/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060317.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, March 17, 2006, Vol. 7, No. 55 Headlines G E R M A N Y A+D GMBH: Claims Registration Ends March 31 F. L. ENTERTAINMENT: Claims Registration Ends April 3 FREIZEITPARK MOTODROM: Claims Registration Ends April 6 HGM HAMBURGER: Claims Registration Ends March 29 INFAM BIBA: Registration of Claims Ends March 22 J. GASTRO: Claims Registration Ends March 27 PTS LOGISTICS: Registration of Claims Ends March 31 SARAY PASTANESI: Claims Registration Ends March 24 TABACERIA EINZELHANDELS: Claims Registration Ends March 30 UBS SOFTWARE: Claims Registration Ends April 4 H U N G A R Y GLOBUS HOLDING: Authorities Launch Probe on Stake Offer I T A L Y IMPREGILO SPA: Astaldi Mulls Possible Merger Deal LUCCHINI S.P.A.: Moody's Assigns Ba3 Corporate Family Rating K A Z A K H S T A N AMIR: Pavlodar Court Opens Bankruptcy Proceedings BRATHER: Creditors Must File Proofs of Claim by March 24 BROKER PLUS: Creditors Must File Proofs of Claim by March 20 FIRMA EVROAZIA: Pavlodar Court Opens Bankruptcy Proceedings KADAM: Kostanai Court Opens Bankruptcy Proceedings MO-2: Creditors Must File Proofs of Claim by March 31 TEMIR CAPITAL: Moody's Rates New Senior Notes at B1 R U S S I A AGRO-SIB: Deadline for Proofs of Claim Set April 4 BELORECHENSK-STROY: Bankruptcy Hearing Set for June 28 BEREG: Claims Filing Period Ends April 4 BIYSKAYA: Altay Court Begins Bankruptcy Supervision Procedure BREWERY STAVROPOLYE: Stavropol Court Begins Bankruptcy Process CHISTYE PRUDY: Insolvency Manager Takes Over Helm KADYJSKAYA: Claims Filing Period Ends April 4 OAO ROSNEFT: Plans to Launch $15-Billion IPO in Third Quarter PENZENSKIY FACTORY: Bankruptcy Hearing Set for April 27 TASHTAGOLSKOYE: Bankruptcy Hearing Set for June 19 WORSTED-CLOTH COMPANY: Chita Court Begins Bankruptcy Process YUKOS OIL: Rosneft Buys US$482 Million Debt From Bank Lenders YUKOS OIL: Lithuania May Buy Majority Stake in Mazeikiu Nafta U K R A I N E ART TEKST: Kyiv Court Opens Bankruptcy Proceedings IRSHAVA' FURNITURE: Court Names Rakushinets Insolvency Manager LADA SERVICE: Vinnitsya Region Begins Bankruptcy Supervision LIZERT: Kyiv Court Opens Bankruptcy Proceedings NIKOLAOS: Mikolaiv Court Opens Bankruptcy Proceedings SILGOSPHIMIYA: Court Appoints Bigun Roman as Liquidator SOUTH-EASTERN RESOURSES: Lugansk Court Opens Bankruptcy Process UKRSLAVNAFTA: Poltava Court Opens Bankruptcy Proceedings YAKIMIVKA' STANDART: Court Names Insolvency Manager U N I T E D K I N G D O M A.T.H. FABRICATIONS: Creditors Confirm Voluntary Liquidation AMBASSADOR FOOD: Joint Liquidators Set March 31 Claims Bar Date AQUABEAU LIMITED: Appoints Geoffrey Martin & Co. Administrator BUS & MOTORS: Appoints Tenon Recovery Administrator CAIRNGORM LIMITED: Fitch Affirms GBP9-Mln Class D Notes at BB CANNOCK COURIERS: Members Agree on Voluntary Liquidation CAR SAFETY: Creditors Have Until March 31 to Register Claims CASWELL PARTS: Meeting of Creditors Set for March 23 CELSIUS FIRST: Appoints PwC to Administer Assets CHEMICAL BLACKING: Creditors Have Until May 8 to Register Claims COMPLETE MOTOR: Creditors Have Until March 31 to Register Claims CORUS GROUP: Selling Aluminum Unit to Aleris for EUR826 Million D.A.F. ELECTRICAL: Appoints Grant Thornton to Administer Assets DREAM EASY: Members Agree on Voluntary Liquidation ELANTIC LIMITED: Appoints Leonard Curtis as Administrator EPSOM BUSINESS: Appoints Michael Sutcliffe as Liquidator ESSENCE OF BUSINESS: Members Pass Winding Up Resolution FOLDING SOLUTIONS: Members Pass Winding Up Resolution GLOBE GROUP: Appoints Joint Administrators from Robson Rhodes HPJ UK: Meeting of Creditors Set for March 20 KDG UK: Taps Geoffrey Martin to Administer Assets KEMP STORAGE: Creditors' Meeting Set for March 20 LIVERPOOL FUEL: Appoints Begbies Traynor to Administer Assets MAT GROUP: Appoints Administrators from KPMG MERILAB LIMITED: Appoints Joint Administrators from Mazars META COMPUTER: Creditors' Meeting Set for March 20 NEWGATE FUNDING: Fitch Puts BB Rating to GBP5.45MM Class Q Notes PEAK ENTERTAINMENT: Appoints Wilson Field Administrator RANK GROUP: Repurchases 1.4 Million Shares for Cancellation V T TECHNOLOGY: Appoints Administrators from KPMG * Hunton & Williams Launches Corp Recovery & Insolvency Practice ********* ============= G E R M A N Y ============= A+D GMBH: Claims Registration Ends March 31 ------------------------------------------- Creditors of A+D GmbH Abdichtungen, Dachbegruenung, Terrassen have until March 31, to register their claims with court- appointed provisional administrator Thomas Illy. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 20, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Raum E03 Engelhardstrasse 21 63450 Hanau The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Hanau opened bankruptcy proceedings against A+D GmbH Abdichtungen, Dachbegruenung, Terrassen on Feb. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: A+D GmbH Abdichtungen, Dachbegruenung, Terrassen Attn: Hannelore Wagner, Manager Rathausstr. 