E Y =========== * Standard & Poor's Affirms Istanbul's BB- Rating ------------------------------------------------- Standard & Poor's Ratings Services affirmed its rating on the Turkish City of Istanbul at 'BB-'. The outlook is stable. The rating on the City of Istanbul reflects the city's position as the commercial, financial, and business center of the Republic of Turkey, and the city's improved relationship with the central government. The rating also factors in the city's strong operating performance, favorable debt profile and economic growth leading to robust revenue growth. The rating continues to be constrained by the city's minimal revenue flexibility, expected debt growth, developing reporting systems, and uncertainties related to continued intergovernmental reforms. "Istanbul's management has remained focused on much-needed improvements in infrastructure and the quality of life," said Standard & Poor's credit analyst Elena Okorotchenko. "The planned investments might increase Istanbul's direct debt considerably in the next five to seven years, from a currently low 12.3%. It should not exceed 50%, however, at least until 2008," she noted. Furthermore, the city's favorable debt profile with long maturities and amortizing payments and its commitment to keep debt service below 15% of revenues mitigate the risks. The stable outlook balances the expected strengthening of Istanbul's revenue base due to economic growth and additional revenue sources, and relative financial stability, with the uncertainty of new responsibilities and planned growth in the city's debt burden. Should the new responsibilities or continued expenditure pressures lead to an increase in debt and corresponding debt service growth to above 15% of revenues, Istanbul's ratings might come under pressure. Any further positive developments of the city's rating will be closely linked with those on the sovereign rating and will also depend on Istanbul's continued strong operating performance, improvements in reporting and reduction of accounts payable. ============= U K R A I N E ============= AGROPROMTEPLITSYA: District Tax Agency to Liquidate Assets ---------------------------------------------------------- The Economic Court of Kyiv Region appointed the State Tax Inspection of Solomyanskij District of Kyiv Region as Liquidator for CJSC Concern Agropromteplitsya (code EDRPOU 20060041). The Liquidator can be reached at: State Tax Inspection of Solomyanskij District of Kyiv Region Smilyanska Str. 6 03151 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 44/362-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: CJSC Concern Agropromteplitsya Borshagivska Str. 97-b 03056 Kyiv Region Ukraine AVTOSILGOSPTEHNIKA: Court Names S. Braude as Insolvency Manager --------------------------------------------------------------- The Economic Court of Odessa Region appointed Mr. S. Braude as Liquidator/Insolvency Manager for LLC Avtosilgosptehnika (code EDRPOU 31270349). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 13. The case is docketed under Case No. 2/142-06-5123. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Avtosilgosptehnika Petrov Str. 44/111 Odessa Region Ukraine ENERGOMASHVIN: Court Names Tax Agency to Liquidate Assets --------------------------------------------------------- The Economic Court of Kyiv Region appointed the State Tax Inspection of Solomyanskij District of Kyiv Region as Liquidator for LLC Energomashvin. The Liquidator can be reached at: State Tax Inspection of Solomyanskij District of Kyiv Region Smilyanska Str. 6 03151 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 17. The case is docketed under Case No. 15/372-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 Energomashvin Mehanizatoriv Str. 2 03036 Kyiv Region Ukraine FARM-PROEKT: Court Names S. Lipskij as Insolvency Manager --------------------------------------------------------- The Economic Court of Lviv Region appointed Mr. S. Lipskij as Liquidator/Insolvency Manager for LLC Farm-Proekt (code EDRPOU 23955374). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 29. The case is docketed under Case No. 6/73-29/109. The Economic Court of Lviv Region is located at: Lichakivska Str. 81 79010 Lviv Region Ukraine The Debtor can be reached at: LC Farm-Proekt Bojchuk Str. 8/4 Lviv Region Ukraine FERUM SERVICE: Court Names A. Kamsaryan as Insolvency Manager ------------------------------------------------------------- The Economic Court of Odessa Region appointed Mr. A. Kamsaryan as Liquidator/Insolvency Manager for LLC Ferum Service (code EDRPOU 32432622). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 6. The case is docketed under Case No. 2/134-06-4919. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Ferum Service 10 Kvitnya Str. 1 Odessa Region Ukraine FUEL-ENERGY COMPANY: Court Names Central Mountain as Liquidator --------------------------------------------------------------- The Economic Court of Kyiv Region appointed OJSC Central Mountain-Refining Combine as Liquidator for CJSC Fuel-Energy Company (code EDRPOU 32206997). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 15. The case is docketed under Case No. 23/141-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: CJSC Fuel-Energy Company Timiryazev Str. 1 01014 Kyiv Region Ukraine KIROVOGRADBUDINVEST: Court Names O. Savonina as Liquidator ---------------------------------------------------------- The Economic Court of Kirovograd Region appointed Ms. O. Savonina as Liquidator/Insolvency Manager for Concern Kirovograd Building Company Kirovogradbudinvest (code EDRPOU 31203754). She can be reached at: O. Savonina Lenin Str. 23 25006 Kirovograd Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 23. The case is docketed under Case No. 9/59. The Economic Court of Kirovograd Region is located at: Lunacharski Str. 29 25022 Kirovograd Region Ukraine The Debtor can be reached at: Concern Kirovograd Building Company Kirovogradbudinvest Ostrovskij Str. 2 25006 Kirovograd Region Ukraine KOLYADINETS: Court Names Andrij Savochka as Liquidator ------------------------------------------------------ The Economic Court of Sumi Region appointed Andrij Savochka as Liquidator/Insolvency Manager for LLC Kolyadinets (code EDRPOU 30821930). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 1. The case is docketed under Case No. 7/83-06. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Kolyadinets Lipova Dolina 42523 Sumi Region Ukraine KYIV FINANCIAL: Court Names Oleksandra Kostikova as Liquidator -------------------------------------------------------------- The Economic Court of Kyiv Region appointed Oleksandra Kostikova as Liquidator/Insolvency Manager for LLC Kyiv Financial Company (code EDRPOU 31750185). She can be reached at: Gashek Boulevard 4/36 02160 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 1. The case is docketed under Case No. 43/311. 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 Kyiv Financial Company Shota Rustaveli Str. 38-b/12 01601 Kyiv Region Ukraine LOTOS: Court Names L. Gritsaj as Insolvency Manager --------------------------------------------------- The Economic Court of Hmelnitskij Region appointed Mr. L. Gritsaj as Liquidator/Insolvency Manager for CJSC Lotos (code EDRPOU 02969403). He can be reached at: L. Gritsaj Starokostyantiniv Kotsubinskij Str. 12 Hmelnitskij Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 10. The case is docketed under Case No. 4/308-B The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: CJSC Lotos Slavuta Hmelnitskij Region Ukraine PEREMOGA: Court Names Volodimir Rogovchenko as Liquidator --------------------------------------------------------- The Economic Court of Zhitomir Region appointed Volodimir Rogovchenko as Liquidator/Insolvency Manager for Agricultural LLC Peremoga (code EDRPOU 03744574). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 25. The case is docketed under Case No. 7/140 B. The Economic Court of Zhitomir Region is located at: Putyatinski Square 3/65 10002 Zhitomir Region Ukraine The Debtor can be reached at: Agricultural LLC Peremoga Andrushivka, Zarubintsi. Zhitomir Region Ukraine RODNIKI: Court Names Ludmila Chudajkina as Liquidator ----------------------------------------------------- The Economic Court of Mikolaiv Region appointed Ludmila Chudajkina as Liquidator/Insolvency Manager for OJSC Rodniki (code EDRPOU 20900183). She can be reached at: Ludmila Chudajkina a/b 1041 Lazurna Str. 2-b/25 54058 Mikolaiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 30. The case is docketed under Case No. 10/67/06. The Economic Court of Mikolaiv Region is located at: Admiralska Str. 22 54009 Mikolaiv Region Ukraine The Debtor can be reached at: OJSC Rodniki Vesnyane Mikolaiv District b 57134 Mikolaiv Region Ukraine TAVRIYA-MET: Court Names Olena Klyashtorna as Liquidator -------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Olena Klyashtorna as Liquidator/Insolvency Manager for LLC Tavriya-Met (code EDRPOU 32195928). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 26. The case is docketed under Case No. 16/10/06. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: LLC Tavriya-Met Gagarin Str. 1-a/3 69057 Zaporizhya Region Ukraine UKRAINA: Court Names Ludmila Alekseyeva as Liquidator ----------------------------------------------------- The Economic Court of Zaporizhya Region appointed Ludmila Alekseyeva as Liquidator/Insolvency Manager for Agricultural JSCCT Ukraina (code EDRPOU 03750049). He can be reached at: Ludmila Alekseyeva Shasliva Str. 5. Lukasheve Vilnyansk District 70410 Zaporizhya Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 27. The case is docketed under Case No. 25/271. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: Agricultural JSCCT Ukraina Zaliznichna Str. 1 Pavlivske Vilnyansk District 70005 Zaporizhya Region Ukraine UKRVTORSIROVINA: Court Names District Tax Agency as Liquidator -------------------------------------------------------------- The Economic Court of Kyiv Region appointed the State Tax Inspection of Solomyanskij District of Kyiv Region as Liquidator for LLC Ukrvtorsirovina (code EDRPOU 21640809). The Liquidator can be reached at: State Tax Inspection of Solomyanskij District of Kyiv Region Smilyanska Str. 6 03151 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 11. The case is docketed under Case No. 23/183-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 Ukrvtorsirovina Mehanizatoriv Str. 2 03036 Kyiv Region Ukraine =========================== U N I T E D K I N G D O M =========================== 4 X 4 PARTS: Creditors Nominate Liquidator ------------------------------------------ Philip Weinberg of Marks Bloom was nominated Liquidator by creditors of 4 x 4 Parts Master Limited on May 3. The company can be reached at: 4 X 4 Parts Master Limited Brantham Mill Bergholt Road Brantham Manningtree Essex CO111QT United Kingdom Tel: 01206 391 350 Fax: 01206 391 135 Web: http://www.4x4partsmaster.com/ http://www.horc.org.uk/ ADAMS EXPRESSGLAZE: Creditors Pass Winding Up Resolution -------------------------------------------------------- Creditors of Adams Expressglazea U.K. Limited passed a resolution to wind up the company during an extraordinary general meeting on May 5. Keith Barry Stout of KSA was appointed Liquidator. The company can be reached at: Adams Expressglaze U.K. Limited 225 London Road Westcliff-on-Sea Essex SS0 7BP United Kingdom Tel: 01702 344 333 01702 511 555 Web: http://www.adamsglass.co.uk/ ALARM & COMMUNICATION: Appoints Liquidator from Tenon Recovery -------------------------------------------------------------- Ian William Kings of Tenon Recovery was appointed Liquidator of Alarm & Communication Contractors Limited after creditors passed a resolution to wind up the company on April 28. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Alarm & Communication Contractors Limited can be reached at: 14D Atley Way North Nelson Industrial Estate Cramlington Northumberland NE231WA United Kingdom Tel: 01670 736 577 AMTEK UK: Financial Woes Prompt Voluntary Liquidation ----------------------------------------------------- Amtek U.K. Limited is voluntarily liquidating its assets after creditors established that the company could no longer continue its operations due to liabilities. M. T. Coyne of Poppleton & Appleby was appointed Liquidator. The company can be reached at: Amtek U.K. Limited Brooks Ct Bath Road Stamford Lincolnshire PE9 2QX United Kingdom Tel: 01780 483 100 Fax: 01780 483 111 ARBITUS LIMITED: Appoints Norton Practice as Administrator ---------------------------------------------------------- David William Tann of The Norton Practice was named administrator of Arbitus Limited (Company Number 4660746) on June 28. The administrator can be reached at: The Norton Practice 1 Wesley Gate 70 Queens Road Reading Berkshire RG1 4AP United Kingdom Tel: 0118 957 6464 Fax: 0118 959 5560 E-mail: d.tann@nortonp.co.uk Headquartered in London, Arbitus Limited is engaged in software development. CARATRANS LIMITED: Names Vincent Simmons as Administrator --------------------------------------------------------- Vincent A. Simmons of Bennet Verby was appointed administrator of Caratrans (Crewe) Limited (Company Number 3608924) on June 27. The administrator can be reached at: Bennett Verby 7 St Petersgate Stockport Cheshire SK1 1EB United Kingdom Tel: 0161 477 9345 Fax: 0161 429 7224 E-mail: v.simmons@bennettverby.co.uk Caratrans (Crewe) Limited can be reached at: The Sidings Weston Road Crewe CW1 6BW United Kingdom Tel: 01270 500 704 CHERWELL CONSERVATORIES: Names Gerald Irwin as Administrator ------------------------------------------------------------ Gerald Irwin of Irwin & Company was named administrator of Cherwell Conservatories Limited (Company Number 02458265) on June 26. The administrator can be reached at: Irwin & Company Station House Midland Drive Sutton Coldfield Birmingham West Midlands B72 1TU United Kingdom Tel: 08700 111812 Fax: 08700 111813 E-mail: mail@irwinuk.net Cherwell Conservatories Limited can be reached at: Beaumont Road Banbury Oxfordshire OX16 1QY United Kingdom Tel: 01295 270 938 CLOVER BUSINESS: Names Christopher James Farrington Liquidator -------------------------------------------------------------- Christopher James Farrington of Deloitte & Touche LLP was appointed Liquidator of Clover Business Associates Limited after creditors agreed to wind up the company on May 4. Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consultancy and corporate finance services through more than 9,000 people in 21 locations. Clover Business Associates Limited can be reached at: 79 Alderley Road Wilmslow Cheshire SK9 1PA United Kingdom Tel: 01924 503 330 Fax: 01924 502 827 COLORS CLOTHING: Hires Joint Liquidators from Valentine & Co. ------------------------------------------------------------ Robert Valentine and Mark Reynolds of Valentine & Co. were appointed Joint Liquidators of Color Clothing Co. Ltd. on May 2. They were authorized to act jointly and severally in the liquidation. The company can be reached at: Colors Clothing Co. Limited 75 Union Street Glasgow G1 3TA United Kingdom Tel: 0141 248 4317 D.A. MCKENNA: Creditors' Meeting Slated for August 4 ---------------------------------------------------- Creditors of D.A. Mckenna Insurance Brokers Limited (Company Number 04881185) will meet at 12:00 noon on Aug. 4 at: DTE House Hollins Mount Bury BL9 8AT 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 Aug. 3 at: J.M. Titley and A. Poxon Joint Administrators DTE Leonard Curtis DTE House Hollins Mount Bury BL9 8AT United Kingdom Tel: 0161 767 1200 Fax: 0161 767 1201 DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. DESIGNER SUITES: Creditors Resolve to Voluntary Liquidation ----------------------------------------------------------- Creditors of Designer Suites & Interiors Limited resolved to voluntarily liquidate the company's assets during an extraordinary general meeting on May 5. Subsequently, Gagen Dulari Sharma was appointed Liquidator. The company can be reached at: Designer Suites & Interiors Limited Bill House 222 Soho Hill Birmingham B19 1AP United Kingdom Tel: 0121 523 6611 EAST CHESHIRE: Creditors Opt to Wind Up Business ------------------------------------------------ Creditors of East Cheshire Builders Limited opted to wind up the company on May 2 after proving that the company could no longer continue its business due to liabilities. Peter Anthony Jackson of Jackson Gregory & Co. was appointed Liquidator. The company can be reached at: East Cheshire Builders Limited 49 Chestnut Drive Poynton Stockport Cheshire SK121QG United Kingdom Tel: 01625 859 885 EAZYKEY LTD: Creditors Approve Winding Up Resolution ---------------------------------------------------- Creditors of Eazykey Limited approved resolutions for voluntary liquidation and the appointment of Gordon Craig and Daniel Paul Hennessy of Cresswell Associates Limited as Joint Liquidators on April 25. The company can be reached at: Eazykey Limited 202 Three Elms Road Hereford Herefordshire HR4 0RF United Kingdom Tel: 01432 269939 EUROTUNNEL GROUP: Inks Pact Ending British Railways Dispute ----------------------------------------------------------- Eurotunnel Group, Societe Nationale des Chemins de Fer and British Railways Board have reached an agreement regarding the calculation of their contribution to the Channel Tunnel operating costs, bringing an end to a dispute started in 2001. The dispute had led to an application before an Arbitral Tribunal that decided upon the financial years 1997 to 2002, and subsequently to a first, partial agreement between Eurotunnel and the Railways in December 2005 in relation to the years 1999 to 2004. The current agreement is definitive and brings to an end the various disputes concerning operating costs. It confirms the agreement, relating to the years up to 2004, settles the 2005 financial year and sets out a lump sum mechanism for the majority of operating costs for each of the years from 2006 to 2014 inclusive. Consultation mechanisms have also been put in place in order to determine the contribution of the Railways to renewal investments that concern them. These measures allow the Railways to participate in the savings made by Eurotunnel with respect to its railway costs. "It was regrettable that Eurotunnel had had a dispute with its principal customer for nearly 10 years and it was therefore necessary to turn the page. This agreement restores a favorable climate fro better cooperation between the Railways and Eurotunnel," Jacques Gounon, Chairman and CEO of Eurotunnel disclosed. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * As reported by TCR-Europe on July 14, Eurotunnel Group was forced to place itself under creditor protection at the Commercial Court of Paris pursuant to the French law "procedure de sauvegarde" on July 13, after restructuring talks with bondholders failed. Eurotunnel had turned down, on June 27, a restructuring plan prepared by a group of secured bondholders led by Deutsche Bank AG asserting that it requires too much debt and gives too much to bondholders. The bondholders' restructuring plan, which valued the company at EUR7.99 billion, aimed to reduce 60% of total debt to EUR3.7 billion and issue a EUR2.175 billion convertible hybrid note with a 4% coupon. The plan rivaled the preliminary restructuring agreement backed by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC. The plan dated