/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060201.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, February 1, 2006, Vol. 7, No. 23 Headlines G E R M A N Y CFS CONTAINER: Hamburg Court Begins Bankruptcy Proceedings ER-WE KRAFTFAHRZEUGE: Meeting of Creditors Slated for April 5 GECOS GESELLSCHAFT: Claims Filing Period Ends Next Week HCS HANSEATISCHER: Court Sets March 15 Claims Bar Date IMMOBILIEN DOLFUS: Court to Verify Claims on June 14 LG.PHILIPS: Dutch & German Units File for Insolvency Protection MANFRED KERGER: Dortmund Firm Under Bankruptcy Administration POWER-POINT: Creditors Have Until March 10 to Register Claims TSP-TRANSPORT: Bankruptcy Proceedings Commence in Chemnitz VARIO-RENTA: Creditors to Meet on April 5 WIENERT ELEKTRO: Bochum Court Taps M. Hansberg as Administrator G R E E C E TIM Hellas: Fitch Affirms B Rating Following Q-Telecom Takeover I R E L A N D ELAN CORPORATION: Medical Device Conference Set Next Week I T A L Y FIAT S.P.A.: Moody's Affirms Ba3 Long-Term & Corp. Ratings K A Z A K H S T A N ALSIONA: Creditors' Claims Due Later this Month BANK TURANALEM: Fitch Rates Tier I Issue at Final Long-Term B+ BASTAMA MINERAL: Proofs of Claim Deadline Set Later this Month HSRAU SUROB: Succumbs to Bankruptcy in Kostanai Region MONITORING P: Court Rules for Bankruptcy RUSSIAN-KAZAKH FOOD: Court Sets Feb. 21 Claims Bar Date N E T H E R L A N D S LG.PHILIPS: Dutch & German Units File for Insolvency Protection ROYAL SHELL: Cancels Another 675,000 'A' Shares R U S S I A AGRO-PROM-KHIMIYA: Adygeya Court Opens Bankruptcy Proceedings ALIKOVO-AGRO-PROM-SNAB: Claims Filing Period Ends Next Week CHEBOKSARSKAYA MILL: Insolvency Manager Takes Over Firm KIROVOGRAD-MEZH-RAY-GAS: Proofs of Claim Deadline Set Feb. 10 KUYBYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure MOROZOVSK-AGRO-KHIM-SERVICE: Bankruptcy Hearing Set Feb. 8 RUSSIAN STANDARD: Moody's Rates US$200 Million Notes at Ba2 SEVER-SNAB: Taps Insolvency Manager to Take Over Helm STARODUBSKIY: Factory Succumbs to Bankruptcy STERLITAMAK-STROY: Court Taps I. Yusupova as Insolvency Manager TATARSTAN-GEOLOGY: Tatarstan Court Brings in Insolvency Manager S L O V A K R E P U B L I C DEXIA BANKA: Fitch Affirms Individual Junk Rating S W I T Z E R L A N D SWISS INTERNATIONAL: Cabin Crews Accept New Labor Agreement U K R A I N E BROK-FOND UKRAINA: Succumbs to Bankruptcy Proceedings in Sumi BURSHTINENERGOBUDTRANS: Court Begins Bankruptcy Supervision DNIPRO AGRO: Under Bankruptcy Supervision in AR Krym DONBASENERGOREMONT: Court Names Petrenko Vasil as Liquidator FEMIDA: Bankruptcy Supervision Starts in Sumi Region GALITSKE MEMORIAL: Court Names Temporary Insolvency Manager KAMYANETS-PODILSKIJ: Court Freezes Debt Payment SAMSHIT: Insolvency Manager Yurij Ulyanchuk Comes In U N I T E D K I N G D O M ABSOLUTE ARCHIVES: Financial Woes Prompt Voluntary Liquidation BRAMWELL MOTOR: Lloyds TSB Bank Taps Grant Thornton as Receiver BRIDGENS TRANSPORT: Hires Begbies Traynor Administrator BRIMSDOWN DECORATION: Taps Baker Tilly to Liquidate Assets CERIDEC LIMITED: Winding Up Assets in Rotherham CHARACTER GROUP: Seeking Investors' OK on Sale of Digital Unit CHOICE JOINERY: Begins Voluntary Liquidation COLAB LIMITED: Kroll Begins Liquidating Assets COUNTY PLUMBING: Administrators from Baker Tilly Enter Firm ELITE GLAZING: Taps Tenon Recovery to Administer Assets EURO TRADE: Appoints Baker Tilly as Administrator FALLEN STOCK: Calls in Administrators from Tenon Recovery FERSINA LINCOLNSHIRE: Begins Voluntary Liquidation HPJ UK: Jewelry Retailer Taps Administrators from Stoy Hayward J W ARROWSMITH: Administrators Take Over Firm LIONVERGE PROJECTS: Debt Claims Filing Period Ends Today MARK MENSWEAR: Appoints Joint Administrators META COMPUTER: Calls In Bond Partners to Administer Assets MOWLEM PLC: 75% of Shareholders Approve Scheme of Arrangement MUSE LINGERIE: Meeting of Creditors Set Monday RANK GROUP: Concludes Sale of Deluxe Film Business SARUM TRAINING: Administrators Move In SILVER BOX: Manufacturer Hires Administrators from Stoy Hayward SKYEPHARMA PLC: Shareholders Eye Director's Exit SLI GLASS: Taps Administrators from Deloitte & Touche STIRLING STORAGE: Appoints Liquidator TXU EUROPE: Makes GBP50.5 Million Distribution to SSE WRENBRIDGE LIMITED: Creditors Confirm Joint Liquidators' Hiring ZHM MEAT: Wholesaler Taps Administrator from Jones Lowndes Dwyer ********** ============= G E R M A N Y ============= CFS CONTAINER: Hamburg Court Begins Bankruptcy Proceedings ---------------------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against CFS Container-Freight-Station Kuhwerder GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 8, 2006, to register their claims with court-appointed provisional administrator Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 12:00 p.m., on April 5, 2006, at which time the administrator will present his first report on 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: CFS CONTAINER-FREIGHT-STATION KUHWERDER GmbH Am Windhukkai 5, 20457 Hamburg Contact: Wolfgang Grund, Manager Dorfstrasse 16d, 22889 Tangstedt Dirk Decker, Administrator Speersort 4-6, 20095 Hamburg Tel: 303010 Fax: 30301435 ER-WE KRAFTFAHRZEUGE: Meeting of Creditors Slated for April 5 ------------------------------------------------------------- The District Court of Halle-Saalkreis opened bankruptcy proceedings against ER-WE Kraftfahrzeuge GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 8, 2006, to register their claims with court-appointed provisional administrator Dieter Kuehne. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Halle-Saalkreis, Saal 1.043, Justizzentrum, Thueringer Str. 16, 06112 Halle, at 10:00 a.m., on April 5, 2006, at which time the administrator will present his first report on 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: ER-WE KRAFTFAHRZEUGE GmbH Langendorfer Strasse 30, 06667 Weissenfels Contact: Gerdi Eisenstein, Manager Carlsberger Weg 36, 06667 Leissling Dr. Dieter Kuehne, Administrator Walter-Kohn-Strasse 1b, D-04356 Leipzig Tel: 0341/339890 Fax: 0341/3398929 GECOS GESELLSCHAFT: Claims Filing Period Ends Next Week ------------------------------------------------------- The District Court of Hagen opened bankruptcy proceedings against GECOS Gesellschaft fuer Computersysteme mbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 10, 2006, to register their claims with court-appointed provisional administrator Andreas Grund. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hagen, Haupthaus (Neubau), Heinitzstrasse 42, 58097 Hagen, Etage 2, Raum 283, at 9:45 a.m., on March 3, 2006, at which time the administrator will present his first report on 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: GECOS GESELLSCHAFT FUER COMPUTERSYSTEME mbH Raiffeisenstr. 32, 58093 Hagen Contact: Gabriele Birner, Manager Eixendorf West 5, 92431 Neunburg vorm Wald Andreas Grund, Administrator Grabenstr. 28, 58095 Hagen Tel: 02331-397656 Fax: +4923313976570 HCS HANSEATISCHER: Court Sets March 15 Claims Bar Date ------------------------------------------------------ The District Court of Hamburg opened bankruptcy proceedings against HCS Hanseatischer Computerservice GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 15, 2006, to register their claims with court-appointed provisional administrator Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 9:05 a.m., on April 12, 2006, at which time the administrator will present his first report on 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: HCS HANSEATISCHER COMPUTERSERVICE GmbH Oldesloer Strasse 97-99, 22457 Hamburg Contact: Klaus Klepper, Manager Heiko Fialski, Administrator Raboisen 38, 20095 Hamburg Tel: 33446-0 Fax: 33446-111 IMMOBILIEN DOLFUS: Court to Verify Claims on June 14 ---------------------------------------------------- The District Court of Charlottenburg opened bankruptcy proceedings against Immobilien Dolfus GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 21, 2006, to register their claims with court-appointed provisional administrator Thomas Kuehn. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock Saal 218, at 10:35 a.m., on March 1, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 10:15 a.m., on June 14, 2006, at the same venue. CONTACT: IMMOBILIEN DOLFUS GmbH Salzachstr. 10,14163 Berlin Thomas Kuehn, Administrator Luetzowstr. 100, 10785 Berlin LG.PHILIPS: Dutch & German Units File for Insolvency Protection --------------------------------------------------------------- LG.Philips Displays Holding B.V., the Hong Kong-based manufacturer of television cathode ray tubes, filed for insolvency protection along with its Dutch subsidiary, LG.Philips Displays Netherlands B.V., and its German subsidiary in Aachen on Jan. 27. The companies cited worsening conditions in the CRT marketplace and unsustainable debt. The holding company disclosed that it will not be able to provide further financial support to certain loss-making subsidiaries because it has been unable to obtain sustainable new or additional funding. Likely France Insolvency LG.Philips Displays Holding B.V. is the European holding company for LG.Philips Displays. Given the holding company's inability to further fund the subsidiaries, its operations in France, Czech Republic, Slovakia, Mexico and the U.S. are also reviewing their financial position. In particular, the workers council of LPD France has been summoned to consider seeking insolvency protection at the plant in France. 