/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060306.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, March 6, 2006, Vol. 7, No. 46 Headlines G E R M A N Y R.D. ZAHNTECHNIK: Goppingen Court Begins Bankruptcy Proceedings REICH & CO: Taps Karsten Totter to Administer Assets RODGAU SPORT: Creditors' Meeting Set Tomorrow SCHROTER + FABIAN: Claims Registration Ends April 5 SIEVERS MOBEL: Bueckeburg Court Halts Pending Proceedings STAHLBAU HOYERSWERDA: Albert Wolff Leads Insolvency Process T. & S.: Dortmund Court to Verify Claims Early May THOMECZEK ELEKTROTECHNIK: Claims Filing Deadline Nears TOP-SOL: Company Surrenders to Insolvency TRIENEN BAU: Michael Selker Takes Over Operations VITALCENTER JUNGBLUT: Administrator's Report Out by June WASSERBETTEN-PROFIS: Liquidates Assets in Wadern WEROLINK GMBH: Names Andreas Kienast Provisional Administrator WILLY SCHAFER: Insolvency Report Out by March 30 WOLFGANG STAIGER: Rottweil Court Sets March 20 Claims Bar Date WPK-STEUERUNGSTECHNIK: Kassel Court Rules on Bankruptcy I R E L A N D JSG FUNDING: Reports Fourth Quarter 2005 & Year End Results K A Z A K H S T A N FALKON D.S.: Crashes Into Bankruptcy ALMATY TRADE: Declared Bankrupt by Almaty Court KZYLKAIN: Sets Deadline for Proofs of Claim Filing JANALYK: Creditors' Claims Due Middle of the Month ARLAN: Gives Creditors Until Mid-March to Prove Claims N E T H E R L A N D S ROYAL SHELL: Cancels 1,500,000 A Shares in Buyback R U S S I A CRYSTAL AND STONE: Sverdlovsk Court Opens Bankruptcy Proceedings DON-AGRO-KHIM-SERVICE: Declared Insolvent by Rostov Court KARBONA: Bankruptcy Hearing Set Later This Month REZIN-TEKHNIKA: Undergoes Bankruptcy Supervision Procedure SEROVSKIY: Deadline for Proofs of Claims Ends Last Week of March SPASSKIY MUKOMOL: Insolvency Manager Takes Over Firm TEKH-SERVICE: Claims Filing Period Ends March 28 THERMO-ISOLATION: Court Names Temporary Insolvency Manager ULYANOVSK-RASTMASLO: Firm Falls Into Bankruptcy VOLZHSKIY-MEZH-RAY-GAS: Bankruptcy Hearing Set March 30 U K R A I N E ALEDO: A. Prikaznichenko Takes Over Operations ETANOL: Succumbs to Bankruptcy GALAK LTD.: Nadiya Slidzyona to Liquidate Assets GORLIVKA' MILK: Goes Into Liquidation HADZHIBEJSKE: Bankruptcy Supervision Starts PRODMASTER: Under Bankruptcy Supervision in Kyiv SKORPION: Goes Into Liquidation STOLITSYA: Chernigiv Court Opens Bankruptcy Proceedings TERRO PLUS: Declared Insolvent by Donetsk Court UKRTEHNOTORG: Insolvency Manager Comes In VUGLEPROMENERGOSERVICE: Enters Into Liquidation Proceedings U N I T E D K I N G D O M APPLEVIEW LTD: Tool Manufacturer Starts Winding Up Operations BEES KNEES: Creditors' Meeting Set Thursday BRAND PACKAGING: Hires KPMG to Administer Assets CHILDWALL FIVEWAYS: Registration of Claims Ends March 24 COLLIS HEATING: Taps Joint Administrators from Moore Stephens COLT TELECOM: Managing Director Wolfgang Essig Resigns CONQUEST FOODS: Joint Administrators Take Over Helm D.L. PACKING: Calls On Joint Liquidators to Wind Up Business ESSENTIAL CLEANING: Claims Bar Date Set for March 24 ETCHELLS MACHINERY: Members Pass Winding Up Resolution EVANS TECHNICAL: Liquidator Sets Claims Registration Deadline FOSTER BLACK: Appoints Administrator from Antony Batty & Co. HOMERTON TYRES: Hires Carter Backer Winter Administrator KOPI COFFI: Coffee Blender Hires Administrator LEGAL BROKERAGE: Names Stephen Hull to Liquidate Assets LONDON GOLF: Members Approve Voluntary Liquidation NAPPY FAIRY: Joint Liquidators Lead Wind Up Procedure PETERS OF HUDDERSFIELD: Hires Joint Administrators From Kroll RANK GROUP: Appoints Bill Shannon as Non-Executive Director RESPONSE CONSTRUCTION: Brings In Elwell Watchorn as Liquidator SHOOSH LIMITED: Financial Woes Prompt Voluntary Liquidation S K SCAFFOLDING: Appoints Administrator SUN CORPORATION: Joint Administrators Move In TI AUTOMOTIVE: S&P Affirms BB- Corporate Credit Rating TRIVIRIX INTERNATIONAL: Business for Sale VENETE STEEL: Taps Joint Liquidators for Wind Up Proceedings VICTORIA FUNDING: Fitch Affirms GBP9.8 Mln Class E Notes at BB WHITEFRIARS-TOLHURST: Closes Operations & Liquidates Assets WOLVERHAMPTON DOOR: Creditors Ratify Liquidator's Appointment *********** ============= G E R M A N Y ============= R.D. ZAHNTECHNIK: Goppingen Court Begins Bankruptcy Proceedings --------------------------------------------------------------- The District Court of Goppingen opened bankruptcy proceedings against R.D. Zahntechnik GmbH on Feb. 3. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006, to register their claims with court-appointed provisional administrator Christoph Jeutter. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Goppingen, Pfarrstrasse 25, 73033 Goppingen, Erdgeschoss, Saal 0.24, at 10:15 a.m. on March 13, 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: R.D. ZAHNTECHNIK GmbH Attn: Regina Rieger, Manager Stottener Berg 8, 73312 Geislingen Christoph Jeutter, Administrator c/o Mayer & Hauser, Bahnhofstrasse 3, 73066 Uhingen Tel: 07161/93790 Fax: 937930 REICH & CO: Taps Karsten Totter to Administer Assets ---------------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Reich & Co. GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 3, 2006, to register their claims with. 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 11:40 a.m. on April 3, 2006, at which time court-appointed provisional administrator Karsten Totter 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: REICH & Co. GmbH Stahltwiete 13-19, 22761 Hamburg Attn: Siegfried Lux, Manager Buchenweg 31, 25436 Tornesch Reimund Reich, Manager Rua de Lazareto 346, P-Sao Concalo Karsten Totter, Administrator Speersort 4/6, 20095 Hamburg Tel: 303010 Fax: 30301246 RODGAU SPORT: Creditors' Meeting Set Tomorrow --------------------------------------------- The District Court of Offenbach am Main opened bankruptcy proceedings against Rodgau Sport GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Offenbach am Main, Kaiserstrasse 16-18, 63065 Offenbach am Main, at 9:05 a.m. on March 7, 2006, at which time court-appointed provisional administrator Peter Sieber 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: RODGAU SPORT GmbH Attn: Karl Berger, Manager Harzer Str. 7, 63110 Rodgau Peter Sieber, Administrator Darmstadter Landstrasse 116, D-60598 Frankfurt am Main Tel: 069/7422660 Fax: 069/745483 SCHROTER + FABIAN: Claims Registration Ends April 5 --------------------------------------------------- The District Court of Dortmund opened bankruptcy proceedings against Schroter + Fabian Elektronische Sicherheitssysteme GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 5, 2006, to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Dortmund, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at 9:30 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: SCHROTER + FABIAN ELEKTRONISCHE SICHERHEITSSYSTEME GmbH - Otto-Brenner-Str. 8, 59067 Hamm Attn: Udo Dirkvormhof, Manager Soester Str. 280, 59071 Hamm Dr. Christoph Schulte-Kaubruegger, Administrator Rheinlanddamm 199, 44139 Dortmund Tel: 0231-2255370 Fax: 0231-2255373 SIEVERS MOBEL: Bueckeburg Court Halts Pending Proceedings --------------------------------------------------------- The District Court of Bueckeburg opened bankruptcy proceedings against Sievers Mobel & Bauelemente GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 14, 2006, to register their claims with court-appointed provisional administrator Matthias Lehmann. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bueckeburg, Saal 504, Amtsgericht, Schulstr 2, 31675 Bueckeburg, at 10:00 a.m. on April 18, 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: SIEVERS MOBEL & BAUELEMENTE GmbH Breiten Graben 30, 31558 Hagenburg Matthias Lehmann, Administrator Mindener Str. 6, 31675 Bueckeburg Tel: 05722/1016 Fax: 05722/1018 STAHLBAU HOYERSWERDA: Albert Wolff Leads Insolvency Process ----------------------------------------------------------- The District Court of Dresden opened bankruptcy proceedings against Stahlbau Hoyerswerda GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Dresden, Saal D131, Olbrichtplatz 1, 01099 Dresden, at 11:30 a.m. on March 13, 2006, at which time court-appointed provisional administrator Albert Wolff 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: Stahlbau Hoyerswerda GmbH Industriegelande Strasse A, Nr 27 in 02977 Hoyerswerda Attn: Manfred Ziervogel, Manager Albert Wolff, Administrator Weisseritzstr. 3, 01067 Dresden Web: http://www.warako.de/ T. & S.: Dortmund Court to Verify Claims Early May -------------------------------------------------- The District Court of Dortmund opened bankruptcy proceedings against T. & S. Fricke Beteiligungs GmbH on Feb. 6. 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 Achim Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Dortmund, Gerichtsplatz 1, 44135 Dortmund, II. Etage, Saal 3.201, at 10:00 a.m., on March 2, 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 9:15 a.m., on May 4, 2006, at the same venue. CONTACT: T. & S. FRICKE BETEILIGUNGS GmbH Rueschebrinkstr. 151-153, 44143 Dortmund Attn: Stephan and Thomas Fricke, Managers Achim Thomas Thiele, Administrator Bronnerstrasse 7, 44141 Dortmund Tel: 54110 Fax: 5411266 THOMECZEK ELEKTROTECHNIK: Claims Filing Deadline Nears ------------------------------------------------------ The District Court of Hannover opened bankruptcy proceedings against thomeczek elektrotechnik gmbh on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 12, 2006, to register their claims with court-appointed provisional administrator Karina Schwarz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hannover, Dienstgebaude, Hamburger Allee 26, 30161 Hannover, at 9:50 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: THOMECZEK ELEKTROTECHNIK GMBH Quellengrund 2, 30453 Hannover Attn: Holger Thomeczek, Manager Karina Schwarz, Administrator Adenauerallee 6, 30175 Hannover Tel: 0511/35399160 Fax: 0511/35399166 TOP-SOL: Company Surrenders to Insolvency ----------------------------------------- The District Court of Magdeburg opened bankruptcy proceedings against ToP-SOL.Bau KG on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 1, 2006, to register their claims with court-appointed provisional administrator Sabine von Stein- Lausnitz. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Magdeburg, Saal D, Liebknechtstrasse 65-91, 39110 Magdeburg, at 10:00 a.m. on April 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: TOP-SOL.BAU KG Wilslebener Str. 7, 06449 Aschersleben Attn: Mesut Ermis, Manager Worthstr. 5, 06449 Aschersleben Sabine von Stein-Lausnitz, Administrator Schonebecker Str. 82-84, 39104 Magdeburg Tel: 0391/4082090 Fax: 0391/40820922 TRIENEN BAU: Michael Selker Takes Over Operations ------------------------------------------------- The District Court of Osnabrueck opened bankruptcy proceedings against Trienen Bau-GmbH on Jan. 30. 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 Michael Selker. 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 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 during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: Trienen Bau-GmbH Koblenzer Strasse 64 a, 50968 Koln Attn: Johannes Trienen, Manager Backhausbreite 20, 49084 Osnabrueck Michael Selker, Administrator Niedersachsenstr. 11a, 49074 Osnabrueck Tel: 0541/357450 Fax: 0541/3574511 VITALCENTER JUNGBLUT: Administrator's Report Out by June -------------------------------------------------------- The District Court of Bremen opened bankruptcy proceedings against VitalCenter jungblut Bremen GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until June 6, 2006, to register their claims with court-appointed provisional administrator Frank-Michael Rhode. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Bremen, Saal 115, Ostertorstr 25-31, 28195 Bremen, at 10:15 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 at 9:15 a.m., on June 29, 2006, at the same venue. CONTACT: VITALCENTER JUNGBLUT BREMEN GmbH Haferwende 6, 28357 Bremen Attn: Ralf Werner Maria Jungblut, Manager St.-Gotthard-Str. 69, 28325 Bremen Frank-Michael Rhode, Administrator Graf-Moltke-Str. 62, 28211 Bremen Tel: 0421/3485212/213 Fax: 0421/341078 WASSERBETTEN-PROFIS: Liquidates Assets in Wadern ------------------------------------------------ The District Court of Saarbruecken opened bankruptcy proceedings against Wasserbetten-Profis GmbH on Feb. 7. 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 Ralf Hemmer. 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 9:20 a.m., on March 22, 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 9:10 a.m., on April 12, 2006, at the same venue. CONTACT: WASSERBETTEN-PROFIS GmbH Losheimer Strasse 34, 66687 Wadern Attn: Guelsen Albayrak, Manager Kalkberg 20, 66839 Schmelz Ralf Hemmer, Administrator Saarbruecker Strasse 58, 66292 Riegelsberg Tel: (06806) 44 04 81 Fax: (06806) 4 47 80 WEROLINK GMBH: Names Andreas Kienast Provisional Administrator -------------------------------------------------------------- The District Court of Magdeburg opened bankruptcy proceedings against WEROLINK GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Magdeburg, Saal E, Insolvenzabteilung, Liebknechtstrasse 65-91, 39110 Magdeburg, at 9:45 a.m. on March 22, 2006, at which time court-appointed provisional administrator Andreas Kienast 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: WEROLINK GmbH Grundweg 12, 39218 Schonebeck Attn: Andreas and Wolfgang Luther, Managers Robinienweg 8, 39245 Plotzky Andreas Kienast, Administrator Lennestr. 10, 39112 Magdeburg Tel: 0391/5973322 Fax: 0391/5973333 WILLY SCHAFER: Insolvency Report Out by March 30 ------------------------------------------------ The District Court of Offenbach am Main opened bankruptcy proceedings against Willy Schafer GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until Thursday, March 9, 2006, to register their claims with court-appointed provisional administrator Dr. Matthias Hartard. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Offenbach am Main, Kaiserstrasse 16-18, 63065 Offenbach am Main, at 9:25 a.m. on March 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: WILLY SCHAFER GmbH Wernher-von-Braun-Str. 8, 63303 Dreieich Attn: Willy Schafer, Manager Dr. Matthias Hartard, Administrator Frankfurter Str. 100, D-63067 Offenbach am Main Tel: 069/8007840 Fax: 069/80078410 WOLFGANG STAIGER: Rottweil Court Sets March 20 Claims Bar Date -------------------------------------------------------------- The District Court of Rottweil opened bankruptcy proceedings against Wolfgang Staiger Bauunternehmen GmbH & Co. KG on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 20, 2006, to register their claims with court-appointed provisional administrator Rasmus Reinhardt. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Rottweil, Kornerstr. 29, EG, Zimmer 0.05, at 1:00 p.m. on April 11, 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: WOLFGANG STAIGER BAUUNTERNEHMEN GmbH & Co. KG Attn: Wolfgang Staiger, Manager Hafnerweg 2, 78737 Fluorn-Winzeln Rasmus Reinhardt, Administrator Konigstrasse 16, 78628 Rottweil WPK-STEUERUNGSTECHNIK: Kassel Court Rules on Bankruptcy ------------------------------------------------------- The District Court of Kassel opened bankruptcy proceedings against WPK-Steuerungstechnik GmbH on Feb. 1. 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 Henning Jung. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Kassel, Saal 234, Friedrichsstrasse 32-34, 34117 Kassel, at 11:00 a.m., on March 20, 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 8, 2006, at the same venue. CONTACT: WPK-STEUERUNGSTECHNIK GmbH Lilienthalstrasse 3, 34123 Kassel Attn: Dieter Walter, Manager Frank Prohaska, Manager Harald Kimm, Manager Henning Jung, Administrator Wilhelmshoher Allee 270, 34131 Kassel Tel: 0561/3166311 Fax: 0561/3166312 E-mail: ks@dithmar-westhelle.de ============= I R E L A N D ============= JSG FUNDING: Reports Fourth Quarter 2005 & Year End Results ----------------------------------------------------------- JSG Funding plc, incorporating Smurfit Kappa Group, reported results for the three months and year ended Dec. 31, 2005. Smurfit Kappa Group was formed on Dec. 1, 2005, with the merger of the operations of Jefferson Smurfit Group (JSG) and Kappa Packaging. The 2005 fourth quarter results represent the first reporting period for SKG following the merger of JSG and Kappa. SKG's 2005 actual fourth quarter results include three months of JSG and one month of Kappa combined. Similarly, results for the full year to Dec. 31, 2005, include JSG's results for 12 months and results of Kappa for the month of December only. As part of the process of accounting for the merger, Kappa's results for the month of December have been restated to conform to Irish GAAP and these alignments are subject to audit, which may lead to an adjustment. However, no material adjustment is anticipated. In addition, the taxation charge for 2005 has yet to be finalized. The assets and liabilities acquired from Kappa will be fair valued under Irish GAAP and this exercise is ongoing and will result in changes principally to fixed assets, goodwill, pension liabilities and taxation. 2005 Fourth Quarter & Full Year Financial Performance (including acquisitions and disposals) Net sales, including the impact of acquisitions and disposals, increased modestly in the fourth quarter but show a decline for the full year, due to lower paper prices year-on-year and the sale of the Munksj� specialty operations during 2005. Fourth quarter net sales of EUR1.244 billion increased 4% on the fourth quarter of 2004 levels, reflecting the consolidation of the Kappa results in December. EBITDA, before exceptional items, for the fourth quarter of 2005, at EUR143 million was EUR17 million lower than in the same period of 2004. This decline reflects weak market conditions in Europe and asset disposals (principally JSG's sale of Munksj�'s specialty businesses) during 2005. Full year EBITDA, before exceptional items, of ?493 million, declined 19% against EUR606 million in the same period of 2004 representing a margin on net sales of 11.1% and 12.6% respectively. Again, this performance reflects both the difficult operating environment and corporate activity during 2005, particularly the sale of the Munksj� specialty operations. Product Market Overview Europe European market conditions remained difficult during 2005. Many of the larger European economies reported relatively low corrugated growth, with a decline in the UK, and less than 1% growth in Italy and Spain. Against that backdrop, substantial new capacity in recycled containerboard was introduced in 2005 without a corresponding reduction in older, more inefficient capacity. Kraftliner and recycled containerboard prices were lower in 2005 than in 2004 reflecting this weak environment. Paper prices declined during the second and (more evidently) in the third quarter of 2005. However, market economic conditions showed signs of improvement in the fourth quarter following the announcement of plans to close capacity by some European producers and a modest improvement in demand. On a comparable 12-month basis, incorporating only JSG, kraftliner volumes declined 2% on 2004 levels. This decline in volumes, coupled with lower prices and rising input costs, negatively impacted the financial performance of kraftliner operations. Recycled containerboard volumes (excluding mills closed or sold) were unchanged in 2005 on 2004 levels, however, paper prices declined year-on-year. In particular, the French recycled market was weak in 2005 with volumes declining 1% on 2004 levels. SKG has recently announced the closure of a number of French recycled containerboard mills. Paper price increases, of EUR50 per tonne on kraftliner and between EUR30 and EUR50 per tonne on recycled, were announced in the fourth quarter of 2005 in an attempt to commence the recovery of rising input costs; specifically energy prices. These price increases were partially implemented during the fourth quarter but did not materially impact performance during the quarter due to the phasing of their introduction and the continued rise in input costs. The closure of European containerboard capacity and the improvement in demand in some of the larger European economies started to contribute to a better market environment in the first quarter of 2006. This improvement in demand has enabled producers to implement a further price increase, announced for February/March. Corrugated volumes in Europe in 2005 were unchanged on 2004 levels. Excluding the UK, where JSG closed a facility in late 2004, volumes increased 1%. This modest increase better reflects general market conditions in Europe in 2005 and the avoidance of price chasing. Product prices declined marginally on 2004 levels reflecting the weakness in paper prices throughout the year. Market conditions varied across Europe in 2005 with reasonable volume growth in countries such as Ireland, Holland, Germany and Norway offset by lower growth in the larger European markets of Spain and Italy and declines in the UK and France. In Eastern Europe, corrugated volumes continued to grow throughout 2005. These markets are becoming increasingly competitive. The combined Group should benefit going forward from a stronger presence in these markets overall. Paper price increases are now creating the conditions for a justifiable increase in European corrugated prices. Sack kraft had a difficult fourth quarter and year. Volumes declined 2% on 2004 levels while product prices were up 2% year on year. In sack converting, volumes declined 3% year-on-year. Difficult market conditions were aggravated by a labor strike in one of our Spanish plants during 2005. This has now been resolved. In graphic board, volumes increased 1% year-on-year and prices were up 2%. Fourth Quarter Cash Flows & Capital Structure SKG is reporting free cash flow for the fourth quarter of 2005 of EUR31 million, compared to EUR22 million for the same period in 2004. Although its loss before taxation was higher in the fourth quarter of 2005, the increase was partly the result of charges, such as the impairment of fixed assets, which are added back in arriving at free cash flow. In addition, the Company's cash flow in 2005 benefited from a considerably higher working capital inflow than in 2004 and reduced other outflows. The fourth quarter depreciation charge, at EUR67 million was higher than in the same period in 2004, primarily due to the presence in 2005 of the former Kappa operations, which more than compensated for the absence of the Munksjo specialty operations. The depreciation charge in respect of the former Kappa operations amounted to approximately EUR16 million for the month of December compared to a charge of over EUR 5 million in respect of the Munksjo specialty operations in the fourth quarter of 2004. Capital expenditure at EUR 76 million in the fourth quarter of 2005 represented 113% of depreciation. The phasing of capital expenditure in 2005 was similar to 2004 with a relatively high level of expenditure in the fourth quarter compared to the prior three quarters. Tax payments were lower in the fourth quarter than the same period of 2004 primarily because of the absence of the Munksjo specialty operations and partly as