/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060309.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 Thursday, March 9, 2006, Vol. 7, No. 49 Headlines F R A N C E ATLANCIM: Sheds More Jobs DURPOIX ET FOND: Insolvency Threat Looms Following Order Cuts G E R M A N Y AERTOS TECHNIK: Frankfurt Court Begins Bankruptcy Proceedings ATOS GMBH: Creditors' Meeting Slated for April 19 BECKER SPORTSURFACES: Court Appoints Provisional Administrator BUEHNER DACH: Claims Registration Ends Tomorrow CAPRI 2100: Insolvency Report Out by May 11 CONDOR BETEILIGUNGSGESELLSCHAFT: Bankruptcy Process Begins DAIMLERCHYSLER AG: Internal Probe Reveals "Improper Payments" DEILMANN-HANIEL: Insufficient Orders Might Cause Insolvency FISCHER & SCHOBERT: Brings In Klause Wrede to Administer Assets GEHESPITZ-BUEROHAUS: Submits to Bankruptcy Process in Frankfurt GIB GESELLSCHAFT: Creditors Must Register Claims by March 17 H.-P. MOHR: Lueneburg Court Halts Proceedings Due to Bankruptcy HANS OLDAG: Claims Filing Period Ends Tomorrow HELD GMBH: Aurich Court Orders Bankruptcy Proceedings HOFBAUER IMMOBILIEN: Court Appoints Provisional Administrator HOHENLEITNER GMBH: Court to Verify Claims on May 15 JOKUSCH GLASEREI: Hamburg Court Rules on Bankruptcy I R E L A N D ELAN CORPORATION: Breakout Session Set Today ELAN CORPORATION: U.S. & European Authorities Review TYSABRI(R) IWP INTERNATIONAL: Wants Shareholders to OK Restructuring Plan K A Z A K H S T A N FIRMA KAISAR: Creditors' Claims Due Next Week JANA-IRTYSH: Bankruptcy Proceedings Begin KAMKOR: Succumbs to Bankruptcy Process in West Kazakhstan KAPREMSTROI: Submits to Bankruptcy Process MARS-2000: Creditors Have Until Mar. 17 to File Proofs of Claim NIKA: Almaty Court Sends Group Into Bankruptcy K Y R G Y Z S T A N GUMUS: Assets Sale Set End of the Month SELBI: Proofs of Claims Filing Deadline Due April 20 VENS TRAVEL: Creditors' Claims Due April N E T H E R L A N D S CHIQUITA BRANDS: Earns US$131.4 Million in Fiscal Year 2005 CHIQUITA BRANDS: Annual Stockholders' Meeting Set on May 25 GETRONICS N.V.: Clarifies Dividend Report GETRONICS N.V.: S&P Cuts Rating to B on Weak Profits ROYAL SHELL: Cancels 1.25 Million A Shares in Buyback Program R U S S I A BAYMAKSKIY: Claims Filing Period Ends April 4 CHEKHOVSKIY: Bankruptcy Supervision Procedure Begins ENERGO-INVEST-FINANCE: Insolvency Manager Takes Helm IMPORT-HOLDING: Declared Insolvent by Smolensk Court PBB LPN: Fitch Puts B- to USD9 Million & EUR16 Million Notes POLYMER-MONTAGE: Undergoes Bankruptcy Supervision Procedure SEL-KHOZ-KHIMIYA: Bryansk Court Brings In Insolvency Manager SIB-SALT: Bankruptcy Hearing Set April 26 TRIACETATE: Saratov Court Opens Bankruptcy Proceedings ULYANOVSK-METALL-SNAB: Court Sets April 4 Claims Bar Date YARTSEVSKIY COTTON: Firm Falls Into Bankruptcy S L O V E N I A ISKRAEMECO: Mounting Debts Trigger Bankruptcy Filing U K R A I N E AGAT: Ludmila Orletska Takes Over Operations APEDMAK: Declared Insolvent by Harkiv Court DELYATIN' WOOD: Bankruptcy Chops Group MAYAK-1: Court Appoints O. Tishenko to Liquidate Assets NOVOFASTIVSKE: Vinnitsya Court Opens Bankruptcy Proceedings PROGRES: Goes Into Liquidation in Vinnitsya Region REGION-KRYM: Insolvency Manager Comes In SOVETSKIJ BUTTER: Submits to Bankruptcy Procedure ZAHIDIMPROMMONTAZH: Under Bankruptcy Supervision U N I T E D K I N G D O M ARBORICULTURAL AGENCY: Closes Operations & Liquidates Assets ARTCARE (UK): Administrators Take Over Helm CANDY SHOT: Taps Elizabeth Arakapiotis to Liquidate Assets CECCO'S RESTAURANT: Cresswall Associates Leads Administration CENTURION BATHS: Administrator From DCM Insolvency Moves In CMH CONSTRUCTION: Creditors Confirm Voluntary Liquidation COLT TELECOM: Stockholders to Vote on Article Revision at EGM GARTMORE HIGH: Expects ZPDs Payment in Voluntary Liquidation GOLDEN DYNASTY: Meeting of Creditors Set March 15 HARVEST KITCHENS: Kitchen Manufacturer Yields to Bankruptcy JW OFFSET: Financial Woes Prod Liquidation KINGSVALE HOMES: Creditors' Meeting Set Next Week LOGICAL MECHANICAL: Joint Liquidators Take Helm POLESTAR FLOORING: Building Specialist Liquidates Assets RANK GROUP: Buys Back 831,246 Shares for Cancellation RESOURCE NINE: Northern Financial Appoints Receiver SCRAPBOOKHOUSE LIMITED: Appoints Begbies Traynor Administrator SHINING STAR: Members Agree to Voluntary Liquidation SR REALISATIONS: Appoints Tenon Recovery Administrator STOCKPROTECT LIMITED: Closes Operations & Liquidates Assets STRELLEY ENTERPRISES: Members Pass Winding Up Resolution URBAN DETAIL: Clothing Retailer Taps BDO Stoy as Administrator UTANCO SERVICES: Joint Administrators Lead Liquidation Process ********** =========== F R A N C E =========== ATLANCIM: Sheds More Jobs ------------------------- Atlancim has cut 85 workers from its plant in Clisson in the Loire-Atlantique department of France after plans of moving its production to China, Les Echos says. The Commercial Court of Nantes placed the Company into receivership on Jan. 25. The Company shut down its plant in Carquefou in June last year leaving 51 workers jobless. DURPOIX ET FOND: Insolvency Threat Looms Following Order Cuts ------------------------------------------------------------- Durpoix et Fond might be forced to file for insolvency by Belgian parent Omco after its major customer slashed volume orders, Les Echos reports. The glass manufacturer has been very dependent on its number one client, U.S.-based Owens-Illinois, which apparently cut down orders since the end of January. The order slash forced the French manufacturer to lay off some of its staff. According to reports, Durpoix et Fond has recorded a drop in turnover from EUR6 million in 2000 to EUR3.9 million last year. Reports have it that the Company was unable to meet Owens Illinois' demand to manufacture its products at the same price as the U.S. group's low-cost suppliers. ============= G E R M A N Y ============= AERTOS TECHNIK: Frankfurt Court Begins Bankruptcy Proceedings ------------------------------------------------------------- The District Court of Frankfurt am Main opened bankruptcy proceedings against AERTOS Technik GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 10, 2006, to register their claims with court-appointed provisional administrator Dr. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 10:00 a.m. on May 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 during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: AERTOS TECHNIK GmbH P.O. Box 750154, Cargo City Sued Gebaude 507, 60531 Frankfurt am Main Attn: Thomas Franz D'Avis, Manager Bergstr. 20, 56869 Mastershausen Dr. Rainer Eckert, Administrator Schumannstrasse 34b, 60325 Frankfurt/Main Tel: 069/74748980 Fax: 069/747489810 E-mail: eckert-frankfurt@rae-eckert.de. ATOS GMBH: Creditors' Meeting Slated for April 19 ------------------------------------------------- The District Court of Darmstadt opened bankruptcy proceedings against ATOS 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 Darmstadt, Saal 14, Mathildenplatz 15, 64283 Darmstadt, at 9:45 a.m. on April 19, 2006, at which time the court-appointed provisional administrator Bardo M. Sigwart 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: ATOS GmbH Robert-Bosch-Strasse 14, 64319 Pfungstadt Attn: Artur Wojt, Manager Bardo M. Sigwart, Administrator Ostend 14, 64347 Griesheim Tel: 06155/60930 Fax: 06155/66297 BECKER SPORTSURFACES: Court Appoints Provisional Administrator -------------------------------------------------------------- The District Court of Charlottenburg opened bankruptcy proceedings against Becker SportSurfaces GmbH on Feb. 7. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 10, 2006, to register their claims with court-appointed provisional administrator Hartwig Albers. 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 9:35 a.m., on March 14, 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 9:30 a.m., on July 11, 2006, at the same venue. CONTACT: BECKER SPORTSURFACES GmbH Sperenberger Strasse 5 a, 12277 Berlin Hartwig Albers, Administrator Luetzowstr. 100, 10785 Berlin BUEHNER DACH: Claims Registration Ends Tomorrow ----------------------------------------------- The District Court of Magdeburg opened bankruptcy proceedings against Buehner Dach- und Ausbau GmbH on Feb. 6. 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 Ruediger Bauch. 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 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: BUEHNER DACH- UND AUSBAU GmbH Hoppenstedter Str. 10, 38835 Buehne Attn: Angelika Bruechner, Manager Ruediger Bauch, Administrator Schleinufer 11, 39104 Magdeburg Tel: 0391/53540 Fax: 0391/5354-100 CAPRI 2100: Insolvency Report Out by May 11 ------------------------------------------- The District Court of Frankfurt am Main opened bankruptcy proceedings against Capri 2100 Schnellgaststatten GmbH on Jan. 25. 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 Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 8:45 a.m. on May 11, 2006, at which time the court-appointed provisional administrator Manfred Burghardt 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: CAPRI 2100 SCHNELLGASTSTATTEN GmbH Eckenheimer Landstrasse 188, 60320 Frankfurt/Main Attn: Nisim Nian Levi, Manager Gaussstrasse 17, 60316 Frankfurt/Main Manfred Burghardt, Administrator Theobald-Christ-Strasse 24, D-60316 Frankfurt/Main Tel: 069/94414770 Fax: 069/94414780 CONDOR BETEILIGUNGSGESELLSCHAFT: Bankruptcy Process Begins ---------------------------------------------------------- The District Court of Frankfurt am Main opened bankruptcy proceedings against Condor Beteiligungsgesellschaft mbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until March 22, 2006, to register their claims with court-appointed provisional administrator Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Frankfurt am Main, Saal 1, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 9:10 a.m. on May 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: CONDOR BETEILIGUNGSGESELLSCHAFT mbH Nibelungenplatz 3, 60318 Frankfurt am Main Attn: Matthias Bolz, Manager Zehnthofstrasse 2, 55271 Stadecken-Ilfheim Ulrike Hoge-Peters, Administrator 447, Cronstettenstrasse 30, D-60322 Frankfurt/Main Tel: 069/9591100 Fax: 069/959110-12 DAIMLERCHYSLER AG: Internal Probe Reveals "Improper Payments" ------------------------------------------------------------- An internal bribery probe found that DaimlerChrysler AG made "improper payments" in Africa, Asia and Eastern Europe