85% Viable Operations LG.Philips Displays emphasized that its plants in Brazil, China, Indonesia, Korea and Poland are, in principle, unaffected. The company's factories in the United Kingdom (Blackburn) and the Netherlands (Stadskanaal and Sittard, with support from some employees in Eindhoven) are economically viable and are expected to continue production, for which LG.Philips Displays will seek support and approval of the Dutch trustee and supervisory judge. These operations represent more than 85% of LG.Philips Displays' production capacity employing approximately 15,000 people. "Over the past year, LG.Philips Displays and other CRT manufacturers have seen an unprecedented decline in the market for CRTs, especially in Europe. The demand for new flat panel televisions, including liquid crystal display and plasma televisions, has surged dramatically, as these alternatives have dropped in price and become cost competitive faster than anticipated. Although demand for CRTs has dropped precipitously in mature markets, global demand for CRTs remains strong, especially in emerging markets. LG.Philips Displays has been in extensive discussions with the company's financiers and parent companies, Philips and LG Electronics, over the past several months to explore financial solutions to the market challenges, especially in Europe. However, these negotiations were ultimately unsuccessful. Job Cuts As a result of the insolvency filings, approximately 350 employees at the company's operations in Eindhoven, the Netherlands and 400 employees in Aachen, Germany are affected. "We deeply regret this outcome and the painful impact these filings will have on our valued employees and the communities that have supported us over the years," said J.I. Son, President and CEO of LG.Philips Displays. "Unfortunately, market conditions and our financial situation have made this very difficult decision unavoidable." LPD employees are being informed of these changes and of their plant's financial position by their local management. "Having explored all possible restructuring options, we really had no choice but to take these actions. We are working to maintain employment for our remaining employees through our ongoing operations," said J.I. Son. LG.Philips Displays will work with its customers to ensure continued support to their businesses by providing backup supplies from LPD's ongoing operations. LG.Philips Displays will continue to work with suppliers to its ongoing plants and operations. Suppliers delivering parts and components to the affected plants will be formally notified in due course in accordance with local legislative requirements. LG.Philips Displays, a venture between South Korea's LG Electronics Inc. and Royal Philips Electronics NV of the Netherlands, has posted losses since the fourth quarter of 2004, Young-Sam Cho of Bloomberg News reports. About LG.Philips Displays Headquartered in Hong Kong, LG.Philips Displays -- http://www.lgphilips-displays.com/-- manufactures cathode ray tubes for use in televisions and computer monitors. The company produces one in every four television and computer monitor tubes sold. Making use of its global manufacturing infrastructure, it provides regional supplies to top TV and monitor brands worldwide. LG.Philips Displays continues to be committed to the CRT industry and will maintain a strong profile based on its competitive operations and innovative, high-quality products. MANFRED KERGER: Dortmund Firm Under Bankruptcy Administration ------------------------------------------------------------- The District Court of Dortmund opened bankruptcy proceedings against Manfred Kerger Sanitar- und Heizungs-GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 15, 2006, to register their claims with court-appointed provisional administrator Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Dortmund, Nebenstelle, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at 12:50 p.m., on March 8, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 9:00 a.m., on May 10, 2006, at the same venue. CONTACT: MANFRED KERGER SANITAR- UND HEIZUNGS-GmbH Lanstroper Str. 81 - 83, 44329 Dortmund Contact: Manfred Kerger, Manager Horstmarer Str. 16, 44329 Dortmund Dr. Petra Mork, Administrator Arndtstr. 28, 44135 Dortmund Tel: 0231-952063-0 Fax: 0231-95206316 POWER-POINT: Creditors Have Until March 10 to Register Claims ------------------------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Power-Point Sport und Marketing GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 10, 2006, to register their claims with court-appointed provisional administrator Dr. Jorn-H. Meyn. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Insolvenzgericht, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 9:30 a.m., on April 6, 2006, at which time the administrator will present his first report on 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: POWER-POINT SPORT UND MARKETING GmbH Schnackenburgallee 149, 22525 Hamburg Contact: Dinh Ky Thuy Dang, Manager Neissestrasse 32a, 22547 Hamburg Ingrid Wloch, Manager Langbargheide 4, 22547 Hamburg Dr. Jorn-H. Meyn, Administrator Herrengraben 31, 20459 Hamburg Tel: 36805600 Fax: 36805368 TSP-TRANSPORT: Bankruptcy Proceedings Commence in Chemnitz ---------------------------------------------------------- The District Court of Chemnitz opened bankruptcy proceedings against TSP-Transport, Umschlag, Recycling GmbH on Jan. 4. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Feb. 21, 2006, to register their claims with court-appointed provisional administrator Tatjana Gotsch. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Chemnitz, Saal 24, im Gerichtsgebaude, Fuerstenstrasse 21, in Chemnitz, at 10:15 a.m., on April 4, 2006, at which time the administrator will present his first report on 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: TSP-TRANSPORT, UMSCHLAG, RECYCLING GmbH Contact: Andreas Kuenzel, Manager Windmuehlenweg 6, 08606 Oelsnitz/V. Tatjana Gotsch, Administrator Buettenstr. 4, 08058 Zwickau VARIO-RENTA: Creditors to Meet on April 5 ----------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Vario-Renta Beteiligungsgesellschaft mbH & Co. KG, on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 3, 2006, to register their claims with court-appointed provisional administrator Dr. Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:45 a.m., on April 5, 2006, at which time the administrator will present his first report on the insolvency proceedings. The court will also verify the claims set out in the administrator's report at 9:00 a.m., on May 3, 2006, at the same venue. CONTACT: VARIO-RENTA BETEILIGUNGSGESELLSCHAFT mbH & Co. KG Martin-Behaim-Strasse 2, 63236 Neu-Isenburg Contact: Christian Schlesiger, Manager Mainstrasse 33, 63128 Dietzenbach Dr. Sven-Holger Undritz, Administrator Jungfernstieg 51, 20354 Hamburg, Tel: 808136-212 Fax: 808136-119 WIENERT ELEKTRO: Bochum Court Taps M. Hansberg as Administrator --------------------------------------------------------------- The District Court of Bochum opened bankruptcy proceedings against Wienert Elektro-Anlagen GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 7, 2006, to register their claims with court-appointed provisional administrator Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bochum, Hauptstelle, Viktoriastrasse 14, 44787 Bochum, Erdgeschoss, Saal A29, at 9:00 a.m., on April 6, 2006, at which time the administrator will present his first report on 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: WIENERT ELEKTRO-ANLAGEN GmbH Eickeler Markt 12, 44651 Herne Contact: Peter Gasperzic, Manager Hasenhorst 5, 44651 Herne Moritz Hansberg, Administrator Huestrasse 34, 44787 Bochum Tel: 0234 - 964 91-0 Fax: 0234 - 964 91-33 =========== G R E E C E =========== TIM Hellas: Fitch Affirms B Rating Following Q-Telecom Takeover --------------------------------------------------------------- Fitch Ratings affirmed Greece-based TIM Hellas Telecommunications S.A.'s Senior Unsecured rating of 'B' with a Stable Outlook and Short-term 'B' following the finalization of the acquisition of Q-Telecom on Jan. 31, 2006. The acquisition values Q-Telecom at EUR350 million, including EUR25 million of existing debt to be refinanced, and is to be funded through a combination of cash, additional equity and additional debt. Fitch also assigned a 'B+' rating to the EUR200 million senior secured floating rate notes issued by Hellas Telecommunications (Luxembourg) V in the form of a tap issue to TIM Hellas' existing senior secured floating rate notes to fund the acquisition of Q Telecom. In Fitch's view, the combination of TIM Hellas and Q-Telecom should benefit TIM Hellas' operational risk profile. A gradual transfer of Q-Telecom's subscribers onto TIM Hellas' network should generate incremental EBITDA as the company leverages its largely fixed cost base. Perhaps more importantly, the consolidation of the third and fourth operator in the market could significantly reduce pricing pressure. However, running a combined business with two separate brands in a way that would realize the potential synergies without damaging Q-Telecom's growth potential represents a significant challenge for management. Furthermore, improvements in financial performance and cashflow generation may only materialize in the medium term. Under the terms of TIM Hellas' senior secured notes, the group may incur up to EUR200 million of additional debt to acquire Q- Telecom, subject to a maximum pro-forma net cash-pay debt-to- EBITDA ratio of 5.25x. At Q305 TIM Hellas reported trailing 12 months adjusted EBITDA of EUR235.6 million, and Q-Telecom