May 23, valued the company at around EUR7.03 billion and included a EUR1.5 billion hybrid issue with a 6% to 9% coupon and would reduce debt by 54%. Under the agreement, bondholders will get a GBP75 million return for their GBP1.9 billion bond holdings. On July 12, Eurotunnel presented an ultimate proposal to reach a compromise between the May 23 preliminary restructuring agreement and the demands made by its subordinated creditors represented by The Association of Eurotunnel's Secured Bondholders (ARCO). The company claimed that the majority of these demands were satisfied by the substantial efforts jointly made by the company and the Ad Hoc Committee. The subordinated creditors, led by Deutsche Bank, rejected this final attempt to reach a consensual deal. The Joint Board of Eurotunnel unanimously decided to cancel the General Meetings of Shareholders of Eurotunnel PLC and Eurotunnel SA, planned for July 27. Absent a final agreement, the Group may default in January 2007 under a 1998 debt agreement. Company Crisis Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faced uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. EVOLVE HEALTH: Claims Filing Period Ends Aug. 3 ----------------------------------------------- Creditors of Evolve Health Products Limited have until Aug. 3 to send in their names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to appointed Joint Liquidator Daniel Paul Hennessy at: Cresswall Associates Limited Maple View White Moss Business Park Skelmersdale Lancashire WN8 9TG United Kingdom The company can be reached at: Evolve Health Products Limited Unit 5 Maritime Street Fleetwood Lancashire FY7 7PB United Kingdom Tel: 01253 876 211 F.T.S. NOTTINGHAM: Creditors Confirm Liquidators' Appointment ------------------------------------------------------------- Creditors of F.T.S. (Nottingham) Limited confirmed the appointment of Stephen Franklin of Panos Eliades, Franklin & Co. as Liquidator on May 4. The company can be reached at: F.T.S. (Nottingham) Limited Unit 28 Gibbons Street Nottingham NG7 2SB United Kingdom Tel: 0115 942 1629 FURNISS LIMITED: Hires Joint Administrators from Begbies Traynor ---------------------------------------------------------------- I.E. Walker and G.N. of Begbies Traynor were appointed joint administrators of Furniss Limited (Company Number 05045546) on June 26. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Furniss Limited can be reached at: Druids Road Redruth Cornwall TR15 3RW United Kingdom Tel: (01209) 215425 Fax: (01209) 215176 Web: http://www.furniss-foods.co.uk/ GATESHEAD PHOTOGRAPHIC: Brings In Liquidator from Tenon Recovery ---------------------------------------------------------------- Ian William Kings of Tenon Recovery was appointed Liquidator of Gateshead Photographic Limited after creditors decided to wind up the company on April 26. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Gateshead Photographic Limited can be reached at: 1 Interchange Centre West Street Gateshead Tyne and Wear NE8 1BH United Kingdom Tel: 0191 477 2332 HYDROSERVE LIMITED: Brings In Administrators from PwC ----------------------------------------------------- M.D. Gercke and R.W. Birchall of PricewaterhouseCoopers LLP were appointed joint administrators of Hydroserve Limited (Company Number 04814725) on June 23. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides, among others, auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Hydroserve Limited can be reached at: Britannia Chambers Town Quay Southampton SO14 2AQ United Kingdom Tel: 01420 470 800 INVENSYS PLC: Moody's Upgrades Corporate Family Rating to Ba3 ------------------------------------------------------------- Moody's Investors Service concluded its review of Invensys Plc and upgraded the corporate family rating to Ba3 from B1 following the expected repayment of around GBP410 million of net debt using proceeds from a GBP341 million rights issue and from the anticipated closing of the sale of Invensys Building Systems in the U.S. and Asia Pacific to Schneider Electric S.A. for GBP157 million. Concurrently Moody's has upgraded ratings on senior notes at Invensys Plc to B2 from B3 and withdrawn ratings of the senior secured and second lien facilities at Invensys International Holdings Ltd. The outlook for the ratings is stable. Moody's views the company's actions as reducing credit risk, with benefits being a simplified capital structure, lower future funding costs and enhanced financial flexibility. Lower absolute debt levels have resulted in improved credit metrics, which are now consistent with a Ba3 corporate family rating. The company's improved performance for 2006 has been a factor in the ratings action but divisional results have been patchy. A sustainable operating performance will be needed to maintain ratings. The ratings and outlook factor the company's positive