/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/051230.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, December 30, 2005, Vol. 6, No. 259 Headlines F R A N C E ALSTOM SA: Shares Deutsche Bahn Supply Contract with Bombardier FRANCE SOIR: Parent Under Investigation SNCM: Makes Redundancy Voluntary Under New Rehab Plan G E R M A N Y BOHMER BAUUNTERNEHMUNG: Aachen Court to Verify Claims March CARL SCHNEIDER: Under Bankruptcy Administration CWK COMPUTERSYSTEME: Creditors' Claims Due Next Month DOWN UNDER: Hamburg Company Goes Bust FLEISCHMANN GMBH: Claims Filing Period Ends February 14 FRAZER COFFEE: Creditors to Meet April IMMOKONTOR GMBH: Proofs of Claim Due January INTERTAINMENT AG: Board Tries Negotiation to Avert Bankruptcy IWKA AG: Sells Remnant of Process Technologies Unit JEFRA BAUSERVICE: Charlottenburg Court to Verify Claims May MCD ART: Nuernberg Business Succumbs to Bankruptcy MTB MISBURGER: Files for Bankruptcy PROSIEBENSAT.1 MEDIA: Media Watchdog Sets Takeover Conditions TARAK ENTWICKLUNGS: Chemnitz Court Names Pluta Administrator TK-TRANS: Wolff-Rapp Administrator Takes over Helm TOCHTENHAGEN NATURSTEINE: Appoints White & Case Administrator TPL TENNISPARK: Falls into Bankruptcy I T A L Y MV AGUSTA: PROTON Sells 57% Stake to GEVI VOLARE GROUP: Miro Radici Offers to Relaunch Airline K Y R G Y Z S T A N INTERMOBI: Creditors' Claims Due Mid-February LGF TEX: Sets Proofs of Claim Deadline TESH-MIR SYSTEMS: Gives Creditors Until February to File Claims P O L A N D MOSTOSTAL ZABRZE: Fails to Reach Deal with Major Creditor R U S S I A BEMOL: Insolvency Manager Takes over Firm BOGORDSKAYA: Sewing Company Succumbs to Bankruptcy ISTRINSKOYE: Moscow Court Opens Bankruptcy Proceedings KRASNYJ GIGANT: Bankruptcy Hearing Set Feb. 16 ONEZHSKIY: Bankruptcy Supervision Procedure Begins PRISTENSKIY: Bankruptcy Hearing Resumes February ROAD BUILDING: Saratov Court Brings in Insolvency Manager SIBERIAN MUSHROOMS: Deadline for Proofs of Claim Jan. 8 TIM-UNIVERSAL-MILK: Declared Insolvent UTYASHEVO-AGRO-KHIM: Claims Filing Period Ends Jan. 8 U K R A I N E DONBASOBROBBUD: Under Bankruptcy Supervision ELEKTROPIVDENMONTAZH-10: Sanction Proceedings Begin FINANCIAL ALLIANCE: Creditors' Claims Due January 1 INDUSTRY SYSTEMS: Declared Insolvent MOLODA GVARDIYA: Goes into Liquidation U N I T E D K I N G D O M AGENTS' NETWORK: Hires Administrator from J M Marriott & Co. BEAUMONT CAPITAL: Liquidator from PKF Enters Firm BOXWOOD GROUP: Calls in Administrators from Kroll Limited CADWALLADER HEATING: Creditors Meeting Next Week CHS BUILDING: Engineering Group Up for Sale CONTEXT GB: J M Marriott Administrator Enters Firm DAWSON INTERNATIONAL: Redeeming GBP656,708 of Loan Stock FOX PARRACK: Advertising Agency Hires Administrator GENEVE INTERNATIONAL: Appoints Tait Walker Administrator HCE LIMITED: Business for Sale HOBBS & SONS: Names Harrisons Liquidator IT ACCOUNTING: Appoints Menzies Administrator JACKSONS (PROPERTY AGENTS): Files for Administration LAKESIDE DOMESTIC: Appliance Retailer Folds up LONDON CITYLINK: Goes into Liquidation MARSOM PAVING: Calls in Tenon Recovery Liquidator MONTANA TEXTILES: Court Okays Petition to Wind up Firm PROCESSED POLYMERS: Appoints Liquidator from PKF RANK GROUP: Sells Deluxe Film to DX III Holdings RANK GROUP: Calls EGM to Tackle Deluxe Film Disposal RANK GROUP: On Rating Watch Negative SILVER LADY: Hires Begbies Traynor as Administrator TOWNSEND QUINN: Appoints Begbies Traynor Administrator YORKSHIRE COLOURS: Manufacturer Files for Administration ********* =========== F R A N C E =========== ALSTOM SA: Shares Deutsche Bahn Supply Contract with Bombardier --------------------------------------------------------------- Troubled engineering giant Alstom S.A., along with Bombardier, won a multi-million-euro contract to supply trains to railway operator Deutsche Bahn AG, AFX News says. Alstom Transportation LHB and Bombardier Transportation will supply 78 commuter trains to Deutsche Bahn for EUR343 million between March 2008 and October 2010. Alstom's share of the contract is EUR119 million. * * * Headquartered in 25 Avenue Kleber, 75795 Paris Cedex 16, Alstom S.A. -- http://www.alstom.com-- is a leading maker of power- generation systems and constructs power plants, rail equipment, luxury passenger ships, naval vessels, and natural gas tankers. Other businesses include electrical drives, motors, and generators. The group generates around EUR13 billion in annual revenue and employs more than 70,000 people worldwide. As of March 2005, the group had EUR865 million in net loss and EUR1.4 billion in net debt. CONTACT: ALSTOM S.A. 25 Avenue Kleber 75795 Paris Cedex 16 Phone: +33-1-47-55-20-00 Fax: +33-1-47-55-25-99 Web site: http://www.alstom.com Press relations G. Tourvieille/ S. Gagneraud Phone: +33 1 41 49 27 13 / 27 40 E-mail: press@chq.alstom.com Investor relations E. Chatelain Phone: +33 1 41 49 37 38 E-mail: Investor.relations@chq.alstom.com FRANCE SOIR: Parent Under Investigation --------------------------------------- Prosecutors in Paris have launched a preliminary inquiry into Presse Alliance, parent of bankrupt daily France Soir, Le Figaro says citing legal sources. The probe will focus on the 12-month period after 70% owner Raymond Lakah took over Press Alliance in October 2004. Reached for comment, Mr. Lakah said he was not aware of any inquiry. France Soir declared bankruptcy on Oct. 27 after failing to pay a EUR6 million debt. Prior to this, it asked the court to freeze debt payments, citing insufficient resources, and to continue publishing. At the time, the company's assets had dwindled to EUR350,000. A few days later, the Commercial Court in Bobigny placed France Soir in compulsory administration and imposed a six-month observation period. Chief Executive Jacques Lefranc hopes to present a rehab plan before the end of the observation period. He said management is also working on ways to secure the future of Presse Alliance. France Soir posted EUR4 million in losses in the first half and expects it to double by year's end. It forecasts EUR20 million in turnover this year. CONTACT: PRESSE ALLIANCE 45 Avenue Victor Hugo 93300 Aubervilliers FRANCE-SOIR 45 Avenue Victor Hugo 93300 Aubervilliers Web site: http://www.francesoir.fr SNCM: Makes Redundancy Voluntary Under New Rehab Plan ----------------------------------------------------- No employee will be dismissed under the restructuring plan of ferry operator Societe Nationale Corse Mediterranee (SNCM), Le Figaro says. Veolia Transport, SNCM's 28% stakeholder, met Tuesday with union representatives to discuss the plan. One union representative said he did not see any job cuts, but around 400 employees will be encouraged to retire early or apply for voluntary redundancy. Temporary contracts will not be renewed, he said, adding the ferry operator aims to cut payroll by 20%. Incoming CEO Gerard Couturier confirmed this. The government announced tenders for the recapitalization of SNCM in January of this year after SNCM posted a deficit of EUR29.7 million in 2004. It said it could no longer provide the company direct financial aid because of E.U. competition rules. In September, it revealed a plan to sell a majority stake in SNCM without consulting the unions. The plan, which entails axing 400 of SNCM's 2,400 employees, triggered a walkout by workers and sympathy strikes in key ports on France's Mediterranean coast. Management had warned it would file for bankruptcy if a deal was not reached. The government now plans to create a semi-public company as a compromise to workers' demand that the state remain majority owner of SNCM. According to Les Echos, the government will own 51% of the new company; private ferry operator STEF-TFE will own the rest. This company will then acquire 51% of SNCM, along with other investors under the previous plan. SNCM operates ex-Corsica ferry services to mainland France and other Mediterranean destinations. CONTACT: SOCIETE NATIONALE MARITIME CORSE-MEDITERRANEE Boulevard des Dames 61 Cedex 02, 13226 Marseilles Phone: +33 (4) 91 56 33 63 Fax: +33 (4) 91 56 34 05 E-mail: jfrossignol@sncm.fr Web site: http://www.sncm.fr ============= G E R M A N Y ============= BOHMER BAUUNTERNEHMUNG: Aachen Court to Verify Claims March ----------------------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Bohmer Bauunternehmung GmbH on December 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 27, 2006 to register their claims with court-appointed provisional administrator Johannes Klefisch. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2006, 10:30 a.m. at the district court of Aachen, Augustastrasse 78-80, 52070 Aachen, 2. Etage, Sitzungssaal 21, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BOHMER BAUUNTERNEHMUNG GmbH Lamersdorfer Str. 69, 52159 Roetgen Contact: Dirk Bohmer, Manager Lamersdorfer Str. 69, 52159 Roetgen Johannes Klefisch, Administrator Rotter Bruch 6, 52068 Aachen CARL SCHNEIDER: Under Bankruptcy Administration ----------------------------------------------- The district court of Hof opened bankruptcy proceedings against Carl Schneider KG on December 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 25, 2006 to register their claims with court-appointed provisional administrator Petra Wiche- Wendler. Creditors and other interested parties are encouraged to attend the meeting on February 21, 2006, 2:00 p.m. at the district court of Hof, Sitzungssaal 012, Erdgeschoss, Berliner Platz 1, 95030 Hof, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CARL SCHNEIDER KG Kulmbacher Str. 21 in 95030 Hof Petra Wiche-Wendler, Administrator Pfarr 1, 95028 Hof Phone: 09281/880610 Fax: 09281/880620 CWK COMPUTERSYSTEME: Creditors' Claims Due Next Month ----------------------------------------------------- The district court of Mannheim opened bankruptcy proceedings against CWK Computersysteme & Dienstleistungen GmbH on December 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 12, 2006 to register their claims with court-appointed provisional administrator Thorsten Konrad. Creditors and other interested parties are encouraged to attend the meeting on March 6, 2006, 8:30 a.m. at the district court of Mannheim, 68149 Mannheim, Schloss, Westfluegel, 2. Stockwerk, Raum 232, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CWK COMPUTERSYSTEME & DIENSTLEISTUNGEN GmbH Contact: Martin Denk, Manager Lembacher Str. 16-18, 68229 Mannheim Thorsten Konrad, Administrator Saarburger Ring 10-12, 68229 Mannheim Phone: 0621/483240 DOWN UNDER: Hamburg Company Goes Bust ------------------------------------- The district court of Hamburg opened bankruptcy proceedings against Down Under Tauchsport GmbH on December 8. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 20, 2006 to register their claims with court-appointed provisional administrator Michael W. Kuleisa. Creditors and other interested parties are encouraged to attend the meeting on February 22, 2006, 10:35 a.m. at the district court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: DOWN UNDER TAUCHSPORT GmbH Weidenallee 6, 20357 Hamburg Contact: Tomas Piechowaik, Manager Michael W. Kuleisa, Administrator Speersort 4-6, 20095 Hamburg Phone: ss040/303010 FLEISCHMANN GMBH: Claims Filing Period Ends February 14 ------------------------------------------------------- The district court of Coburg opened bankruptcy proceedings against Fleischmann GmbH on December 15. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 14, 2006 to register their claims with court-appointed provisional administrator Juergen Wittmann. Creditors and other interested parties are encouraged to attend the meeting on March 7, 2006, 8:00 a.m. at the district court of Coburg, Sitzungssaal I, I. Stock, Nebengebaude, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FLEISCHMANN GmbH Am Klostergut 16 a in 96272 Hochstadt a. Main Contact: Matthias Fleischmann, Manager Juergen Wittmann, Administrator Adolf-Kolping-Str. 1, 96317 Kronach Phone: 09261/62200 Fax: 09261/622020 FRAZER COFFEE: Creditors to Meet April -------------------------------------- The district court of Frankfurt am Main opened bankruptcy proceedings against FRAZER COFFEE GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until February 22, 2006 to register their claims with court-appointed provisional administrator Dr. Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting on April 5, 2006, 9:10 a.m. at the district court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: FRAZER COFFEE GmbH Seegewann 4, 60489 Frankfurt am Main Contact: Alla Joos, Manager Dr. Holger Lessing, Administrator Hanauer Landstrasse 287-289 60314 Frankfurt am Main Phone: 069/15051300 Fax: 069/15051400 IMMOKONTOR GMBH: Proofs of Claim Due January -------------------------------------------- The district court of Aachen opened bankruptcy proceedings against Immokontor GmbH on December 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 20, 2006 to register their claims with court-appointed provisional administrator Johannes Klefisch. Creditors and other interested parties are encouraged to attend the meeting on February 14, 2006, 11:00 a.m. at the district court of Aachen, Augustastrasse 78-80, 52070 Aachen, 2. Etage, Sitzungssaal 21, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: IMMOKONTOR GmbH Marienstr. 11, 52249 Eschweiler Contact: Wilhelm Lehnen, Manager Johannes Klefisch, Administrator Rotter Bruch 6, 52068 Aachen INTERTAINMENT AG: Board Tries Negotiation to Avert Bankruptcy ------------------------------------------------------------- The Supervisory Board and the Board of Management of Intertainment AG, Munich, failed to reach a decision on whether to put Intertainment AG into bankruptcy at their joint meeting on December 23, 2005. The Supervisory Board carried out intensive discussions with the Board of Management on the difficult situation and the imminent threat of insolvency. The Supervisory Board recommended that the Board of Management hold constructive negotiations with all parties immediately in order to avert insolvency and secure the future of the company as a going concern. About the Company Intertainment has specialized in acquiring theatrical, video and television film rights with large commercial potential, which it markets in Germany and in other European countries (including Eastern Europe). Among its customers are the most important media enterprises. At the same time Intertainment also acquires the rights to commercialize very viable films for the People's Republic of China, as this huge market (with about 1.3 billion people) is currently practically untapped but in the medium term will realize its big potential. Through its subsidiary Intertainment Animation & Merchandising GmbH, it markets interesting cartoons as well as commercially viable merchandising rights. CONTACT: INTERTAINMENT AG Investor Relations Frauenplatz 7, 80331 Munich Phone: +49 (0) 89 21699-0 Fax: +49 (0) 89 21699-11 E-mail: investor@intertainment.de Web site: http://www.intertainment.de IWKA AG: Sells Remnant of Process Technologies Unit --------------------------------------------------- Troubled engineering group IWKA has found a buyer for IWKA Balg- und Kompensatorentechnologie and Flexible Solutions Group, Borsen Zeitung says. The two subsidiaries, part of IWKA's former process technologies division, will be acquired by local private equity firm Odewald & Compagnie Gesellschaft fur Beteiligungen on January 1, 2006. The sale is still subject to approval by anti-trust authorities. IWKA said the sale will cut its net debt significantly next year. IWKA closed the first nine months of 2005 with a EUR24.5 million net loss, in sharp contrast to last year's EUR27 million profit. Nine-month turnover dropped from EUR1.34 billion to EUR1.32 billion as did EBIT, which dived to EUR14.6 million from EUR56.6 million. The group attributed the losses to its restructuring program. Its Ex-Cell-O unit posted EUR20.5 million in losses, forcing IWKA to carry out write-downs, expecting to sell it below book value. IWKA sees net losses for 2005. CONTACT: IWKA AKTIENGESELLSCHAFT Postfach 3409 76020 Karlsruhe Phone: +49 721 143-330 Fax: +49 721 143-331 E-mail: pr@iwka.de Web site: http://www.iwka.de ODEWALD & COMPAGNIE GESELLSCHAFT FUR BETEILIGUNGEN mbH Franzosische Strasse 8 D-10117 Berlin (Mitte) Phone: +49 (0) 30 20 17 23-0 Fax: +49 (0) 30 20 17 23-60 E-mail: info@ocie.de Web site: http://www.ocie.de JEFRA BAUSERVICE: Charlottenburg Court to Verify Claims May ----------------------------------------------------------- The district court of Charlottenburg opened bankruptcy proceedings against JEFRA Bauservice GmbH on December 14. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 13, 2006 to register their claims with court-appointed provisional administrator Christoph Rosenmueller. Creditors and other interested parties are encouraged to attend the meeting on February 1, 2006, 9:20 a.m. at the district court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report on May 10, 2006, 9:00 a.m. at the same venue. CONTACT: JEFRA BAUSERVICE GmbH Streitstr. 86, Block 2,13587 Berlin Christoph Rosenmueller, Administrator Berliner Str. 117, 10713 Berlin MCD ART: Nuernberg Business Succumbs to Bankruptcy -------------------------------------------------- The district court of Nuernberg opened bankruptcy proceedings against MCD Art Gallery GmbH i.L. on December 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 18, 2006 to register their claims with court-appointed provisional administrator Dr. Helmut Lederer. Creditors and other interested parties are encouraged to attend the meeting on February 22, 2006, 9:30 a.m. at the district court of Nuernberg, Flaschenhofstr. 35, Sitzungssaal 152/I, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MCD ART GALLERY GmbH i.L. Contact: Teti Selenica, Manager Boschring 13, 91161 Hilpoltstein Dr. Helmut Lederer, Administrator Ostendstr. 100, 90482 Nuernberg Phone: 0911/5444880 Fax: 0911/54448810 MTB MISBURGER: Files for Bankruptcy ----------------------------------- The district court of Hannover opened bankruptcy proceedings against MTB Misburger Erd-, Garten- und Landschaftsbau GmbH on December 9. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 31, 2006 to register their claims with court-appointed provisional administrator Udo Mueller. Creditors and other interested parties are encouraged to attend the meeting on February 28, 2006, 9:40 a.m. at the district court of Hannover, Saal 226, 2. Obergeschoss, Dienstgebaude Hamburger Allee 26, 30161 Hannover, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MTB MISBURGER ERD-, GARTEN- UND LANDSCHAFTSBAU GmbH Zeppelinstr. 4, 30916 Isernhagen Contact: Peter Kolloczek, Liquidator Ludwig-Erhard-Ring 8, 31157 Sarstedt Udo Mueller, Administrator Georgstr. 50, 30159 Hannover Phone: 0511/36698-0 Fax: 0511/36698-33 PROSIEBENSAT.1 MEDIA: Media Watchdog Sets Takeover Conditions ------------------------------------------------------------- Media authority Kommission zur Ermittlung der Konzentration im Medienbereich (KEK) has set several conditions for Axel Springer Verlag's takeover of ProSiebenSat.1 Media, Borsen Zeitung says. KEK wants Springer to provide the financial means needed to ensure plurality of ProSiebenSat.1's program content, regardless of profitability requirements and market interests. The regulator also wants the publishing group to create an advisory committee representing various sectors of society. Springer is not happy with the decision and hopes regional media offices will reject KEK's "stringent conditions." The group recently said it will seek approval from Economic Affairs Minister Michael Glos, if the Cartel Office bars its offer. Cartel Office chief Ulf Boege, earlier this month, admitted he is unconvinced of Springer's arguments that the takeover will not fortify its dominance in the market. Springer already controls a majority stake in ProsiebenSat.1, which it acquired for EUR3.5 billion from a group of investors led by Haim Saban. ProSiebenSat.1 was formed in 2000 with the merger of Germany's leading broadcasters ProSieben Media AG and Sat.1. It is the largest and most successful television corporation in Germany with four stations -- Sat.1, ProSieben, kabel eins and N24. CONTACT: PROSIEBENSAT.1 MEDIA AG Medienallee 7 85774 Unterfohring Phone: +49 (89) 95 07-11 80 Fax: +49 (89) 95 07-11 84 AXEL SPRINGER VERLAG AG Axel-Springer-Str. 65 10888 Berlin, Germany Phone: +49-30-2591-0 Web site: http://www.asv.de KOMMISSION ZUR ERMITTLUNG DER KONZENTRATION IM MEDIENBEREICH (KEK) Helene-Lange-Strasse 18 a 14469 Potsdam Phone: +49 (331) 2 00 63 60 Fax: +49 (331) 2 00 63 70 E-mail: info@kek-online.de Web site: http://www.kek-online.de TARAK ENTWICKLUNGS: Chemnitz Court Names Pluta Administrator ------------------------------------------------------------ The district court of Chemnitz opened bankruptcy proceedings against TARAK Entwicklungs-GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 13, 2006 to register their claims with court-appointed provisional administrator Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting on February 28, 2006, 11:15 a.m. at the district court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in Chemnitz, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TARAK ENTWICKLUNGS-GmbH Contact: Reiner Schreier, Manager Wildenauer Weg 4, 08340 Schwarzenberg Dr. Stephan Thiemann, Administrator Pluta Rechtsanwalts GmbH Leipziger Str. 62, 09113 Chemnitz Web site: http://www.pluta.net TK-TRANS: Wolff-Rapp Administrator Takes over Helm -------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against TK-Trans GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors had until December 27, 2005 to register their claims with court-appointed provisional administrator Olaf Seidel. Creditors and other interested parties are encouraged to attend the meeting on January 26, 2006, 11:00 a.m. at the district court of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TK-TRANS GmbH Jeschuetzer Strasse 40 in 02694 Grossdubrau/OT Quatitz Olaf Seidel, Administrator Wolff-Rapp Rechtsanwalte Weisseritzstrasse 3, 01067 Dresden Web site: http://www.WORAKO.de TOCHTENHAGEN NATURSTEINE: Appoints White & Case Administrator ------------------------------------------------------------- The district court of Dresden opened bankruptcy proceedings against Tochtenhagen Natursteine GmbH on December 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 3, 2006 to register their claims with court-appointed provisional administrator Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting on February 14, 2006, 10:30 a.m. at the district court of Dresden, Saal D132, Olbrichtplatz 1, 01099 Dresden, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TOCHTENHAGEN NATURSTEINE GmbH Talstrasse 10 in 01705 Freital Bettina Schmudde, Administrator White & Case Insolvenz GbR Konigstrasse 1, 01097 Dresden Web site: http://www.whitecaseinso.de TPL TENNISPARK: Falls into Bankruptcy ------------------------------------- The district court of Coburg opened bankruptcy proceedings against TPL Tennispark Betriebsgesellschaft mbH on December 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until January 23, 2006 to register their claims with court-appointed provisional administrator Rudolf Mark. Creditors and other interested parties are encouraged to attend the meeting on February 13, 2006, 2:00 p.m. at the district court of Coburg, Sitzungssaal I, I. Stock, Nebengebaude, at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TPL TENNISPARK BETRIEBSGESELLSCHAFT mbH An der Friedenslinde 1 in 96215 Lichtenfels Contact: Heinrich Fleischmann, Manager An der Friedenslinde 1, 96215 Lichtenfels Rudolf Mark, Administrator Stohrstrasse 17, 96317 Kronach Phone: 09261/5080 Fax: 09261/50830 ========= I T A L Y ========= MV AGUSTA: PROTON Sells 57% Stake to GEVI ----------------------------------------- The Board of Directors of PROTON Holdings Berhad disclosed Tuesday that its Proton Capital Sdn Bhd (PCSB) unit has agreed to sell its 57,750,000 Class A shares, representing 57.57% of the corporate capital of MV Agusta S.p.A., to GEVI S.p.A. for EUR1.00 only. The Proposed Disposal was arrived at on a "willing buyer, willing seller" basis after taking into consideration, the six- month unaudited financial results for period ended 30 September 2005. It is consistent with PROTON's strategy of divesting non- core assets. MV Agusta is a company organized and existing under the laws of Italy, with registered office in Schiranna (Varese), Via G. Macchi n. 144, enrolled with the Register of Enterprises of Varese, Fiscal Code 02324 190129. The principal activity of MVA is the manufacturing and marketing of motorcycles and related products. GEVI is an investment holding company organized and existing under the laws of Italy and having its registered office at Via Corsica 216, 16128, Genova, Fiscal Code 01600410995. GEVI will assume these liabilities: (a) Restructured Frozen Debts amounting to EUR106.94 million, and (b) Working Capital requirements amounting to EUR32.50 million The Proposed Disposal is not expected to have any effect on the earnings, net