reportedly achieved EBITDA of approximately EUR29.9 million for YE05. Combined EBITDA without pro forma synergies equals EUR265.5 million, based on latest publicly available accounts, and pro forma debt is EUR1,480 million. Cash-pay leverage on a pro forma basis without synergies is therefore 5.6x. Fitch has requested and received confirmation from Hellas V (the issuer of the notes) that it is in compliance with the debt incurrence test based on pro forma EBITDA calculated from latest management accounts and synergy estimates, which are not publicly available. As a result of the application of Fitch's jurisdictional 'soft caps' on instrument notching, Fitch has downgraded both the first priority senior revolving credit facility and the senior secured floating rate notes issued by Hellas V to 'B+' from 'BB-'. Fitch has reclassified Greek legal jurisdiction in Group C, which implies a maximum upward notching of 1 notch from the default rating. Fitch emphasizes that the change in the instrument ratings is as a result of a change in methodology and not as a result of any change in operational and financial risk profile of TIM Hellas resulting from the Q-Telecom acquisition. The senior unsecured notes issued by Hellas Telecommunications (Luxembourg) III (Hellas III) are affirmed at 'B-'. TIM Hellas is the third-largest mobile operator in Greece with a market share of 19.4% as at end-H105. The company reported revenues of EUR625.4 million and EBITDA of EUR177.6 million for the 9 months to September 2005. On Nov. 3, 2005, TIM Hellas completed a cash-out merger of TIM Hellas Communications S.A. with acquisition vehicle Troy GAC Telecommunications S.A. Q-Telecom, the fourth mobile operator in Greece, launched services in 2002 and targets primarily the younger prepaid subscriber segment. At YE05, Q-Telecom reports a subscriber base of approximately 950,000 and revenues and EBITDA of approximately EUR157.1 million and EUR29.9 million, respectively. Current ratings on TIM Hellas: -- TIM Hellas Telecommunications S.A. Senior Unsecured rating: 'B'; Outlook Stable -- Hellas Telecommunications (Luxembourg) V senior credit facility: 'B+' -- Hellas Telecommunications (Luxembourg) V senior secured floating rate notes due 2012: 'B+' -- Hellas Telecommunications (Luxembourg) III senior notes due 2013: 'B-' ============= I R E L A N D ============= ELAN CORPORATION: Medical Device Conference Set Next Week --------------------------------------------------------- Elan Corporation, Plc said that its presentation at the Merrill Lynch Global Pharmaceutical, Biotechnology and Medical Device Conference in New York will be webcast live via the internet on Tuesday, Feb. 7, 2006 at 8:00 a.m. Eastern Time, 1:00 p.m. Greenwich Mean Time. Interested parties may access a live audio webcast of the presentation by visiting Elan's website at http://www.elan.com/and clicking on the Investor Relations section, then on the event icon. About Elan Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Moody's Investors Service rates Elan's long-term corporate family rating at Ba3. The company's long-term foreign issuer credit rating and long-term local issuer credit rating carry Standard & Poor's single-B rating. As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri(TM). Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. ========= I T A L Y ========= FIAT S.P.A.: Moody's Affirms Ba3 Long-Term & Corp. Ratings ---------------------------------------------------------- Moody's Investors Service affirmed Fiat SpA's Ba3 Corporate Family Rating and long-term senior unsecured ratings and changes the outlook to stable from negative. The short-term rating remains non-Prime. Fiat's Ba3/non-Prime ratings continue to reflect: (a) Fiat Group's scope and geographically well spread operations; (b) the solid market position of Case New Holland (CNH) and its potential to improve its highly indebted financial profile; (c) Iveco's stable market share position in the European truck markets; (d) the Group's recent history of operating losses and financial distress; (e) expectation that CNH, Iveco and Fiat Auto should improve operating profit margins and cash flows over the period to end-2007; and (f) anticipation of positive free cash flow generation on a group basis, without the benefit of exceptional items, which should facilitate further debt reduction, a more predictable leverage profile and underpin a more comfortable liquidity position, which despite continued management efforts remains tight in absolute terms and in the context of the auto industry. The change in outlook to stable reflects: (a) Fiat's notable trend improvement in operating performance, which has now restored Group trading profitability; (b) Fiat Auto's shift to positive trading profit in Q4 2005 with momentum to sustain improvements at least over the near term; (c) an expectation that Fiat's consolidated industrial operations will generate a positive free cash flow in 2006, notwithstanding continued commercial and economic pressures facing the Group; (d) a sizable reduction in industrial net debt to EUR3.2 billion at year-end 2005 down from EUR9.4 billion at the end of 2004, which has improved RCF/Net adjusted Debt to above an estimated 20% from 0.6% at year end 2004; and (e) an overall improvement in the Group's liquidity profile, which is now providing some relief, albeit a sizeable refinancing risk remains in 2006. Moody's estimates that the level of debt maturities over the next 12 months is approximately EUR5.9 billion relative to available group cash balances of EUR6.1 billion; a balanced position which will require continued reliance on the support of key financial lenders whilst not allowing for much downside in its business plan. Moody's rating action has factored that Fiat should maintain the trend improvement in performance and strengthening cash flows in all key divisions over the period to the end of 2007; notably Fiat Auto moving towards a (as defined by the company) reported 2-4% trading margin, Iveco progressing towards a 7.5% trading margin and CNH making further progress towards a 10% trading margin, which would be closer to profitability margins of its closest peers calculated on IFRS basis. CNH is, however, expected to encounter softening demand in the agricultural market in 2006, which may impede progress, and the business will need to sharply focus its cost structure and brand strategy if it is to restore market share, improve margins and strengthen cash flow. Taking these factors into consideration together with CNH's own elevated leverage; the Ba3 senior debt rating and negative outlook currently assigned to the company on a stand alone basis remains unchanged until further progress is evident. A stabilization of these ratings will be considered should CNH's equipment operations (based on Moody's standard adjustments of CNH's GAAP financial statements) demonstrate an improvement from year end 2005 in operating margin from 4.4% to 5.5%; interest coverage from just over 1x to a level in excess of 2x; and a reduction in gross debt/EBITDA from 8x to a level approximating 6x. The contributions of the CNH business will be key to the overall progress of Fiat Group's ratings going forward. Moreover, the level of future margin enhancements in the broader Fiat Group are likely to be hampered by continued cost pressures from high raw material and energy prices. Fiat Auto is also expected to face heightened competitive pressures from new passenger cars coming onto the EURopean markets over the next 2 years, which will also focus directly on Fiat's core segments (e.g. Peugeot 207, Opel Corsa, Renault Twingo, Opel Agila, smart ForTwo). The recent trend improvements at Fiat Group, most notably over the last 12 months, will need to be sustained and closely controlled if Fiat is to strengthen its overall financial profile on a more permanent basis. Moody's believes the recent stabilization of the management team essential to these endeavors. The success of new models from within Fiat Auto, in particular the Grande Punto and a new C-segment model, the ability to re-organize sales channels across its key geographies and the success of recently announced ventures and associations with other auto groups will also play a central role in the future shape of Fiat Auto's profile and capacity utilization. Moreover, the concerted efforts of management to improve the weak financial profile of CNH and maintain the upward trajectory at Iveco are essential components to providing confidence in the sustainability of the Group's recovery. Further positive movement in the ratings will depend on the degree of achievement against these strategic objectives. Headquartered in Turin, Fiat S.p.A., is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR34.2 billion generated for the nine- month period as at 30 September 2004. The company is also a leading European-based manufacturer of commercial vehicles and one of the largest producers of agricultural equipment in the world. =================== K A Z A K H S T A N =================== ALSIONA: Creditors' Claims Due Later this Month ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLC Alsiona bankrupt on November 28, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before February 21, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Kostanai, Gogol Str. 177a BANK TURANALEM: Fitch Rates Tier I Issue at Final Long-Term B+ -------------------------------------------------------------- Fitch Ratings has assigned BTA Finance Luxembourg S.A.'s US$400 million issue of 