market positions and strong brands, together with its demonstrated access to equity capital markets and willingness to reduce leverage by raising equity. Ratings also consider exposure to cyclical industries, compounded by strong competition and gearing levels. Credit metrics could change rapidly with cyclical movements. Offsetting these risks is the company's diversification across geographies and industry sectors and a material component of sales generated from on-going service, maintenance and spares. Revision of the capital structure is also seen as a measure to counter the company's challenges in operating performance. Moody's cautions that whilst absolute debt levels will materially reduce and management of legacy liabilities including pensions, litigation, taxation, environmental and transition costs have been in line with expectations, the underlying operating performance of its divisions has been mixed. The historical operating performance, combined with the burden of reducing legacy liabilities and high interest costs has strained internally generated cash flows. The debt reduction is a positive step toward improving cash flows, which have been negative after interest, tax and repayment of legacy liabilities. The company's on-going operational performance and cash flow generation will be key ratings drivers. Liquidity is considered acceptable for the rating. Around GBP 250 million of headroom is expected to be available under new GBP700 million senior secured credit facilities after the capital restructure subject to compliance with covenants and MAC clause. The cash balance is also expected to be around GBP130 million excluding restricted deposits and once proceeds from the IBS sale are applied to debt reduction. Cash flow generation will be key to the future liquidity position. The company will need to continue its positive momentum and demonstrate sustainable operating performance to maintain the Ba3 rating. A track record of improved operating performance would be needed before upward pressure on ratings could occur. Ratings affected: Invensys plc -- corporate family rating, upgraded to Ba3 from B1; and -- rating of the senior notes due 2007, 2010 and 2011, upgraded from B3 to B2. Invensys International Holdings Ltd. -- Ba3 rating of the GBP 1.35billion senior secured credit facilities due 2009, withdrawn; and -- B1 rating of the EUR150 million & US$300 million second lien facilities due 2009, withdrawn. Headquartered in London, England, Invensys is a leading global automation, controls and process solutions group. For the 12 months ended March 31, Invensys reported total revenues from continuing operations of approximately GBP2.53 billion. MORGAN RETAIL: Appoints KPMG as Joint Administrators ---------------------------------------------------- Myles Antony Halley and David John Crawshaw of KPMG LLP were appointed joint administrators of Morgan Retail (U.K.) Limited (Company Number 02487297), Towerhill Clothing Limited (Company Number 02107073), Barry Prince & Co. Limited (Company Number 01266473) and Orbitside Limited (Company Number 01662764) on June 29. KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. Headquartered in Theale, United Kingdom, Morgan Retail (U.K.) Limited, Towerhill Clothing Limited, Barry Prince & Co. Limited and Orbitside Limited are companies retails women's clothing. PHIL WORLD: Brings In Antony Batty to Administer Assets ------------------------------------------------------- William Antony Batty of Antony Batty & Co. was appointed administrator of Phil World Limited (Company Number 03900385) on June 29. The administrator can be reached at: Antony Batty & Company 3 Field Court Grays Inn London WC1R 5EF United Kingdom Tel: 020 7831 1234 Fax: 020 7430 2727 E-mail: antonybatty@hotmail.com Phil World Limited can be reached at: Omega House 6 Buckingham Place Bellfield Road High Wycombe Buckinghamshire HP13 5HW United Kingdom SWANKY'S LIMITED: Taps Begbies Traynor as Administrators -------------------------------------------------------- S.L. Conn and D. Bailey of Begbies Traynor were appointed joint administrators of Swanky's Limited (Company Number 02386123) on June 29. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Swanky's Limited can be reached at: 9 Lower Bridge St. Chester Cheshire CH1 1RS United Kingdom Tel: 01244 327777 TMJ LIMITED: Hires Tenon Recovery as Administrator -------------------------------------------------- Ian William Kings of Tenon Recovery was appointed administrator of TMJ (Durham) Limited (Company Number 05287485) on June 30. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. TMJ (Durham) Limited can be reached at: Priory View Hallgarth Manor Farm High Pittington Durham DH6 1RE United Kingdom ********* 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 Zamesa Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *