/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060303.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, March 3, 2006, Vol. 7, No. 45 Headlines G E R M A N Y MODENA INTERNATIONAL: Tobias Hoefer Leads Bankruptcy Process N E O N SOFTWARE: Offenbach Court Halts Pending Proceedings NAUMANN KARTONVERPACKUNGEN: Claims Registration Ends Today NEVOBAD GMBH: Creditors' Meeting Slated on May 30 NIESSNER-METALL: Mannheim Court Sets March 9 Claims Bar Date OBERMEIER GMBH: Firm Begins Bankruptcy Proceedings OPTIK ISERMANN: Osnabruek Court Appoints Insolvency Manager OTTO FURKEN: Claims Verification Set Early May PAUL GMBH: Administrator's Report Out by June PVT PAPIERVERARBEITUNG: Claims Registration Ends March 6 I R E L A N D EIRCOM GROUP: Financial Leverage Spurs Moody's Ba2 Corp. Rating GREAT SOUTHERN: Union Balks at State's Plan to Sell Hotels K A Z A K H S T A N DULAT STROI: Bankruptcy Proceedings Begin GLOBUS 2000: Creditors' Claims Due This Month IRTYSH-1: Declared Bankrupt by Kostanai Economic Court SEF: Kostanai Court Sends Group Into Bankruptcy TEMIR-KERUEN: Creditors Have Until March 17 to Register Claims K Y R G Y Z S T A N ASTRAL: Declares Insolvency REGANA: Sets Proofs of Claim Deadline L U X E M B O U R G STOLT-NIELSEN: Purchased 100,000 of its Common Shares N E T H E R L A N D S IFCO SYSTEMS: Moody's Upgrades EUR110 Mln Debt Ratings to B2 R U S S I A 76-OIL-NORTH: Firm Falls Into Bankruptcy AGRO-KHIM-SERVICE: Undergoes Bankruptcy Supervision Procedure BANK ZENIT: Fitch Assigns Long-term B Rating with Stable Outlook EVROFINANCE-MOSNARBANK: Fitch Gives B to Long-term ID Rating KURYINSKIY: Creditors' Claims Due March 28 MINE ZYRYANOVSKAYA: Declared Insolvent by Kemerovo Court MONTAGE-STROY-ENERGO: Succumbs to Bankruptcy NEFTEPOLIS INSURANCE: S&P Raises Ratings to B; Outlook Positive OIL-CHEM-EXPORT: Court Names P. Prudkiy as Insolvency Manager OMSK-INDUSTRY: Insolvency Prompts Bankruptcy Proceedings SIBERIAN CORN: Claims Filing Period Ends March 28 STAVROPOLSKIY FACTORY: Bankruptcy Supervision Procedure Begins YUKOS OIL: Russian Court Awards US$482-Mil Claim to Bank Lenders YUKOS OIL: Unit Sells Transpetrol Stake to RussNeft for US$103MM ZVEZDNYJ: Irkutsk Court Brings In Insolvency Manager S P A I N IM CAJAMAR: Assigns BB- to EUR15.6 Million Series E Notes U K R A I N E BUD-REZERV: Declared Insolvent by Kyiv Court BUDTRANSENERGOSERVICE: Succumbs to Insolvency CHERNIGIVSKA PAPER: Closes Operations and Liquidates Assets FARGO: Court Names K. Yergiyev to Liquidate Assets FES: Olga Brusentsova Takes Over Helm INTER-PLAST: Court Opens Bankruptcy Proceedings KOLOS: Zakarpatska Court Orders Debt Moratorium KOMPLEKS AGRO: Liquidator Leads Winding Up Procedure SHORSIVSKIJ GRANITE: Under Bankruptcy Supervision TRADE SERVICE: Winds Up Assets Following Insolvency U N I T E D K I N G D O M ALEC PETCH: Calls On O'Hara & Co to Administer Assets CABLE & WIRELESS: S&P Keeps Ratings Amid Restructuring Plans CORUS GROUP: Secures GBP40 Million Investment for TCP Business FHSC LIMITED: Joint Administrators Move In HARRIER LOGISTICS: Hires Grant Thornton to Administer Assets J.P.Z. LIMITED: Hires Administrator from X L Business Solutions KEVIN CLARKE: Name Joint Administrators from Portland Business LAMLOU LIMITED: Recruitment Agency Needs Administrator MODULAR POWER: Administrators Take Over Operations NIGHTINGALE CARE: Financial Liabilities Prompt Liquidation NORTHERN SERVICE: Gas Station Operator Appoints Administrator PARAMOUNT CONSERVATORIES: Creditors Affirm Liquidation PARGLADE BUILDERS: Fencing Contractors Choose L. D. Baxter PHEONIXCO LIMITED: Taps Tenon Recovery Administrator PULSE MENSWEAR: Retailers Start Liquidating Assets PUPIL RECORDS: Simon James Bonney Leads Winding Up Operations RADFORDS LIMITED: Liquidator Sets May 8 Claims Bar Date RECRUITMENT SOLUTIONS: Meeting of Creditors Set Next Week REVAL LIMITED: Creditors' Registration Ends April 9 ROMANCE COUTURE: Brings In Ninos Koumettou to Liquidate Assets SBSJ CLOTHING: Members Resolve to Liquidate Assets SMS AGENCIES: Calls On BDO Stoy Hayward Administrator STREET CONSTRUCTION: Joint Administrators Take Over Helm STUDIO 365: Concedes to Bankruptcy SUNWAY DOORS: Hires Joint Liquidators from P&A Partnership TOO CO: Meeting of Creditors Slated Today TRENT TUBES: Hires Wallets Insolvency and Robson Administrator V2GO LIMITED: Food Retailer Hires Begbies Traynor Administrator WALL OF SOUND: Appoints P. Engel Administrator * Fitch Issues New Rating Standards for Foreign Issuers ********** ============= G E R M A N Y ============= MODENA INTERNATIONAL: Tobias Hoefer Leads Bankruptcy Process ------------------------------------------------------------ The District Court of Mannheim opened bankruptcy proceedings against Modena International Limited on Feb. 1. 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 Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Mannheim, 68149 Mannheim, Schloss, Westfluegel, 2. Stockwerk, Raum 231, at 9:00 a.m. on April 24, 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: MODENA INTERNATIONAL LIMITED Schlossstrasse 4, 68723 Schwetzingen Attn: Gaetano Minoia, Manager Tobias Hoefer, Administrator Soldnerstr. 2, 68219 Mannheim Tel: 0621/877080 N E O N SOFTWARE: Offenbach Court Halts Pending Proceedings ----------------------------------------------------------- The District Court of Offenbach opened bankruptcy proceedings against N E O N SOFTWARE GMBH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 29, 2006, to register their claims with court-appointed provisional administrator Diana Aurich. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Offenbach, Saal 166 Justizzentrum, Kaiserstrasse 16-18, at 9:00 a.m. on April 19, 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: N E O N SOFTWARE GMBH Attn: Hannes Hartinger, Manager Ernst-Griesheimer-Platz 8, 63071 Offenbach am Main Diana Aurich, Administrator Josef-Schmitt-Str. 10, 97922 Lauda-Konigshofen Tel: 09343/2065 Fax: 09343/3833 NAUMANN KARTONVERPACKUNGEN: Claims Registration Ends Today ---------------------------------------------------------- The District Court of Saarbruecken opened bankruptcy proceedings against Naumann Kartonverpackungen GmbH & Co.KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until today, March 3, 2006, to register their claims with court-appointed provisional administrator Oliver Rosler. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Saarbruecken, Vopeliusstrasse 2, 66280 Sulzbach, 1. Etage, Saal 13, at 9:25 a.m., on March 21, 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 8:35 a.m., on April 4, 2006, at the same venue. CONTACT: NAUMANN KARTONVERPACKUNGEN GmbH & Co.KG Saarbruecker Strasse 209, 66679 Losheim Oliver Rosler, Administrator Kaiserstrasse 56, 66424 Homburg Tel: (06841) 696-118 Fax: (06841) 696-204 NEVOBAD GMBH: Creditors' Meeting Slated on May 30 ------------------------------------------------- The District Court of Fulda opened bankruptcy proceedings against Nevobad GmbH & Co. Vermietungs- und Verpachtungs KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 31, 2006, to register their claims with court-appointed provisional administrator Bernd Statz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Fulda, Konigstrasse 38, 36037 Fulda, at 10:30 a.m. on May 30, 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: NEVOBAD GmbH & Co. VERMIETUNGS- UND VERPACHTUNGS KG Agnes-Huenninger-Str. 6, 36041 Fulda Attn: Wilhelm Volmer, Manager Bernd Statz, Administrator Muehlstr. 25, D-63526 Erlensee Tel: 06183/900370 Fax: 06183/900371 NIESSNER-METALL: Mannheim Court Sets March 9 Claims Bar Date ------------------------------------------------------------ The District Court of Mannheim opened bankruptcy proceedings against Niessner-Metall GmbH & Co. KG on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 9, 2006, to register their claims with court-appointed provisional administrator Thorsten Konrad. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Mannheim, 68149 Mannheim, Schloss, Westfluegel, 2. Stockwerk, Raum 232, at 9:20 a.m. on April 10, 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: NIESSNER-METALL GmbH & Co. KG Attn: Frank Niessner, Manager Rostocker Strasse 13, 68766 Hockenheim Thorsten Konrad, Administrator Saarburger Ring 10-12, 68229 Mannheim Tel: 0621/483240 OBERMEIER GMBH: Firm Begins Bankruptcy Proceedings -------------------------------------------------- The District Court of Traunstein opened bankruptcy proceedings against Obermeier GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 31, 2006, to register their claims with court-appointed provisional administrator Michael Mansfeld. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Traunstein, SS C001, Herzog-Otto-Str. 1, 83278 Traunstein, at 11:00 a.m. on April 26, 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: OBERMEIER GmbH Hohenstetten 4 in 83349 Palling Michael Mansfeld, Administrator Bahnhofstr. 