a result of the phasing of payments. Working capital decreased by EUR 39 million in the fourth quarter with lower debtors and to a lesser extent stocks offset by lower creditors. Cash flow from financing was modest in the fourth quarter of 2005 other than cash flow management in respect of the merger. Of the total of EUR238 million payable in respect of the merger, primarily to Kappa's former shareholders, SKG paid approximately EUR204 million in December. The merger financing resulted in debt issuance costs of EUR88 million and transaction fees and expenses of EUR4 million. In the fourth quarter of 2004, cash flows from financing and investment activity amounted to EUR3 million. SKG's free cash flow of EUR31 million for the fourth quarter was more than offset by the financing and investment outlay of EUR298 million resulting in an overall net cash outflow for the quarter of EUR267 million. This compares with a net cash inflow of EUR19 million in 2004. A negative currency adjustment of almost EUR 9 million arose in the quarter primarily because of a weakening of the euro against the US dollar from US$1.2042 at the end of September 2005 to US$1.180 at the end of December 2005. As a result of the increased net borrowing of EUR1.805 billion from the former Kappa operations together with the deficit for the quarter and negative currency adjustments, net borrowing for SKG increased by EUR2.081 billion in the fourth quarter of 2005. In total, net borrowing of approximately EUR4.507 billion (EUR4.530 billion including capital leases of over EUR23 million) at December 2005 compared to EUR2.425 billion (EUR 2.440 billion including leases) at September 2005. If the new PIK notes in JSG Holdings are included together with net cash in the companies above JSG Funding, the total net borrowing at the level of JSG Packaging is EUR4.890 billion at December 2005. This does not include the subordinated promissory note of EUR89 million payable to Kappa shareholders which was issued subsequent to the year end. Performance Review and Outlook "This financial performance reflects difficult market conditions, particularly in Europe, and is not at a level where we want or expect it to be," Gary McGann, Chief Executive Officer, said. "Weak demand, excess capacity growth and rising input costs characterized the European operating environment, while our Latin American operations reported another strong performance in 2005. Overall, we continue to benefit from our geographic balance. "In our last review, we pointed to signs of potentially improving industry conditions in Europe. Initial indicators of recovery have continued into Q1 2006. This together with, what now appears to be, increasingly rational capacity management decisions should, if sustained, deliver economic returns for the industry's shareholders if there is clear determination on the industry's part to achieve adequate pricing levels through the value chain. In our view, there is no choice! "We also identified a need for structural change in the European industry. The combination of Jefferson Smurfit Group with Kappa Packaging BV to form Smurfit Kappa Group is a first step towards addressing that need. With a well invested base and a commitment to rational capacity management, we will continue to exercise restraint in our capital programmes while improving the quality of our offering and service. An increasingly efficient asset base and an extensive geographic presence will enhance our ability to better serve current and prospective customers." At Dec. 31, 2005, the Company's balance sheet showed EUR9.1 billion in total assets, EUR7.9 billion in total liabilities, and EUR1.7 billion in stockholders' equity. About the Company Headquartered in Dublin, Ireland, JSG Funding plc is a special purpose entity formed for the purpose of issuing notes. * * * JSG Funding's 7-3/4% senior subordinated notes due 2015 carry Moody's Investors Service's Caa1 rating and B- ratings from Standard & Poor's and Fitch. =================== K A Z A K H S T A N =================== FALKON D.S.: Crashes Into Bankruptcy ------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda region declared LLP Falkon D.S. bankrupt. Proofs of claim will be accepted at Karaganda, Jambyl Str. 9 on or before March 20, 2006. CONTACT: FALKON D.S. Karaganda, Jambyl Str. 9 ALMATY TRADE: Declared Bankrupt by Almaty Court ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty region declared CJSC Almaty Regional Trade & Purchasing Company bankrupt. Proofs of claim will be accepted at Almaty, Makatayeva Str. 117 on or before March 20, 2006. The company can be contacted at 8 300 111 77-02. KZYLKAIN: Sets Deadline for Proofs of Claim Filing -------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty region declared LLP Kzylkain bankrupt on December 28, 2005. Proofs of claim will be accepted at Taldykorgan, Byrjan Sal Str. 80-30 on or before March 20, 2006. The company can be contacted at 8 (32822) 24-74-83. JANALYK: Creditors' Claims Due Middle of the Month -------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola region declared JSC Janalyk bankrupt on Dec. 26, 2005. Proofs of claim will be accepted at Kokshetau, Auelbekova Str. 139a, room 228 on or before March 17, 2006. The company can be contacted at 8 (3162) 25-79-32 ARLAN: Gives Creditors Until Mid-March to Prove Claims ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola region declared LLP Arlan bankrupt on October 12, 2005. Proofs of claim will be accepted at Kokshetau, Auelbekova Str. 139a, room 228 on or before March 17, 2006. The company can be contacted at 8 (3162) 25-79-32. ===================== N E T H E R L A N D S ===================== ROYAL SHELL: Cancels 1,500,000 A Shares in Buyback -------------------------------------------------- Royal Dutch Shell plc purchased 1,300,000 'A' Shares for cancellation at a price of 25.84 euros per share on March 2, 2006. In addition, it purchased for cancellation 200,000 'A' Shares at a price of 1,768.44 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,912,525,000. 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$500 million. The Company expected to continue its buyback program in 2006. Shell's buyback scheme was aimed at reviving shareholders' and investors' confidence. The buyback program followed last year's damaging reserves overestimation scandal. 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 =========== CRYSTAL AND STONE: Sverdlovsk Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Crystal And Stone after finding the close joint stock company insolvent. The case is docketed as A60- 18043/2003-S2. Mr. V. Kvanskov has been appointed insolvency CONTACT: V. KVANSKOV Insolvency Manager 620142, Russia, Ekaterinburg, Post User Box 380 DON-AGRO-KHIM-SERVICE: Declared Insolvent by Rostov Court --------------------------------------------------------- The Arbitration Court of Rostov region commenced bankruptcy proceedings against Don-Agro-Khim-Service after finding the open joint stock company insolvent. The case is docketed as A53- 3167/05-S2-33. Mr. S. Orlov has been appointed insolvency manager. Creditors have until March 28, 2006 to submit their proofs of claim to 344095, Russia, Rostov-na-Donu, Post User Box 7108. A hearing will take place on March 28, 2006. CONTACT: DON-AGRO-KHIM-SERVICE Russia, Rostov-na-Donu, Soglasiya Str. 7 S. ORLOV Insolvency Manager 344095, Russia, Rostov-na-Donu, Post User Box 7108 KARBONA: Bankruptcy Hearing Set Later This Month ------------------------------------------------ The Arbitration Court of Saratov region has commenced bankruptcy supervision on open joint stock company Karbona. The case is docketed as A-57-384B/05-23. Mr. I. Shesterkin has been appointed temporary insolvency manager. A hearing will