resulting in the dismissal and suspension of several employees, Stephen Power writes for The Wall Street Journal. The U.S. Securities and Exchange Commission opened a formal investigation in August 2004 looking into possible violations by DaimlerChrysler of the anti bribery, record keeping and internal control provisions of the U.S. Foreign Corrupt Practices Act. The internal investigation revealed that, among others: -- the Company identified and self-reported potential tax liabilities to tax authorities in several jurisdictions. These tax liabilities of DaimlerChrysler AG and certain foreign affiliates result from misclassifications of, or the failure to record, commissions and other payments and expenses; and -- certain payable accounts related to consolidated subsidiaries were not eliminated during consolidation. "We are taking action to address and resolve the issues identified in the course of our investigation to safeguard against the recurrence of improper conduct," the Company disclosed in its Annual Report. "This includes evaluating and revising our governance policies and our internal control procedures." Financial Adjustments In connection with these issues, the Company recognized charges in its 2005 consolidated statement of income to correct misstatements relating to the years 2003 and 2004 which had the effect of reducing 2005 operating profit by EUR16 million and reducing 2005 net income by EUR64 million. In addition, it has adjusted stockholders' equity as at Jan. 1, 2003, to correct accumulated misstatements in the periods 1994 through 2002 which had the effect of reducing the Jan. 1, 2003, balance of stockholders' equity by EUR222 million. As previously reported, the Company recognized a charge of EUR125 million in the third quarter of 2005 with respect to tax liabilities that had been identified in the course of the internal investigation by the date the unaudited interim financial statements for the third quarter 2005 were issued. Following its continued investigation of the misstatements discussed above, it subsequently determined that any adjustments for pre-2003 periods should be reflected in the Jan. 1, 2003 balance of stockholders' equity. Accordingly, Daimler reversed EUR100 million of the EUR125 million charge originally recognized in the third quarter 2005. This amount is reflected in the EUR222 million reduction of the Jan. 1, 2003 balance of stockholders' equity. About the Company Headquartered in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- produces cars and trucks under the brands Chrysler, Dodge, Jeep, Mercedes-Benz, Smart, and Maybach, among others. A merger of equals between U.S.-based Chrysler Corporation and Germany's Daimler-Benz was announced in 1998. In 2003, Detroit News revealed that the transaction was, in fact, a buyout of Chrysler by the German firm. The alleged deception set off several lawsuits, one of which by billionaire Kirk Kerkorian was dismissed by the court in April. In 2000, DaimlerChrysler's U.S. finance arm was accused of discriminating against African Americans and Hispanics. A settlement required the carmaker to offer several billion dollars in loans. The carmaker is also a subject to several investigations. German financial services regulator BaFin has started a formal probe on alleged illegal trades involving Daimler stocks, which went up prior to the announcement of Juergen Schrempp's resignation as chief executive. It is also being investigated by the U.S. Justice Department over bribery claims at the Mercedes Car Group. While its Chrysler unit is slowly recuperating, the market share of Mercedes Benz continues to slip. Mercedes has been described a "tarnished" brand in the wake of slipups in design and engineering. Losses incurred by Mercedes were also blamed for the 30% drop in DaimlerChrysler's first-quarter earnings. The poor result was mostly due to the EUR512 million spent to revamp its losing Smart venture, which has yet to post a profit. DaimlerChrysler projects 2004's EUR5.75 billion operating profit to double by 2008, with Mercedes booking operating profit of EUR4.7 billion in four years. Chrysler group aims to book EUR2.3 billion in profit on top of the EUR2 billion and EUR2.2 billion from the commercial vehicles business and services operations. DEILMANN-HANIEL: Insufficient Orders Might Cause Insolvency ----------------------------------------------------------- The supervisory board of Deilmann-Haniel warned that the mining division of German construction group Heitkamp-Deilmann-Haniel could be facing insolvency, Suddeutsche Zeitung reports. Deilmann's sole customer, German coke mining company Deutsche Steinkohle, did not have enough orders for the Company to continue operations threatening the jobs of about 1,500 employees. Headquartered in Dortmund, Germany Deilmann-Haniel -- http://www.dh-ms.com/en/-- is the mining division of German construction group Heitkamp-Deilmann-Haniel (HDH). It specializes in the construction of machinery and equipment for mining, tunneling and civil engineering applications. FISCHER & SCHOBERT: Brings In Klause Wrede to Administer Assets --------------------------------------------------------------- The District Court of Magdeburg opened bankruptcy proceedings against Fischer & Schobert Handels GmbH on Feb. 4. 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, Liebknechtstrasse 65-91, 39110 Magdeburg, at 11:20 a.m. on April 3, 2006, at which time court-appointed provisional administrator Klaus Wrede 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: FISCHER & SCHOBERT HANDELS GmbH Stadtweg 2, 38855 Reddeber Attn: Andre Assmann, Manager Raten 2, 34399 Oberweser Klaus Wrede, Administrator Lennestrasse 10, 39112 Magdeburg Tel: 0391/5973315 Fax: 0391/5973333 GEHESPITZ-BUEROHAUS: Submits to Bankruptcy Process in Frankfurt --------------------------------------------------------------- The District Court of Frankfurt am Main opened bankruptcy proceedings against Gehespitz-Buerohaus GmbH & Co. KG on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until May 26, 2006, to register their claims with court-appointed provisional administrator Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Frankfurt am Main, Saal 2, Gebaude F, Klingerstrasse 20, 60313 Frankfurt am Main, at 9:00 a.m. on June 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 during this meeting, while creditors may constitute a creditors committee and/or opt to appoint a new insolvency manager. CONTACT: GEHESPITZ-BUEROHAUS GmbH & Co. KG Hahnstr. 49, 60528 Frankfurt am Main Michael C. Frege, Administrator Barckhausstrasse 12-16, 60325 Frankfurt/Main Tel: 069/71701-300 Fax: 069/71701-40-410 GIB GESELLSCHAFT: Creditors Must Register Claims by March 17 ------------------------------------------------------------ The District Court of Duesseldorf opened bankruptcy proceedings against GiB Gesellschaft fuer individuelles Bauen mbH on Feb. 7. 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. Winfrid Andres. 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 341, at 10:00 a.m. on April 7, 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: GIB GESELLSCHAFT FUER INDIVIDUELLES BAUEN mbH Preussenstr. 26, 41464 Neuss Attn: Doris Marmulla, Manager Dr. Winfrid Andres, Administrator Neuer Zollhof 3, 40221 Duesseldorf H.-P. MOHR: Lueneburg Court Halts Proceedings Due to Bankruptcy --------------------------------------------------------------- The District Court of Lueneburg opened bankruptcy proceedings against H.-P. Mohr GmbH on Feb. 6. 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 Lueneburg, Saal 302, Ochsenmarkt 3, 21335 Lueneburg, at 10:15 a.m. on March 24, 2006, at which time the court-appointed provisional administrator Hinnerk-J. Mueller 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: H.-P. MOHR GmbH Hassel 6c, 21438 Brackel Attn: Hans-Peter Mohr, Manager Hinnerk-J. Mueller, Administrator Speersort 4-6, 20095 Hamburg Tel: 040/303010 Fax: 040/30301111 HANS OLDAG: Claims Filing Period Ends Tomorrow ---------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Hans Oldag Schweisstechnik GmbH on Feb. 2. 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 Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:25 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: HANS OLDAG SCHWEISSTECHNIK GmbH Billhorner Deich 128, 20539 Hamburg Attn: Nils Oldag, Manager Weiher 14, 20255 Hamburg Christoph Henningsmeier, Administrator Osdorfer Landstrasse 230, 22549 Hamburg Tel: 8078810 HELD GMBH: Aurich Court Orders Bankruptcy Proceedings ----------------------------------------------------- The District Court of Aurich opened bankruptcy proceedings against Held GmbH & Co. KG 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 Aurich, Saal 115, Schlossplatz 2, 26603 Aurich, at 10:45 a.m. on April 6, 2006, at which time the court-appointed provisional administrator Heiko Janssen 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: HELD GmbH & Co. KG Moor 4-10, 26605 Aurich Attn: Guenther Held, Manager Hermann-Tempel-Strasse 21, 26603 Aurich Heiko Janssen, Administrator Julianenburger Str. 19, D-26603 Aurich Tel: 04941/97440 Fax: 04941/9744137 HOFBAUER IMMOBILIEN: Court Appoints Provisional Administrator ------------------------------------------------------------- The District Court of Pforzheim opened bankruptcy proceedings against Hofbauer Immobilien GmbH + Co. KG on Feb. 6. 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 Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting at the District Court of Pforzheim, Mannheimer Str. 17, 75179 Pforzheim, 3. Stockwerk/Raum 310, at 10:30 a.m. on April 7, 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: HOFBAUER IMMOBILIEN GmbH + Co. KG Attn: Kurt Hofbauer, Manager Mannheimer Strasse 14, 75179 Pforzheim Marc Schmidt-Thieme, Administrator Soldnerstr. 2, 68219 Mannheim HOHENLEITNER GMBH: Court to Verify Claims on May 15 --------------------------------------------------- The District Court of Fuerth opened bankruptcy proceedings against Hohenleitner GmbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until April 20, 2006, to register their claims with court-appointed provisional administrator Susanne Fichna. The court will verify the claims set out in the administrator's report at 10:00 a.m., on May 15, 2006 at the District Court of Fuerth, Zi 216/II, Dienstgebaude, Baumenstrasse 28. CONTACT: HOHENLEITNER GmbH Jordanstr. 10 in 90513 Zirndorf Susanne Fichna, Administrator Merckstr. 5, 91522 Ansbach Tel: 0981/9531960 Fax: 0981/9531969 JOKUSCH GLASEREI: Hamburg Court Rules on Bankruptcy --------------------------------------------------- The District Court of Hamburg opened bankruptcy proceedings against Jokusch Glaserei Fensterbau 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 Hamburg, Sievekingplatz 1, 20355 Hamburg, 4. Etage, Anbau, Saal B 405, at 10:00 a.m. on April 4, 2006, at which time court-appointed provisional administrator Jens-Soren Schroder 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: JOKUSCH GLASEREI FENSTERBAU GmbH Grossmoorbogen 22, 21079 Hamburg Attn: Albert Jokusch, Manager Egon and Stefan Tiedke, Managers Jens-Soren Schroder, Administrator Raboisen 38, 20095 Hamburg Tel: 334460 Fax: 33446111 ============= I R E L A N D ============= ELAN CORPORATION: Breakout Session Set Today -------------------------------------------- Elan Corporation, plc said on March 1 that its presentation and breakout session at the SG Cowen 26th Annual Healthcare Conference in Boston will be web cast live via the Internet today, March 9, 2006. The presentation will be Web cast at 11:20 a.m. Eastern Time, 4:20 p.m. Greenwich Mean Time. The breakout session will be web cast at 12:10 p.m. Eastern Time, 5:10 p.m. Greenwich Mean Time. Interested parties may access a live audio web cast of the presentation by visiting Elan's Web site at http://www.elan.com/ -- and clicking on the Investor Relations section, then on the event icon. About Elan Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Moody's Investors Service rates Elan's long-term corporate family rating at Ba3. The company's long-term foreign issuer credit rating and long-term local issuer credit rating carry Standard & Poor's single-B rating. As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri(TM). Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. ELAN CORPORATION: U.S. & European Authorities Review TYSABRI(R) --------------------------------------------------------------- Biogen Idec (NASDAQ: BIIB) and Elan Corporation, plc (NYSE: ELN) disclosed on March 1 that two-year results from the two Phase III clinical trials evaluating TYSABRI(R) (natalizumab) for patients with relapsing forms of multiple sclerosis (MS), as well as data from the comprehensive safety evaluation of the product were published for the first time in this week's issue of The New England Journal of Medicine. The two-year data from the Phase III MS trials were previously presented at U.S. and international medical meetings during 2005. Data from the Phase III AFFIRM monotherapy trial, the Phase III SENTINEL trial in which TYSABRI was added to AVONEX(R) (Interferon beta-1a) therapy, and the safety evaluation were submitted to the U.S. Food and Drug Administration (FDA) in a supplemental Biologics License Application in September 2005. The sBLA is under Priority Review, and the companies anticipate action from FDA in late March. Similar data have been submitted to European regulatory authorities. Two-year AFFIRM Phase III monotherapy data published last week showed that treatment with TYSABRI reduced the risk of disability progression by 42% (p<0.001), the primary endpoint of the study, and led to a 68% reduction (p<0.001) in the annualized relapse rate compared to placebo. TYSABRI treatment also resulted in sustained and statistically significant reductions in brain lesion activity as measured by MRI. The two-year SENTINEL Phase III data also demonstrated that treatment with TYSABRI in addition to AVONEX had a significant effect on disability progression, relapse rate and brain MRI disease activity compared to AVONEX alone. Biogen Idec and Elan collaborated with leading experts in MS and progressive multifocal leukoencephalopathy to complete a safety evaluation of more than 3,000 patients who had received TYSABRI. An Independent Adjudication Committee, established as part of the safety evaluation, published its findings that concluded there were no new confirmed cases of PML in patients treated with TYSABRI beyond the three previously reported by the companies. "Data from AFFIRM and SENTINEL, among the largest ever Phase III MS trials, provide compelling evidence of the benefit of TYSABRI. Currently available MS therapies often do not adequately control the disease for many patients, creating a significant unmet need that TYSABRI may help address. It is encouraging to see that regulatory agencies are reviewing data from the clinical trials and the comprehensive safety evaluation to clarify the risk-benefit profile of TYSABRI in MS," said Chris Polman, MD, PhD, lead investigator of the AFFIRM study, professor of Neurology at Vrije Universiteit Medical Centre, and clinical and scientific director of the Multiple Sclerosis Centre at the VU Medical Centre, Amsterdam. IAC Safety Evaluation As part of the safety evaluation, the IAC was established to review any suspected cases of PML. The IAC was chaired by Eugene Major, PhD, Chief of the Laboratory of Molecular Medicine and Neuroscience at the National Institute of Neurological Disorders and Stroke at the National Institutes of Health. Highlights of the IAC's findings include: -- The safety review was designed to evaluate TYSABRI clinical trial patients and any reports of suspected PML in patients receiving TYSABRI in the commercial setting. Of the 3,826 MS, Crohn's disease (CD) and rheumatoid arthritis (RA) clinical trial patients eligible for the evaluation, 3,389 (89%) participated (2,046 MS patients, 1,343 CD and RA patients). -- Of the participating MS patients, 97% were examined with MRI or neurological exam within three months of the last dose, while 91% of CD and RA patients were examined within 6 months of the last dose. -- A total of 44 patients were referred to IAC for evaluation, which determined that none of the referred cases met the diagnostic criteria for PML. About AFFIRM and SENTINEL Both AFFIRM and SENTINEL were designed to evaluate the effect of TYSABRI on the progression of disability as measured by at least a one-point worsening on the Expanded Disability Status Scale (EDSS) sustained for three months, and on the rate of clinical relapses. AFFIRM was a two-year, randomized, multi-center, placebo-controlled, double blind study of 942 patients conducted in 99 sites worldwide. Patients in the AFFIRM monotherapy trial were randomized to receive either a 300 mg IV infusion dose of TYSABRI (n=627) or placebo (n=315) every four weeks. SENTINEL was a two-year, randomized, multi-center, placebo-controlled, double blind study of 1,171 AVONEX-treated patients in 124 clinical trial sites worldwide. AVONEX-treated patients who continued to experience disease activity were randomized to add TYSABRI (n=589) or placebo (n=582) to their regimen of AVONEX. TYSABRI Phase III Safety The adverse events most strongly associated with TYSABRI therapy compared to placebo in AFFIRM were fatigue and allergic reaction. Adverse events in SENTINEL associated with add-on therapy compared to AVONEX alone were anxiety, pharyngitis, sinus congestion and peripheral edema. The incidence of serious adverse events was not significantly different between the two treatment groups in each trial, and in each trial the most common serious adverse event was MS relapse. In SENTINEL, one of the serious adverse events reported was PML, a rare and potentially fatal, demyelinating disease of the central nervous system. A second patient was diagnosed with PML, and subsequently died during the extension phase of the study. Both cases of PML were observed in TYSABRI plus AVONEX-treated patients. In both AFFIRM and SENTINEL, the proportion of patients with non-serious and serious infections, and the rate of these infections were similar in the two groups. About Biogen Idec Biogen Idec (NASDAQ: BIIB) -- http://www.biogenidec.com/-- creates new standards of care in oncology, neurology and immunology. As a global leader in the development, manufacturing, and commercialization of novel therapies, Biogen Idec transforms scientific discoveries into advances in human healthcare. About Elan Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Moody's Investors Service rates Elan's long-term corporate family rating at Ba3. The company's long-term foreign issuer credit rating and long-term local issuer credit rating carry Standard & Poor's single-B rating. As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri(TM). Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. IWP INTERNATIONAL: Wants Shareholders to OK Restructuring Plan -------------------------------------------------------------- IWP International PLC will ask shareholders to approve the Company's financial restructuring and delisting from the Irish Stock Exchange at an extraordinary general meeting on March 30, 2006. The Company signed the restructuring and financing agreements on Friday, March 3, 2006, conditional on the approval of the resolutions by shareholders at the EGM. Restructuring Plan In December 2005, the company concluded a non-binding indicative heads of terms with principal secured creditors, which sets out the principles for the financial restructuring of IWP and its subsidiaries. As part of this agreement, the Group also announced its intention to seek approval from shareholders to delist from the Irish Stock Exchange. IWP has been granted a waiver from all of the secured creditors of any existing covenant breaches to March 31, 2006. The continuation of this waiver is subject to one of the secured creditors, representing approximately 3% of the secured indebtedness, being acquired by another existing secured creditor or a person who becomes a secured creditor and supports the Restructuring within 20 days from this date. The key points of the Restructuring are: -- The secured creditors will convert about EUR56 million of their existing debt to equity resulting in them owning 90% of the enlarged ordinary share capital of the Company; -- The Restructuring will significantly reduce IWP's gross secured indebtedness (including swaps close out cost, make whole due under the notes and all deferred interest) from approximately EUR121 million to EUR65 million; -- 10% of the enlarged ordinary share capital of the Company will be retained by the existing ordinary shareholders; -- A Cash-Out Alternative will be offered to existing ordinary shareholders at a price of 3.5 cent per existing ordinary share; -- Ordinary shareholders who wish to retain their shares in the Company may elect to do so. The secured creditors will waive any rights they may have to compulsorily acquire shares held by existing ordinary shareholders if the shareholder elects not to take the Cash-Out Alternative; -- Preference shareholders will have the opportunity to obtain cash for their shares at nominal value plus accumulated unpaid dividend, amounting in aggregate to EUR82,423; -- The Company will apply for its shares to be delisted from the Irish and London Stock Exchanges as part of the Restructuring; -- The claims of all general unsecured creditors of the Group will not be involved in and will not be compromised by the Restructuring; -- Post the Restructuring, the EUR65 million debt remaining within the Group will be consolidated into two tranches of EUR35,000,000 ('Tranche A') and EUR30,000,000 ('Tranche B'), Respectively; * Tranche A will be repayable 5 years following completion of the Restructuring and Tranche B will be repayable on the same date as Tranche A provided that such date shall be automatically extended by successive 60 day periods in the event that the Group still holds all or any portion of its investment in Jeyes Holdings Limited or Jeyes Group Limited. Tranche B will be repayable only out of amounts received by the Group from the Jeyes Investment, * Tranche A will carry an interest rate of LIBOR + 2.25% p.a., payable quarterly in arrears and Tranche B will carry an interest rate of 12.00% p.a. payable in kind and rolled up quarterly; -- An executive chief restructuring officer is to be appointed as soon as reasonably practicable; -- A new Board of directors of the Company satisfactory to the secured creditors, which will include the current finance director, Paul O'Brien, is to be appointed. The Company will enter into termination arrangements with all directors who resign upon completion of the Restructuring on terms and conditions satisfactory to the secured creditors; -- A compromise agreement has been reached in relation to the termination of the lease at 19 Fitzwilliam Square (the Company's head office) so that it is capable of being terminated with three months notice and a final termination and dilapidation settlement of EUR240,000; -- All outstanding share options are to be cancelled. Post the Restructuring the Company will implement an executive incentive plan based on successful implementation of the Company's business plan; -- The Restructuring will be subject to customary business and market material adverse change clauses; -- The completion of the Restructuring will be conditional on: * the completion of further legal and financial due diligence by the secured creditors, * securing adequate working capital facilities from April 2006, * the receipt of all necessary Board and secured creditors committee approvals, * the receipt of all necessary applicable regulatory approvals (including approvals from the Irish Takeover Panel, any listing authorities, competition authorities, pension regulators or any other relevant authority or regulator), * the receipt of all necessary shareholder approvals, and * the negotiation, execution and delivery of definitive documentation. The Restructuring is targeted to complete in the first quarter of 2006. Following approval of the restructuring, the Group intends to prepare its year end accounts to March 31, 2006, under Irish GAAP and therefore it is appropriate to adopt consistent accounting standards for interim reporting in line with the Stock Exchange listing rules; therefore the Group is announcing its interim results under Irish GAAP. Headquartered in Dublin, Ireland, IWP International plc -- http://www.iwp.ie/iwphome.html-- manufactures, distributes and markets household and personal care products, labels precision components and color cosmetics. It is divided into four main divisions: cosmetics, household products, personal care, and distribution. Its businesses are located in the Netherlands, the United Kingdom, France, Poland, the United States and Ireland. At Sept. 30, 2005, the Company's balance sheet showed EUR6.68 million in stockholders' deficit, compared with a EUR1.36 million stockholders' deficit at Sept. 30, 2004. =================== K A Z A K H S T A N =================== FIRMA KAISAR: Creditors' Claims Due Next Week --------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola region declared LLP Firma Kaisar bankrupt on January 6, 2006. Proofs of claim will be accepted at Akmola region, Kokshetau, K. Marks Str. 134a-3 on or before March 17, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF AKMOLA REGION Akmola region, Kokshetau, K. Marks Str. 134a-3 JANA-IRTYSH: Bankruptcy Proceedings Begin ---------------------------------------- The Taxation Committee and the Specialized Inter-Regional Economic Court of Pavlodar region commenced bankruptcy proceedings against LLP Jana-Irtysh on January 16, 2006. KAMKOR: Succumbs to Bankruptcy Process in West Kazakhstan --------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan region commenced bankruptcy proceedings against OJSC Kamkor on Jan. 12, 2006. KAPREMSTROI: Submits to Bankruptcy Process ------------------------------------------ The Taxation Committee by Pavlodar and decision of the Specialized Inter-Regional Economic Court of Pavlodar region commenced bankruptcy proceedings against LLP KAPREMSTROI on January 16, 2006. MARS-2000: Creditors Have Until Mar. 17 to File Proofs of Claim --------------------------------------------------------------- The Court of Aktobe has declared LLP MARS-2000 bankrupt. Proofs of claim will be accepted at Aktobe, Altynsarina Str. 31 on or before March 17, 2006. CONTACT: THE COURT OF AKTOBE Aktobe, Altynsarina Str. 31 NIKA: Almaty Court Sends Group Into Bankruptcy ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Nika bankrupt on December 22, 2005. Proofs of claim will be accepted at Almaty, Prokofieva Str. 41-3 on or before March 17, 2006. CONTACT: THE SPECIALIZED INTER-REGIONAL ECONOMIC COURT OF ALMATY Phone: 8 3272 95-85-86 8 300 756 42-06 =================== K Y R G Y Z S T A N =================== GUMUS: Assets Sale Set End of the Month --------------------------------------- The Subdivision Service of the Court Officers of Panfilov district of Chui region will sell the properties of LLC Agricultural Industrial Company Gumus on March 30, 2006. Lot 1: (1:00 p.m.) -- House (118.59 sq. m.) -- Land area (1023 sq. m.) -- Chui region, Panfilov district, Chaldovar, Pervomaiskaya Str. 4. -- Starting price is KGS190,000 Lot 2: (9:00 a.m.) -- Mill (415.3 sq. m.) -- Land area (6,200 sq. m.) -- Chui region, Panfilov district, Chaldovar, Verhnaya Str. 228. -- Starting price is KGS900,000 Lot 3: (10:00 a.m.) -- Production building (712 sq. m.) -- Land area (6,200 sq. m.) -- Chui region, Panfilov district, Chaldovar, Verhnaya Str. 228. -- Starting price is KGS800,000 Lot 4: (11:00 a.m.) -- 16-unit apartment house (535 sq. m.) -- Chui region, Panfilov district, Chaldovar, Verhnaya Str. 228 -- Starting price is KGS800,000 Lot 5: (2:00 p.m.) -- Cafe Morojenoye (241 sq. m.) -- Land area (420 sq. m.) -- Chui region, Panfilov district, Chaldovar, Lenina Str. 409 -- Starting price is KGS900,000 Lot 6: (3:00 p.m.) -- Production building and tool workshop (241 sq. m.) -- land area (420 sq. m.) -- Chui region, Panfilov district, Chaldovar, Lenina Str. 409 -- Starting price is KGS250,000 Lot 7: (4:00 p.m.) -- Production building (560.7 sq. m.) -- Land area (1740 sq. m.) -- Chui region, Panfilov district, Chaldovar, Lenina Str. 409 -- Starting price is KGS300,000 Lot 8: (12:00 noon) -- Technical equipment -- Chui region, Panfilov district, Chaldovar, Verhnaya Str. 228. -- Starting price is KGS410,000 Participants must deposit an amount equivalent to 5% of the starting price on or before March 29, 2006 to: -- settlement account of the Panfilov district Court, Panfilov Regional Treasure Department (8054172080101001); -- personal account of the Panfilov district Court (306802501); or -- Kainda Settlement and Saving Company (129008) CONTACT: N.D. Kocherbayev, Court Officer Phone: (+996 31 37) 41-5-82 SELBI: Proofs of Claims Filing Deadline Due April 20 ---------------------------------------------------- LLC Selbi has declared insolvency. Proofs of claim will be accepted on or before April 20, 2006 The company can be contacted at (+996 312) 68-00-63. VENS TRAVEL: Creditors' Claims Due April ---------------------------------------- LLC VENS TRAVEL has declared insolvency. Proofs of claim will be accepted at Bishkek, Chui ave. 128/10 on or before April 20, 2006 CONTACT: VENS TRAVEL Bishkek, Chui Ave. 128/10 ===================== N E T H E R L A N D S ===================== CHIQUITA BRANDS: Earns US$131.4 Million in Fiscal Year 2005 ----------------------------------------------------------- Chiquita Brands International, Inc. (NYSE: CQB) delivered its financial results for the fourth quarter and fiscal year ended Dec. 31, 2005, to the Securities and Exchange Commission on Feb. 22, 2006. For the fourth quarter 2005, the company reported $19 million in net loss, compared with a $25.1 million net loss for the same period in 2004. The quarterly result includes $23 million of costs from previously announced flooding in Honduras caused by Tropical Storm Gamma in November and the consolidation of fresh- cut fruit facilities in the Midwestern United States. Net income for the full-year 2005 was $131.4 million compared to a $55.4 million of net income for the full-year 2004, which included expenses of $19 million that primarily represented the premium to refinance the company's 10.56% senior notes and $9 million relating to restructuring at Atlanta AG and to severance. "We had a terrific year in 2005," said Fernando Aguirre, Chiquita's chairman and chief executive officer. "In fact, we realized the best annual financial results in more than a decade in spite of fourth quarter challenges of flooding in Honduras, the impact of a lower year-over-year euro-dollar exchange rate and continuing high costs for fuel and ship charters." Mr. Aguirre continued, "The European Commission's decision to more than double its tariff on Latin American banana imports on Jan. 1, 2006, will result in higher costs and market uncertainty. However, we are committed to overcoming these challenges and winning in the European market in the long-term with our clear brand leadership and excellent customer relationships. During the fourth quarter, we invested an additional $20 million in consumer marketing and innovation spending in Europe to reinforce Chiquita's brand premium in advance of the tariff change. Consumers can continue to expect Chiquita to offer better bananas, and our retail partners can continue to count on us to deliver consistently high quality products, superior service and innovation." Fourth Quarter 2005 Financial Highlights Net sales were $999 million, up 30 percent from $768 million in the fourth quarter 2004. The increase resulted primarily from the acquisition of Fresh Express and higher banana pricing in Europe and North America, partly offset by lower banana volume. The company incurred an operating loss of $1 million, compared to income of $35 million in the year-ago period. Operating results for 2005 included: * $17 million impact from flooding in Honduras caused by Tropical Storm Gamma in November, comprised of a $12 million mostly noncash charge primarily for asset writedowns, $3 million impact from lower volume in North America, and $2 million of increased costs for replacement fruit and transportation. These flood-related costs are within the company's estimate of $13-18 million announced in late November. * $6 million mostly noncash charge resulting from the previously announced consolidation of fresh-cut fruit facilities in the Midwestern United States. Operating cash flow was $11 million, compared to $2 million in the year ago period. Interest expense was $23 million, compared to $9 million in the year ago period, as a result of financing for the Fresh Express acquisition. At Dec. 31, 2005, total debt was $997 million, a reduction of $84 million since Sept. 30, 2005, including $75 million of voluntary prepayments, and cash was $89 million. Chiquita Brands International, Inc. -- http://www.chiquita.com/ -- is a leading international marketer and distributor of high- quality fresh and value-added produce, which is sold under the Chiquita(R) premium brand, Fresh Express(R) and other related trademarks. The company is one of the largest banana producers in the world and a major supplier of bananas in Europe and North America. In June 2005, Chiquita acquired Fresh Express, the U.S. market leader in value-added salads, a fast-growing food category for grocery retailers, foodservice providers and quick- service restaurants. * * * Chiquita Brands' $250 million 7-1/2 notes due Nov. 1, 2014, carry Moody's Investors Service's and Standard & Poor's single-B ratings. CHIQUITA BRANDS: Annual Stockholders' Meeting Set on May 25 ----------------------------------------------------------- Chiquita Brands International, Inc. (NYSE: CQB) will hold its Annual Meeting of Shareholders on May 25, 2006, at the Hilton Cincinnati Netherland Plaza. The record date for determining shareholders entitled to vote at the meeting will be April 3, 2006. The company will mail to shareholders of record in mid-April a notice of the meeting and related proxy materials. Chiquita Brands International, Inc. -- http://www.chiquita.com/ -- is a leading international marketer and distributor of high- quality fresh and value-added produce, which is sold under the Chiquita(R) premium brand, Fresh Express(R) and other related trademarks. The company is one of the largest banana producers in the world and a major supplier of bananas in Europe and North America. In June 2005, Chiquita acquired Fresh Express, the U.S. market leader in value-added salads, a fast-growing food category for grocery retailers, foodservice providers and quick- service restaurants. * * * Chiquita Brands' $250 million 7-1/2 notes due Nov. 1, 2014, carry Moody's Investors Service's and Standard & Poor's single-B ratings. GETRONICS N.V.: Clarifies Dividend Report ----------------------------------------- Media Coverage on March 2 correctly reports that applying the dividend policy based on a net result of EUR4 million would result in dividend payment that was not meaningful. This has led to the incorrect conclusion that Getronics will not pay a dividend in 2005. The Board of Management, after approval of the Supervisory Board, would like to clarify that it is intending to propose to the forthcoming shareholders meeting a discretionary dividend to ordinary shareholders equal to the dividend paid over 2004 (EUR0.07 per share). The ex-dividend date is April 25, 2006. About the Company Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in the Troubled Company Reporter-Europe on Jan. 23, 2006, Standard & Poor's Ratings Services placed its 'B+' long- term corporate credit rating on Dutch IT services group Getronics N.V. on CreditWatch with negative implications, following a profit warning from the group. At the same time, Standard & Poor's placed on CreditWatch negative its 'B-' senior unsecured debt rating on the group's convertible bonds and its 'B+' long-term and '3' recovery ratings on Getronics' EUR300 million ($363 million) senior secured bank loan. The '3' recovery rating indicates Standard & Poor's expectation of meaningful (50%-80%) recovery of principal for secured lenders in the event of a payment default. Furthermore, Standard & Poor's withdrew its 'B+' long-term and '3' recovery rating on the EUR75 million first tranche of the bank loan, which has been repaid in full. At Sept. 30, 2005, Getronics had gross debt of EUR518 million, including EUR135 million in cumulative preference shares. GETRONICS N.V.: S&P Cuts Rating to B on Weak Profits ---------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Dutch IT services group Getronics N.V. to 'B' from 'B+'. At the same time, Standard & Poor's lowered its ratings on Getronics' senior unsecured notes to 'CCC+' from 'B-', still two notches below the corporate credit rating. Standard & Poor's also lowered its ratings on Getronics' EUR300 million senior secured bank loan to 'B' from 'B+', the same as the corporate credit rating. The loan has a '3' recovery rating, indicating our expectation of meaningful (50%-80%) recovery of principal in the event of a payment default. All ratings remain on CreditWatch with negative implications where they were placed on Jan. 19, 2006, following a profit warning. "The downgrade follows Getronics' announcement of significant cash burn in 2005, particularly at its Italian subsidiary," said Standard & Poor's credit analyst Patrice Cochelin. At Dec. 31, 2005, Getronics had gross debt of EUR437 million ($517 million). Getronics focuses primarily on the highly competitive and low- margin managed-services segment of the IT services market. The company has a solid foothold in its core Dutch market (53% of gross profit) and runs midsize global contracts for international firms, particularly in the financial services sector. In 2005, Getronics incurred an unexpected EUR53 million loss at its Italian operations, where a large outsourcing contract was postponed and evidence of intentional misrepresentation by local management was found. Revenues from Italy fell by 19% to EUR222 million in 2005, while operating losses grew to EUR71 million, from EUR20 million in 2004. Getronics' management wants to sell its Italian unit. "We expect to resolve the CreditWatch placement after the timing and conditions of an exit from Italy are announced," said Mr. Cochelin. "In the meantime, cash losses in Italy continue to pressure the ratings on Getronics: Management has said that the EUR53 million net loss in Italy could be repeated in 2006." ROYAL SHELL: Cancels 1.25 Million A Shares in Buyback Program ------------------------------------------------------------- Royal Dutch Shell plc purchased on March 7, 2006, 950,000 'A' Shares for cancellation at a price of EUR25.55 per share. In addition, it purchased 300,000 'A' Shares for cancellation at a price of 1,751.53 pence per share. Following the cancellation of these shares, the remaining number of 'A' Shares of Royal Dutch Shell plc will be 3,909,075,000. As of that date, 2006 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. Overstatement of Reserves 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 =========== BAYMAKSKIY: Claims Filing Period Ends April 4 --------------------------------------------- The Arbitration Court of Bashkortostan republic commenced bankruptcy proceedings against Baymakskiy after finding the open joint stock company insolvent. The case is docketed as A07- 13521/02-A-PAV. Creditors have until April 4, 2006, to submit their proofs of claim to 453631, Russia, Bashkortostan republic, Baymak, Lenina Str. 62. CONTACT: BAYMAKSKIY 453631, Russia, Bashkortostan republic, Baymak, Lenina Str. 62 CHEKHOVSKIY: Bankruptcy Supervision Procedure Begins ---------------------------------------------------- The Arbitration Court of Sakhalin region has commenced bankruptcy supervision on open joint stock company Chekhovskiy. The case is docketed as A59-6069/05-S16. Mr. Ya. Sednev has been appointed temporary insolvency manager. CONTACT: CHEKHOVSKIY 694970, Russia, Sakhalin region, Kholmskiy region, Chekhov, Lenina Str. 19 YA. SEDNEV Temporary Insolvency Manager 694620, Russia, Sakhalin region, Kholmsk, Pobedy Str. 2, Apartment 33 ENERGO-INVEST-FINANCE: Insolvency Manager Takes Helm ---------------------------------------------------- The Arbitration Court of Bryansk region commenced bankruptcy proceedings against Energo-Invest-Finance after finding the close joint stock company insolvent. The case is docketed as A09-7356/05-27. Mr. A. Sherbak has been appointed insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to 241050, Russia, Bryansk region, Post User Box 156. CONTACT: ENERGO-INVEST-FINANCE 241035, Russia, Bryansk region, Kuybysheva Str. 17 A. SHERBAK Insolvency Manager 241050, Russia, Bryansk region, Post User Box 156 Tel: (0832) 72-21-03 IMPORT-HOLDING: Declared Insolvent by Smolensk Court ---------------------------------------------------- The Arbitration Court of Smolensk region commenced bankruptcy proceedings against Import-Holding after finding the limited liability company insolvent. The case is docketed as A62-671- N/05. Ms. N. Pisarenkova has been appointed insolvency manager. CONTACT: IMPORT-HOLDING Russia, Smolensk region, Pechersk, Smolenskaya Str. 9A N. PISARENKOVA Insolvency Manager 214000, Russia, Smolensk region, Post User Box 309 PBB LPN: Fitch Puts B- to USD9 Million & EUR16 Million Notes ------------------------------------------------------------ Fitch Ratings assigned PBB LPN Issuance Limited's 8.25% USD9 million and 7.25% EUR16 million notes, both due in August 2007 a final Recovery rating of RR4 and final Long-term rating of B-. The notes are issued under a USD100 million loan participation program established in July 2005, and the proceeds from the notes are to be used solely for financing a loan to JSC Probusinessbank. The notes are limited recourse obligations of the issuer and note holders will be relying solely on PBB meeting its obligations under the loan agreement. PBB ranks within the top 100 banks in Russia, with consolidated assets of USD622 million at end-H105, and provides corporate and retail services primarily in Moscow and through recently acquired regional banks in the Volga region and Yekaterinburg. Starting in 2003, PBB has implemented an ambitious strategy focusing on the regional development of its franchise, both through organic growth and acquisitions. POLYMER-MONTAGE: Undergoes Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Orenburg region has commenced bankruptcy supervision on close joint stock company Polymer- Montage. The case is docketed as A47-10329/2005-14GK. Ms. O. Shevtsova has been appointed temporary insolvency manager. A hearing will take place on April 5, 2006, 11:00 a.m. at the Arbitration Court of Orenburg region at 460000, Russia, Orenburg, 9th January Str. 64. CONTACT: POLYMER-MONTAGE 462406, Russia, Orenburg region, Orsk, Dorozhnaya Str. 4 O. SHEVTSOVA Temporary Insolvency Manager 460006, Russia, Orenburg region, Komsomolskaya Str. 126-51 Tel: (3532) 73-23-01 Fax: (3532) 36-13-37 SEL-KHOZ-KHIMIYA: Bryansk Court Brings In Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Bryansk region commenced bankruptcy proceedings against Sel-Khoz-Khimiya after finding the open joint stock company insolvent. The case is docketed as A09- 4854/05-26. Mr. V. Guslyakov has been appointed insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to Russia, Bryansk region, Timonovskaya Str. 35. CONTACT: SEL-KHOZ-KHIMIYA 243179, Russia, Bryansk region, Krasnogorskiy region, Lyubovsho, Sovetskaya Str. 46 V. GUSLYAKOV Insolvency Manager Russia, Bryansk region, Timonovskaya Str. 35 Tel: 92-01-53 SIB-SALT: Bankruptcy Hearing Set April 26 ----------------------------------------- The Arbitration Court of Irkutsk region has commenced bankruptcy supervision on SIB-SALT (TIN 3819002398/381901001). The case is docketed as A19-39900/05-37. Mr. V. Vologzhin has been appointed temporary insolvency manager. A hearing will take place on April 26, 2006, 10:00 a.m. CONTACT: SIB-SALT 665453, Russia, Irkutsk region, Usolye-Sibirskoye, Krupskoj Str. 60 V. VOLOGZHIN Temporary Insolvency Manager 664025, Russia, Irkutsk region, S. Razina Str. 23, Post User Box 3311 TRIACETATE: Saratov Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Arbitration Court of Saratov region commenced bankruptcy proceedings against Triacetate after finding the close joint stock company insolvent. The case is docketed as A57-253B/05- 32. Ms. T. Perfilova has been appointed insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to: (a) TRIACETATE 413116, Russia, Saratov region, Engels, Khimikov Pr. 1 (b) T. PERFILOVA Insolvency Manager 410029, Russia, Saratov region, Sakko i Vantsett Str. 54/60, Office 201 (c) ARBITRATION COURT OF SARATOV REGION Russia, Saratov region, Babushkin Vvoz Str. 1, 14th floor ULYANOVSK-METALL-SNAB: Court Sets April 4 Claims Bar Date --------------------------------------------------------- The Arbitration Court of Ulyanovsk region has commenced bankruptcy proceedings against Ulyanovsk-Metall-Snab after finding the open joint stock company insolvent. The case is docketed as A72-11797/05-20/16-B. Mr. V. Nikishkin has been appointed insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to 433870, Russia, Ulyanovsk region, Novospasskoye, Post User Box 46. CONTACT: ULYANOVSK-METALL-SNAB 432029, Russia, Ulyanovsk region, Ulyanovskoye Shosse, 2A V. NIKISHKIN Insolvency Manager 433870, Russia, Ulyanovsk region, Novospasskoye, Post User Box 46 YARTSEVSKIY COTTON: Firm Falls Into Bankruptcy ---------------------------------------------- The Arbitration Court of Smolensk region commenced bankruptcy proceedings against Yartsevskiy Cotton Combine after finding the open joint stock company insolvent. The case is docketed as A62-646-N/2005. Mr. A. Grimovskiy has been appointed insolvency manager. Creditors have until April 4, 2006, to submit their proofs of claim to: (a) YARTSEVSKIY COTTON COMBINE 215800, Russia, Smolensk region, Yartsevo, Leninskaya Str. 16 (b) A. GRIMOVSKIY Insolvency Manager 214000, Russia, Smolensk region, Dzerzhinskogo Str. 18, Building 2, Apartment 7 (c) ARBITRATION COURT OF SMOLENSK REGION 214018, Russia, Smolensk region, Gagarina Pr. 46 =============== S L O V E N I A =============== ISKRAEMECO: Mounting Debts Trigger Bankruptcy Filing ---------------------------------------------------- The Board of Iskraemeco filed for bankruptcy pursuant to a compulsory settlement proposal on Feb. 16, 2006, in order to reorganize its finances, Finance Business Daily reports. The European utility metering manufacturer laid off 500 workers in 2005 due to high raw material costs and is in talks to further decrease its workforce. The paper reveals that the Company reportedly had up to EUR70 million in debt, twice as much as its worth, the paper reports. Chairman Karl Rozman disclosed EUR5.8 million in losses last year, while revenues amounted to EUR107 million. It covered a potential EUR8 million net loss in 2004 with the sale of approximately EUR6.7 million in Gorenjska banka shares. Joze Mencinger, chairman of the supervisory board, hopes the settlement won't jeopardize their large operations in Scandinavia, the paper relates. Headquartered in Kranj, Slovenia, Iskraemeco -- http://www.iskraemeco.si/-- is the third largest manufacturer of electricity meters in Europe and the fifth largest in the world. It produces an increasing number of devices and systems for the measurement and management of energy in industrial and electric energy distribution systems. ============= U K R A I N E ============= AGAT: Ludmila Orletska Takes Over Operations -------------------------------------------- The Economic Court of Zhitomir region commenced bankruptcy proceedings against Private Enterprise Agat (code EDRPOU 22064443) on January 19, 2006 after finding the company insolvent. The case is docketed as 5/18 B. Ms. Ludmila Orletska has been appointed liquidator/insolvency manager. CONTACT: AGAT 10000, Ukraine, Zhitomir region, Hlibna Str. 21-a Ms. Ludmila Orletska Liquidator/Insolvency Manager Ukraine, Zhitomir region, Pershij Maryanivskij Lane, 68 ECONOMIC COURT OF ZHITOMIR REGION 10002, Ukraine, Zhitomir region, Putyatinski Square 3/65 APEDMAK: Declared Insolvent by Harkiv Court ------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against LLC Apedmak (code EDRPOU 33605965) on January 25, 2006 after finding the company insolvent. The case is docketed as B-39/157-05. LLC Shamshu has been appointed liquidator. CONTACT: APEDMAK 61033, Ukraine, Harkiv region, Shevchenko Str. 235 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance DELYATIN' WOOD: Bankruptcy Chops Group -------------------------------------- The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on OJSC Delyatin' Wood Combine (code EDRPOU 00274275) on Dec. 29, 2005. The case is docketed as B-13/130. Mr. Oleg Yashishin has been appointed temporary insolvency manager. CONTACT: OJSC DELYATIN' WOOD COMBINE Ukraine, Ivano-Frankivsk region, Nadvirnyanskij district, Delyatin, 16 lipnya Str. 11 Mr. Oleg Yashishin, Temporary Insolvency Manager 76000, Ukraine, Ivano-Frankivsk region, G. Mazepa Str. 17 B/7 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a MAYAK-1: Court Appoints O. Tishenko to Liquidate Assets ------------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy proceedings against Agricultural LLC Agrofirm Mayak-1 (code EDRPOU 00707952) after finding the company insolvent. The case is docketed as B-31/43-06. Mr. O. Tishenko has been appointed liquidator/insolvency manager. CONTACT: MAYAK-1 Ukraine, Harkiv region, Kegichivskij district, Paraskoviya Mr. O. Tishenko Liquidator/Insolvency Manager 61002, Ukraine, Harkiv region, Petrovskij Str. 6/8-15 ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi Square 5, Derzhprom 8th Entrance NOVOFASTIVSKE: Vinnitsya Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Agricultural LLC Novofastivske (code EDRPOU 03729888) on after finding the company insolvent. The case is docketed as 5/258-05. Mr. T. Kucher has been appointed liquidator/insolvency manager. CONTACT: NOVOFASTIVSKE 22200, Ukraine, Vinnitsya region, Pogrebishenskij district, Novofastiv, Centralna Str. 6 Mr. T. Kucher Liquidator/Insolvency Manager 22500, Ukraine, Vinnitsya region, Lipovets, Lenin Str. 94 ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose 7 PROGRES: Goes Into Liquidation in Vinnitsya Region -------------------------------------------------- The Economic Court of Vinnitsya region commenced bankruptcy proceedings against Agricultural LLC Progres (code EDRPOU 05525227) after finding the company insolvent. The case is docketed as 10/179-05. Mr. T. Kucher has been appointed liquidator/insolvency manager. CONTACT: PROGRES 22254, Ukraine, Vinnitsya region, Pogrebishenskij district, Dovzhok, Centralna Str. 37 Mr. T. Kucher Liquidator/Insolvency Manager 22500, Ukraine, Vinnitsya region, Lipovets, Lenin Str. 94 ECONOMIC COURT OF VINNITSYA REGION 21036, Ukraine, Vinnitsya region, Hmelnitske Shose 7 REGION-KRYM: Insolvency Manager Comes In ---------------------------------------- The Economic Court of AR Krym region commenced bankruptcy proceedings against CJSC REGION-KRYM (code EDRPOU 30646108) on January 10, 2006 after finding the company insolvent. The case is docketed as 2-26/2869-2006. Mr. Andrij Sviridenko has been appointed liquidator/insolvency manager. CONTACT: REGION-KRYM Ukraine, AR Krym region, Simferopol, Chervonoznamenna Str. 61 Mr. Andrij Sviridenko Liquidator/Insolvency Manager 98612, Ukraine, AR Krym region, Yalta, Mishorska Str. 1/9 THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 SOVETSKIJ BUTTER: Submits to Bankruptcy Procedure ------------------------------------------------- The Economic Court of AR Krym region commenced bankruptcy supervision procedure on OJSC Sovetskij' Butter Plant (code EDRPOU 00446300) on Nov. 24, 2005. The case is docketed as 2- 29/163912-2005. Mr. Kuht Vasil has been appointed temporary insolvency manager. CONTACT: SOVETSKIJ BUTTER PLANT 97200, Ukraine, AR Krym region, Sovetskij, Severnij lane, 6 Mr. Kuht Vasil Temporary Insolvency Manager 95048, Ukraine, AR Krym region, Simferopol, a/b 2745 THE ECONOMIC COURT OF AR KRYM REGION 95000, Ukraine, AR Krym region, Simferopol, Karl Marks Str. 18 ZAHIDIMPROMMONTAZH: Under Bankruptcy Supervision ------------------------------------------------ The Economic Court of Ivano-Frankivsk region commenced bankruptcy supervision procedure on CJSC Zahidimprommontazh (code EDRPOU 01415751) on December 20, 2005. The case is docketed as B-7/227. Mr. Vasil Martinuk has been appointed temporary insolvency manager. CONTACT: ZAHIDIMPROMMONTAZH Ukraine, Ivano-Frankivsk region, Botanichna Str. 8 Mr. Vasil Martinuk Temporary Insolvency Manager Ukraine, Ivano-Frankivsk region, Pivdennij bulvar Str. 42/9 ECONOMIC COURT OF IVANO-FRANKIVSK REGION 76000, Ukraine, Ivano-Frankivsk region, Shevchenko Str. 16a =========================== U N I T E D K I N G D O M =========================== ARBORICULTURAL AGENCY: Closes Operations & Liquidates Assets ------------------------------------------------------------ Members of Arboricultural Agency Limited passed a resolution to wind up the company's operations on Feb. 13, 2006. Jeremiah Anthony O'Sullivan, of Bishop Fleming, was appointed Liquidator. CONTACT: ARBORICULTURAL AGENCY LIMITED Dainton House Farm Dainton Newton Abbot Devon TQ125TZ Tel: 01803 813 286 Fax: 01803 813 286 Web: http://www.arboricultural-agency.com/ ARTCARE (UK): Administrators Take Over Helm ------------------------------------------- Roger Tulloch and Robert Horton of Smith & Williamson Limited were appointed administrators of Artcare (UK) Ltd (Company Number 00883805) on Feb. 17. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Headquartered in London, Artcare UK Ltd -- http://www.artcare.co.uk/-- supplies presentation portfolios and carrying cases for the education industry for more than 30 years in the UK, as well as countries as far as Australia, Germany and Holland. CANDY SHOT: Taps Elizabeth Arakapiotis to Liquidate Assets ---------------------------------------------------------- The Candy Shot Company Limited appointed Elizabeth Arakapiotis, to liquidate its assets after members passed a resolution to wind up the company's operations on Feb. 9, 2006. Company Director, W.J. Turnage revealed that the company could not continue its business after being slumped in debt. CONTACT: THE CANDY SHOT COMPANY LIMITED Denham House Ewen Cirencester Gloucestershire GL7 6BY Tel: 01284 770 014 CECCO'S RESTAURANT: Cresswall Associates Leads Administration ------------------------------------------------------------- Gordon Craig and Daniel Paul Hennessy of Cresswall Associates Limited were appointed joint administrators of Cecco's Restaurant Limited (Company Number 04977801) on Feb. 15. CONTACT: CRESSWALL ASSOCIATES LIMITED Maple View, White Moss Business Park, Skelmersdale WN8 9TG CENTURION BATHS: Administrator From DCM Insolvency Moves In ----------------------------------------------------------- Mark S. Goldstein of DCM Insolvency Service Limited was appointed administrator of Centurion Baths Limited (Company Number 04265932) on Feb. 21. Centurion Baths Ltd manufactures baths and showers. Its office is at Yonder Hill, Chard Junction, Chard, Somerset TA20 4QR. CONTACT: DCM INSOLVENCY SERVICE LIMITED Kingswood Court 1 Hemlock Close Kingswood Surrey KT20 6QW Tel: 01737 830763 Fax: 01737 83081 E-mail: markmga@aol.com CMH CONSTRUCTION: Creditors Confirm Voluntary Liquidation --------------------------------------------------------- Creditors of CMH Construction Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 14, 2006. Creditors also ratified the appointment of Malcolm Edward Fergusson, as Liquidator. CONTACT: CMH CONSTRUCTION LIMITED 14 Trafalgar Terrace Darlington County Durham DL3 6QQ Tel: 01325 250 172 COLT TELECOM: Stockholders to Vote on Article Revision at EGM ------------------------------------------------------------- COLT Telecom Group plc will ask shareholders to approve a resolution authorizing the Company to change its articles of association during an extraordinary general meeting at 11:00 a.m., on March 30, 2006, at 23 Great Winchester Street in London EC2P 2AX. The revised articles of association will provide the Company the power to require sufficient U.S. shareholders to sell their shares so that it can suspend or terminate its US Registration, as it meets the Securities and Exchange Commission's requirements for suspension and termination. The Company intends to exercise its compulsory transfer powers as soon as possible subject to approval of the amendments to its articles of association at the EGM. 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. GARTMORE HIGH: Expects ZPDs Payment in Voluntary Liquidation ------------------------------------------------------------ Gartmore High Income Securities PLC, a wholly owned subsidiary of Gartmore High Income Trust PLC, will begin voluntary liquidation proceedings on March 31, 2006, in accordance with its Articles of Association. The Company's Board of Directors expects that all holders of the Zero Dividend Preference Shares issued by GHIS will be repaid their final capital entitlement of 173.36 pence in full. The Board will shortly be writing separately to holders of the ZDPs with further details of the member's voluntary winding-up and to give notice of an Extraordinary General Meeting to be held on March 31, 2006, to approve the winding-up procedure. The repayment of the ZDPs will be funded by Gartmore High Income Trust PLC in accordance with loan notes and subscription agreements between the Company and GHIS dated March 16, 1999, and Jan. 8, 2001. GHIT is also due to repay its GBP19.5 million bank loan on March 30, 2006. GHIT says it has adequate resources to repay in full the ZDPs and the Bank Loan. Following the repayment of the ZDPs, GHIT will cease to be a split capital trust. Based on the position as at Feb. 22, the Directors of GHIT estimate that, following the repayment of the ZDPs and the Bank Loan and taking account of estimated charges to capital to March 31, 2006, and estimated costs of liquidating GHIS, the net assets of the Company will be approximately GBP14.6 million. The Directors believe that an investment trust of this size is not a viable long-term investment vehicle as the costs of running it are excessive in relation to its size. Recognizing this, and in anticipation of the repayments described above, the Directors and their advisers, Intelli Corporate Finance Limited, considered various options for the future of the Company, including proposals under which: -- the investment objective of the Company would have been revised; -- a fundraising for the Company to increase substantially its size would have been carried out; and -- a cash exit facility at a level competitive with liquidation would have been made available to those shareholders who did not want to continue as investors in the trust with its revised investment objective. The Directors believe the proposals would have provided an equitable choice to those shareholders wishing to continue and to those wishing to realize cash for their investment. The revised investment policy was test marketed with a number of institutional investors and private client fund managers in October 2005 and was well received. Unlikely Fundraising However, as has been referred to in the press, Nationwide Mutual, the parent of Gartmore Investment Management plc is currently considering its options for the future of Gartmore which may include its sale. Due to the uncertainty regarding Gartmore's future, the Directors have been advised that a fundraising at this time was unlikely to be successful until Gartmore's future ownership was known. The Directors believe that the proposals represented an attractive way forward for the Company as they would have provided an ongoing investment vehicle for those who wished to continue as investors, whilst allowing those who did not want to do so to dispose of their holdings at a price competitive to that which they might have received in a liquidation. As it may be possible to implement these proposals once Gartmore's ownership and the future of those working for it becomes certain the Directors have consulted the Company's major shareholders to seek their views on continuing the Company in its present form for a limited period to allow time for Gartmore's future ownership to be resolved and the proposals outlined above to be implemented. Possible Parent Liquidation On the basis of the strong support indicated in these consultations, the Directors plan to manage the affairs of the Company for a limited period. If by Sept. 30, 2006, the Directors have not been able to implement proposals that will: -- have the support of shareholders; -- substantially increase the size of the Company; and -- allow those shareholders who want to exit to do so at a price competitive with liquidation; the Directors will put forward proposals to put the Company into liquidation by the end of October 2006. During this period of some six months, GHIT will continue with its existing investment objective and policy, which are respectively: -- to provide shareholders with a high level of income together with the potential for capital growth; and -- investment predominantly in securities of UK companies and fixed income securities with the majority of the portfolio being invested in equities. The Directors intend to use flexible short-term borrowings of up to 25% of net assets with a view to enhancing shareholder returns and a new overdraft facility will be put in place to permit this. The Manager will also continue to use the Company's dealing subsidiary with the objective of generating positive absolute returns which may be distributed to the Company as income. As indicated above, the Directors believe that the costs of running an investment trust of this size can be excessive and in order to avoid this being the case for the period to the intended fund raising or winding-up of the Company, Gartmore has agreed to waive all management and secretarial fees effective April 1, 2006. The Directors will also waive their fees for this period. Against this background and on the basis of current asset values the Directors have set a target gross dividend yield of 4.0% (3.6% net) for the six months to Sept. 30. This is equivalent to an annual gross yield of 8% (7.2% net). This target yield does not constitute a forecast of profits or return from