18, 83278 Traunstein Tel: 0861/986330 Fax: 0861/9863320 OPTIK ISERMANN: Osnabruek Court Appoints Insolvency Manager ----------------------------------------------------------- The District Court of Osnabrueck opened bankruptcy proceedings against Optik Isermann GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 17, 2006, to register their claims with court-appointed provisional administrator Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Osnabrueck, N 301, Nebenstelle, Kollegienwall 10, 49074 Osnabrueck, at 10:00 a.m. on April 28, 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: OPTIK ISERMANN GmbH Kamp 35-37, 49074 Osnabrueck Attn: Matthias Witteler, Manager Kirchstrasse 22, 49090 Osnabrueck Dr. Stephan Thiemann, Administrator Lublinring 12, 48147 Muenster Tel: 0251/162830 Fax: 0251/1628311 OTTO FURKEN: Claims Verification Set Early May ---------------------------------------------- The District Court of Bremen opened bankruptcy proceedings against Otto Furken & Sohn GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 11, 2006, to register their claims with court-appointed provisional administrator Haro Helms. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bremen, Saal 115, Gerichtshaus, Ostertorstr 25-31, 28195 Bremen, at 10:35 a.m., on March 9, 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 9:50 a.m., on May 4, 2006, at the same venue. CONTACT: OTTO FURKEN & SOHN GmbH Lindenstrasse 98, 28755 Bremen Attn: Friedrich Wilhelm Furken, Manager Chaukenhuegel 6a, 28759 Bremen Haro Helms, Administrator Schillerstr. 10, 28195 Bremen Tel: 0421/337790 Fax: 0421/3377933 Web: http://www.dr-stankewitz.de/ E-mail: helms@dr-stankewitz.de PAUL GMBH: Administrator's Report Out by June --------------------------------------------- The District Court of Charlottenburg opened bankruptcy proceedings against Paul GmbH "Fashion & Beauty" on Feb. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 4, 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 10:15 a.m., on March 23, 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 10:00 a.m., on June 29, 2006, at the same venue. CONTACT: PAUL GmbH "Fashion & Beauty" Nussbaum 8,10178 Berlin Thomas Kuehn, Administrator Luetzowstr. 100, 10785 Berlin PVT PAPIERVERARBEITUNG: Claims Registration Ends March 6 -------------------------------------------------------- The District Court of Duesseldorf opened bankruptcy proceedings against PVT Papierverarbeitung Torlee GmbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 6, 2006, to register their claims with court-appointed provisional administrator Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Duesseldorf, Muehlenstrasse 34, 40213 Duesseldorf, 3.OG Altbau, A 388, at 9:50 a.m. on March 27, 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: PVT PAPIERVERARBEITUNG TORLEE GmbH Wieselweg 3, 40885 Ratingen Attn: Hans-Juergen Torlee, Manager Horst Piepenburg, Administrator Heinrich-Heine-Allee 20, 40213 Duesseldorf ============= I R E L A N D ============= EIRCOM GROUP: Financial Leverage Spurs Moody's Ba2 Corp. Rating --------------------------------------------------------------- Moody's Investors Service has assigned a Ba2 corporate family rating to eircom Group plc (eircom) and withdrawn the Ba2 corporate family rating at Valentia Telecommunications Unlimited. Concurrently Moody's changed the rating outlook to negative from stable. The change in outlook reflects weaker than expected operating performance in the first nine months of the year, which has resulted in a gradual weakening of credit metrics (e.g. Adjusted Total Debt to Adjusted EBITDAR has increased from c. 5.2x at yearend to c. 5.8x at Dec. 31, 2005 on a LTM basis). Whilst Moody's notes that certain negative impacts in the last quarter are non-recurring in nature (e.g. the costs associated with the aborted Swisscom bid), the negative outlook reflects Moody's concerns that future cost savings will not be sufficient to offset the higher ongoing pension and sales & marketing costs and that the deterioration in the company's credit metrics will be sustained. Moreover, the ratings continue to reflect the company's highly debt leveraged capital structure and limited financial flexibility; on-going regulatory and competitive risks, including the expectation of increasing competitive pressures and tariff reductions; uncertainty regarding the company's longer-term plans for mobile telephony and eircom's dependence on the fixed-line telecommunication business. However, the ratings are supported by eircom's dominant position in the Irish fixed-line telecommunications market and the competitive advantage afforded by the company's significant scale and network reach; the strong operational cash flow provided by eircom's businesses; a favorable competitive fixed- line environment and management's success in reducing costs and improving cash flow. Moreover, whilst Meteor is currently the smallest GSM operator in Ireland by market share, Moody's believes that this acquisition has better positioned the company to defend its revenue and profitability against the decline in fixed-line voice traffic, as well as to provide its customers with fully integrated services of voice, Internet and data. The outlook would most likely be stabilized should the company successfully improve its free cash flow generation and demonstrate a sustained de-leveraging on a debt to operating cash flow basis, such that Adjusted Retained Cash flow to Net Adjusted Debt approaches the mid-teens. However, given that the company's credit metrics are viewed as weak for the category, Moody's cautions that any further deterioration in leverage or cash flow metrics, such that Adjusted Total Debt to Adjusted EBITDAR exceeds 6x for a sustained period or Adjusted Retained Cash flow to Net Adjusted Debt falls below 10%, would likely result in a ratings downgrade. In addition, positive confirmation of a secondary LBO of the company would likely result in downward pressure on the rating. eircom's liquidity is viewed as good given the company's substantial cash balances (EUR495 million as at December 2005) combined with its stable operating cash flow, which is expected to continue to comfortably exceed EUR300 million per annum. Moreover, the company maintains EUR150 million availability under its revolving credit facility (whilst draw-down is subject, inter alia, to financial covenant compliance). However, as a result of ongoing capex requirements and significant interest charges combined with the recent resumption of dividend payments, free cash flow generation is expected to be limited. Rating actions is as follows: New ratings assigned: -- Ba2 corporate family rating at eircom Group plc Ratings withdrawn: -- Ba2 corporate family rating at Valentia Telecommunications Unlimited Other affected rating: -- Ba1 rating of Valentia Telecommunication Unlimited's EUR1.4 billion senior secured credit facilities; -- Ba3 rating of Valentia Telecommunication Unlimited's EUR550 million unsecured notes due 2013; -- B1 rating of eircom Funding plc's senior subordinated notes due 2013 The outlook for all ratings is negative. Headquartered in Dublin, Ireland, eircom is the principal provider of fixed-line telecommunications services in Ireland, as well as the leading Internet service provider and, following its acquisition of Meteor, the third largest mobile operator in Ireland. In the last twelve months ending Dec. 31, 2005, eircom generated revenues of EUR1.6 billion. GREAT SOUTHERN: Union Balks at State's Plan to Sell Hotels ---------------------------------------------------------- Ireland's trade union is confident that Great Southern Hotel Group will remain in state ownership, Jo Lavelle writes for Galway Independent. This after hotel owner Dublin Airport Authority revealed plans last month to sell the group's nine hotels, which employs 900 people, as a going concern, the Irish Examiner reports. Services, Industrial, Professional, and Technical Union (SIPTU) Galway Branch 1 Vice President Joe Horan clarified that the government has not decided on the request yet. "We're canvassing hard for the retention of the hotels in state ownership and we would be confident that it will happen," Mr. Horan said. "We were in this situation before in 1987 when we were supposed to be liquidated for EUR4 million. Now the company is worth several hundred million. We didn't believe at the time that we should be liquidated and we fought to save the company. We're doing the same now, so we've no reason to believe this time will be any different," he insisted. Though Great Southern reported losses for four consecutive years, it is believed that it could sell for a much higher price if sold for property development, the Galway Independent says. BDO Simpson Xavier Corporate Finance is the overall adviser to assist in the disposal of the hotels. Redundancy Package The DAA estimates up to EUR22 million in redundancy costs, which potential bidders need resolved before they make a formal offer for the hotel group, The Sunday Business Post relates. This could delay the sale process by up to six months, as many of the hotels have active unions. "We don't want redundancy, employees don't want redundancy," Branch Organizer with SIPTU Galway No. Branch Michael Kilcoyne said. "What they want is their jobs and I believe it's a serious miscalculation on behalf of the Government if they believe that they can just buy out these jobs." The union wants the hotels to remain in state ownership under the auspices of Failte Ireland. Headquartered in Dublin, Great Southern Hotels has been Ireland's premier hotel group since 1845. The group's nine hotels are located in some of Irelands most famous tourist destinations - Galway, Killarney, Rosslare, Parknasilla, Derry, Shannon Airport, Dublin Airport and Cork Airport. =================== K A Z A K H S T A N =================== DULAT STROI: Bankruptcy Proceedings Begin ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan region commenced bankruptcy proceedings against LLP Dulat Stroi on Jan. 9, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF EAST KAZAKHSTAN REGION Ust-Kamenogorsk, Lenin ave. 25 GLOBUS 2000: Creditors' Claims Due This Month --------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Globus 2000 bankrupt on Dec. 29, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before March 17, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Kostanai, Gogol Str. 177a IRTYSH-1: Declared Bankrupt by Kostanai Economic Court ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Irtysh-1 bankrupt on December 26, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before March 17, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Kostanai, Gogol Str. 177a SEF: Kostanai Court Sends Group Into Bankruptcy ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP SEF bankrupt on December 29, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before March 17, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Kostanai, Gogol Str. 177a TEMIR-KERUEN: Creditors Have Until March 17 to Register Claims -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region declared LLP Temir-Keruen bankrupt on December 29, 2005. Proofs of claim will be accepted at Kostanai, Gogol Str. 177a on or before March 17, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF KOSTANAI REGION Kostanai, Gogol Str. 177a =================== K Y R G Y Z S T A N =================== ASTRAL: Declares Insolvency --------------------------- LLC Astral has declared insolvency. Proofs of claim will be accepted on or before April 7, 2006. The company can be contacted at (+996 312) 54-33-17. REGANA: Sets Proofs of Claim Deadline ------------------------------------- LLC Regana has declared insolvency. Proofs of claim will be accepted on or before April 9, 2006. CONTACT: REGANA Bishkek, Sadygslieva Str. 6 Phone: (+996 312) 65-61-29 =================== L U X E M B O U R G =================== STOLT-NIELSEN: Purchased 100,000 of its Common Shares ----------------------------------------------------- Stolt-Nielsen Transportation Group Ltd., a 100% owned subsidiary of Stolt-Nielsen S.A., purchased on Wednesday 100,000 of SNSA Common Shares on the Oslo Stock Exchange at an average price of NOK210.25 per share (approximately $31.15 at the current exchange rate). The shares were purchased in accordance with the repurchase program announced on Aug. 25, 2005, authorizing Company to purchase up to $200 million worth of its Common Shares or related American Depositary Shares. In conformity with applicable Oslo Stock Exchange requirements, SNSA, through its Stolt-Nielsen Transportation Group subsidiary, owns these shares: Total number of Common Shares purchased: 100,000 Total number of Common Shares owned after purchase: 1,711,650 Percentage of issued shares of such class of shares following such purchase: 2.6% Stolt-Nielsen S.A.'s Common Shares are secondarily listed on the Oslo Stock Exchange with primary listing (through ADS arrangements) in the United States. Including these purchases, the Company has purchased Common shares totaling approximately US$58 million under the US$200 million repurchase program announced on August 25, 2005. All Common Shares purchased by SNTG are classified as non-voting shares held in Treasury and issued but not outstanding. About the Company Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) -- http://www.stoltnielsen.com/-- is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly owned subsidiary Stolt-Nielsen Transportation Group provides integrated transportation for its customers. Stolt Sea Farm, wholly owned by the Company, produces and markets high quality turbot and Southern bluefin tuna. The Company also owns 25% of Marine Harvest, the world's largest aquaculture company. ===================== N E T H E R L A N D S ===================== IFCO SYSTEMS: Moody's Upgrades EUR110 Mln Debt Ratings to B2 ------------------------------------------------------------ Moody's Investors Service upgraded the ratings of IFCO Systems N.V. (IFCO). Ratings affected: -- Corporate family rating upgraded to Ba3 from B1; and -- EUR110 million guaranteed senior secured notes due 2010 upgraded from B2 to B1. The rating outlook is positive. The upgrades reflect IFCO's proven ability to improve its operating performance, and subsequently its credit metrics, during 2005, while making substantial progress towards completing the program to upgrade its reusable plastic containers (RPCs). The ratings also continue to reflect: (i) the company's leadership position in the Western European RPC market; (ii) its well-established relationships with retailers, growers and producers in the RPC market; (iii) satisfactory liquidity and reasonable financial leverage for the current rating category, with Adjusted Total Debt/Adjusted EBITDAR having decreased to approximately 2.8x by FYE 2005; and (iv) management's successful track record to date of growing the company via a conservative expansion strategy. The positive outlook reflects Moody's expectation that there is likely to be further upward pressure on the ratings if the company is able to generate meaningful free cash flow after capex throughout 2006. Conversely, although it is considered unlikely at this juncture, any substantial deterioration in the operating performance of the European RPC division -- for example, as a result of the loss of several key customer contracts -- would likely result in the outlook being changed to stable. Any aggressive investment in capex funded through the incurrence of incremental debt would likely result in downward pressure on the ratings. Fiscal year-end results for 2005 show an increase in revenues of 16% y-o-y (unadjusted for discontinued operations) to US$576.3 million due to growth in both the RPC and Pallet Management segments, while gross margins improved by 2.3 percentage points to 20.2% over the same period due to ongoing efficiency initiatives undertaken by management. Credit metrics, in turn, were positively impacted as EBIT Margin increased by 2.6% over the previous year to 11.6% and Adjusted Total Debt/Adjusted EBITDAR decreased to approximately 2.8x. Furthermore, Adjusted RCF/Net Adjusted debt was 37.2% although the company was marginally free cash flow negative due to US$84 million in capex, spent predominantly on the upgrade program and growth. Management have indicated that they intend to continue to pursue to success-based capex model going into 2006, although it is Moody's expectation that capex will be lower than 2005 levels and financed via operating cash flows. While the company's performance to date has been encouraging, the ratings continue to reflect: (i) Moody's expectation that IFCO's earnings are subject to volatility given the exposure to changes in the macroeconomic environment (particularly in its pallet business); (ii) the low market barriers to entry inherent in the pallet business; (iii) the significant competition faced by IFCO in both its divisions (although competition is fragmented in the pallet market); (iv) the high end customer concentration of the RPC business; and (v) the company's exposure to foreign exchange movements between the US dollar and the EURas IFCO reports in U.S. dollars but currently produces a material amount of its revenues in euros. Liquidity is viewed as satisfactory given the company's operating cash flow generation, its available cash and cash equivalents of US$60.9 million as at Dec. 31, 2005 and access to its working capital facility. The EUR35 million working capital facility is subject to certain financial covenants (EBITDA, leverage, interest cover) and permits up to EUR15 million in cash borrowings with the remainder utilized to issue letters of credit. As at Dec. 31, 2005 the company had US$12.6 million outstanding in letters of credit with cash borrowing availability of EUR15million and was in compliance with all covenants. Additional liquidity is provided by a receivable factoring facility at the European subsidiary level. Although there are no material debt repayments until 2010, success-based capex is expected to continue to impact the company's free cash flow. Registered in the Netherlands, IFCO is a leading international provider of reusable plastic containers for the transportation of fresh fruit and vegetables. In addition, IFCO provides a wide range of services in North America related to pallets. For the year ended Dec. 31, 2105, IFCO generated revenues of US$576.3 million. =========== R U S S I A =========== 76-OIL-NORTH: Firm Falls Into Bankruptcy ---------------------------------------- The Arbitration Court of Arkhangelsk region commenced bankruptcy proceedings against 76-Oil-North after finding the close joint stock company insolvent. The case is docketed as A05-15878/5- 21. Mr. V. Zakirov has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) 76-OIL-NORTH Russia, Arkhangelsk region, Novgorodskiy Pr. 164, Room 240 (b) V. ZAKIROV Insolvency Manager 650066, Russia, Kemerovo region, Lenina Pr. 77-311A (c) ARBITRATION COURT OF ARKHANGELSK REGION 163069, Russia, Arkhangelsk region, Loginova Str. 17 AGRO-KHIM-SERVICE: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------------- The Arbitration Court of Kirov region has commenced bankruptcy supervision on open joint stock company Agro-Khim-Service. The case is docketed as A28-324/05-283/20. Mr. A. Tyutikov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 440039, Russia, Penza, Shmidta Str. 4. A hearing will take place on April 18, 2006, 9:30 a.m. CONTACT: AGRO-KHIM-SERVICE Russia, Kirov region, Yaransk, K. Marksa Str. A. TYUTIKOV Temporary Insolvency Manager 440039, Russia, Penza region, Shmidta Str. 4 BANK ZENIT: Fitch Assigns Long-term B Rating with Stable Outlook ---------------------------------------------------------------- Fitch Ratings put Bank Zenit's three-year RUB2 billion bond issue due February 2009 a National Long-term BBB- rating. Zenit is rated Long-term B, Short-term B, Individual D, Support 5, and National Long-term BBB-. The Outlook on both the Long-term and the National Long-term ratings are Stable. The bank's obligations under the issue will rank at least pari passu with the claims of other senior unsecured creditors of Zenit, save those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H105, retail deposits accounted for 13% of Zenit's total liabilities, according to the bank's unaudited IFRS accounts. Zenit is owned by a number of entities, the most influential of which is Tatneft, Russia's fifth-largest oil company. Zenit is one of Russia's 20 largest banks, with around 1% of banking assets at end-H105. It concentrates on corporate and investment, as well as, to a lesser extent, private and retail banking. EVROFINANCE-MOSNARBANK: Fitch Gives B to Long-term ID Rating ------------------------------------------------------------ Fitch Ratings established the ratings of Russia's Evrofinance- Mosnarbank at Long-term Issuer Default B with Stable Outlook, Short-term B, Individual D, Support 5 and National Long term BBB with Stable Outlook. The Long-term Issuer Default, Short-term, Individual and National Long-term ratings reflect the bank's high concentration levels on both sides of the balance sheet, its limited franchise, volatility of earnings and significant market risk. However, they also reflect its well-developed risk management systems, reasonable asset quality to date and satisfactory liquidity. Associate Director in Fitch's Financial Institutions team in Moscow, Vladlen Kutznetsov said, "Upside potential for EVMB's Long-term Issuer Default and Individual ratings is limited and will depend on the successful diversification of its franchise, which is not very likely to happen in the near-term. Conversely, any significant rise in risk concentrations from existing levels and any decline in credit quality of the loan portfolio would mean increased pressure on capital, which may lead to a downgrade." EVMB was formed in 2003 following the acquisition of Mosnarbank by Evrofinance, which was founded in 1993. It is among the 30 largest banks in Russia. EVMB is 43%-owned by state-owned banks, with Vneshtorgbank and its two subsidiaries having a 36% stake. However, VTB has recently explicitly expressed its intention to sell its stake in EVMB. KURYINSKIY: Creditors' Claims Due March 28 ------------------------------------------ The Arbitration Court of Altay region commenced bankruptcy proceedings against Kuryinskiy after finding the open joint stock company insolvent. The case is docketed as A03-1940/05-B. Mr. M. Polyakov has been appointed insolvency manager. Creditors have until March 28, 2006, to submit their proofs of claim to 656002, Russia, Altay region, Barnaul, Vorovskogo Str. 140, Post User Box 130. CONTACT: KURYINSKIY 658320, Russia, Altay region, Kuryinskiy region, Kurya, Yubileynaya Str. 11 M. POLYAKOV Insolvency Manager 656002, Russia, Altay region, Barnaul, Vorovskogo Str. 140, Post User Box 130 MINE ZYRYANOVSKAYA: Declared Insolvent by Kemerovo Court -------------------------------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Mine Zyryanovskaya after finding the open joint stock company insolvent. The case is docketed as A27- 39129/2005-4. Mr. F. Poddubnyj has been appointed insolvency manager. CONTACT: MINE ZYRYANOVSKAYA Russia, Kemerovo region, Novokuznetsk, Skorostnaya Str. 1 Post address: 654013, Russia, Kemerovo region, Novokuznetsk, Kavkazskaya Str. 5 F. PODDUBNYJ Insolvency Manager 652010, Russia, Kemerovo region, Osinniki, 15, Post User Box 128 MONTAGE-STROY-ENERGO: Succumbs to Bankruptcy -------------------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against Montage-Stroy-Energo after finding the close joint stock company insolvent. The case is docketed as A27- 24781/2005-4. Ms. M. Bogatova has been appointed insolvency manager. CONTACT: MONTAGE-STROY-ENERGO Russia, Kemerovo region, Predzavodskoy M. BOGATOVA Insolvency Manager 650024, Russia, Kemerovo region, Post User Box 3084 NEFTEPOLIS INSURANCE: S&P Raises Ratings to B; Outlook Positive --------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on Russia-based insurer Neftepolis Insurance Co. LLC to 'B' from 'B-', and its Russia national scale rating on Neftepolis to 'ruA' from 'ruBBB-'. At the same time, the ratings were removed from CreditWatch, where they had been placed with positive implications on Sept. 12, 2005. The outlook is positive. "The upgrade reflects the removal of previous uncertainty regarding Neftepolis' financial stability and competitive position that may have been caused by its former 100% parent, OJSC Oil Company Rosneft," said Standard & Poor's credit analyst Tatiana Grineva. The ratings on Neftepolis had historically been capped by the ongoing uncertainty surrounding Rosneft's ability to survive as an ongoing concern, due to its highly leveraged financing of the acquisition of OAO Yuganskneftegaz, an ex-subsidiary of distressed oil company OAO NK Yukos (D/--/--), and its resultant vulnerable financial strength (as reflected in the ratings on Rosneft). This cap has now been removed, following the acquisition of Neftepolis by SOGAZ Insurance Group at the end of 2005. The ratings on Neftepolis reflect the high industry risk, high country risk factors, and weak quality of investments, by international standards, currently inherent to insurers in the Russian market. These negatives are mitigated, however, by Neftepolis' solid track record of good operating performance, potentially strong position and ability to go from strength to strength in its oil-related insurance niche, and strong management team. The positive outlook reflects Standard & Poor's expectation that the potential benefits arising from Neftepolis' merger with SOGAZ will be realized, as well as the potential significant improvement in the credit quality of Neftepolis' investment portfolio, which will be required by the regulator before 2007. Either of these events could lead to an upgrade. The ratings will remain unchanged, however, should the expectations outlined below fail to materialize: -- Neftepolis is expected to be successfully integrated within SOGAZ and ongoing parental support should be provided for Neftepolis' growth and development, including financial support if such a need arises. -- The commercial book is expected to represent significantly more than 50% of gross premiums written where Neftepolis has competitive advantages, particularly in its oil- related insurance niche. -- Reliance on Rosneft's premium income is expected to lessen, although Rosneft is to remain as one of Neftepolis' major clients, contributing about 15%-20% to overall gross premium income. -- Good profitability levels are expected to be maintained. -- The investment portfolio is expected to be reallocated to align with regulatory requirements and so that none of the individual providers exceeds 20% of total invested assets. OIL-CHEM-EXPORT: Court Names P. Prudkiy as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against Oil-Chem-Export (TIN 3808089083) after finding the limited liability company insolvent. The case is docketed as A19-38770/05-49. Mr. P. Prudkiy has been appointed insolvency manager. Creditors may submit their proofs of claim to 664003, Russia, Irkutsk region, K. Marksa Str. 26b. CONTACT: OIL-CHEM-EXPORT Russia, Irkutsk region, Krasnogvardeyskaya Str. 24-40 P. PRUDKIY Insolvency Manager 664003, Russia, Irkutsk region, K. Marksa Str. 26b OMSK-INDUSTRY: Insolvency Prompts Bankruptcy Proceedings -------------------------------------------------------- The Arbitration Court of Omsk region commenced bankruptcy proceedings against Omsk-Industry after finding the limited liability company insolvent. The case is docketed as K/E- 225/05. Mr. V. Velichko has been appointed insolvency manager. CONTACT: OMSK-INDUSTRY Russia, Omsk region, Yakovleva Str. 107 V. VELICHKO Insolvency Manager 644099, Russia, Omsk region, Post User Box 7627 SIBERIAN CORN: Claims Filing Period Ends March 28 ------------------------------------------------- The Arbitration Court of Novosibirsk region commenced bankruptcy proceedings against Siberian Corn after finding the open joint stock company insolvent. The case is docketed as A45-13 862/05- 27/23 6. Mr. A. Ledvin has been appointed insolvency manager. Creditors have until March 28, 2006, to submit their proofs of claim to 630129, Russia, Novosibirsk region, Post User Box 22. CONTACT: SIBERIAN CORN Russia, Novosibirsk region, Krasnyj Pr. 74 A. LEDVIN Insolvency Manager 630129, Russia, Novosibirsk region, Post User Box 22 STAVROPOLSKIY FACTORY: Bankruptcy Supervision Procedure Begins -------------------------------------------------------------- The Arbitration Court of Stavropol region has commenced bankruptcy supervision on open joint stock company Stavropolskiy Factory Of Truck Cranes Krast (TIN/KPP 2636015180/263501001, OGRN 1022601955640). The case is docketed as A63-2355/05-S5. Mr. D. Eroshkin has been appointed temporary insolvency manager. A hearing will take place on April 6, 2006. CONTACT: STAVROPOLSKIY FACTORY OF TRUCK CRANES KRAST 355000, Russia, Stavropol region, Stavropol, Lenina Str. 19 D. EROSHKIN Temporary Insolvency Manager 355003, Russia, Stavropol region, Mira Str. 460/3, Office 7 YUKOS OIL: Russian Court Awards US$482-Mil Claim to Bank Lenders ---------------------------------------------------------------- The Federal Arbitration Court in Moscow upheld the ruling of London's High Court of Justice allowing foreign creditors to recover US$482 million from Yukos Oil. In June 2005, the London Court allowed 14 bank creditors to recover US$482 million as repayment of the remainder of a $1 billion pre-export syndicated loan that Yukos secured in September 2003, MosNews reports. The bank syndicate includes Societe Generale, Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING. Yukos used the loan proceeds to pre-finance the sale of oil and for general corporate purposes. It includes: -- a three-year US$500 million loan facility; and -- a five-year US$500 million loan facility. The lenders claimed Yukos missed interest payments due in March and April 2005. In July, Yukos admitted receiving a notification of default. The loan was secured against Yukos' production subsidiaries, including Yugansk, which is now owned by state-owned company Rosneft. Most analysts agree that Yukos' management team is unlikely to make a decision on the bankruptcy issue in March 2006, RBC News relates. A possible decision on the issue would be challenged by major creditors and the Russian government, RBC says. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. YUKOS OIL: Unit Sells Transpetrol Stake to RussNeft for US$103MM ---------------------------------------------------------------- YUKOS Finance BV, a subsidiary of YUKOS Oil Company, agreed to sell its 49% stake in Slovakian company Transpetrol a.s. to OAO NK RussNeft for US$103 million. The sale and purchase agreement was signed by both parties on Feb. 4, 2006. The parties expect to complete the transaction within 90 days following receipt of approval from The Antimonopoly Office of the Republic of Slovakia, and consent to this transaction from the Ministry of Economy of Slovakia. "Our discussions with the Slovakian government have proved very fruitful in the last few months and together we have agreed the bid presented by RussNeft is one that serves the need of all interested parties," Steven Theede, CEO, YUKOS Oil Company said. In 2005, the Board of Directors and the management team of YUKOS Oil Company decided that non-core, non-Russian assets would be divested and the cash generated from these sales would be ear- marked to meet liabilities from creditors. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for chapter 11 protection in Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. ZVEZDNYJ: Irkutsk Court Brings In Insolvency Manager ---------------------------------------------------- The Arbitration Court of Irkutsk region commenced bankruptcy proceedings against Zvezdnyj (TIN 3818012812) after finding the open joint stock company insolvent. The case is docketed as A19-24068/05-8. Mr. V. Gribennikov has been appointed insolvency manager. CONTACT: ZVEZDNYJ 665782, Russia, Irkutsk region, Ust-Kutskiy region, Zvezdnyj, Gorbunova Str. 2 V. GRIBENNIKOV Insolvency Manager 665685, Russia, Irkutsk region, Nizhneilinskiy region, Novaya Igirma, Post Office 2, Post User Box 18 ========= S P A I N ========= IM CAJAMAR: Assigns BB- to EUR15.6 Million Series E Notes --------------------------------------------------------- Fitch Ratings designates expected ratings to IM Cajamar 3 Fondo de Titulizacion de Activos' notes totaling EUR1.22 billion due in September 2048 as follows: a) EUR1.155 billion Series A: AAA; b) EUR28.8 million Series B: A+; c) EUR6 million Series C: A-; d) EUR10.2 million Series D: BBB-; and e) EUR15.6 million Series E: BB-. This transaction is a cash flow securitization of a EUR1.2 billion static pool of first ranking residential mortgage loans granted by Caja Rural Intermediterranea S.C.C. The final ratings are contingent upon receipt of final documents conforming to information already received. The expected ratings are based on the quality of the underlying collateral, the underwriting and servicing capabilities of Cajamar, available credit enhancement and the sound legal and financial structure of the transaction. CE for all classes of notes will be provided by the subordination of the classes junior to them and the reserve fund, with the exception of the class E notes, which are solely collateralized by the excess spread. The expected ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the class B, C, D and E notes, as well as the repayment of principal by legal final maturity in September 2048. The fund will be regulated by Spanish Securitization Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to convert the mortgage participations and mortgage transfer certificates acquired from the seller into residential mortgage-backed securities. InterMoney Titulizacion S.G.F.T., S.A., whose activities are limited to the management of securitization funds, will subscribe the participations and certificates. ============= U K R A I N E ============= BUD-REZERV: Declared Insolvent by Kyiv Court -------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Bud-Rezerv (code EDRPOU 31956526) after finding the limited liability company insolvent. The case is docketed as 15/715-b. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: BUD-REZERV 03134, Ukraine, Kyiv region, Bulgakov Str. 7 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B BUDTRANSENERGOSERVICE: Succumbs to Insolvency --------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Budtransenergoservice (code EDRPOU 32047867) after finding the limited liability company insolvent. The case is docketed as 44/405-b. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: BUDTRANSENERGOSERVICE 03164, Ukraine, Kyiv region, General Naumov Str. 23-b ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B CHERNIGIVSKA PAPER: Closes Operations and Liquidates Assets ----------------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Chernigivska Paper Factory (code EDRPOU 32596337) after finding the limited liability company insolvent. The case is docketed as 15/681-b. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: CHERNIGIVSKA PAPER FACTORY 03126, Ukraine, Kyiv region, General Naumov Str. 23 b ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B FARGO: Court Names K. Yergiyev to Liquidate Assets -------------------------------------------------- The Economic Court of Odessa region commenced bankruptcy proceedings against LLC FARGO (code EDRPOU 26507972) on after finding the limited liability company insolvent. The case is docketed as 2/233-05-9061. Mr. K. Yergiyev has been appointed liquidator/insolvency manager. CONTACT: FARGO Ukraine, Odessa region, 10 Kvitnya Square 1 Mr. K. Yergiyev Liquidator/Insolvency Manager Phone: 8 (0482) 35-27-30 ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue 4 FES: Olga Brusentsova Takes Over Helm ------------------------------------- The Economic Court of Herson region commenced bankruptcy proceedings against FES (code EDRPOU 32928238) on Jan. 17, 2006 after finding the limited liability company insolvent. The case is docketed as 12/236-B-05. Ms. Olga Brusentsova has been appointed liquidator/insolvency manager. CONTACT: FES 73000, Ukraine, Herson region, Privokzalna Str. 4/106 Ms. Olga Brusentsova Liquidator/Insolvency Manager Ukraine, Herson region, Perekopska Str. 203/33 ECONOMIC COURT OF HERSON REGION 73000, Ukraine, Herson region, Gorkij Str. 18 INTER-PLAST: Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Inter-Plast (code EDRPOU 31563740) on January 17, 2006, after finding the limited liability company insolvent. The case is docketed as 12/236-B-05. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: INTER-PLAST 03148, Ukraine, Kyiv region, Gnata Yuri Str. 9 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B KOLOS: Zakarpatska Court Orders Debt Moratorium ----------------------------------------------- The Economic Court of Zakarpatska region commenced bankruptcy supervision procedure on Agricultural LLC Kolos (code EDRPOU 30765033) on Dec. 16, 2005, and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 6/220. Mr. Bahtin Vitalij has been appointed temporary insolvency manager. CONTACT: KOLOS 89676, Ukraine, Zakarpatska region, Makaryovo, Shevchenko Str. 68 Mr. Bahtin Vitalij, Temporary Insolvency Manager Ukraine, Zakarpatska region, Uzhgorod, Svobodi Avenue 50/77 ECONOMIC COURT OF ZAKARPATSKA REGION 88000, Ukraine, Zakarpatska region, Uzhgorod, Kotsubinski Str.2a KOMPLEKS AGRO: Liquidator Leads Winding Up Procedure ---------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against LLC Kompleks Agro (code EDRPOU 31752893) after finding the limited liability company insolvent. The case is docketed as 44/233-b. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: KOMPLEKS AGRO 03148, Ukraine, Kyiv region, Gnata Yuri Str. 9 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B SHORSIVSKIJ GRANITE: Under Bankruptcy Supervision ------------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy supervision procedure on LLC Shorsivskij Granite Quarry (code EDRPOU 31638370). The case is docketed as 3/112 B. Mr. Oleg Martinov has been appointed temporary insolvency manager. CONTACT: SHORSIVSKIJ GRANITE QUARRY 11555, Ukraine, Zhitomir region, Korostenskij district, Poliske Mr. Oleg Martinov Temporary Insolvency Manager Ukraine, Zhitomir region, Meblevij Lane 3-a, office M.I.L.S. ECONOMIC COURT OF ZHITOMIR REGION 10014, Ukraine, Zhitomir region, Mala Berdichivska Str. 25 TRADE SERVICE: Winds Up Assets Following Insolvency --------------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Trade Service Company (code EDRPOU 30721698) on after finding the private enterprise insolvent. The case is docketed as 15/714-b. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: TRADE SERVICE COMPANY 03148, Ukraine, Kyiv region, Zhmerinska Str. 11 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 =========================== ALEC PETCH: Calls On O'Hara & Co to Administer Assets ----------------------------------------------------- Peter O'Hara of O'Hara & Co was appointed administrator of Alec Petch Transport Limited (Company Number 03312644) on Feb. 17. CONTACT: ALEC PETCH TRANSPORT LTD Gowdall Road, Goole North Humberside DN14 0AA Tel: 01405 860571 Fax: 01405 862766 O'HARA & CO. Wesley House Huddersfield Road Birstall Batley West Yorkshire WF17 9EJ Tel: 01924 477449 Fax: 01924 475262 E-mail: insol@ohara.co.uk CABLE & WIRELESS: S&P Keeps Ratings Amid Restructuring Plans ------------------------------------------------------------ Standard & Poor's Ratings Services said that the ratings and outlook on U.K.-based telecommunications operator Cable & Wireless PLC (C&W; BB-/Negative/B) were unchanged following the group's presentation of plans for further restructuring and refocusing of its U.K. business. C&W is replicating the broadly successful business model of Energis, the U.K. telecoms services company that it acquired in November 2005. It has announced a withdrawal from the low- margin U.K. small-to-midsized business market and a focus on large U.K. corporate customers. Given this streamlining of the customer and product base, employee numbers could reduce by up to 3,000, resulting in additional headcount reduction and lease exit costs. The group is to continue investing in Bulldog, its early stage, and largely residential, local-loop-access operation. This further retrenchment underlines the external and internal challenges that C&W still faces. The group's cash flow profile in the U.K. is likely to be more negative than previously anticipated, although material erosion of the gross cash position is not currently expected. CORUS GROUP: Secures GBP40 Million Investment for TCP Business -------------------------------------------------------------- Corus Group plc has secured GBP40 million more in investment for its Teesside Cast Products business. Teesside Cast Products is an integrated steelmaking facility, which currently manufactures around 3 million tonnes a year of slab across a wide range of specifications and applications. Corus has a 10-year off-take agreement in place to supply slab from TCP to a consortium of re-rolling companies, namely Duferco, Marcegaglia, Dongkuk and Imsa. Under the agreement effective Jan. 2, 2005, the consortium will take at cost, slab produced at TCP that is surplus to Corus' internal requirements in 2005 and 2006 and approximately 78% of output thereafter. The latest round of capital infusion completes over half of the committed US$100 million in capital investment announced in December 2004 as part of the 10-year agreement. The investment will allow for significant improvements to the plant's slab casters, which will further accelerate cost and quality improvements. The investment also includes capital for TCP to acquire its own dedicated fleet of rail wagons to support the movement of slab to Teesport, as well as for maintenance of plant and equipment. "We have set ourselves very demanding targets, and as a result the consortium members have committed a significant amount of capital," Jon Bolton, Managing Director at Teesside Cast Products said. "I am confident that the Teesside Cast Products team will deliver on its commitments and go on to justify further investment." As consideration, Corus will receive US$157 million (approximately GBP82 million), comprising a US$73 million upfront payment in 2005/06 with a further US$84m in deferred payments over the life of the contract. In addition, the consortium members will contribute approximately 76% of the expected capital expenditure requirements of TCP to enable identifiable improvements to be implemented. About the Company Corus Group PLC -- http://www.corusgroup.com/-- is one of the world's largest metal producers with a turnover of over GBP9 billion and major operating facilities in the U.K., the Netherlands, Germany, France, Norway, Belgium and Canada. Operating through four divisions -- Strip Products, Long Products, Aluminium and Distribution & Building Systems -- Corus has over 48,000 employees in over 40 countries and sales offices and service centers worldwide. Corus was created through the merger of British Steel plc and Koninklijke Hoogovens N.V. It suffered six years ago from the crisis in British manufacturing, which prompted it to shake up management, close plants, cut jobs, and sell assets to lower debt. Its debt was thought to stand at GBP1.6 billion in 2002. After posting a net loss of GBP458 million in 2003, it embarked on a restructuring program, signed a new EUR1.2 billion banking facility, and issued GBP307 million worth of shares. It returned to operating profit in the first quarter of 2004. The recent recovery of steel prices and the strength of the euro are expected to help it achieve relatively strong earnings. * * * As reported in the Troubled Company Reporter-Europe on Feb. 9, Fitch Ratings affirmed U.K.-based steel company Corus Group PLC's ratings at Senior Unsecured 'BB-' and Short-term 'B'. The Outlook is Stable. At the same time, Fitch affirmed the ratings of Corus' debt instruments as follows: (a) Corus Group PLC EUR800 million 7.5% senior notes 'B+'; (b) Corus Group PLC EUR307 million 3.0% convertible bonds 'B+'; (c) Corus Finance PLC GBP200 million 6.75% guaranteed bonds 'B+'; (d) Corus Finance PLC EUR20 million 5.375% guaranteed bonds 'B+'; and (e) Corus Finance PLC GBP150 million 11.5% debenture stock 'BBB-'. Fitch also affirmed the ratings of Corus' other debt instruments as below and simultaneously withdrawn them due to lack of information. The agency will no longer provide rating coverage of three instruments: (a) Corus Group PLC EUR800 million senior secured bank facilities 'BB'; (b) Corus Nederland BV EUR152 million 4.625% convertible subordinated bonds 'BB+'; and (c) Corus Nederland BV EUR136 million 5.625% unsecured bonds 'BB+'. The ratings reflect Corus' leading market position as the third- largest steel producer in Europe by volume, and the continued turnaround in the company's financial performance since 2003. FHSC LIMITED: Joint Administrators Move In ------------------------------------------ Ian Brown and Adrian Peter Berry of Deloitte & Touche LLP were appointed joint administrators of FHSC Limited (Company Number 04413304) on Feb. 15. About Deloitte Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. About the Company Headquartered in Morley, Leeds, FHSC Limited -- http://www.fhsc.co.uk/-- offers hamper and gift needs for both corporate and consumer customers. HARRIER LOGISTICS: Hires Grant Thornton to Administer Assets ------------------------------------------------------------ Richard Hawes, Nigel Morrison and Ian Carr of Grant Thornton were appointed joint administrators of Harrier Logistics Limited (Company Number 05216497) on Feb. 14. Its registered office is at Dumfries House, Dumfries Place, Cardiff CF10 3ZF. About Grant Thornton Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. J.P.Z. LIMITED: Hires Administrator from X L Business Solutions --------------------------------------------------------------- Jeremy Nicholas Bleazard of XL Business Solutions Limited was appointed administrator of J.P.Z. Limited (Company Number 04791048) on Feb. 17. The company sells vehicles. Its trading name is Lambton Car and Scooter Sales & Service Centre. CONTACT: X L BUSINESS SOLUTIONS LTD 46 Moorlands Business Centre Balme Road Cleckheaton BD19 4EW West Yorkshire Tel: 01274 870 101 Fax: 01274 870 606 E-mail: jbleazard@XLBS.co.uk KEVIN CLARKE: Name Joint Administrators from Portland Business -------------------------------------------------------------- James Richard Tickell and Carl Derek Faulds of Portland Business & Financial Solutions Ltd were appointed joint administrators of Kevin Clarke & Co Limited (Company Number 2847377) on Feb. 16. CONTACT: KEVIN CLARKE & CO. LTD Elliott House 12 Bottings Industrial Estate Curdridge, Southampton SO30 2DY Tel: (01489) 789955 Fax: (01489) 789966 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 LAMLOU LIMITED: Recruitment Agency Needs Administrator ------------------------------------------------------ Lane Bednash of David Rubin & Partners was appointed administrator of recruitment agency Lamlou Limited (formerly Virtualpurple Limited - Company Number 02867924) on Feb. 10. Its registered office is at Elite House, 155 Main Road, Biggin Hill, Westerham, Kent TN16 3JP. About David Rubin & Partners David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. MODULAR POWER: Administrators Take Over Operations -------------------------------------------------- Michael Young and Peter Wastell of Vantis was appointed joint administrator of Modular Power Technology Limited (Company Number 4162787) on Feb. 14. The company supplies IT hardware. Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) - - http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. NIGHTINGALE CARE: Financial Liabilities Prompt Liquidation ---------------------------------------------------------- Members of Nightingale Care Services (South Wales) Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 9, 2006. Chairman M. G. Standerline revealed that the company could no longer continue its business due to financial liabilities. Adrian Graham, of Hamilton Insolvency Practitioners Limited, was appointed Liquidator to wind up the company's business. CONTACT: NIGHTINGALE CARE SERVICES (SOUTH WALES) LIMITED 9 Wine Street Llantwit Major South Glamorgan CF611RZ Tel: 01446 795 005 NORTHERN SERVICE: Gas Station Operator Appoints Administrator ------------------------------------------------------------- Mark N. Ranson of Horwath Clark Whitehill was appointed administrator of gas station operator Northern Service Stations Limited (Company Number 4593671) on Feb. 15. Its registered office is at 246 Park View, Whitley Bay, Tyne and Wear NE26 3QX. About Horwath Clark Whitehill Horwath Clark Whitehill -- http://www.horwathcw.com/-- is a leading national provider of accountancy and business advice. Its services include corporate finance, risk management, accounts audits, tax advice, outsourcing, pension scheme audit, forensic accounting and financial planning. It also specializes in a number of sectors including corporates, owner-managed businesses, pension funds, professional practices and the not- for-profit sector. PARAMOUNT CONSERVATORIES: Creditors Affirm Liquidation ------------------------------------------------------ Creditors of Paramount Conservatories (West Midlands) Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 7, 2006. Creditors also ratified the appointment of A. Turpin, of Poppleton & Appleby, as Liquidator. CONTACT: PARAMOUNT CONSERVATORIES (WEST MIDLANDS) LIMITED Unit 2 St. Lawrence Works Carlton Road Coventry West Midlands CV6 7FL Tel: 024 7668 1668 Fax: 024 7663 8546 PARGLADE BUILDERS: Fencing Contractors Choose L. D. Baxter ---------------------------------------------------------- Louise Donna Baxter, of Begbies Traynor, was appointed Liquidator after members of Parglade Builders Limited agreed to liquidate the company's assets on Feb. 9, 2006. D. Pharoah disclosed that the company could no longer continue its business due to mounting debts. CONTACT: PARGLADE BUILDERS LIMITED Burnham Road Latchingdon Chelmsford CM3 6HA Tel: 01621 740 415 Fax: 01621 740 769 PHEONIXCO LIMITED: Taps Tenon Recovery Administrator ---------------------------------------------------- T. J. Binyon and S. R. Thomas of Tenon Recovery were appointed joint administrators of Pheonixco Limited (Company Number 05150400) on Feb. 17. Its registered office is at 123 Oaklands Road, Hanwell, London W7 2DT. The company wholesales household goods. About Tenon Recovery Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. PULSE MENSWEAR: Retailers Start Liquidating Assets -------------------------------------------------- Pulse Menswear Limited is liquidating its assets after members found out that the company cannot continue its operations due to its liabilities. A. Clifton, of DTE Leonard Curtis, was voted Liquidator. CONTACT: PULSE MENSWEAR LIMITED 8-10 Leapale Road Guildford Surrey GU1 4JX Tel: 01483 531 278 Fax: 01483 531 278 PUPIL RECORDS: Simon James Bonney Leads Winding Up Operations ------------------------------------------------------------- Pupil Records Limited is winding up its business after members established that the company could not continue its operations due to its liabilities. Members authorized Simom James Bonney, of BN Jackson Norton, to lead the winding up operations. CONTACT: PUPIL RECORDS LIMITED 8 Darwin Court Oxon Business Park Clayton Way Bicton Heath Shrewsbury Shropshire SY3 5AL Tel: 01743 272 299 RADFORDS LIMITED: Liquidator Sets May 8 Claims Bar Date ------------------------------------------------------- Members of Radfords Limited resolved to liquidate the company's assets during an Extraordinary General Meeting on Feb. 8. Appointed Liquidator, Roger Isaacs, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before May 8, 2006. CONTACT: RADFORDS LIMITED 10-12 GLOUCESTER ROAD BISHOPSTON BRISTOL AVON BS7 8AE Tel: 0117 944 1010 Fax: 0117 942 2860 Web: http://www.radfords.co.uk/ RECRUITMENT SOLUTIONS: Meeting of Creditors Set Next Week --------------------------------------------------------- Creditors of Recruitment Solutions Consultancy Limited (Company Number 04912855) will meet on March 6, 2003, 11 a.m. at Moore Stephens LLP, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to M. Bowen, joint administrator of Moore Stephens LLP, Beaufort House, 94-96 Newhall Street, Birmingham B3 1PB not later than 12 noon, March 3, 2006. About Moore Stephens Moore Stephens -- http://www.moorestephens.co.uk-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its UK network comprises over 1,400 partners and staff. REVAL LIMITED: Creditors' Registration Ends April 9 --------------------------------------------------- Creditors of Reval Limited are given until April 9, 2006 to send their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Liquidator, Roger Isaacs. CONTACT: REVAL LIMITED 10 Gloucester Road Almondsbury Bristol BS324AA Tel: 0117 942 6882 Fax: 0117 924 9301 ROMANCE COUTURE: Brings In Ninos Koumettou to Liquidate Assets -------------------------------------------------------------- Members of Romance Couture Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 10, 2006. Ninos Koumettou, of Alexander Lawson & Co, was appointed Liquidator to wind up the company's business. CONTACT: ROMANCE COUTURE LIMITED 79-83 Great Portland Street London W1W 7LS Tel: 020 7436 7410 SBSJ CLOTHING: Members Resolve to Liquidate Assets -------------------------------------------------- Members of SBSJ Clothing Limited resolved to liquidate the company's assets during an Extraordinary General Meeting on Feb. 9, 2006. They authorized Alan H. Tomlinson, of Tomlinsons, to administer the winding up process. CONTACT: SBSJ CLOTHING LIMITED 11 Church Street Ainsworth Bolton BL2 5RA Tel: 01942 825 465 SMS AGENCIES: Calls On BDO Stoy Hayward Administrator ----------------------------------------------------- Simon James Michaels and David Harry Gilbert of BDO Stoy Hayward LLP were appointed joint administrators of SMS Agencies Holdings Limited (Company Number 04572835) and SMS Agencies Limited (Company Number 03529845) on Feb. 14. About BDO Stoy Hayward BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. About the Company Headquartered in Crawford, SMS Agencies Limited -- http://www.smsagency.co.uk/-- is a recruitment agency. STREET CONSTRUCTION: Joint Administrators Take Over Helm -------------------------------------------------------- J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed joint administrators of Street Construction (Wigan) Limited (Company Number 0120403) on Feb. 21. About DTE Leonard Curtis DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. About the Company Street Construction (Wigan) Ltd offers general construction and civil engineering service. Its office is at Unit 1, Canal Street, Wigan, Lancashire WN6 7NQ. For more details, call 01942498342. STUDIO 365: Concedes to Bankruptcy ---------------------------------- Ian C. Brown, of Parkin S Booth & Co, was appointed Joint Liquidators of Studio 365 Limited after members unanimously decided to liquidate the company's assets in Feb. 7, 2006. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. CONTACT: STUDIO 365 LIMITED Llys Clwyd Lon Parcwr Industrial Estate Ruthin Clwyd LL151NJ Tel: 01352 700 365 SUNWAY DOORS: Hires Joint Liquidators from P&A Partnership ---------------------------------------------------------- John Russell and Andrew Philip Wood, both of The P&A Partnership, were appointed Joint Liquidators of Sunway Doors Limited after members decided to liquidate the company's asset on Feb. 10, 2006. Chairman J. A. Avill express the company is unable to continue its operations due financial woes. CONTACT: SUNWAY DOORS LIMITED Meadow Way Swinton Meadow Indstl Est Swinton Mexborough South Yorkshire S64 8AB Tel: 01709 511 911 Fax: 01709 512 323 TOO CO: Meeting of Creditors Slated Today ----------------------------------------- Creditors of Too Co Limited (Company Number 03883838) will meet on March 3, 2006, 3 p.m. at The Grange, 100 High Street, London N14 6TG. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to T. Papanicola, administrator of Bond Partners LLP, The Grange, 100 High Street, London N14 6TG. CONTACT: TOO CO LTD Sandy Lane, Oxford, Oxfordshire OX4 6LL Tel: 01865778970 BOND PARTNERS LLP The Grange 100 High Street London N14 6TG Tel: 020 8444 2000 Fax: 020 8444 3400 TRENT TUBES: Hires Wallets Insolvency and Robson Administrator -------------------------------------------------------------- William Paxton of Robson Laidler LLP and Michael Francis McCarthy of Wallets Insolvency Services were appointed joint administrators of Trent Tubes Limited (Company Number 05070905) on Feb. 10. The company manufactures corrugated paperboards and containers of paper and paperboard. About Robson Laidler Headquartered in Newcastle, Robson Laidler -- http://www.robson- laidler.co.uk/-- offers a range of services including audit and accountancy, tax planning and mitigation, business strategy, corporate finance, personal financial planning, recovery and insolvency. CONTACT: WALLETS INSOLVENCY SERVICES 2 Adventure Place, Hanley, Stoke-on-Trent, Staffordshire ST1 3AF V2GO LIMITED: Food Retailer Hires Begbies Traynor Administrator --------------------------------------------------------------- D. R. Acland and S. J. Williams of Begbies Traynor were appointed joint administrators of V2Go Limited (Company Number 03915538) on Feb. 9. About Begbies Traynor Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. About the Company Headquartered in Burnley, V2Go Limited -- http://www.v2go.co.uk/ -- caters healthy foods in food courts. WALL OF SOUND: Appoints P. Engel Administrator ---------------------------------------------- Peter W. Engel of Solomon Hare Business Rescue was appointed administrator of Wall Of Sound Recordings Limited (Company Number 03013341) on Feb. 15. Its registered office is at 55 Loudoun Road, St Johns Wood, London NW8 0DL. Wall Of Sound Recordings Limited -- http://www.wallofsound.net/ -- is a recording company. * Fitch Issues New Rating Standards for Foreign Issuers ------------------------------------------------------- Fitch Ratings disclosed that it is implementing new ratings standards for European and Asia Pacific insurers, which will add greater transparency to the agency's ratings. The implementation of the new ratings standards is being done concurrently for most insurance sectors globally, and follows the publication of an exposure draft of the noted methodology report on Dec. 14, 2005, and a market feedback period. The new ratings methodology is designed to add greater transparency to Fitch's insurance industry ratings. This is accomplished by more clearly delineating the impact of default risk and recovery given default on ratings. Specifically, the new ratings standards clearly distinguish how default and recovery risk are influenced by various insurance regulatory standards around the world, and varying treatments with respect to policyholder preference and payment restrictions between an operating company and holding company. As part of the new methodology Fitch is assigning a new Issuer Default Rating to essentially all debt issuing entities rated by Fitch. The IDR is a pure measure of default risk at the entity level. Fitch believes that the distinction between the IDR and the senior unsecured debt rating provides significant value added information for investors not previously available. A list of newly assigned IDRs for European and Asia Pacific insurers appears near the bottom of this release. The relationship between insurers' IDRs and existing senior unsecured debt ratings is primarily dependent on characteristics of the regulatory jurisdictions and environments in which the debt issuing holding companies and insurance companies operate. For the majority of operating companies, the senior unsecured debt rating is ranked at the same level as the IDR reflecting average recovery expectations given default. However, senior unsecured debt issued by an insurance holding company is generally rated at one notch below the holding company IDR to reflect below-average recovery expectations given default. All rating changes being made today in implementing the new ratings guidelines are being designated as "revisions", as opposed to upgrades or downgrades. This is being done to make clear that the rating change is driven by a methodology change, as opposed to a change in Fitch's views on the fundamental credit profile of the entity or its rated issues. The following ratings experienced upward revisions upon implementation of the new guidelines. a) AXA SA; 7.10% US$500 million perpetual subordinated notes revised to A from A-; and 6.00% EUR375 million perpetual deeply subordinated notes revised to A from A-. b) Gerling-Konzern Lebensversicherungs AG; and 6.75% EUR160 million perpetual subordinated notes revised to BB- from B+. c) Nuernberger Beteiligungs-AG. 5.625% EUR100 million subordinated notes due 2025 revised to BBB+ from BBB. The following ratings experienced downward revisions upon implementation of the new guidelines: a) Allianz AG; and Insurer Financial Strength rating revised to A+ from AA- b) QBE Insurance Group Limited. 5.625% GBP175 million senior notes due 2009 revised to A- from A. The following IDRs were assigned: *Australia; Colonial Finance Limited: AA-/Stable Outlook QBE Insurance Group Limited: A/Stable Outlook *Belgium; Ethias Vie: A/Stable Outlook *Bermuda; Pacific Century Insurance Company Ltd: BBB+/Stable Outlook *France; AXA SA : AA-/Stable Outlook Coface S.A : AA-/ Stable Outlook La Mondiale : A/Stable Outlook MAAF Assurances SA: A+/Stable Outlook *Germany; Allgemeine Kreditversicherung Coface Finanz: AA-/Stable Outlook Allgemeine Kreditversicherung Coface Holding AG: AA-/Stable Outlook Allianz AG: A+/Stable Outlook DBV-Winterthur Holding AG: A-/Stable Outlook ERGO Versicherungsgruppe AG: A Stable Outlook Gerling-Konzern Lebensversicherungs AG: BB/Rating Watch Positive Nuernberger Beteiligungs-AG: A/Stable Outlook Wuerttembergische Krankenversicherung AG: A-/Stable Outlook Wuerttembergische Lebenversicherung AG: A-/Stable Outlook Wuerttembergische Versicherung AG: A-/Stable Outlook *Hong Kong; China Insurance International Holdings Co Ltd: BBB/Rating Watch Negative *Ireland; Zurich Bank: A/Stable Outlook *Italy; Alleanza Assicurazioni SpA: AA-/Stable Outlook Assicurazioni Generali SpA: AA-/Stable Outlook *Japan; Dai-ichi Mutual Life Insurance Company: A/Stable Outlook Fukoku Mutual Life Insurance Co: A/Stable Outlook *Netherlands; AEGON NV: AA/Stable Outlook TBIH Financial Services Group NV: B-/Rating Watch Positive *Norway; Storebrand Livsforsikring: A-/Stable Outlook *Spain; Corporacion Mapfre: A+/Stable Outlook *Sweden; If P&C Insurance Ltd: A-/Stable Outlook *Switzerland; and Generali (Switzerland) Holding AG: A/Stable Outlook Swiss Life Holding: BBB/Stable Outlook Swiss Life/Rentenanstalt: BBB+/Stable Outlook Winterthur Swiss Insurance Co: A/Stable Outlook Zurich Insurance Company: A/Stable Outlook *UK. AVIVA PLC: A+/Stable Outlook Brit Insurance Holdings PLC: A-/Stable Outlook BUPA Insurance Ltd: A/Stable Outlook CGU International Insurance PLC: A+/Stable Outlook Clerical Medical Investment Group Ltd: AA-/Stable Outlook Friends Provident Life and Pensions Ltd: A/Stable Outlook Friends Provident plc: A-/Stable Outlook Legal & General Group PLC: AA-/Stable Outlook Old Mutual PLC: A/Stable Outlook Prudential PLC: AA/Stable Outlook Resolution PLC: A-/Stable Outlook Royal & Sun Alliance Insurance Group PLC: BBB-/Stable Outlook Royal & Sun Alliance Insurance PLC: BBB/Stable Outlook Royal London Mutual Insurance Society: BBB+/Stable Outlook Scottish Mutual Assurance Plc: A-/Stable Outlook Scottish Provident Ltd: A-/Stable Outlook Scottish Widows PLC: AA-/Stable Outlook Society of Lloyd's: A-/Stable Outlook Standard Life Assurance Company: BBB+/ Rating Watch Positive All Long Term Issuer and Short Term Issuer Ratings previously assigned to the European and Asia Pacific insurers listed above are withdrawn. The following companies have not been assigned IDRs as they are not expected to issue debt. Their Long Term Issuer and Short Term Issuer Ratings are also withdrawn: *Belgium Ethias Droit Commun *Germany Allgemeine Kreditversicherung Coface AG *UK Abbey National Life Plc Fitch will postpone implementation of the new methodology for the insurance operations of the bancassurance groups Fortis, ING Groep and KBC Group. These groups will be assessed in terms of the new methodology within the next few weeks following the release of a report on the assessment and assignment of IDRs to bank holding companies. ********* 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, 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 * * *