place on March 21, 2006, 2:15 p.m. at the Arbitration Court of Saratov region. CONTACT: KARBONA Russia, Saratov region, Krasnoarmeysk, 1st location ABK I. SHESTERKIN Temporary Insolvency Manager 410005, Russia, Saratov region, Post User Box 3690 REZIN-TEKHNIKA: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Sverdlovsk region has commenced bankruptcy supervision on open joint stock company Rezin- Tekhnika. The case is docketed as A60-40158/2005-S11. Mr. A. Titov has been appointed temporary insolvency manager. CONTACT: REZIN-TEKHNIKA 620076, Russia, Ekaterinburg, Garshina Str. 1 A. TITOV Temporary Insolvency Manager 620075, Russia, Ekaterinburg, Gorkogo Str. 31 SEROVSKIY: Deadline for Proofs of Claims Ends Last Week of March ---------------------------------------------------------------- The Arbitration Court of Sverdlovsk region commenced bankruptcy proceedings against Serovskiy after finding the open joint stock company insolvent. The case is docketed as A60-14320/2005-S2. Mr. P. Lazarev has been appointed insolvency manager. Creditors have until March 28, 2006, to submit their proofs of claim to 620000, Russia, Sverdlovsk region, Ekaterinburg, Main Post Office, Post User Box 106. CONTACT: SEROVSKIY 624992, Russia, Sverdlovsk region, Serov, Kuzmina Str. 92 P. LAZAREV Insolvency Manager 620000, Russia, Sverdlovsk region, Ekaterinburg, Main Post Office, Post User Box 106 SPASSKIY MUKOMOL: Insolvency Manager Takes Over Firm ---------------------------------------------------- The Arbitration Court of Nizhniy Novgorod region has commenced bankruptcy supervision on limited liability company Spasskiy Mukomol. The case is docketed as A43-37846/2005, 33-464. Mr. E. Golennikov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 680000, Russia, Khabarovsk-13, Post User Box 4227. A hearing will take place on April 11, 2006, 1:15 p.m. CONTACT: SPASSKIY MUKOMOL Russia, Nizhniy Novgorod region, Spasskiy region, Spasskoye, Sovetskaya Str. 60 E. GOLENNIKOV Temporary Insolvency Manager 440039, Russia, Penza region, Shmidta Str. 4 TEKH-SERVICE: Claims Filing Period Ends March 28 ------------------------------------------------ The Arbitration Court of Krasnodar region commenced bankruptcy proceedings against Tekh-Service (TIN 2346000030) after finding the open joint stock company insolvent. The case is docketed as A-32-7423/1005-27/77-B. Mr. A. Andreev has been appointed insolvency manager. Creditors have until March 28, 2006 to submit their proofs of claim to the Arbitration Court of Krasnodar region. A hearing will take place on Dec. 14, 2006, 2:15 p.m. CONTACT: TEKH-SERVICE Russia, Krasnodar region, Pavlovskaya St., Promyshlennaya Str. 1 A. ANDREEV Insolvency Manager Russia, Krasnodar region, Pavlovskaya St., Promyshlennaya Str. 1 THERMO-ISOLATION: Court Names Temporary Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy autonomous region has commenced bankruptcy supervision on limited liability company Thermo-Isolation. The case is docketed as A-75-4386/2005. Mr. V. Shapran has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to Russia, Tyumen region, Melnikayte Str. 44A. CONTACT: THERMO-ISOLATION 628616, Russia, Khanty-Mansiyskiy autonomous region, Nizhnevartovsk, Pobedy Pr. 26A V. SHAPRAN Temporary Insolvency Manager Russia, Tyumen region, Melnikayte Str. 44A ULYANOVSK-RASTMASLO: Firm Falls Into Bankruptcy ----------------------------------------------- The Arbitration Court of Ulyanovsk region commenced bankruptcy proceedings against Ulyanovsk-Rastmaslo after finding the open joint stock company insolvent. The case is docketed as A72- 10834/04-19/33-B. Mr. O. Kurbanov has been appointed insolvency manager. Creditors have until March 28, 2006, to submit their proofs of claim to the 432063, Russia, Ulyanovsk region, Post User Box 1786. CONTACT: ULYANOVSK-RASTMASLO Russia, Ulyanovsk region, Energetikov Proezd, 8 O. KURBANOV Insolvency Manager 432063, Russia, Ulyanovsk region, Post User Box 1786 VOLZHSKIY-MEZH-RAY-GAS: Bankruptcy Hearing Set March 30 ------------------------------------------------------- The Arbitration Court of Volgograd region has commenced bankruptcy supervision on open joint stock company Volzhskiy- Mezh-Ray-Gas. The case is docketed as A12-33954/05-s58. Mr. A. Serbienko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 400005, Russia, Volgograd region, Post User box 251. A hearing will take place on March 30, 2006. CONTACT: VOLZHSKIY-MEZH-RAY-GAS Russia, Volgograd region, Volzhskiy, Karbysheva Str. 11 A. SERBIENKO Temporary Insolvency Manager 400005, Russia, Volgograd region, Post User Box 251 ============= U K R A I N E ============= ALEDO: A. Prikaznichenko Takes Over Operations ---------------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against LLC Aledo (code EDRPOU 31361472) after finding the limited liability company insolvent. The case is docketed as 43/840. Mr. A. Prikaznichenko has been appointed liquidator/insolvency manager. CONTACT: ALEDO 04080, Ukraine, Kyiv region, V. Hvojka Str. 21 A Mr. A. Prikaznichenko Liquidator/Insolvency Manager 04071, Ukraine, Kyiv region, Mezhigirska Str. 22, office 33 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B ETANOL: Succumbs to Bankruptcy ------------------------------ The Economic Court of Kyiv region commenced bankruptcy proceedings against Etanol (code EDRPOU 30183376) on January 12, 2006, after finding the close joint stock company insolvent. The case is docketed as 15/15-b. Mr. O. Sherban has been appointed liquidator/insolvency manager. CONTACT: ETANOL 04073, Ukraine, Kyiv region, Chervonih Kozakiv Avenue 9 Mr. O. Sherban Liquidator/Insolvency Manager 01030, Ukraine, Kyiv region, a/b 157 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B GALAK LTD.: Nadiya Slidzyona to Liquidate Assets ------------------------------------------------ The Economic Court of Lviv region commenced bankruptcy proceedings against Galak Ltd. (code EDRPOU 19355295) on December 27, 2005 after finding the limited liability company insolvent. The case is docketed as 6/291-8/265. Ms. Nadiya Slidzyona has been appointed liquidator/insolvency manager. CONTACT: GALAK LTD. Ukraine, Lviv region, Peremishlyani, Mizhgirska Str. 4 Ms. Nadiya Slidzyona Liquidator/Insolvency Manager 79000, Ukraine, Lviv region, Novovoznesenska Str. 103 ECONOMIC COURT OF LVIV REGION 79010, Ukraine, Lviv region, Lichakivska Str. 81 GORLIVKA' MILK: Goes Into Liquidation ------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against JSCCT Gorlivka' City Milk Plant (code EDRPOU 00445368 2600698072) on January 11, 2006 after finding the limited liability company insolvent. The case is docketed as 33/34 B. Mr. Grigorij Starodub (license AB 271583 of Dec. 13, 2005) has been appointed liquidator/insolvency manager. CONTACT: GORLIVKA' CITY MILK PLANT 84639, Ukraine, Donetsk region, Gorlivka, Mikitivska Str. 33 Mr. Grigorij Starodub Liquidator/Insolvency Manager 83015, Ukraine, Donetsk region, Miru Avenue 8/233 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 HADZHIBEJSKE: Bankruptcy Supervision Starts ------------------------------------------- The Economic Court of Odessa region commenced bankruptcy supervision procedure on OJSC Hadzhibejske (code EDRPOU 00413191) on Dec. 7, 2005. The case is docketed as 21/274-05- 11153. Mr. Oleksandr Belov has been appointed temporary insolvency manager. CONTACT: HADZHIBEJSKE 67660, Ukraine, Odessa region, Bilyaivskij district, Holodna Balka, Sanatorna Str. 2 Mr. Oleksandr Belov Temporary Insolvency Manager 65011, Ukraine, Odessa region, Uspenska Str. 53-7 ECONOMIC COURT OF ODESSA REGION 65032, Ukraine, Odessa region, Shevchenko Avenue 4 PRODMASTER: Under Bankruptcy Supervision in Kyiv ------------------------------------------------ The Economic Court of Kyiv region commenced bankruptcy supervision procedure on CJSC Trade House Prodmaster (code EDRPOU 25397808). The case is docketed as 15/921-b. Mr. Golubij Igor has been appointed temporary insolvency manager. CONTACT: PRODMASTER 03151, Ukraine, Kyiv region, Volinska Str. 34/1 ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B SKORPION: Goes Into Liquidation ------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against LLC Skorpion (code EDRPOU 30483188) on January 11, 2006, after finding the limited liability company insolvent. The case is docketed as 15/189 B. Ms. Irina Rakoyid has been appointed liquidator/insolvency manager. CONTACT: SKORPION 83050, Ukraine, Donetsk region, Shevchenko Boulevard 4/321 Ms. Irina Rakoyid Liquidator/Insolvency Manager 83003, Ukraine, Donetsk region, Illich Avenue 91 Phone: 332-35-59 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 STOLITSYA: Chernigiv Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Economic Court of Chernigiv region commenced bankruptcy proceedings against LLC Stolitsya (code EDRPOU 31606197) after finding the limited liability company insolvent. The case is docketed as 4/310 b. CJSC Energoresursi has been appointed liquidator. CONTACT: STOLITSYA 15555, Ukraine, Chernigiv region, Slabin, Lisova Str. 1 ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue 20 TERRO PLUS: Declared Insolvent by Donetsk Court ----------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against terro plus (code EDRPOU 33256902) on after finding the limited liability company insolvent. The case is docketed as 27/187-B. Mr. Milonov Rostislav has been appointed liquidator/insolvency manager. CONTACT: TERRO PLUS Ukraine, Donetsk region, Gorkij Str. 150 Mr. Milonov Rostislav Liquidator/Insolvency Manager 83048, Ukraine, Donetsk region, Artema Str. 159/26 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 UKRTEHNOTORG: Insolvency Manager Comes In ----------------------------------------- The Economic Court of Kyiv region commenced bankruptcy proceedings against Ukrtehnotorg (code EDRPOU 32210851) on after finding the private enterprise insolvent. The case is docketed as 15/25-b. State Tax Inspection of Kyiv region has been appointed liquidator. CONTACT: UKRTEHNOTORG 03142, Ukraine, Kyiv region, Akademik Krimskij Str. 27 A ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard 44-B VUGLEPROMENERGOSERVICE: Enters Into Liquidation Proceedings ----------------------------------------------------------- The Economic Court of Donetsk region commenced bankruptcy proceedings against Vuglepromenergoservice (code EDRPOU 30443920) after finding the company insolvent. The case is docketed as 5/54 B. Mr. E. Lesnikov (license 116080) has been appointed liquidator/insolvency manager. CONTACT: VUGLEPROMENERGOSERVICE 85400, Ukraine, Donetsk region, Selidove, Shors Str. 17 Mr. E. Lesnikov Liquidator/Insolvency Manager 85483, Ukraine, Donetsk region, Novogrodivka, O. Koshovij Str. 37/19 ECONOMIC COURT OF DONETSK REGION 83048, Ukraine, Donetsk region, Artema Str. 157 =========================== U N I T E D K I N G D O M =========================== APPLEVIEW LTD: Tool Manufacturer Starts Winding Up Operations ------------------------------------------------------------- Appleview (UK) Ltd is winding up its business after members established that the company could not continue its operations due to its liabilities. Members authorized Christophen J. Brown and Andrew J. Maybery, of Hart Shaw, to jointly lead the winding up proceedings. CONTACT: APPLEVIEW (UK) LTD Unit 9 Crompton Road Ilkeston Derbyshire DE7 4BG Tel: 0115 944 2627 Fax: 0115 944 1866 BEES KNEES: Creditors' Meeting Set Thursday ------------------------------------------- Creditors of Bees Knees Recruitment Agency Limited will meet on March 9, 2006, 2:30 p.m. at 4 Giles Court, Southampton Street, Reading, Berkshire RG1 2QL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to P. R. Boyle, joint administrative receiver of Harrisons, 4 Giles Court, Southampton Street, Reading, Berkshire RG1 2QL not later than 12 noon, March 8, 2006. About Harrisons Harrisons -- http://www.harrisons.uk.com/-- provide advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The firm has appointed an in-house solicitor specializing in insolvency and security work to enable us to further broaden the experience base of the firm. BRAND PACKAGING: Hires KPMG to Administer Assets ------------------------------------------------ Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint administrator of Brand Packaging Limited (Company Number 01915327) on Feb. 17. About KPMG KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the UK providing audit, tax and advisory services. About the Company Headquartered in Salford, Brand Packaging Limited -- http://www.brandpack.co.uk/-- is an employee-owned, pan- European manufacturer and supplier of flexible packaging on the reel. CHILDWALL FIVEWAYS: Registration of Claims Ends March 24 -------------------------------------------------------- Members of Childwall Fiveways Garage Limited decided to liquidate the company's assets during an Extraordinary General Meeting on Feb. 10. Appointed Joint Liquidator, David Moore, 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 March 24, 2006. CONTACT: CHILDWALL FIVEWAYS GARAGE LIMITED Queens Drive Liverpool Merseyside L15 6YB Tel: 0151 722 2257 COLLIS HEATING: Taps Joint Administrators from Moore Stephens ------------------------------------------------------------- Simon Paterson and David Elliott of Moore Stephens LLP were appointed joint administrators of Collis Heating Limited (Company Number 01039732) on Feb. 20. 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. CONTACT: COLLIS HEATING LIMITED Collis House Knight Road, Stroud Rochester ME2 2DZ, Kent Tel: 01634 290221 Fax: 01634 290247 COLT TELECOM: Managing Director Wolfgang Essig Resigns ------------------------------------------------------ COLT Telecom Group plc disclosed the immediate resignation of Wolfgang Essig as managing director for COLT in Germany. Detlef Spang, COLT's managing director for sales and marketing, will take up the role on an interim basis. "On behalf of everyone at COLT I would like to thank Wolfgang for the contribution he has made in developing our business in Germany as the organization has gone through a period of major change," Chief Executive Jean-Yves Charlier said. "We wish him well for the future." Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, 2006, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. CONQUEST FOODS: Joint Administrators Take Over Helm --------------------------------------------------- Simon Allport and Thomas Andrew Jack of Ernst & Young LLP were appointed joint administrators of Conquest Foods UK Limited (Company Number 05374661) on Feb. 20. Its registered office is at Coulman Road, Thorne, Doncaster, South Yorkshire DN8 5JS. About Ernst & Young Ernst & Young -- http://www.ey.com/-- is global organization help companies in businesses across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. It has 107,000 people in 140 countries around the globe pursue the highest levels of integrity, quality and professionalism to provide clients with a broad array of services relating to audit and risk-related services, tax, and transactions. About the Company Headquartered in Thorne, South Yorkshire, Conquest Foods UK Ltd -- http://www.conquestfoods.com-- produces frozen potato products. Production commenced in 1994 from a purpose built site, which has been regularly extended to cope with the rapid growth in business. D.L. PACKING: Calls On Joint Liquidators to Wind Up Business ------------------------------------------------------------ Bernard Hoffman and Ian Douglas Yerrill, both of Gerald Edelman Business Recovery, were