8.25% perpetual preferred securities a final Long-term 'B+' rating. The notes have been issued solely for financing a subordinated loan from the issuer to TuranAlem Finance B.V., Netherlands, which will in turn make a further subordinated loan to Kazakhstan's Bank TuranAlem (BTA). The securities are intended to qualify as Tier I capital under Kazakhstani banking regulations in an amount equal to 15% of BTA's Tier I capital. The remainder of the issue is intended to qualify as Tier II capital. The difference between the rating of the notes and BTA's 'BB+' Long-term foreign currency rating reflects Fitch's notching policy for senior and more junior obligations, indicating the higher expected loss for the latter. It also takes into account the fact that BTA's Long-term rating is driven by the possibility of support being made available by the Kazakhstani authorities in case of need. In Fitch's opinion such support would be less likely to be given in order to prevent the triggering of dividend cancellation provisions on the Securities. BTA (rated Long-term foreign currency 'BB+'/Outlook Stable, Short-term foreign currency 'B', Long-term local currency 'BBB-'/Outlook Stable, Short-term local currency 'F3', Individual 'C/D', Support '3') was the second largest commercial bank in Kazakhstan by IFRS assets at end-H105, and has top three positions in all major market segments. BASTAMA MINERAL: Proofs of Claim Deadline Set Later this Month -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube region declared LLC Bastama Mineral Resource Consulting bankrupt. Proofs of claim will be accepted at Aktobe, Altynsarina Str. 31 on or before February 21, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF AKTUBE REGION Aktobe, Altynsarina Str. 31 HSRAU SUROB: Succumbs to Bankruptcy in Kostanai Region ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai region declared LLC Hsrau Surob bankrupt on November 28, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before February 21, 2006. CONTACT: Kostanai, Gogol Str. 177a MONITORING P: Court Rules for Bankruptcy ---------------------------------------- The Specialized Inter-Regional Economic Court of Aktube region declared LLC Monitoring P bankrupt. Proofs of claim will be accepted at Aktobe, Altynsarina Str. 31 on or before Feb. 21, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF AKTUBE REGION Aktobe, Altynsarina Str. 31 RUSSIAN-KAZAKH FOOD: Court Sets Feb. 21 Claims Bar Date ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLC Russian Kazakh Food Company bankrupt on Nov. 28, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before Feb. 21, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Kostanai, Gogol Str. 177a ===================== N E T H E R L A N D S ===================== LG.PHILIPS: Dutch & German Units File for Insolvency Protection --------------------------------------------------------------- LG.Philips Displays Holding B.V., the Hong Kong-based manufacturer of television cathode ray tubes, filed for insolvency protection along with its Dutch subsidiary, LG.Philips Displays Netherlands B.V., and its German subsidiary in Aachen on Jan. 27. The companies cited worsening conditions in the CRT marketplace and unsustainable debt. The holding company disclosed that it will not be able to provide further financial support to certain loss-making subsidiaries because it has been unable to obtain sustainable new or additional funding. Likely France Insolvency LG.Philips Displays Holding B.V. is the European holding company for LG.Philips Displays. Given the holding company's inability to further fund the subsidiaries, its operations in France, Czech Republic, Slovakia, Mexico and the U.S. are also reviewing their financial position. In particular, the workers council of LPD France has been summoned to consider seeking insolvency protection at the plant in France. 85% Viable Operations LG.Philips Displays emphasized that its plants in Brazil, China, Indonesia, Korea and Poland are, in principle, unaffected. The company's factories in the United Kingdom (Blackburn) and the Netherlands (Stadskanaal and Sittard, with support from some employees in Eindhoven) are economically viable and are expected to continue production, for which LG.Philips Displays will seek support and approval of the Dutch trustee and supervisory judge. These operations represent more than 85% of LG.Philips Displays' production capacity employing approximately 15,000 people. "Over the past year, LG.Philips Displays and other CRT manufacturers have seen an unprecedented decline in the market for CRTs, especially in Europe. The demand for new flat panel televisions, including liquid crystal display and plasma televisions, has surged dramatically, as these alternatives have dropped in price and become cost competitive faster than anticipated. Although demand for CRTs has dropped precipitously in mature markets, global demand for CRTs remains strong, especially in emerging markets. LG.Philips Displays has been in extensive discussions with the company's financiers and parent companies, Philips and LG Electronics, over the past several months to explore financial solutions to the market challenges, especially in Europe. However, these negotiations were ultimately unsuccessful. Job Cuts As a result of the insolvency filings, approximately 350 employees at the company's operations in Eindhoven, the Netherlands and 400 employees in Aachen, Germany are affected. "We deeply regret this outcome and the painful impact these filings will have on our valued employees and the communities that have supported us over the years," said J.I. Son, President and CEO of LG.Philips Displays. "Unfortunately, market conditions and our financial situation have made this very difficult decision unavoidable." LPD employees are being informed of these changes and of their plant's financial position by their local management. "Having explored all possible restructuring options, we really had no choice but to take these actions. We are working to maintain employment for our remaining employees through our ongoing operations," said J.I. Son. LG.Philips Displays will work with its customers to ensure continued support to their businesses by providing backup supplies from LPD's ongoing operations. LG.Philips Displays will continue to work with suppliers to its ongoing plants and operations. Suppliers delivering parts and components to the affected plants will be formally notified in due course in accordance with local legislative requirements. LG.Philips Displays, a venture between South Korea's LG Electronics Inc. and Royal Philips Electronics NV of the Netherlands, has posted losses since the fourth quarter of 2004, Young-Sam Cho of Bloomberg News reports. About LG.Philips Displays Headquartered in Hong Kong, LG.Philips Displays -- http://www.lgphilips-displays.com/-- manufactures cathode ray tubes for use in televisions and computer monitors. The company produces one in every four television and computer monitor tubes sold. Making use of its global manufacturing infrastructure, it provides regional supplies to top TV and monitor brands worldwide. LG.Philips Displays continues to be committed to the CRT industry and will maintain a strong profile based on its competitive operations and innovative, high-quality products. ROYAL SHELL: Cancels Another 675,000 'A' Shares ----------------------------------------------- Royal Dutch Shell plc purchased 425,000 'A' Shares for cancellation at EUR27.81 per share on Jan. 30. It further purchased 250,000 'A' Shares for cancellation at 1,905.92 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,927,482,974. As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell plc were in issue. * * * In 2005, Shell returned US$5 billion to shareholders via market purchases of shares. This target included shares purchased for cancellation by The Shell Transport and Trading Company plc and Royal Dutch Petroleum Company prior to the Group unification of US$0.5 billion. The Company expected to continue its buyback program in 2006 and planned to provide an update on the 2006 buyback program with the full year results announcement on Feb. 2, 2006. Shell's buyback scheme was aimed at reviving shareholders' and investors' confidence. The buyback program followed last year's damaging reserves overestimation scandal last year. About the Company Headquartered in The Hague and incorporated in England and Wales, Royal Dutch Shell plc -- http://www.shell.com/-- has operations in more than 145 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. The company is listed on the London, Amsterdam, and New York stock exchanges. The Trouble Shell admitted overstating proved reserves by almost 6 billion barrels between January 2004 and February last year. This led to the ouster of three top executives, including former Chairman Philip Watts. The company was fined EUR150 million in total after investigations launched by U.S. and British regulators. Shell has since revised the method by which it calculates reserves to comply with U.S. regulations. Shell's proved reserves stood at 10.2 billion barrels at the end of 2004. =========== R U S S I A =========== AGRO-PROM-KHIMIYA: Adygeya Court Opens Bankruptcy Proceedings ------------------------------------------------------------- The Arbitration Court of Adygeya republic commenced bankruptcy proceedings against Agro-Prom-Khimiya after finding the limited liability company insolvent. The case is docketed as A01-B- 1357-2005-8. Mr. R. Khasanov has been appointed insolvency manager. Creditors