investment in the Company and there is no guarantee of any particular level of profits or return being achieved. Should the Directors be able to bring forward proposals in the next six months to continue the Company with a revised investment objective, to raise further money, and allow those who wish to exit to do so, it is intended that the costs of such an exercise would be mitigated though a premium on the new money raised and an exit charge on those shareholders disposing of shares in line with the costs they would have expected to bear had the Company been liquidated. In addition, Gartmore have confirmed to the Board that they would either contribute up to GBP100,000 to support a cap on costs in the event of a successful fundraising or contribute the same amount towards any costs incurred in relation to a fundraising if such fundraising is unsuccessful. The decision of Gartmore's parent to put Gartmore up for sale has, temporarily at least, meant that the Directors have not been able to put forward proposals that would both allow the shareholders of GHIT who want to continue in a trust managed by Gartmore to do so and at the same time allow those who would want to realize their investment at a level competitive with liquidation to do so. The Directors have consulted with major shareholders and have received strong support for the Company continuing for some six months with the existing investment objective and policy (and a lower level of gearing) to allow time for suitable proposals to be brought forward. If proposals are not announced by the end of September 2006, the Directors will put forward proposals to wind up GHIT shortly thereafter. Headquartered in London, Gartmore offers a wide range of investment products and services, tailored to meet the varying needs of both institutional and retail investors, and has GBP48.4 billion assets as of Dec. 31, 2005, under management. Gartmore has offices in the United Kingdom, USA, Germany, Spain and Japan, with 180 highly skilled investment professionals. GOLDEN DYNASTY: Meeting of Creditors Set March 15 ------------------------------------------------- Creditors of Golden Dynasty Restaurant Limited (Company Number 04585090) will meet on March 15, 2006, 2 p.m. at New Connaught Rooms, Great Queen Street, London WC2B 5DA. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to G. M. Krasner, administrator of Bartfields (UK) Limited, Burley House, 12 Clarendon Road, Leeds LS2 9NF not later than 12 noon, March 14, 2006. CONTACT: BARTFIELDS (UK) LIMITED Burley House 12 Clarendon Road Leeds West Yorkshire LS2 9NF Tel: 0113 244 9051 Fax: 0113 234 3208 E-mail: gerald.krasner@bartfield.co.uk HARVEST KITCHENS: Kitchen Manufacturer Yields to Bankruptcy ----------------------------------------------------------- Peter Maurice Levy, of Levy & Partners, was appointed liquidator of Harvest Kitchens Limited after members decided to liquidate the company's asset on Feb. 7, 2006. Chairman D. Sutton informed the company is unable to continue its business due to its mounting debts. CONTACT: HARVEST KITCHENS LIMITED Company House Stock Road Southend-On-Sea Essex SS2 5QF Tel: 01702 300 308 Fax: 01702 602 620 JW OFFSET: Financial Woes Prod Liquidation ------------------------------------------ Members of JW Offset Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 13, 2006. Chairman I. Jones expressed that the company could no longer continue its operations due to financial liabilities. Richard William James Long, of Richard Long & Co, was voted Liquidator. CONTACT: J W OFFSET LIMITED 9 Mead Lane Merchant Drive Hertford Hertfordshire SG137BH Tel: 01992 534 373 Fax: 01992 534 374 KINGSVALE HOMES: Creditors' Meeting Set Next Week ------------------------------------------------- Creditors of Kingsvale Homes Limited (Company Number 04878447) and Kingsvale Homes (Saintbury) Limited (Company Number 4878517) will meet on March 14, 2006, 10 a.m. and 11:30 a.m. respectively at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to A. W. Graham, joint administrator of KPMG LLP, St Nicholas House, Park Row, Nottingham NG1 6FQ not later than 12 noon, March 13, 2006. 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. LOGICAL MECHANICAL: Joint Liquidators Take Helm ----------------------------------------------- Members of Logical Mechanical Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 7, 2006. They authorized Kevin James Wilson Weir and Gregory Andrew, to jointly administer the winding up process. CONTACT: LOGICAL MECHANICAL LIMITED Abbey Enterprise Centre Premier Way Romsey Hampshire SO519DF Tel: 01794 523 308 POLESTAR FLOORING: Building Specialist Liquidates Assets -------------------------------------------------------- Tim Alexander Clunie, of S. G. Banister & Co, was appointed Liquidator after members of Polestar Flooring & Design Limited decided to liquidate the company's assets on Feb. 10, 2006. Director S. D. M. Poland disclosed that the company could no longer continue its business due to mounting debts. CONTACT: POLESTAR FLOORING & DESIGN LIMITED 9 Marylands Road London W9 2DU Tel: 020 7266 2966 Fax: 020 7266 2984 Web: http://www.polestar4floors.co.uk/ RANK GROUP: Buys Back 831,246 Shares for Cancellation ----------------------------------------------------- The Rank Group Plc purchased 831,246 Ordinary shares of 10 pence in the Company for cancellation at an average price of 241.29 pence per share. 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. * * * As reported in the Troubled Company-Europe yesterday, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc (Rank) and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). The rating action is prompted by Rank's announcement that it will distribute GBP200 million to shareholders, following the completion of the Deluxe Film's disposal as well as by the group's weak operating performance in 2005. The downgrade reflects Moody's expectation that Rank's more limited business scope and less diversified business profile combined with its increased leverage will result in a considerably weakened financial profile. The rating action concludes a review initiated on Dec. 7 2005. At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. The outlook is stable. RESOURCE NINE: Northern Financial Appoints Receiver --------------------------------------------------- Northern Financial Services Ltd appointed Melvyn L. Rose of Elliot, Woolfe & Rose administrative receivers of Resource Nine Ltd (Company Number 03921299) on Feb. 21. The company was formerly named Piggybank Corporation Ltd and Resource One Ltd. CONTACT: ELLIOT WOOLFE & ROSE 1st Floor Equity House 128/136 High Street Edgware Middlesex HA8 7TT Tel: 020 8952 0707 Fax: 020 8952 2332 E-mail: mlr@ewr.co.uk SCRAPBOOKHOUSE LIMITED: Appoints Begbies Traynor Administrator -------------------------------------------------------------- G. N. Lee and D. Bailey of Begbies Traynor were appointed joint administrators of The Scrapbookhouse Limited (Company Number 04319984) on Feb. 24. Its registered office is at Unit 9, Astley House, Cromwell Business Park, Chipping Norton, Oxfordshire OX5 7SR. 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 The Scrapbookhouse Ltd sells household goods. Its shop is at Unit 9 Cromwell Business Park, Chipping. Norton, Oxon OX7 5SR. SHINING STAR: Members Agree to Voluntary Liquidation ---------------------------------------------------- Members of Shining Star (UK) Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 10, 2006. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. John D Cullen, of Harris Lipman, was appointed Liquidator to wind up the company's business. CONTACT: SHINING STAR (UK) LIMITED Unit 10 & 11 Station Terrace Ely Brewery Workshops Ely Cardiff South Glamorgan CF5 4AR Tel: 029 2056 0200 Fax: 029 2056 0300 Web: http://www.shiningstargroup.com/ SR REALISATIONS: Appoints Tenon Recovery Administrator ------------------------------------------------------ Martin A. Shaw and Charles M. Brook of Tenon Recovery were appointed joint administrators of international scenic theming and fit-out specialist SR Realisations Limited (formerly Scenic Route Limited - Company Number 02727837) on Feb. 24. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. STOCKPROTECT LIMITED: Closes Operations & Liquidates Assets ----------------------------------------------------------- Stockprotect Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 8, 2006. Matthew Colin Bowker and David Anthony Willis, of Jacksons Jolliffe Cork, were appointed Joint Liquidators. CONTACT: STOCKPROTECT LIMITED 1 Canal Street Huddersfield West Yorkshire HD1 6NY Tel: 01484 423 073 Fax: 01484 435 757 Web: http://www.stockprotect.co.uk/ STRELLEY ENTERPRISES: Members Pass Winding Up Resolution -------------------------------------------------------- Strelley Enterprises Limited is liquidating its assets after members elected to wind up the company's operations during an extraordinary general meeting held on Feb. 13, 2006. Company Chairman H. Morton disclosed that the members found out that the company could not continue its business due to mounting debts. S Wilson and D J Whitehouse, of Kroll, were appointed Joint Liquidators. CONTACT: STRELLEY ENTERPRISES LIMITED Unit 1 Mansfield Road Temple Normanton Business Park Corbriggs Chesterfield Derbyshire S41 0JS Tel: 01246 229 922 Fax: 01246 297 030 Web: http://www.strelleyenterprises.com/ URBAN DETAIL: Clothing Retailer Taps BDO Stoy as Administrator -------------------------------------------------------------- Matthew Dunham and Toby Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Urban Detail Limited (Company Number 05398740) on Feb. 22. The company sells clothing. 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. UTANCO SERVICES: Joint Administrators Lead Liquidation Process -------------------------------------------------------------- Gareth W. Roberts and Paul W. Ellison of Hurst Morrison Thomson were appointed joint administrators of CR LLP Utanco Services Limited (Company Number 01546466) on Feb. 21. The company offers air conditioning and heating services. Its office is at Morlane Crossing, Tolpits Lane, Watford, Hertfordshire WD18 9TJ. CONTACT: HURST MORRISON THOMSON CORPORATE RECOVERY LLP 5 Fairmile, Henley on Thames, Oxfordshire RG9 2JR Tel: +44 (0) 1491 579866 Fax: +44 (0) 1491 573397 E-mail: hmt@hmtgroup.co.uk ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, 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 * * *