appointed Joint Liquidators of D.L. Packing Limited after members decided to liquidate the company's asset on Feb. 9, 2006. Chairman J. S. Aviss disclosed the company is unable to continue its business due to its mounting debts. CONTACT: D L PACKING LIMITED Unit 4 Lawrence Trading Est Blackwall Lane London SE100AR Tel: 020 8858 3713 Fax: 020 8293 4578 ESSENTIAL CLEANING: Claims Bar Date Set for March 24 ---------------------------------------------------- Creditors of Essential Cleaning Services (Liverpool) Limited are given until March 24, 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 Joint Liquidator, David Moore. CONTACT: ESSENTIAL CLEANING SERVICES (LIVERPOOL) LIMITED Musker & Garrett Edward House North Mersey Business Centre Woodward Road Knowsley Industrial Park Liverpool L33 7UY Tel: 01621 785 598 ETCHELLS MACHINERY: Members Pass Winding Up Resolution ------------------------------------------------------ Etchells Machinery Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 9, 2006. Appointed Joint Liquidator, Graham Paul Bushby, 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 March 16, 2006. CONTACT: ETCHELLS MACHINERY LIMITED Stafford Rd Darlaston West Midlands WS108UA Tel: 0121 526 2461 Fax: 0121 526 5189 EVANS TECHNICAL: Liquidator Sets Claims Registration Deadline ------------------------------------------------------------- Members of Evans Technical Coatings Limited resolved to liquidate the company's assets during an Extraordinary General Meeting on Feb. 9. Appointed Joint Liquidator, John Michael Munn, 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 23, 2006. CONTACT: EVANS TECHNICAL COATINGS LIMITED Tavistock House Tavistock Street Bletchley Milton Keynes MK2 2PG Tel: 01908 640 325 FOSTER BLACK: Appoints Administrator from Antony Batty & Co. ------------------------------------------------------------ W. A. Batty of Antony Batty & Co was appointed administrator of Foster Black Securities Limited (Company Number 05397622) on Feb. 17. Foster Black Securities Limited -- http://www.fosterblacksecurities.co.uk/-- offers a wide range of brokerage services to financial institutions for corporate and private clients. CONTACT: ANTONY BATTY & COMPANY 3 Field Court Grays Inn London WC1R 5EF Tel: 020 7831 1234 Fax: 020 7430 2727 E-mail: antonybatty@hotmail.com HOMERTON TYRES: Hires Carter Backer Winter Administrator -------------------------------------------------------- Patricia Kay Hartley-Mills and John Alfred George Alexander of Carter Backer Winter were appointed joint administrators of Homerton Tyres Limited (Company Number 2406443) on Feb. 20. Its registered office is at Suite 7, Essex House, Station Road, Upminster, Essex RM14 2SJ. About Carter Backer Winter Headquartered in Aldgate, Carter Backer Winter, -- http://www.cbw.co.uk-- is an independent firm of Chartered Accountants, business advisers and tax specialists established for over 50 years. Its client base varies and ranges from private clients through to overseas multi-national companies with UK branches and activities. About the Company Homerton Tyres Ltd offers rethreading of tires. Its office is at 801 London Road, West Thurrock Grays, Essex RM20 3LH. For more details, contact Mr. M. Emanuel or E-mail: mike@homertontyres.co.uk or call 01708 861828/01708 86451. KOPI COFFI: Coffee Blender Hires Administrator ---------------------------------------------- Simon Thornton of Houghton Stone Business Recovery was appointed administrator of Kopi Coffi Limited (Company Number 05305779) on Feb. 21. Headquartered in Caerphilly, Nr Cardiff South Wales, Kopi Coffi Limited -- http://www.kopicoffi.com/-- supplies fresh roasted coffee to the catering, office, factory and retail industry as well as the general public. CONTACT: HOUGHTON STONE BUSINESS RECOVERY The Conifers, Filton Road, Hambrook, Bristol BS16 1QG Tel: 0117 957 9009 LEGAL BROKERAGE: Names Stephen Hull to Liquidate Assets ------------------------------------------------------- Legal Brokerage Services Limited commenced liquidation proceedings on Dec. 22, 2005, after members agree to wind up the Company at an extraordinary general meeting in Leeds. Stephen Hull of Geoffrey Martin & Co leads the winding up procedures. CONTACT: LEGAL BROKERAGE SERVICES LIMITED The Station 77 Canal Road Leeds LS12 2LX Tel: 0113 387 5681 Fax: 0113 387 5683 LONDON GOLF: Members Approve Voluntary Liquidation -------------------------------------------------- Members of The London Golf Centre Ltd agreed to liquidate the Company's assets on Dec. 21, 2005. Subsequently, they appointed Philip Simons to oversee the wind up process. CONTACT: LONDON GOLF CENTRE LTD Lime Trees Golf Course Ruislip Road, Northolt Middlesex UB5 6QZ Tel: 0208 845 2332 NAPPY FAIRY: Joint Liquidators Lead Wind Up Procedure ----------------------------------------------------- Members of Nappy Fairy Limited passed a resolution to wind up the Company's assets at an extraordinary general meeting held on Dec. 20, 2005, in London. They appointed Peter Kubik and Ladislav Hornan as joint liquidators. CONTACT: Nappy Fairy Ltd 4G(S), Central Crescent Marchwood Industrial Park Marchwood Southampton SO40 4BJ Web site: http://www.nappyfairy.co.uk/ E-mail: info@nappyfairy.co.uk Tel: 023 8086 7007 PETERS OF HUDDERSFIELD: Hires Joint Administrators From Kroll ------------------------------------------------------------- C. P. Holder and S. C. E. Mackellar of Kroll Limited were appointed joint administrators of Peters Of Huddersfield Limited (Company Number 01645354) on Feb. 17. Its registered office is at 25-31 King Street, Huddersfield HD1 2PH. About Kroll Limited Kroll Limited -- http://www.krollworldwide.com/-- offers risk consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. About the Company Peters Of Huddersfield Ltd sells clothing. Its shop is at 27-29 King Street, Huddersfield, West Yorkshire HD1 2PZ. RANK GROUP: Appoints Bill Shannon as Non-Executive Director ----------------------------------------------------------- The Rank Group Plc on Friday said the appointment of Bill Shannon to the Board as a non-executive director effective April 3, 2006. He will also join the Remuneration, Audit and Nominations Committees. Bill Shannon, age 56, is currently Chairman of Aegon UK and Gaucho Grill restaurant group and he is also a non-executive director of Barratt Developments plc and Matalan plc. He had a long and successful career at Whitbread plc, culminating in his appointment as Divisional Managing Director of Whitbread Restaurants from 2000 to 2004. Alun Cathcart, Chairman of Rank said, "My colleagues and I are delighted to welcome Bill Shannon as a member of the Rank Board. His extensive business experience will provide a valuable contribution to the Group." Rank confirms that there is no information to be disclosed under the requirements of Listing Rule 9.6.13 in relation to this appointment. 