have until Feb. 10, 2006 to submit their proofs of claim to Russia, Adygeya republic, Krasnogvardeyskoye, Festivalnaya Str. 5. CONTACT: AGRO-PROM-KHIMIYA Russia, Adygeya republic, Krasnogvardeyskoye, Festivalnaya Str. 5 R. KHASANOV Insolvency Manager Russia, Adygeya republic, Krasnogvardeyskoye, Festivalnaya Str. 5 ALIKOVO-AGRO-PROM-SNAB: Claims Filing Period Ends Next Week ----------------------------------------------------------- The Arbitration Court of Chuvashiya republic has commenced bankruptcy supervision on Alikovo-Agro-Prom-Snab (TIN 2102000042, OGRN 1022102031456). The case is docketed as A79- 4454/2005. Mr. S. Fedotov has been appointed temporary insolvency manager. Creditors have until Feb. 10, 2006 to submit their proofs of claim to 428018, Russia, Cheboksary, Pirogova Str. 4, Office 3. CONTACT: ALIKOVO-AGRO-PROM-SNAB 429250, Russia, Chuvashiya republic, Alikovskiy region, Alikovo S. FEDOTOV Temporary Insolvency Manager 428018, Russia, Cheboksary, Pirogova Str. 4, Office 3 ARBITRATION COURT OF CHUVASHIYA REPUBLIC Russia, Cheboksary, Lenina Pr. 4 CHEBOKSARSKAYA MILL: Insolvency Manager Takes Over Firm ------------------------------------------------------- The Arbitration Court of Chuvashiya republic commenced bankruptcy proceedings against Cheboksarskaya Mill after finding the close joint stock company insolvent. The case is docketed as A79-3838/2005. Mr. Y. Stepanov has been appointed insolvency manager. Creditors have until Feb. 10, 2006, to submit their proofs of claim to Russia, Chuvashiya republic, Cheboksary, Gremyachevskiy Proezd, 7. CONTACT: Y. STEPANOV Insolvency Manager Russia, Chuvashiya republic, Cheboksary, Gremyachevskiy Proezd, 7 ARBITRATION COURT OF CHUVASHIYA REPUBLIC Russia, Cheboksary, Lenina Pr. 4 KIROVOGRAD-MEZH-RAY-GAS: Proofs of Claim Deadline Set Feb. 10 ------------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Kirovograd-Mezh-Ray-Gas after finding the open joint stock company insolvent. The case is docketed as A60-7494/2005-S3. Mr. V. Kevarkov has been appointed insolvency manager. Creditors have until Feb. 10, 2006, to submit their proofs of claim to 6200075, Russia, Ekaterinburg, Gorkogo Str. 31. CONTACT: KIROVOGRAD-MEZH-RAY-GAS: 624142, Russia, Sverdlovsk region, Kirovograd, Kirovogradskaya Str. 1 V. KEVARKOV Insolvency Manager 6200075, Russia, Ekaterinburg, Gorkogo Str. 31 KUYBYSHEVSKOYE: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Tatarstan republic has commenced bankruptcy supervision on open joint stock company Kuybyshevskoye. The case is docketed as A65-33390/2005-SG4-27. Mr. L. Safin has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 420039, Russia, Tatarstan republic, Kazan, Post User Box 143. A hearing will take place on March 21, 2006. CONTACT: KUYBYSHEVSKOYE 422840, Russia, Bolgar, Gordeeva Str. 1 L. SAFIN Temporary Insolvency Manager 420039, Russia, Tatarstan republic, Kazan, Post User Box 143 MOROZOVSK-AGRO-KHIM-SERVICE: Bankruptcy Hearing Set Feb. 8 ---------------------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy proceedings against Morozovsk-Agro-Khim-Service (TIN 6121006495, KPP 612101001) after finding the open joint stock company insolvent. The case is docketed as A53-10663/2005-S2-30. Mr. M. Makhnev has been appointed insolvency manager. Creditors may submit their proofs of claim to 344010, Russia, Rostov-na-Donu, Nakhichevanovskiy Per. 64. A hearing will take place on Feb. 8, 2005, 10:30 a.m. at Russia, Rostov-na-Donu, Stanislavskogo Str. 8a. CONTACT: MOROZOVSK-AGRO-KHIM-SERVICE 347210, Russia, Rostov region, Morozovsk, Zelenovskogo Str. 5 M. MAKHNEV Insolvency Manager 344010, Russia, Rostov-na-Donu, Nakhichevanovskiy Per. 64 RUSSIAN STANDARD: Moody's Rates US$200 Million Notes at Ba2 ----------------------------------------------------------- Moody's has assigned a rating of Ba2 to the US$200,000,000 6.72% Loan Participation Notes due 2007 issued by Russian Standard Finance S.A. The Notes issued by the SPV will be used to fund a loan to the Closed Joint Stock Company, Russian Standard Bank (RSB), a bank established under the laws of the Russian Federation. The SPV will account to the Noteholders only for amounts equivalent to principal and interest (if any) received from RSB under the Facility Agreement. The Ba2 rating of the Notes is based primarily on: (a) the ability of RSB, the ultimate obligor in respect of payments under the Notes, to make timely payments of interest and ultimate payment of principal on the Loan; and (b) the charge and assignment of rights and interests by the SPV to the Trustee for the benefit of Noteholders under English law. According to Moody's, the Notes may become payable in the event that the RSB's rating is downgraded following a re-organization event (such as a merger, accession, division, separation or transformation). As one of the financial covenants, RSB is obliged to maintain -- unless such a requirement is waived -- a ratio of capital to risk-weighted assets at a pre-specified level inversely related to RSB's ratings. The rating agency notes that, while the likelihood of any of the above covenants being triggered is relatively low, any occurrence could potentially have adverse liquidity implications for RSB and might exert additional downward pressure on its ratings. Russian Standard Finance S.A. is a special purpose company set up in the Grand Duchy of Luxembourg for the purpose of issuing loan participation notes. SEVER-SNAB: Taps Insolvency Manager to Take Over Helm ----------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy autonomous region commenced bankruptcy proceedings against Sever-Snab (TIN 8912001670, OGRN 1028900698947) after finding the open joint stock company insolvent. The case is docketed as A81-4123/2005. Mr. S. Chepik has been appointed insolvency manager. Creditors have until Feb. 10, 2006, to submit their proofs of claim to 625048, Russia, Tyumen region, Stankostroiteley Str. 1, Office 305a. CONTACT: SEVER-SNAB Russia, Yamalo-Nenetskiy autonomous region, Krasnouralskoye, Polyarnaya Str. 4 S. CHEPIK Insolvency Manager 625048, Russia, Tyumen region, Stankostroiteley Str. 1, Office 305a STARODUBSKIY: Factory Succumbs to Bankruptcy -------------------------------------------- The Arbitration Court of Bryansk region commenced bankruptcy proceedings against Starodubskiy (TIN 3227001036) after finding the factory insolvent. The case is docketed as A09-3360/05-26. Mr. S. Chernobrovenko has been appointed insolvency manager. Creditors have until Feb. 10, 2006, to submit their proofs of claim to Russia, Belgorod region, Dubovoye, Zelenaya Str. 3v, Office 14. CONTACT: STARODUBSKIY Russia, Bryansk region, Repyevskiy region, Rossosh S. CHERNOBROVENKO Insolvency Manager Russia, Belgorod region, Dubovoye, Zelenaya Str. 3v, Office 14 STERLITAMAK-STROY: Court Taps I. Yusupova as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Sterlitamak-Stroy (TIN 0268008134, OGRN 1020202081283) after finding the open joint stock company insolvent. The case is docketed as A07-8799/05-G- ADM. Ms. I. Yusupova has been appointed insolvency manager. Creditors have until Feb. 10, 2006 to submit their proofs of claim to 450077, Russia, Bashkortostan republic, Ufa, Engelsa Str. 1/1. CONTACT: STERLITAMAK-STROY 453107, Russia, Bashkortostan republic, Sterlitamak, Lenina Pr. 2 I. YUSUPOVA Insolvency Manager 450077, Russia, Bashkortostan republic, Ufa, Engelsa Str. 1/1 TATARSTAN-GEOLOGY: Tatarstan Court Brings in Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Tatarstan-Geology (TIN 1660077386, KPP 166001001) after finding the open joint stock company insolvent. The case is docketed as A65-7499/2005-SG4-16. Mr. V. Mikhajlov has been appointed insolvency manager. Creditors have until Feb. 10, 2006 to submit their proofs of claim to 420061, Russia, Tatarstan republic, Kazan, Kosmonavtov Str. 59. CONTACT: TATARSTAN-GEOLOGY 420061, Russia, Tatarstan republic, Kazan, Kosmonavtov Str. 59 V. MIKHAJLOV Insolvency Manager 420061, Russia, Tatarstan republic, Kazan, Kosmonavtov Str. 59 ============================= S L O V A K R E P U B L I C ============================= DEXIA BANKA: Fitch Affirms Individual Junk Rating ------------------------------------------------- Fitch Ratings has affirmed Slovakia-based Dexia Banka Slovensko's Long-term, Short-term, Individual and Support ratings at 'AA-', 'F1+', 'C' and '1', respectively and simultaneously withdrawn them. DBS is 79%-owned by Vienna-based Dexia Kommunalkredit Bank (rated 'AA'/Stable Outlook), which is in turn owned by Dexia Credit Local (51%, rated 'AA+'/Stable Outlook) and Kommunalkredit (49%, rated 'AA-'). The balance of DBS's shares is held by Slovakian municipalities. ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: Cabin Crews Accept New Labor Agreement ----------------------------------------------------------- Following the agreement between SWISS and the cabin crew trade unions, Kapers and Unia, the members of the latter organizations have also endorsed the new collective labor agreement in a consultative vote. The new CLA will therefore come into effect for SWISS cabin crews as from Feb. 1. The new collective labor agreement for cabin crews will remain in force for three years. Structured to reflect ongoing efforts to restore the company to good financial health and tougher competition, it guarantees staff socially acceptable working conditions into the future. "We're very pleased to see lengthy and intensive negotiations brought to a positive conclusion with the approval of the CLA by the cabin staff", says Antonio Schulthess, Head of Human Resources at SWISS. CONTACT: SWISS INTERNATIONAL Corporate Communications Tel: +41 (0) 848 773 773 Fax: +41 61 582 35 54 E-mail: communications@swiss.com Web site: http://www.swiss.com/ ============= U K R A I N E ============= BROK-FOND UKRAINA: Succumbs to Bankruptcy Proceedings in Sumi ------------------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on LLC Brok-Fond Ukraina (code EDRPOU 30452741). The case is docketed as 6/100-05. Ms. Olga Naumova has been appointed temporary insolvency manager. The company holds account number 26003305702585 at Prominvestbank, Sumi central branch, MFO 337278. CONTACT: BROK-FOND UKRAINA Ukraine, Sumi region, Malinovskij Str. 13 Ms. Olga Naumova Temporary Insolvency Manager 40030, Ukraine, Sumi region, Harkivska Str. 122, 3rd floor ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Shevchenko Avenue 18/1 BURSHTINENERGOBUDTRANS: Court Begins Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on OJSC Burshtinenergobudtrans (code EDRPOU 04634457) on Dec. 7, 2005. The case is docketed as B-13/255. Mr. Oleg Yashishin has been appointed temporary insolvency manager. CONTACT: BURSHTINENERGOBUDTRANS Ukraine, Ivano-Frankivsk region, Galitskij district, Burshtin-2 Mr. Oleg Yashishin Temporary Insolvency Manager 76000, Ukraine, Ivano-Frankivsk region, Getman Mazepa Str. 17-B/7 Tel: 8 (050) 373-27-67 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a DNIPRO AGRO: Under Bankruptcy Supervision in AR Krym ---------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy supervision procedure on LLC Dnipro Agro (code EDRPOU 31478226) on Dec. 12, 2005. The case is docketed as 8/14767-2005. Mr. Kubalov Kazbek has been appointed temporary insolvency manager. CONTACT: DNIPRO AGRO 96030, Ukraine, AR Krym region, Krasnoperekopsk district, Vishnivka, Lenin Str. 58 Mr. Kubalov Kazbek Temporary Insolvency Manager Ukraine, AR Krym region, Armyansk, Koryavka Mkr. 20/116 THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 DONBASENERGOREMONT: Court Names Petrenko Vasil as Liquidator ------------------------------------------------------------ The Economic Court of Donetsk region commenced bankruptcy proceedings against Donbasenergoremont (code EDRPOU 05470992) on Dec. 8, 2005, after finding the open joint stock insolvent. Mr. Petrenko Vasil has been appointed liquidator/insolvency manager. CONTACT: DONBASENERGOREMONT 83000, Ukraine, Donetsk region, Postishev Str. 99 Mr. Petrenko Vasil Liquidator/Insolvency Manager 83114, Ukraine, Donetsk region, Universitetska Str. 78/34 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 FEMIDA: Bankruptcy Supervision Starts in Sumi Region ---------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on Private Enterprise Agrofirm Femida (code EDRPOU 31593398). The case is docketed as 7/92-05. Mr. Roman Udovenko has been appointed temporary insolvency manager. CONTACT: FEMIDA 41615, Ukraine, Sumi region, Konotop district, Mr. Roman Udovenko Temporary Insolvency Manager 40030, Ukraine, Sumi region, Harkivska Str. 12, 3rd floor ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Shevchenko Avenue 18/1 GALITSKE MEMORIAL: Court Names Temporary Insolvency Manager ----------------------------------------------------------- The Economic Court of Ivano-Frankivsk region stopped liquidation commission and commenced bankruptcy supervision procedure on Galitske Production-Working Enterprise Memorial (code EDRPOU 31083354) on Dec. 7, 2005. The case is docketed as B-13/254. Mr. Oleg Yashishin has been appointed temporary insolvency manager. CONTACT: GALITSKE PRODUCTION-WORKING ENTERPRISE MEMORIAL Ukraine, Ivano-Frankivsk region, Galich, Vivcharenko Str. 27 Mr. Oleg Yashishin Temporary Insolvency Manager 76000, Ukraine, Ivano-Frankivsk region, Getman Mazepa Str. 17-B/7 Tel: 8 (050) 373-27-67 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a KAMYANETS-PODILSKIJ: Court Freezes Debt Payment ----------------------------------------------- The Economic Court of Hmelnitskij region commenced bankruptcy supervision procedure on OJSC Kamyanets-Podilskij' Meat-Tin Combine (code EDRPOU) on Nov. 17, 2005, and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 4/318 B. Mr. Viktor Matushak has been appointed temporary insolvency manager. CONTACT: KAMYANETS-PODILSKIJ' MEAT-TIN COMBINE 32300, Ukraine, Hmelnitskij region, Kamyanets-Podilskij, Marshal Harchenko Str. 2 Mr. Viktor Matushak Temporary Insolvency Manager Ukraine, Hmelnitskij region, G. Skovoroda Str. 14/151 ECONOMIC COURT OF HMELNITSKIJ REGION 29000, Ukraine, Hmelnitskij region, Nezalezhnosti Square 1 SAMSHIT: Insolvency Manager Yurij Ulyanchuk Comes In ---------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Samshit (code EDRPOU 31028141) on Dec. 7, 2005 after finding the limited liability company insolvent. The case is docketed as 19/73. Mr. Yurij Ulyanchuk has been appointed liquidator/insolvency manager. CONTACT: SAMSHIT 01133, Ukraine, Kyiv region, Shors Str. 25-a Mr. Yurij Ulyanchuk Liquidator/Insolvency Manager Ukraine, Kyiv region, Sichnevogo Povstannya Str. 11-a/54 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B =========================== U N I T E D K I N G D O M =========================== ABSOLUTE ARCHIVES: Financial Woes Prompt Voluntary Liquidation -------------------------------------------------------------- Absolute Archives Limited is liquidating its assets after members elected to wind up the company's operations during an extraordinary general meeting held on Dec. 14, 2005, in Essex. Company Director G. Waller informs that the members recommended the company's voluntarily liquidation after finding out that it cannot continue its business due to mounting debts. Eileen T.F. Sale of Sale Smith & Co. Limited is appointed as Liquidator. CONTACT: ABSOLUTE ARCHIVES LIMITED Unit 15 Shire Hill Industrial Estate Saffron Walden Essex CB11 3AQ Tel: 01799 513371 Fax: 01799 513795 BRAMWELL MOTOR: Lloyds TSB Bank Taps Grant Thornton as Receiver --------------------------------------------------------------- Lloyds TSB Bank Plc appointed Keith Hinds and Nigel Ruddocks of Grant Thornton UK LLP joint administrative receivers of Bramwell Motor Holdings Limited (Reg No 01609145), Bramwells Of Wigan Limited (Reg No 02622417) and Sherdley Hall Garage Limited (Reg No 01609145) on Jan. 17. Its registered office is at Aspinall Place, Thatto Heath Road, St Helens, Merseyside WA9 5PE. CONTACT: BRAMWELL MOTOR HOLDINGS LTD Sherdley Hall Garage Ltd, Thatto Heath Road, St. Helens, Merseyside WA9 5PE Tel: 01744616161 BRAMWELLS OF WIGAN Wilcock Street Garage/Wilcock St, Wigan, Lancashire, WN3 4AR Tel: 01942 820620 GRANT THORNTON Heron House, Albert Square Manchester M60 8GT Tel: 0161 834 5414 Fax: 0161 832 6042 Web site: http://www.grant-thornton.co.uk/ BRIDGENS TRANSPORT: Hires Begbies Traynor Administrator ------------------------------------------------------- G. N. Lee and D. Bailey of Begbies Traynor were appointed joint administrators of Bridgens Transport Limited (Company No 03664266) on Jan. 19. CONTACT: BRIDGENS TRANSPORT LIMITED Silica Road, Tamworth Staffordshire B77 4DT Tel: 01827 63628 Fax: 01827 62304 BEGBIES TRAYNOR Elliot House 151 Deansgate Manchester M3 3BP Tel: 0161 839 0900 Fax: 0161 839 7436 E-mail: manchester@begbies-traynor.com Web site: http://www.begbies.com/ BRIMSDOWN DECORATION: Taps Baker Tilly to Liquidate Assets ---------------------------------------------------------- Brimsdown Decoration Limited appointed Mark John Wilson and Tracey Elizabeth Callaghan of Baker Tilly to liquidate its assets after members passed a resolution to wind up the company on Dec. 21, 2005. W.S. Brimmer, Chairman of Brimsdown Decoration, disclosed that the company cannot continue its business after being slumped in debt. CONTACT: BRIMSDOWN DECORATION LIMITED 90 Lockfield Avenue Enfield Middlesex EN3 7PX Tel: 020 8804 3454 Fax: 020 8843 3907 CERIDEC LIMITED: Winding Up Assets in Rotherham ----------------------------------------------- Members of Ceridec Limited passed a resolution to wind up the company during an extraordinary general meeting on Dec. 21, 2005, in Watford. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. Mark John Wilson and Tracey Elizabeth Callaghan, of Baker Tilly, are appointed Joint Liquidators. CONTACT: CERIDEC LIMITED Common Lane Wath-Upon-Dearne Rotherham, South Yorkshire S63 7DX Tel: 01709 874077 01709 875695 Fax: 01709 760141 CHARACTER GROUP: Seeking Investors' OK on Sale of Digital Unit -------------------------------------------------------------- The Character Group PLC posted a Circular relating to the proposed disposal of the Digital Products Division of World Wide Licences Limited, to Flextronics Sales and Marketing (A-P) Limited. As reported in the Troubled Company Reporter - Europe on Jan. 27, 2006, the Digital business is valued at US$16 million for the goodwill and an additional sum for the closing inventory, which will be determined on completion of the transaction in February. The Digital Business owned by WWL is based in Hong Kong. Its key role is the design and development of digital interactive products for global distribution. WWL entered the digital camera market in June 2000, and has rapidly become a significant supplier in this dynamic category, with its total shipment of digital cameras well in excess of two million units worldwide. In the financial year ended Aug. 31, 2005, the Digital Business recorded profit before tax of approximately GBP0.8 million. The total price consists of goodwill of US$16 million and the value of stocks and assets less certain