assets, share capital nor shareholdings of PROTON. Inter alia, the salient terms of the agreement are: (a) The Purchaser is to open an escrow account with Banca Carige S.p.A, Genova, Italy for the sum of EUR500,000.00 to secure: (i) the timely opening and funding of the Second Escrow Account; and (ii) subject to the fulfillment of the Conditions Precedents and to the performance of the actions set out in the agreement, the occurrence of Repayment on the Closing Date. Should the actions mentioned above are not timely complied with by the Purchaser, Proton Capital Sdn Bhd shall be entitled to withdraw the money from the First Escrow Account and terminate the Agreement. (b) On or before 18 January 2006, the Purchaser is to open a Second Escrow Account with Banca Carige S.p.A. for the sum of EUR15.0 million to secure the obligation of the Purchaser to subscribe and pay the capital increase in MVA. The agreement is subject to conditions precedents to be obtained not later than 15 February 2006. Inter alia: (a) adoption by the shareholders at an extraordinary general meeting of MVA with the unanimous vote of all shareholders' of a resolution allowing the Purchaser to purchase the said shares from Proton Capital Sdn Bhd and further subscribe for the capital increase in MVA. And subsequent thereat, to approve the amendment to the articles of association of MVA; (b) waiver in writing by other shareholders of MVA of their pre- emptive rights in connection with the transfer of shares from Proton Capital Sdn Bhd to the Purchaser; (c) termination of the shareholders' agreement executed on 26 November 2004; (d) termination of the shareholders agreement executed on 25 November 2004; (e) termination of the service agreement executed on 26 November 2004; (f) Husqvarna AB to release Proton Capital Sdn Bhd from all obligations as contained in the Husqvarna Augusta Agreement executed on 29 October 2004; (g) delivery to MVA of a letter to be executed by several banks (as identified in the Agreement) whereby the Banks declare that they fully agree with the exercise of the voting rights by Claudio Castiglioni for adoption of the resolution and the waiver by Claudio Castiglioni of the pre-emptive rights mentioned above; (h) execution by Proton Capital Sdn Bhd and each of the shareholders of MVA and the Banks of an agreement whereby they settle and waive their eventual claims vis-a-vis Proton Capital Sdn Bhd and they declare to the maximum possible extent not to have any claim at any title vis-a-vis Proton Capital Sdn Bhd any other entity of Proton Group and the directors and statutory auditors of MVA appointed by Proton Capital Sdn Bhd and they waive their rights to sue them, for any title whatsoever; and (i) obtaining of antitrust authorization from competent Italian authorities. The original cost of investment for the MVA Shares was EUR70 million for the 57.75% at a pro forma equity value at the date of investment of EUR121.0 million, pro forma enterprise value at the date of investment of EUR281.0 million at Sales multiples of 1.6 times. The Investment Agreement in respect of the acquisition of MVA Shares by Proton Capital Sdn Bhd was signed on 7 July 2004 and the Shareholders Agreement was signed on 26 November 2004. None of the Directors or substantial shareholders or persons connected to them has any interest, direct or indirect in the Proposed Disposal. The Directors of PHB, having considered all aspects of the Proposed Disposal, and are of the opinion that the Proposed Disposal is in the best interest of PROTON and its shareholders. CONTACT: MV AGUSTA S.p.A. Via G. Macchi, 144 (Schiranna) 21100 Varese, Italy E-mail: info@mvagusta.it PROTON HOLDINGS BERHAD Batu Tiga, 40000 Shah Alam Selangor Darul Ehsan Malaysia Phone: +60 3 5191 1055 Fax: +60 3 5191 1252 VOLARE GROUP: Miro Radici Offers to Relaunch Airline ---------------------------------------------------- Ailing low-cost carrier Volare Group has received a takeover offer from Miro Radici Textile & Energy (MRTE), Agenzia Giornalistica Italia says. MRTE offered to inject EUR33 million into Volare over 12 to 18 months, with an aim to relaunch the troubled carrier. MRTE also offered to keep Volare's workforce of more than 200 people and rehire laid off personnel over the next 18 months. The textile and energy group also plans to open 12 slots at Milan Linate Airport for local flights to the south and international flights to Barcelona and Paris Orly. MRTE also plans to refurbish Volare's terminal at Milan Malpensa Airport to accommodate European and intercontinental flights. MRTE also intends to launch exclusive routes to Mauritius, Havana and the Seychelles. MRTE aims to increase Volare's load factor by 65% in the first year under the supervision of Antonello Isabella, Air Europe's founder and managing director; and Andrea Molinari. TCR-Europe said in August 10, 2005 that Volare is looking for a possible buyer to improve its operational capacity. Volare needs fresh capital to expand its fleet. The group is also aiming for a strategic partnership with another airline to ensure it has enough planes to cover all flight slots. Volare declared insolvency on Nov. 22, 2004, citing huge debt and heavy losses. The group then underwent extraordinary administration, which allowed it to be protected from creditors while resuming daily operations. Volare emerged from administration in spring, after beating its EUR7 million revenue forecast by around EUR3.8 million. CONTACT: VOLARE GROUP S.p.A. Via Pirelli, 20 20124 Milan Phone: (+39) 02 673 631 Fax: (+39) 02 673 630 90 Web site: http://www.volare-group.it MIRO RADICI TEXTILE & ENERGY Rovetta (BG) Localita Vogno Web site: http://www.miroradicitextileenergy.com =================== K Y R G Y Z S T A N =================== INTERMOBI: Creditors' Claims Due Mid-February --------------------------------------------- LLC Intermobi, which recently became insolvent, will accept proofs of claim at Bishkek, Srednaya Str. 185 until February 16, 2006. Call (0-312) 69-77-10 for more information. LGF TEX: Sets Proofs of Claim Deadline -------------------------------------- LLC LGF Tex Fabric, which recently became insolvent, will accept proofs of claim at Bishkek, Kokchetavskaya Str. 148 until February 16, 2006. TESH-MIR SYSTEMS: Gives Creditors Until February to File Claims --------------------------------------------------------------- LLC Tesh-Mir Systems, which recently became insolvent, will accept proofs of claim at Bishkek, Fere Str. 112 until February 16, 2006. =========== P O L A N D =========== MOSTOSTAL ZABRZE: Fails to Reach Deal with Major Creditor --------------------------------------------------------- Ateliers Vlassenroot B.V., one of Mostostal Zabrze Holding's major creditors, has filed a complaint against the company after failing to seal an agreement with it, Polish News Bulletin says. The Belgian firm had given Mostostal to accept its offer to write off PLN30 million of Mostostal's debt in exchange for the latter's steel-element subsidiary ZPK. The offer included a PLN7.5 million cash payment for ZPK, real properties in Gliwice and Zabre, and manufacturing equipment. It had also offered to inject the company with PLN5 million in fresh capital. The report did not indicate the nature of the complaint and where it is pending. CONTACT: MOSTOSTAL ZABRZE HOLDING S.A. 41-800 Zabrze, ul. Wolnos'ci 191 Phone: +48 (0 32) 271 32 21 +48 (0 32) 373 44 44 Fax: +48 (0 32) 271 50 47 +48 (0 32) 271 19 21 +48 (0 32) 271 26 49 +48 (0 32) 271 80 01 E-mail: post@mz.pl Web site: http://www.mostostal.zabrze.pl ATELIERS VLASSENROOT B.V. Noordkustlaan 14 1702 Groot-Bijgaarden Belgium Phone: +32 24 67 62 11 Fax: +32 24 66 19 26 =========== R U S S I A =========== BEMOL: Insolvency Manager Takes over Firm ----------------------------------------- The Arbitration Court of Perm region has commenced bankruptcy supervision procedure on close joint stock company Bemol. The case is docketed as A50-36437/2005-B. Mr. A. Boltrushevich has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 618400, Russia, Perm region, Berezniki, UFPS, Post User Box 1628. A hearing will take place on March 3, 2006. CONTACT: BEMOL 618400, Russia, Perm region, Berezniki, Metallistov Str. 10 A. BOLTRUSHEVICH Temporary Insolvency Manager 618400, Russia, Perm region, Berezniki, UFPS, Post User Box 1628 BOGORDSKAYA: Sewing Company Succumbs to Bankruptcy -------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region commenced bankruptcy proceedings against Bogordskaya after finding the sewing company insolvent. The case is docketed as A43-9810/03- 33-100. Ms. E. Korostyleva has been appointed insolvency manager. Creditors have until January 8, 2006 to submit their proofs of claim to: (a) BOGORDSKAYA SEWING FACTORY #8 607600, Russia, Nizhniy Novgorod region, Bogorodsk, Pravdy Str. 10 (b) INSOLVENCY MANAGER 603086, Russia, Nizhniy Novgorod region, Sovnarkomovskaya Str. 36-10 (c) ARBITRATION COURT OF NIZHNIY NOVGOROD REGION 603082, Russia, Nizhniy Novgorod region, Kremlin, Building 9 ISTRINSKOYE: Moscow Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Arbitration Court of Moscow region commenced bankruptcy proceedings against Istrinskoye (TIN 5018053345) after finding the construction company insolvent. The case is docketed as A41-K-2-6880/05. Mr. E. Vrubel has been appointed insolvency manager. Creditors have until January 8, 2006 to submit their proofs of claim to 105037, Russia, Moscow, 2nd Pryadilnaya Str. 3, Building 1, Apartment 6. CONTACT: ISTRINSKOYE Russia, Moscow region, Istra, Severnyj E. VRUBEL Insolvency Manager 105037, Russia, Moscow region, 2nd Pryadilnaya Str. 3, Building 1, Apartment 6 KRASNYJ GIGANT: Bankruptcy Hearing Set Feb. 16 ---------------------------------------------- The Arbitration Court of Penza region has commenced bankruptcy supervision procedure on federal state unitary enterprise Krasnyj Gigant. The case is docketed as A49-6422/2005-114b/10. Mr. O. Probeygolov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 442680, Russia, Penza region, Nikolsk, Komsomolskaya Str. 27. A hearing will take place on February 16, 2006, 11:30 a.m. at the Arbitration Court of Penza region. CONTACT: KRASNYJ GIGANT 442680, Russia, Penza region, Nikolsk, Komsomolskaya Str. 27 O. PROBEYGOLOV Temporary Insolvency Manager 442680, Russia, Penza region, Nikolsk, Komsomolskaya Str. 27 ONEZHSKIY: Bankruptcy Supervision Procedure Begins -------------------------------------------------- The Arbitration Court of Kareliya republic has commenced bankruptcy supervision procedure on open joint stock company Onezhskiy. The case is docketed as A26-7111/2005-183. Mr. V. Krepyakov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 190103, Russia, St Petersburg, Obvodnogo Kanala Quay, 181. A hearing will take place on February 22, 2006, 2:10 p.m. at Russia, Petrozavodsk, Krasnoarmeyskaya Str. 24a, Hall #1. CONTACT: ONEZHSKIY 185000, Russia, Kareliya republic, Petrozavodsk, Kalinina Str. 1 V. KREPYAKOV Temporary Insolvency Manager 190103, Russia, St-Petersburg, Obvodnogo Kanala Quay, 181 PRISTENSKIY: Bankruptcy Hearing Resumes February ------------------------------------------------ The Arbitration Court of Kursk region has commenced bankruptcy supervision procedure on butter factory Pristenskiy. The case is docketed as A-35-5322/05 "g". Mr. N. Krasilnikov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 305000, Russia, Kursk region, Main Post Office. A hearing will take place on February 1, 2006, 11:40 a.m. CONTACT: PRISTENSKIY Russia, Kursk region, Pristenskiy region, Pristen, Vostochnaya Str. 38 N. KRASILNIKOV Temporary Insolvency Manager 305000, Russia, Kursk region, Main Post Office ROAD BUILDING: Saratov Court Brings in Insolvency Manager --------------------------------------------------------- The Arbitration Court of Saratov region has commenced bankruptcy supervision procedure on limited liability company Road Building Enterprise 100. The case is docketed as A57-59B/05-23. Mr. T. Yalynycheva has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 410076, Russia, Saratov, Post User Box 2493. CONTACT: ROAD BUILDING ENTERPRISE 100 410000, Russia, Saratov region, Kutyakova Str. 20 T. YALYNYCHEVA Temporary Insolvency Manager 410076, Russia, Saratov region, Post User Box 2493 SIBERIAN MUSHROOMS: Deadline for Proofs of Claim Jan. 8 ------------------------------------------------------- The Arbitration Court of Krasnoyarsk region commenced bankruptcy proceedings against Siberian Mushrooms after finding the limited liability company insolvent. The case is docketed as A33- 21715/2005. Mr. V. Shmanay has been appointed insolvency manager. Creditors have until January 8, 2006 to submit their proofs of claim to 660017, Russia, Krasnoyarsk, Post User Box 20647. CONTACT: SIBERIAN MUSHROOMS 660049, Russia, Krasnoyarsk region, Lebedevoy-Oborony Str. 101/5 V. SHMANAY Insolvency Manager 660017, Russia, Krasnoyarsk region, Post User Box 20647 TIM-UNIVERSAL-MILK: Declared Insolvent -------------------------------------- The Arbitration Court of Kursk region commenced bankruptcy proceedings against Tim-Universal-Milk after finding the open joint stock company insolvent. The case is docketed as A35- 8887/05 "g". Mr. A. Zabornyj has been appointed insolvency manager. CONTACT: A. ZABORNYJ Insolvency Manager 305000, Russia, Kursk region, Stepana Razina Str. 9B UTYASHEVO-AGRO-KHIM: Claims Filing Period Ends Jan. 8 ----------------------------------------------------- The Arbitration Court of Tyumen region commenced bankruptcy proceedings against Utyashevo-Agro-Khim after finding the open joint stock company insolvent. The case is docketed as A70- 1883/3-2005. Mr. V. Vinogradov has been appointed insolvency manager. Creditors have until January 8, 2006 to submit their proofs of claim to 644065, Russia, Omsk region, 50 Let Profsoyuzov Str. 61. CONTACT: UTYASHEVO-AGRO-KHIM 625017, Russia, Tyumen region, Avtoremontnaya Str. 47 V. VINOGRADOV Insolvency Manager 644065, Russia, Omsk region, 50 Let Profsoyuzov Str. 61 ============= U K R A I N E ============= DONBASOBROBBUD: Under Bankruptcy Supervision -------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy supervision procedure on State Enterprise Specialized Building Department Donbasobrobbud (code EDRPOU 01236621) on July 15, 2005. The case is docketed as 15/130 B. Mr. Vyacheslav Solovyov (License Number 216800) has been appointed temporary insolvency manager. Creditors have until January 1, 2006 to submit their proofs of claim to: (a) DONBASOBROBBUD 83086, Ukraine, Donetsk region, Artema Str. 45 (b) VYACHESLAV SOLOVYOV Temporary Insolvency Manager 84333, Ukraine, Donetsk region, Kramatorsk, Kramatorskij Boulevard 15/393 (c) ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 ELEKTROPIVDENMONTAZH-10: Sanction Proceedings Begin --------------------------------------------------- The Economic Court of Zaporizhya region has launched sanction proceedings against JSCCT Elektropivdenmontazh-10 (code EDRPOU 00121844). The case is docketed as 25/234. Mr. Burnos Igor has been appointed sanction manager. The company holds account number 260010017 at OJSC Bank Big-Energy, Energodar branch, MFO 313764. Creditors have until January 1, 2006 to submit their proofs of claim to: (a) ELEKTROPIVDENMONTAZH-10 71530, Ukraine, Zaporizhya region, Energodar, Promislova Str. 46-E, a/b 7 (b) BURNOS IGOR Sanction Manager 71503, Ukraine, Zaporizhya region, Energodar, Promislova Str. 46-E, a/b 7 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 FINANCIAL ALLIANCE: Creditors' Claims Due January 1 --------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Financial Alliance (code EDRPOU 32384726) on October 19, 2005 after finding the limited liability company insolvent. The case is docketed as 15/727-b. Private enterprise Skver (code EDRPOU 24721106) has been appointed liquidator. Creditors have until January 1, 2006 to submit their proofs of claim to: (a) FINANCIAL ALLIANCE 04128, Ukraine, Kyiv region, Tupolyev Str. 17 (b) SKVER Liquidator/Insolvency Manager 03115, Ukraine, Kyiv region, Svyatoshinska Str. 20 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B INDUSTRY SYSTEMS: Declared Insolvent ------------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Industry Systems (code EDRPOU 32374744) on October 19, 2005 after finding the limited liability company insolvent. The case is docketed as 15/725-b. Private enterprise Skver (code EDRPOU 24721106) has been appointed liquidator. Creditors have until January 1, 2006 to submit their proofs of claim to: (a) INDUSTRY SYSTEMS 03187, Ukraine, Kyiv region, Zabolotnij Str. 2 (b) SKVER Liquidator/Insolvency Manager 03115, Ukraine, Kyiv region, Svyatoshinska Str. 20 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B MOLODA GVARDIYA: Goes into Liquidation -------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against Moloda Gvardiya (code EDRPOU 00854096) on November 2, 2005 after finding the limited liability company insolvent. The case is docketed as 2-8/5039-2005. Mr. Oleksandr Zolotavin has been appointed liquidator/insolvency manager. Creditors have until January 1, 2006 to submit their proofs of claim to: (a) MOLODA GVARDIYA Ukraine, AR Krym region, Dzhankoj district, Svitle, Lenin Str. 22 (b) OLEKSANDR ZOLOTAVIN Liquidator/Insolvency Manager 95023, Ukraine, AR Krym region, Simferopol, L. Shevtsova Str. 33 (c) ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 =========================== U N I T E D K I N G D O M =========================== AGENTS' NETWORK: Hires Administrator from J M Marriott & Co. ------------------------------------------------------------ Jonathan M. Timmis (IP No 8933) of J. M. Marriott & Co. was appointed administrator of The Agents' Network Limited (Company No 04833706) on Dec. 16. The company specializes in corporate promotions. CONTACT: J M MARRIOTT & CO. 12 Sun Street Lancaster Lancashire LA1 1EW Phone: 01524 845611 Fax: 01524 845612 E-mail: jmt@jmmarriott.co.uk BEAUMONT CAPITAL: Liquidator from PKF Enters Firm ------------------------------------------------- M. Templeman, director of Beaumont Capital Management Limited, informs that the special resolution to wind up the company was passed at an EGM held on Dec. 12 at 31 Gresham Street, London EC2V 7QA. David S. Merrygold and Brian J. Hamblin of PKF (UK) LLP were appointed liquidator. Creditors are required on or before January 31, 2006, to send in their full forenames and surnames, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any), to David S. Merrygold of PKF (UK) LLP, 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ. CONTACT: PKF 16 The Havens Ransomes Europark Ipswich, Suffolk IP3 9SJ Phone: 01473 320700 Fax: 01473 320800 E-mail: david.merrygold@uk.pkf.com BOXWOOD GROUP: Calls in Administrators from Kroll Limited --------------------------------------------------------- Robert Edward Hendry Maxwell and Stuart Charles Edward Mackellar (IP Nos 1357 and 6883) of Kroll Limited were appointed administrators of Boxwood Group Limited (Company No 03568965) on Dec. 15. Its registered office is at Boston House, 214 High Street, Boston Spa, West Yorkshire LS23 6AB. Boxwood Group Limited -- http://www.boxwoodgroup.com/-- offers business improvement solutions. CONTACT: BOXWOOD GROUP LTD. 1200 Century Way Thorpe Park Leeds LS15 8ZB West Yorkshire Phone: 0113 251 5111 Fax: 0113 251 5555 E-mail: info@boxwoodgroup.com KROLL LIMITED Wellington Plaza, 31 Wellington Street, Leeds LS1 4DL Web site: http://www.krollworldwide.com CADWALLADER HEATING: Creditors Meeting Next Week ------------------------------------------------ Creditors of Cadwallader Heating And Plumbing Limited (Company No 3903577) will meet on January 4, 2006, 11:30 a.m. at Begbies Traynor, No 1 Old Hall Street. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to D. Moore, joint administrator of Begbies Traynor, No 1 Old Hall Street, Liverpool L3 9HF not later than 12:00 noon, January 3, 2006. CONTACT: CADWALLADER HEATING & PLUMBING LTD. 39 Seaforth Rd Liverpool L21 3TX Phone: 0151-286 2100 BEGBIES TRAYNOR No. 1 Old Hall Street, Liverpool L3 9HF Phone: 0151 227 4010 Fax: 0151 227 4009 Web site: http://www.begbies.com CHS BUILDING: Engineering Group Up for Sale ------------------------------------------- The Leicester County Court issued a winding-up order against CHS Building Services Limited on Dec. 13, 2005. The winding-up petition was filed Oct. 20. Founded in 1978, CHS specializes in the design and installation of mechanical engineering services and has active clients from private industry, public entities, defense and military installations, hotels, commercial and recreational facilities. CHS also provides design and build services to the semiconductor industry, pharmaceutical and specialty food products industries across the U.K. and Europe. CONTACT: CHS BUILDING SERVICES LIMITED Clumber House Newark Road Lincoln LN5 8PY Phone: + 44 (0) 1522 535753 Fax: + 44 (0) 1522 536370 E-mail: headoffice@chs-limited.com Web site: http://www.chs-limited.com CONTEXT GB: J M Marriott Administrator Enters Firm -------------------------------------------------- Jonathan M. Timmis (IP No 8933) of J M Marriott & Co was appointed administrator of Context GB Limited (Company No 03513315) on Dec. 16. CONTACT: CONTEXT G B LTD. Lin Crag Barn, Ulverston, Cumbria LA12 8EH Phone: 01229-885343 J M MARRIOTT & CO. 12 Sun Street Lancaster Lancashire LA1 1EW Phone: 01524 845611 Fax: 01524 845612 E-mail: jmt@jmmarriott.co.uk DAWSON INTERNATIONAL: Redeeming GBP656,708 of Loan Stock -------------------------------------------------------- Following Dawson International plc's announcement on 8 December 2005 of its intention to redeem the outstanding balance of its zero coupon, convertible, secured, redeemable loan stock 2009, the Company will be redeeming GBP656,708 of Loan Stock plus premium. On 28 December 2005, the Company resolved to allot 41,601,400 Ordinary Shares of one pence each in the share capital of the Company to holders of the Loan Stock. The allotment of Ordinary Shares was pursuant to notices of conversion received from the holders of Loan Stock exercising their right under the conditions of the Loan Stock to convert each GBP0.05 of Loan Stock into one Ordinary Share rather than accept redemption. Application has been made to the London Stock Exchange for these shares to be quoted on AIM and it is expected that dealings will commence on 4 January 2006. As a result of the conversion and redemption, GBP2,736,778 units of Loan Stock will be cancelled. Chairman and Chief Executive Mike Hartley said: "The issue of the Loan Stock was an important step in the refinancing of the business. The Board appreciates the confidence shown in the Group by the investors at that time and is delighted to have vindicated this confidence by redeeming the final tranche of the loan stock at the earliest possible opportunity. I regard the high level of conversion by Loan Stock holders into ordinary equity as an indication of their belief in the long-term value of Dawson shares. "The Group is now much better resourced to continue development of its existing businesses whilst seeking additional acquisition opportunities. Thus Dawson International enters a new phase of building shareholder value. At this key transitional moment, I would like to recognize the efforts of all the management and staff in the Group whose endeavors made this turnaround possible." CONTACT: DAWSON INTERNATIONAL PLC Lochleven Mills Kinross KY13 8GL, United Kingdom Phone: +44-1577-867000 Fax: +44-1577-867010 Web site: http://www.dawson-international.co.uk FOX PARRACK: Advertising Agency Hires Administrator --------------------------------------------------- Filippa Connor (IP No 9188) of B & C Associates was appointed administrator of advertising agency Fox Parrack Hirsch Limited (Company No 01640981) on Dec. 12. Its registered office is at the 2nd Floor, 167-169 Great Portland Street, London W1W 5PF. CONTACT: FOX PARRACK HIRSCH COMMUNICATIONS Threeways House, 40/44 Clipstone Street, London W1W 5DW Phone: +44 (0) 20 7436 4336 E-mail: tparrack@fphcom.com Web site: http://www.foxps.com/ B & C ASSOCIATES Trafalgar House Grenville Place Mill Hill London NW7 3SA Phone: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com GENEVE INTERNATIONAL: Appoints Tait Walker Administrator -------------------------------------------------------- Allan David Kelly and Gordon Smythe Goldie (IP Nos 9156, 5799) of Tait Walker were appointed administrators of Geneve International Limited (Company No 02026988) on Dec. 1. CONTACT: GENEVE INTERNATIONAL LTD. Unit 9a, North Tyne Industrial Estate, Newcastle Upon Tyne, Tyne & Wear NE12 9SZ Phone: 01912159911 TAIT WALKER Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne NE3 3LS Phone: 0191 285 0321 Fax: 0191 284 9117 E-mail: advice@taitwalker.co.uk Web site: http://www.taitwalker.co.uk HCE LIMITED: Business for Sale ------------------------------ The Joint Administrators, Robert Birchall and Mike Jervis, offer for sale the business and assets of HCE Limited, a leading non- food supplier to the catering industry. Features: (a) Strong brand name and reputation; (b) "One-stop-shop" for design, installation and service; (c) Established for over 20 years; (d) Holds a number of prestige contracts; and (e) Owns a 4,500 sq. ft. showroom CONTACT: PRICEWATERHOUSECOOPERS LLP 9 Greyfriars Road Reading RG1 1JG Phone: [44] (118) 959 7111 Fax: [44] (118) 960 7700 Web site: http://www.pwcglobal.com Contact: David Bennett Phone: 07971 645 939 E-mail: david.j.bennett@uk.pwc.com HOBBS & SONS: Names Harrisons Liquidator ---------------------------------------- W. Hobbs, chairman of Hobbs & Sons Limited, informs that the special resolution to wind up the company was passed at an EGM held on Dec. 1 at Station Road, Henley on Thames, Oxfordshire. Douglas Paul Glenn Walker of Harrisons, 4 St Giles Court, Southampton Street, Reading RG1 2QL was appointed liquidator. CONTACT: HARRISONS 4 St Giles Court, Southampton Street, Reading RG1 2QL Phone: 0118 951 0798 Fax: 0118 939 4409 E-mail: info@harrisons.uk.com Web site: http://www.harrisons.uk.com IT ACCOUNTING: Appoints Menzies Administrator --------------------------------------------- Jason James Godefroy and Paul John Clark (IP Nos 9097, 8570) of Menzies Corporate Restructuring were appointed administrators of IT Accounting Online Limited (Company No 03441161) on Dec. 13. CONTACT: MENZIES CORPORATE RESTRUCTURING 43/45 Portman Square London W1H 6LY Phone: 020 7487 7240 JACKSONS (PROPERTY AGENTS): Files for Administration ---------------------------------------------------- R. D. Smailes and S. B. Ryman (IP Nos 8975, 4731) of Rothman Pantall & Co. were appointed administrators of Jacksons (Property Agents) Limited (Company No 04344013) on Dec. 6. Its registered office is at Carlton House, 101 New London Road, Chelmsford, Essex CM2 0PP. CONTACT: JACKSONS PROPERTY AGENTS LTD. 115 Balham High Road Balham Greater London SW12 9AP Phone: 0208 675 6565 ROTHMAN PANTALL & CO Clareville House, 26-27 Oxendon Street, London SW1Y 4EP Phone: +44 (0) 20 7930 7272 Fax: +44 (0) 20 7930 9849 E-mail: london@rothman-pantall.co.uk Web site: http://www.rothman-pantall.co.uk LAKESIDE DOMESTIC: Appliance Retailer Folds up ---------------------------------------------- The High Court of Justice issued a winding-up order against Lakeside Domestic Appliances Limited on Dec. 14, 2005. The winding-up petition was filed Oct. 25. CONTACT: LAKESIDE DOMESTIC APPLIANCES LIMITED 120 Greyhound Lane London SW16 5RN Phone: 020 83554938 Official Receiver 21 Bloomsbury Street London WC1B 3SS Phone: 020 7637 1110 Fax: 020 7637 6390 LONDON CITYLINK: Goes into Liquidation -------------------------------------- The High Court of Justice issued a winding-up order against London Citylink Limited and London Citylink Secretaries Limited on Dec. 13, 2005. The winding-up petition was filed Aug. 3. CONTACT: LONDON CITYLINK LIMITED/ LONDON CITYLINK SECRETARIES LIMITED Thrale House, 2nd Floor West 44-46 Southwark Street London SE1 1UN Phone: +44 (20) 7234 5920 Fax: +44 (20) 7015 9160 E-mail: tw@londoncitylink.com Official Receiver 21 Bloomsbury Street, London, WC1B 3SS Phone: 020 7637 1110 Fax: 020 7637 6390 MARSOM PAVING: Calls in Tenon Recovery Liquidator ------------------------------------------------- Carl Stuart Jackson and Duncan Robert Beat (IP Nos 8860, 8161) of Tenon Recovery were appointed administrators of Marsom Paving & Landscapes Limited (Company No 3596178) on Dec. 12. CONTACT: MARSOM PAVING & LANDSCAPES LTD. Unit 10 Charfleets Est, Runwood Road, Canvey Island, Essex SS8 0PL Phone: 01268682600 TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Phone: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com MONTANA TEXTILES: Court Okays Petition to Wind up Firm ------------------------------------------------------ The High Court of Justice issued a winding-up order against Montana Textiles Ltd. on Dec. 14, 2005. The winding-up petition was filed Oct. 21. CONTACT: MONTANA TEXTILES LTD. Unit 10 Omega Wks, Hermitage Rd. London N4 1NA Phone: 02088096600 Official Receiver 21 Bloomsbury Street, London, WC1B 3SS Phone: 020 7637 1110 Fax: 020 7637 6390 PROCESSED POLYMERS: Appoints Liquidator from PKF ------------------------------------------------ Anne Buchanan (IP No 1458) of PKF (UK) LLP was appointed administrator of Processed Polymers Limited (Company No 04712795) on Dec. 16. Its registered office is at First Floor, 59-61 High Street West, Glossop, Derbyshire SK13 8AZ. CONTACT: PROCESSED POLYMERS LTD. First Floor 59-61 High Street West Glossop Derbyshire SK13 8AZ United Kingdom Phone: +44 (0) 1457 857576 Fax: +44 (0) 1457 862207 E-mail: sales@processedpolymers.com Web site: http://www.processedpolymers.com/ PKF 78 Carlton Place Glasgow G5 9TH Phone: 0141 4295900 Fax: 0141 4295901 E-mail: info.glasgow@uk.pkf.com Web site: http://www.pkf.co.uk RANK GROUP: Sells Deluxe Film to DX III Holdings ------------------------------------------------ The Rank Group Plc has reached agreement to sell Deluxe Film, the film processing and creative services business to DX III Holdings Corporation, a subsidiary of MacAndrews & Forbes Holdings Inc. Proceeds will be used initially to reduce general corporate borrowings. It is expected that no material tax cost will arise from the Disposal. Highlights: (a) aggregate consideration of US$750 million (equivalent to approximately GBP430 million) payable in cash, on a debt and cash free basis; (b) the Company's capital structure and dividend policy are currently under review. The outcome of that review will accompany Rank's 2005 preliminary results announcement on 3 March 2006 at which time Rank expects to announce a return of capital to shareholders; (c) there is no change to the expected level of the final dividend for the financial year to 31 December 2005; (d) the Disposal is conditional upon obtaining clearances from U.S., Canadian and Spanish anti-trust authorities and the approval of Rank shareholders at an Extraordinary General Meeting to be held on Monday, 16 January 2006; and (e) the Disposal is expected to complete in early 2006. Mike Smith, chief executive of Rank, said: "The announcement of the sale of Deluxe Film represents an important stage in the strategic evolution of The Rank Group. Rank will now concentrate on the growth opportunities in its gaming businesses and in Hard Rock. Our immediate priorities are the disposal of Deluxe Media Services and the completion of a review to establish an appropriate capital structure and dividend policy for the continuing group. We expect that this process will result in a return of capital to shareholders. We will announce the outcome of the review on 3 March 2006 when we present Rank's 2005 preliminary results." Goldman Sachs International is acting as exclusive financial adviser to Rank on the disposal of Deluxe Film. Background to and Reasons for the Disposal The Deluxe businesses, Deluxe Film and Deluxe Media Services, have been important parts of Rank, but in recent years the Company has acknowledged that they were the "least best fit." Against the background of the anticipated deregulation of U.K. gaming laws and further opportunities for the Hard Rock brand, the Board decided in September 2004 that, in principle, it was an opportune time to separate both Deluxe Film and Deluxe Media from the rest of Rank. The announcement of the Disposal follows an exhaustive sale process. The Board remains convinced that the sale of Deluxe Film is in the best long-term interests of the Company, although the Disposal is expected to dilute Rank's future earnings per share. The sale of Deluxe Media remains a priority for the Company. Capital Structure and Dividend Policy Rank is conducting a review of its capital structure and dividend policy with a view to putting in place an efficient capital structure for the ongoing group. Key factors in concluding this review are: the finalization of the net proceeds of the sale of Deluxe Film (principally in relation to any working capital adjustment); the costs of restructuring the Company's borrowings; the conclusion of discussions with Rank's Pension Trustee and the Pension Regulator; progress in relation to the sale of Deluxe Media; and the determination of the financial capacity needed to support the Company's future growth. Rank intends to present the results of this review, including an expected return of capital to shareholders, at the time of its preliminary results announcement on 3 March 2006. There is no change to the expected level of the final dividend for the financial year to 31 December 2005. Information on Deluxe Film Deluxe Film is one of the world's leading suppliers of products and services to the motion picture industry. Deluxe Film's activities are organized into two complementary activities, film processing and creative services. For the year ended 31 December 2004, the financial statements of Deluxe Film were prepared under U.K. GAAP. In this year, Deluxe Film generated profits before interest and taxation of GBP52.9 million on sales of GBP366.0 million. As at 31 December 2004, Deluxe Film had net assets of GBP277.3 million, net of intercompany payables of GBP111.6 million and gross assets of GBP571.5 million. The unaudited results of Deluxe Film for the six months ended 30 June 2005 were prepared under IFRS. In this period, Deluxe Film generated profits before financing costs and taxation of GBP30.2 million on sales of GBP201.7 million. As at 30 June 2005, Deluxe Film had net assets of GBP348.2 million, net of intercompany payables of GBP145.3 million and gross assets of GBP605.3 million. CONTACT: THE RANK GROUP PLC Investor Relations 6 Connaught Place London W2 2EZ Phone: +44 (0) 20 7706 1111 Fax: +44 (0) 20 7706 1092 Web site: http://www.rank.com MACANDREWS & FORBES HOLDINGS INC. 35 E. 62nd St. New York, NY 10021 Phone: 212-688-9000 Fax: 212-572-8400 GOLDMAN SACHS INTERNATIONAL Phone: +44(0) 20 7774 1000 Nick Reid Nick Harper MAITLAND (Press Enquiries) Phone: +44(0) 20 7379 5151 Angus Maitland Phone: +44(0) 7785 268283 Annabel Tuck Phone: +44(0) 7932 774335 RANK GROUP: Calls EGM to Tackle Deluxe Film Disposal ---------------------------------------------------- Rank Group plc has posted to its shareholders a circular regarding the proposed disposal of Deluxe Film to DX III Holdings Corporation, a subsidiary of MacAndrews & Forbes Holdings Inc., announced on 23 December 2005. The circular contains a notice convening an Extraordinary General Meeting of shareholders at 10:00 a.m. on Monday, 16 January 2006 at which approval for the proposed disposal will be sought. Copies of the circular have been submitted to the U.K. Listing Authority and will shortly be available for inspection at the U.K. Listing Authority's Document Viewing Facility, which is situated at The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS (telephone number 020 7676 1000), during normal business hours on any weekday (public holidays excepted). * * * Rank Group has revealed that since the half-year, the company's trading performance has followed similar trends to those witnessed in the first half. Revenues are up year-on-year, but operating costs are higher and sportsbook margins remain weak. As a consequence, the company expects adjusted profit before tax for continuing operations to be slightly lower than in 2004. In October, Standard & Poor's Ratings Services placed its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on Rank Group on CreditWatch with negative implications. The CreditWatch placement reflects Rank's continued intention to sell its Deluxe film processing and media services unit. It follows weak first-half 2005 results, a situation that increases the probability of a more aggressive financial profile if Deluxe is sold, and Standard & Poor's expectation that the company will return funds to shareholders if the sale is completed. CONTACT: THE RANK GROUP PLC Investor Relations 6 Connaught Place London W2 2EZ Phone: +44 (0) 20 7706 1111 Fax: +44 (0) 20 7706 1092 Web site: http://www.rank.com RANK GROUP: On Rating Watch Negative ------------------------------------ Fitch Ratings has placed The Rank Group plc's (Rank) Senior Unsecured 'BB+' rating on Rating Watch Negative. The Short-term rating is affirmed at 'B'. Fitch's rating action follows the announcement of the disposal of its film processing business, Deluxe Film, subject to regulatory and shareholder approval, for GBP430 million and a potential return of capital to shareholders to be announced in conjunction with its 2005 preliminary results in March 2006. Olivier de Combarieu, director within Fitch's corporate team, said: "If the transaction is completed, Rank will not only lose an element of cash flow diversification but could also move towards a more leveraged capital structure." Fitch expects to resolve the Rating Watch status once the disposal is completed and the return of cash to shareholders is announced. The magnitude of the rating downgrade, if any, could vary according to the resulting capital structure. Although Rank may opt for a more leveraged capital structure akin to U.K. pure gaming players, Fitch believes its ability to increase its debt is currently constrained by the financial covenants included in its bank facilities as well as its U.S. private placement. With a divisional operating profit of GBP52.9 million in FY04, Deluxe Film accounts for approximately 25% of Rank's FY04 operating profit before exceptionals. If the disposal is completed, Rank will refocus on the U.K. gaming business that account for the majority of its ongoing operations. Rank also retains the Hard Rock Cafe restaurants, but with the intent of developing gaming operations under the Hard Rock Casino brand. The video & DVD replication business, Deluxe Media, is in the process of being sold and is treated as discontinued operation in the H105 interim accounts. Although U.K. gaming deregulation may attract new customers to Rank's Grosvenor casinos, it will also increase competitive pressure in the industry. Rank's U.K. gaming operations are still heavily reliant on Mecca Bingo, which has suffered a 6% fall in admission in the year to date, while operating margins remain under pressure from labor and energy-related cost inflation. CONTACT: THE RANK GROUP PLC Investor Relations 6 Connaught Place London W2 2EZ Phone: +44 (0) 20 7706 1111 Fax: +44 (0) 20 7706 1092 Web site: http://www.rank.com FITCH RATINGS Olivier de Combarieu, Paris Phone: +33 1 44 29 91 26 Frederic Gits Phone: +33 1 44 29 91 34 Media Relations Francoise Alos, Paris Phone: +33 1 44 29 91 22 Jon Laycock, London Phone: +44 20 7417 4327 Web site: http://www.fitchratings.com SILVER LADY: Hires Begbies Traynor as Administrator --------------------------------------------------- Mark Robert Fry and David Paul Hudson (IP Nos 008588, 008977) of Begbies Traynor were appointed administrators of Silver Lady Motor Services Limited (Company No 3091292) on Dec. 12. Its registered office is at 151 High Road, Loughton, Essex IG10 4LG. The company repairs motor vehicles. CONTACT: SILVER LADY MOTOR SERVICES LTD. Unit 4, Hainault Works, Romford, Essex RM6 5NE Phone: 02085994905 BEGBIES TRAYNOR The Old Exchange, 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com TOWNSEND QUINN: Appoints Begbies Traynor Administrator ------------------------------------------------------ G. N. Lee and P. Stanley (IP Nos 009204, 008123) of Begbies Traynor were appointed administrators of Townsend Quinn & Harper Limited (Company No 03971775) on Dec. 15. Townsend Quinn & Harper -- http://www.tqandh.com/-- offers the highest levels of service by award-winning stylists whose experience reflects both a national and international background. Our leading-edge approach positions us at the forefront of premier hairdressing. CONTACT: TOWNSEND QUINN & HARPER LIMITED 55 Alderley Road Wilmslow Cheshire SK9 1NZ Phone: 01625 549900 BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Phone: 0161 839 0900 Fax: 0161 839 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com YORKSHIRE COLOURS: Manufacturer Files for Administration -------------------------------------------------------- Myles Antony Halley (IP No 6658) and Richard Dixon Fleming (IP No 8370) of KPMG were appointed administrators of Yorkshire Colours Limited (Company No 05172287) on Dec. 13. The company manufactures dyed textiles. CONTACT: KPMG LLP 1 The Embankment Neville Street Leeds West Yorkshire LS1 4DW Phone: 0113 231 3332 Fax: 0113 231 3183 E-mail: richard.fleming@kpmg.co.uk KPMG LLP P.O. Box 695, 8 Salisbury Square, London EC4Y 8BB Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk ********* 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. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, Julybien Atadero and Jay Malaga, Editors. Copyright 2005. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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