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. RESPONSE CONSTRUCTION: Brings In Elwell Watchorn as Liquidator -------------------------------------------------------------- Response Construction Ltd appointed Richard John Elwell, of Elwell Watchorn & Saxton LLP, to liquidate the Company's assets. The voluntary liquidation came as a result of the Company's mounting debts. CONTACT: Response Construction Ltd 31 Cheriton Rd, Leicester LE2 8DE Tel: 0116 233 9031 Fax: 01509 237 818 SHOOSH LIMITED: Financial Woes Prompt Voluntary Liquidation ----------------------------------------------------------- Shoosh Limited commenced liquidation proceedings on Dec. 23, 2005, after liabilities hinder its ability to continue its business. Robert Valentine and Mark Reynolds, of Valentine & Co, lead the winding up procedure. CONTACT: SHOOSH LIMITED 2b Devonshire House Devonshire Road, Bexleyheath Kent, United Kingdom DA6 8DS Tel: 44 208 3040888 Fax: 44 208 3040888 S K SCAFFOLDING: Appoints Administrator --------------------------------------- Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd were appointed joint administrators of S K Scaffolding (Dorset) Limited (Company Number 5015242) on Feb. 21. Headquartered in Dorchester, Dorset, S K Scaffolding (Dorset) Limited -- http://www.sk-scaffolding.co.uk/-- provides a professional and reliable scaffolding service to a wide spectrum of construction and maintenance companies throughout the South of UK. For more details, contact 01305 849400/01305 849400. CONTACT: 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 SUN CORPORATION: Joint Administrators Move In --------------------------------------------- David Paul Hudson and Lloyd Biscoe of Begbies Traynor were appointed joint administrators of Sun Corporation Limited (t/a Blueways Commercials - Company Number 05374443) on Feb. 17. 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. TI AUTOMOTIVE: S&P Affirms BB- Corporate Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on U.K.- based automotive supplier TI Automotive Ltd. (TI Auto) to negative from stable. At the same time, Standard & Poor's affirmed its 'BB-' long-term corporate credit and 'BB' senior secured bank loan ratings on the group. "The outlook revision reflects TI Auto's reduced recent financial performance and weakening credit protection measures, which are presently lower than those normally associated with a 'BB-' rating," said Standard & Poor's credit analyst Jarrad Oberhardt. Credit metrics, including adjusted funds from operations (FFO) to net debt of less than 15% and adjusted net debt to EBITDA of about 5.5x, are weaker than those normally associated with the current rating category. "We expect that TI Auto's earnings and cash generation will benefit from recently increased capital expenditure investments, but not before 2007," Mr. Oberhardt added. "The negative outlook therefore reflects the risk that these benefits fail to fully materialize and that credit metrics do not return to levels acceptable for the rating category." This includes adjusted FFO to net debt of at least 15% and adjusted net debt to EBITDA of close to 4.0x. The outlook would be revised to stable should these targets prove to be achievable within the next 12 months to 24 months. The ratings are likely to be lowered, however, should the current negative trend be maintained. TRIVIRIX INTERNATIONAL: Business for Sale ----------------------------------------- T.M. Keenan and J.C. Reid, in their capacity as joint administrators for TriVirix International Limited offer the Company's business and assets for sale. Features: -- Full service contract manufacturer specializing in the development, manufacture, and support of complex electronic medical devices and life sciences equipment; -- Manufacturing facilities include state of the art PCBA capabilities; -- ISO 9001/13495 certified, QSR compliant and FDA registered; -- Annual turnover of around GBP10 million; -- Highly skilled workforce; -- Operates from leasehold premises in Belfast, incorporating a 52,000 sq ft site. Inquiries can addressed to: Keenan or Simon McMullen 19 Bedford Street Belfast BT2 7EJ. Phone: 028 9032 2861 Fax: 028 9023 4786 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. VENETE STEEL: Taps Joint Liquidators for Wind Up Proceedings ------------------------------------------------------------ Venete Steel UK Limited appointed Andrew Andronikou and Ladislav Hornan to liquidate its assets. The Company commenced voluntary liquidation proceedings on Dec. 21, 2005, after members found out that liabilities hinder the Company's ability to continue operating its business. CONTACT: Venete Steel (UK) Ltd Meadow Lane Bilston WV14 9NQ (Road Map) West Midlands Tel: 01902 880721 Web site: http://www.acciaierievenete.com/ VICTORIA FUNDING: Fitch Affirms GBP9.8 Mln Class E Notes at BB -------------------------------------------------------------- Fitch Ratings upgraded Victoria Funding PLC's Class B and C mortgage-backed floating rate notes due April 2014 and affirmed the rest as follows: a) GBP70.6 million Class A at AAA; b) GBP10.1 million Class B upgraded to AAA from AA; c) GBP9.3 million Class C upgraded to A+ from A; d) GBP9.8 million Class D affirmed at BBB; and e) GBP9.8 million Class E affirmed at BB. The upgrades are based on the improved credit enhancement levels of the note tranches resulting from large prepayments taking place during the early months of the transaction's life. Consequently, the outstanding balance on the notes has decreased by approximately 65% to GBP101.6 million in January 2006 from the original GBP263.0 million at issuance in October 2005. The Ashdown loan, which prepaid in full, was secured by one property predominantly occupied by the Secretary of State for the Environment, a key department of British central government. The Ashdown loan was originally due to mature in July 2017 but it had a call option in July 2011, which created certain refinance risk. Despite the risk, the Ashdown represented one of the strongest loans in the portfolio. The amount prepaid from the loan was distributed on the pro rata basis, which has been reflected in the reduction of the outstanding balances on all note tranches. There has been also some partial prepayment of the Canary Wharf Funding loan. Out of the 13 different units that secured the loan, six properties prepaid, leaving the pool predominantly with retail units. The loan's prepayment amount has been distributed sequentially. The performance of weighted average loan-to-ratio, interest coverage ratio and debt servicing coverage ratio have improved significantly since closing. As of January 2006, the current weighted average ICR was at 3.60x, up from 2.08x at issuance. The weighted average DSCR has grown to 1.21x from 1.41x at issuance. The weighted average LTV ratio has significantly improved to now stand at 42.7%. Out of the six remaining loans, it is the second largest loan, the Zeloof loan that remains the only concern. Firstly, the loan was originally issued to a partnership business rather than specifically for the purpose of securitization. Secondly, it is secured against a secondary-quality mixed-use office and retail complex in Brick Lane in London. The structure benefits from a liquidity facility set to the lower of GBP18 million or 9.5% of the outstanding principal balance of the pool at any given time. The liquidity facility is available to meet interest shortfalls on the rated notes, but is not available to meet principal shortfalls on such notes. Each Class of the rated notes, however, benefits from a principal deficiency ledger. WHITEFRIARS-TOLHURST: Closes Operations & Liquidates Assets ----------------------------------------------------------- Whitefriars-Tolhurst Limited is voluntary liquidating its assets after members agreed to wind up the company's operations on Dec. 28, 2005. Philip Weinberg, of Marks Bloom, is appointed liquidator. CONTACT: Whitefriars - Tolhurst Ltd Regal House Letchworth Drive Hayes, Kent BR2 9BE Tel: 020 8466 0888 Fax: 020 8466 0111 Web site: http://www.tolhurstltd.co.uk/ E-mail: enquiries@tolhurstltd.co.uk WOLVERHAMPTON DOOR: Creditors Ratify Liquidator's Appointment ------------------------------------------------------------- Creditors of Wolverhampton Door Services Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 9, 2006. Creditors also ratified the appointment of Mark Jonathan Botwood, of Muras Baker Jones, as Liquidator. CONTACT: WOLVERHAMPTON DOOR SERVICES LIMITED Walsall Street Wolverhampton, West Midlands WV1 3LN Tel: 01902 565 850 Fax: 01902 565 851 ********* 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 * * *