liabilities to be assumed by Flextronics that will be determined at completion of the sale. WWL's remaining operations, which include the management of logistical support for the Group's remaining operations in the Far East, will continue. The Circular also contains a Notice convening an Extraordinary General Meeting of shareholders at 11:00 a.m. on Wednesday, Feb. 15, 2006, to be held at the offices of Citigate Dewe Rogerson Ltd., 26 Finsbury Square, London, EC2A 1DS, at which approval for the proposed disposal will be sought. Notice is also being sent to Shareholders convening the 2006 Annual General Meeting of The Character Group plc which will be held at 11:00 a.m. on Wednesday, Feb. 22, 2006, at the offices of Citigate Dewe Rogerson Ltd., 26 Finsbury Square, London, EC2A 1DS. About the Company Headquartered in Surrey, United Kingdom, The Character Group PLC -- http://www.charactergroup.plc.uk/-- develops, manufactures, and distributes toys, games, and gifts. It is also venturing into digital cameras and other digital products. CHOICE JOINERY: Begins Voluntary Liquidation -------------------------------------------- Choice Joinery Limited is liquidating its assets after members found out that the company cannot continue its operations due to its liabilities. Company Chairman C. Dent informs that a resolution to voluntarily wind up the company was passed during an extraordinary general meeting on Dec. 13, 2005, in Sunderland. Ian William Kings, of Tenon Recovery is appointed liquidator. CONTACT: CHOICE JOINERY LIMITED Unit 12/13 Bath Street Newcastle Upon Tyne Walker NE6 3PH Tel: 0191 263 5402 Fax: 0191 295 5100 COLAB LIMITED: Kroll Begins Liquidating Assets ---------------------------------------------- Members of Colab Limited authorized Joanne Marie Wright and Adrian John Wolstenholme of Kroll to liquidate the company's assets. The company is voluntarily liquidating its assets after parties passed a resolution to wind up the company during an extraordinary general meeting held on Dec. 12, 2005, in Birmingham. CONTACT: COLAB LIMITED Unit 7 Lambourne Crescent Cardiff Business Park Llanishen Cardiff, South Glamorgan CF145GF Tel: 029 20747457 Fax: 029 20747864 COUNTY PLUMBING: Administrators from Baker Tilly Enter Firm ----------------------------------------------------------- Adrian David Allen and Nigel Millar of Baker Tilly were appointed administrators of County Plumbing & Electrical Services Limited (Company No 03386135) on Jan. 10. Its registered office is at Bank House, Broad Street, Spalding, Lincolnshire PE11 1TB. The company offers plumbing and electrical service. CONTACT: COUNTY PLUMBING & ELECTRICAL SERVICES LIMITED Cobgate, Spalding Lincolnshire PE12 6TD Tel: 01406 373493 Fax: 01406 371028 BAKER TILLY 2 Whitehall Quay, Leeds LS1 4HG Tel: 0113 285 5000 Fax: 0113 285 5001 Web site: http://www.bakertilly.co.uk/ BAKER TILLY 30 Princes Street, Ipswich IP1 1RJ Web site: http://www.bakertilly.co.uk/ ELITE GLAZING: Taps Tenon Recovery to Administer Assets ------------------------------------------------------- Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were appointed administrators of Elite Glazing Southern Limited (Company No 4534466) on Jan. 13. CONTACT: ELITE GLAZING SOUTHERN 247 Copnor Road, Portsmouth, Hampshire PO3 5EE Tel: 02392650424 TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Tel: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com/ EURO TRADE: Appoints Baker Tilly as Administrator ------------------------------------------------- Lindsey Jane Cooper and Stephen Mark Quinn of Baker Tilly were appointed administrators of Euro Trade Tiles Limited (Company No 3762992) on Jan. 17. CONTACT: EURO TRADE TILES LTD Stirling Industrial Chorley New Road Horwich, Bolton BL6 6DU Lancashire Tel: 01204 460200 Fax: 01204 460202 BAKER TILLY Brazennose House, Lincoln Square, Manchester M2 5BL Tel: 0161 834 5777 Fax: 0161 835 3242 Web site: http://www.bakertilly.co.uk/ FALLEN STOCK: Calls in Administrators from Tenon Recovery --------------------------------------------------------- Tina Yearsley and Simon Thomas of Tenon Recovery were appointed joint administrators of Fallen Stock Disposal Limited (Company No 5395673) on Jan. 16. CONTACT: TENON RECOVERY Highfield Court, Tollgate, Chandlers Ford, Eastleigh, Hampshire SO53 3TZ Tel: 023 8064 6464 Fax: 023 8064 6666 E-mail: southampton@tenongroup.com Web site: http://www.tenongroup.com/ TENON RECOVERY Sherlock House 73 Baker Street London W1U 6RD Tel: 020 7935 5566 Fax: 020 7935 3512 E-mail: bakerstreet@tenongroup.com Web site: http://www.tenongroup.com FERSINA LINCOLNSHIRE: Begins Voluntary Liquidation -------------------------------------------------- Fersina Lincolnshire Ltd is liquidating its assets after members passed a resolution to wind up the company during an extraordinary general meeting held on Dec. 16, 2005, in Grantham. Company Chairman G. Cooper informs that the decision for the voluntary liquidation came as a result of the company's inability to continue its operations. Peter A. Blair and Richard Saville of Begbies Traynor are appointed Joint Liquidators of the Company. CONTACT: FERSINA LINCOLNSHIRE LTD 3 Castlegate Grantham Lincolnshire NG3 16SF Tel: 01476 564 603 HPJ UK: Jewelry Retailer Taps Administrators from Stoy Hayward -------------------------------------------------------------- Christopher Kim Rayment and Dermot Justin Power of BDO Stoy Hayward LLP were appointed joint administrators of jewelry retailer HPJ UK Limited (Company No 02913342) on Jan. 11. CONTACT: BDO STOY HAYWARD LLP 125 Colmore Row, Birmingham, B3 3SD Tel: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdo.co.uk/ J W ARROWSMITH: Administrators Take Over Firm --------------------------------------------- Kenneth W. Touhey and Kevin A. Murphy of Chantrey Vellacott DFK were appointed joint administrators of J W Arrowsmith Limited (Company No 00113493) on Jan. 11. J W Arrowsmith Limited -- http://www.arrowsmith.co.uk/-- offers typesetting, printing and binding of books and journals. CONTACT: JW ARROWSMITH LTD Winterstoke Road Bristol BS3 2NT Avon Tel: 0117 966 7545 CHANTREY VELLACOTT DFK 16-17 Boundary Road, Hove, East Sussex BN3 4AN Tel: 01273 421200 E-mail: info_hove@chantrey-vellacott.com Web site: http://www.cvdfk.com/ LIONVERGE PROJECTS: Debt Claims Filing Period Ends Today -------------------------------------------------------- Creditors of Lionverge Projects Limited and Lionverge S&T Limited will meet on Feb. 2, 11 a.m. at KPMG LLP, Altius House, One North Fourth Street, Milton Keynes, Buckinghamshire MK9 1NE. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to P. A. Flint, joint administrator of KPMG Corporate Recovery, St James Square, Manchester M2 6DS not later than 12 noon, Feb. 1. Lionverge Projects Limited -- http://www.lionverge.co.uk/-- is a key supplier in the railway industry. CONTACT: LIONVERGE PROJECTS LIMITED Unit D Sketty Close, Brackmills, Northampton NN4 7PL United Kingdom Tel: 01604 677215 Fax: 01604 677215 E-mail: Sue.Proctor@Lionverge.co.uk KPMG LLP St. James' Square Manchester Greater Manchester M2 6DS Tel: 0161 838 4000 Fax: 0161 838 4040 MARK MENSWEAR: Appoints Joint Administrators -------------------------------------------- M. T. Getliffe and D. E. Hill of CLB Coopers were appointed joint administrators of Mark Menswear Limited (Company No 02580279) on Jan. 18. The company sells men's clothes. CONTACT: EURO MARK MENSWEAR 14-16 Rochdale Road, Manchester, Lancashire M4 4JR Tel: 01618392300 CLB Century House, 11 St Peters Square, Manchester M2 3DN Tel: 0161-245-1000 Fax: 0161-245-1001 E-mail: manchester@clb.co.uk Web site: http://www.clb.co.uk/ META COMPUTER: Calls In Bond Partners to Administer Assets ---------------------------------------------------------- T. Papanicola of Bond Partners LLP was appointed administrator of Meta Computer Services Limited (Company No 03125121) on Jan. 9. The company manufactures computers and processors. CONTACT: BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Tel: 020 8444 2000 Fax: 020 8444 3400 MOWLEM PLC: 75% of Shareholders Approve Scheme of Arrangement ------------------------------------------------------------- Mowlem PLC shareholders approved all resolutions at a Court Meeting and an Extraordinary General Meeting, including the recommended takeover by Carillion plc via a Scheme of Arrangement. At the Court Meeting, majority of Mowlem shareholders who voted (either in person or by proxy), representing not less than 75% by value of the votes cast, voted in favor of the resolution to approve the Scheme. The resolution was accordingly passed. At the Extraordinary General Meeting, the resolution to approve the Scheme and provide for its implementation was also passed by the requisite majority. Completion of the Acquisition remains subject to the satisfaction or, if permitted, waiver of the conditions to the Acquisition as set out in the Scheme document dated Jan. 6, 2006 and sent to Mowlem shareholders, including, inter alia, the approval of the Irish Competition Authority and the sanction of the Scheme by the High Court. It is expected that the Scheme will become effective on Feb. 23, 2006. About the Company Headquartered in Middlesex, Mowlem Plc -- http://www.mowlem.com/ -- offers support services to public and private sector customers across a comprehensive range of market sectors. It has more than 25,000 employees, and annual turnover of GBP2 billion. It has GBP228.4 million in assets and GBP18.9 million in debt. Its creditors are HSBC Bank, National Westminster Bank, and Lloyds TSB Bank. * * * Mowlem registered losses of GBP7.4 million (retained loss of GBP19.6 million) in 2004, compared to earnings of GBP49.8 million a year earlier. Its profitability was severely affected by a number of contract valuation write-downs and one-off charges. In September, it reported loss before tax of GBP73.4 million (2004: GBP6.8 million profit). Accounting Errors Mowlem's business review in February 2005 led to the discovery of a number of accounting issues at its Technical Services unit. The errors nearly gave rise to technical breaches under certain bonding facilities. The review also resulted to the split of its Construction Services operation into three units. The company has warned 2005 full-year results will be GBP20 million lower than current market expectations due to changes in approach to profit recognition and contract valuation. The announcement followed three profits warning since June 2004. These warnings prompted Fitch Ratings to revise the outlook on the company to Negative from Stable. Senior Unsecured 'BB' and Short-term 'B' ratings were affirmed. MUSE LINGERIE: Meeting of Creditors Set Monday ---------------------------------------------- Creditors of Muse Lingerie Limited will meet on Feb. 6, 2006, 11 a.m. at DS Insolvency Services, 29 King Street, Newcastle under Lyme, Staffordshire ST5 1ER. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to M. Williamson, administrator of DS Insolvency Services, 29 King Street, Newcastle under Lyme, Staffordshire ST5 1ER not later than 12 noon, Feb. 3, 2006. CONTACT: DS INSOLVENCY SERVICES LTD. 29 King Street Newcastle-Under-Lyme Staffordshire ST5 1ER Tel: 01782 614618 Fax: 01782 717287 E-mail: mwilliamson@dsinsolvency.co.uk RANK GROUP: Concludes Sale of Deluxe Film Business -------------------------------------------------- Rank Group plc completed the disposal of Deluxe Film to DX III Holdings Corporation, a wholly owned indirect subsidiary of MacAndrews & Forbes Holdings Inc., following earlier receipt of the necessary approvals from the United States, Canadian and Spanish anti-trust authorities and Rank shareholders. Headquartered in London, Rank Group plc -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * The company's 3-7/8% notes due 2009 carry Fitch's BB+ rating. SARUM TRAINING: Administrators Move In -------------------------------------- Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions were appointed joint administrators of Sarum Training Limited (Company No 3213829) on Jan. 20. CONTACT: SARUM TRAINING LTD. 7 Scots Lane, Salisbury, Wiltshire SP1 3TR Tel: 01722 333589 Fax: 01722 331359 PORTLAND BUSINESS & FINANCIAL SOLUTIONS LTD. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH Tel: 01489 550 440 E-mails: carl.faulds@portland-solutions.co.uk james.tickell@portland-solutions.co.uk SILVER BOX: Manufacturer Hires Administrators from Stoy Hayward --------------------------------------------------------------- Geoffrey Stuart Kinlan and Anthony John Sanderson of BDO Stoy Hayward LLP were appointed joint administrators of Silver Box Fans Limited (Company No 02280765) on Jan. 16. Silver Box Fans Limited -- http://www.silverbox.co.uk/-- manufactures and designs electrical equipment. CONTACT: SILVER BOX FANS LTD Unit 12 Shaftesbury Industrial Centre, Icknield Way, Letchworth SG6 1HE Hertfordshire Tel: 01462 481051 Fax: 01462 481126 BDO STOY HAYWARD LLP Prospect Place, 85 Great North Road, Hatfield, Hertfordshire AL9 5BS Tel: 01707 255888 Fax: 01707 255890 E-mail: hatfield@bdo.co.uk Web site: http://www.bdo.co.uk SKYEPHARMA PLC: Shareholders Eye Director's Exit ------------------------------------------------ Certain SkyePharma PLC shareholders called for an Extraordinary General Meeting. This involves resolutions to: -- immediately remove Ian Gowrie-Smith as a director; -- appoint Robert Thian as a director in place of Mr. Gowrie- Smith; and -- remove any other person other than Robert Thian appointed as a director of the company between the date of requisition of the EGM and the date of the EGM. The Company is currently considering this notice, and the resolutions therein, and a further announcement will be made in due course. About the Company Headquartered in London, SkyePharma plc -- http://www.skyepharma.com/-- develops pharmaceutical products benefiting from world leading drug delivery technologies that provide easier-to-use and more effective drug formulations. In May, it reported net loss of GBP24.3 million for 2004, a decrease of 44% compared with GBP43.2 million in 2003. * * * On Nov. 17, the Board of SkyePharma disclosed that following an unsolicited approach from a third party, they had decided to review all of its strategic options, including, inter alia, offers for the Company as a whole. On Dec. 8, SkyePharma received a number of expressions of interest, both with respect to individual assets owned by the Company as well as potential cash offers for the Company as a whole. In the light of such interest, the Board allowed a number of parties access to a data room to commence due diligence on the Company. SkyePharma continues to seek potential offers for the Company as a whole, but it is not clear at this stage that an offer for the Company, whether in cash or otherwise, which is capable of recommendation, will be forthcoming. In addition, a number of parties remain interested in potentially acquiring individual assets owned by the Company. SLI GLASS: Taps Administrators from Deloitte & Touche ----------------------------------------------------- Ian Brown and Neville Barry Kahn of Deloitte & Touche LLP were appointed joint administrators of SLI Glass Limited (Company No 03974535) on Jan. 18. SLI Glass Limited -- http://www.sliglass.co.uk/-- is a major producer of quality lighting glass in Western Europe. CONTACT: SLI GLASS Snape Lane, Harworth, Doncaster DN11 8NF England Tel: +44 1302 757200 Fax: +44 1302 751288 DELOITTE & TOUCHE 1 City Square Leeds West Yorkshire LS1 2AL Tel: 0113 292 1748 Fax: 0113 244 8942 STIRLING STORAGE: Appoints Liquidator ------------------------------------- D. F. Wilson and J. N. R. Pitts of Wilson Pitts were appointed joint administrators of Stirling Storage And Transport Limited (Company No 05061232) on Jan. 18. CONTACT: WILSON PITTS Glendevon House Hawthorn Park Coal Road Leeds West Yorkshire LS14 1PQ Tel: 0113 237 5560 Fax: 0113 237 5561 TXU EUROPE: Makes GBP50.5 Million Distribution to SSE ----------------------------------------------------- Administrators of TXU Europe Group plc made a GBP50.5 million third net distribution payment to Scottish & Southern Energy PLC in respect of SSE's agreed claim, AFX News Limited reports. SSE's Energy Supply Ltd unit holds an allowed GBP294.2 million in respect of the termination of a 14-year contract with TXU Europe Energy Trading Ltd., originally entered into in 1997. With this latest settlement, TXU Europe has now made GBP251.2 million in distributions, representing 85% of SSE's agreed claim, which include: (a) GBP159.1 million made on March 31, 2005; and (b) GBP41.6 million made on Aug. 2, 2005. SSE expects to receive further distributions later in 2006 to satisfy well over 90% of its claim, AFX adds. Headquartered in London, England, TXU Europe, a subsidiary of Texas integrated energy group TXU Corp., was once one of Britain's biggest power suppliers. The company, which has debts of more than GBP3 billion, went into administration in November 2002 after a collapse in energy prices prompted U.S. parent TXU Corp. to withdraw support. KPMG LLP and Ernst & Young were appointed administrators for the energy company. James Robert Tucker and Jeremy Simon Pratt at KPMG, in their capacity as TXU Europe and its debtor-affiliates' joint provisional liquidators, filed a Section 304 petition in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on Nov. 12, 2004 (Bankr. S.D.N.Y. Case No. 04-11335). Daniel J. Guyder, Esq., and Kenneth P. Coleman, Esq., at Allen & Overy LLP and Hal Neier at Friedman Kaplan Seiler & Adelman in New York represent the liquidators in the United States. When the petition was filed, TXU Europe estimated more than US$100 million in assets and debts. WRENBRIDGE LIMITED: Creditors Confirm Joint Liquidators' Hiring --------------------------------------------------------------- Creditors of Wrenbridge Limited confirmed the appointment of Lynn Gibson and Robert David Hewitt as the company's Joint Liquidators on Dec. 21, 2005. Wrenbridge Chairman D. Briggs disclosed that members elected to wind up the company after finding out that it cannot continue its operations due to mounting liabilities. The resolution was passed during an extraordinary general meeting held on Dec. 15, 2005, in Surrey. CONTACT: WRENBRIDGE LIMITED 120 Broad Street Wood Street Village Guildford, Surrey GU3 3BE Tel: 01483 570 408 ZHM MEAT: Wholesaler Taps Administrator from Jones Lowndes Dwyer ---------------------------------------------------------------- Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed administrator of ZHM Meat Corporation Limited (Company No 04916962) on Jan. 20. CONTACT: ZHM MEAT CORPORATION LIMITED 28 Saint Thomass Road, Chorley, Lancashire PR7 1HX, PR7 1HX JONES LOWNDES DWYER LLP John Swift Building 19 Mason Street Manchester Greater Manchester M4 5FT Tel: 0161 832 9454 Fax: 0161 832 9455 E-mail: clairedwyer@joneslowndesdwyer.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. Jazel Laureno, Liv Arcipe, Julybien Atadero, Jay Malaga and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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 * * *