10 63454 Hanau The administrator can be contacted at: Thomas Illy Welle 5 60322 Frankfurt/Main Tel: 069/9799530 Fax: 069/97995399 E-mail: thomas.illy@thierhoffilly.com F. L. ENTERTAINMENT: Claims Registration Ends April 3 ----------------------------------------------------- Creditors of F. L. Entertainment GmbH have until April 3, to register their claims with court-appointed provisional administrator Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 26, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Saal A 220 24937 Flensburg The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Flensburg opened bankruptcy proceedings against F. L. Entertainment GmbH on Feb. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: F. L. Entertainment GmbH Grosse Strasse 87 24937 Flensburg Attn: Robert Fabig, Manager Danische Strasse 18 24103 Kiel The administrator can be contacted at: Jan H. Wilhelm Albert-Einstein-Ring 11 22761 Hamburg Tel: 040-89956-0 FREIZEITPARK MOTODROM: Claims Registration Ends April 6 ------------------------------------------------------- Creditors of Freizeitpark Motodrom Hoope GmbH have until April 6, to register their claims with court-appointed provisional administrator Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 4, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cuxhaven Saal 112 Deichstr. 12a 27472 Cuxhaven The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Cuxhaven opened bankruptcy proceedings against Freizeitpark Motodrom Hoope GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Freizeitpark Motodrom Hoope GmbH Wulsbuettler Str. 2 27628 Wulsbuettel Attn: Christian Hahn, Manager Elbchaussee 440 22609 Hamburg The administrator can be contacted at: Jan H. Wilhelm Markt 1 28195 Bremen Tel: 0421/178765 Fax: 0421/1787665 HGM HAMBURGER: Claims Registration Ends March 29 ------------------------------------------------ Creditors of HGM Hamburger Gartenmobelgesellschaft mbH have until March 29, to register their claims with court-appointed provisional administrator Herbert Duerkop. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on April 26, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Saal B 405 4. Etage Sievekingplatz 1 20355 Hamburg The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against HGM Hamburger Gartenmobelgesellschaft mbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HGM Hamburger Gartenmobelgesellschaft mbH Stenzelring 23 21107 Hamburg Attn: Rainer Lorenz, Manager Erlenweg 19 22880 Wedel The administrator can be contacted at: Herbert Duerkop Neuer Wall 86 20354 Hamburg Tel: 040/3613070 Fax: 040/37644625 INFAM BIBA: Registration of Claims Ends March 22 ------------------------------------------------ Creditors of INFAM Biba Fashion Textilhandels GmbH have until March 22, to register their claims with court-appointed provisional administrator Wolfgang Hoppe. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 3, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt am Main Saal 2 Gebaude F Klingerstrasse 20 60313 Frankfurt am Main The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Frankfurt am Main opened bankruptcy proceedings against INFAM Biba Fashion Textilhandels GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: INFAM Biba Fashion Textilhandels GmbH Attn: Michael Schrot, Manager Sudetenstrasse 33 63920 Grossheubach The administrator can be contacted at: Wolfgang Hoppe Mergenthalerallee 45-47 65760 Eschborn Tel: 06196/481969 Fax: 06196/482494 J. GASTRO: Claims Registration Ends March 27 -------------------------------------------- Creditors of J. Gastro GmbH have until March 27, to register their claims with court-appointed provisional administrator Thomas Lauterfeld. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 11, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt am Main Saal 2 Gebaude F Klingerstrasse 20 60313 Frankfurt am Main The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Frankfurt am Main opened bankruptcy proceedings against J. Gastro GmbH on Feb. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: J. Gastro GmbH Rellinghauser Str. 16 45128 Essen Attn: Juergen Genser, Manager Wilhelm-Anlahr-Str. 54 47447 Moers Winfried Kentenich, Manager Franz-Liszt-Str. 78 47239 Duisburg The administrator can be contacted at: Thomas Lauterfeld Muehlenberg 10 45479 Muelheim/Ruhr Tel: 0208/591761/63 Fax: 0208/591702 PTS LOGISTICS: Registration of Claims Ends March 31 --------------------------------------------------- Creditors of PTS Logistics Beteiligungs GmbH have until March 31, to register their claims with court-appointed provisional administrator Dr. Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on May 5, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Saal W126 1. Stock Wilhelmstrasse 21 53111 Bonn The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Bonn opened bankruptcy proceedings against PTS Logistics Beteiligungs GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: PTS Logistics Beteiligungs GmbH Lohestr. 19 53773 Hennef Attn: Marc Petersen, Manager Heidgeshof 8 53773 Hennef Web: http://www.pts-logistics.de/ The administrator can be contacted at: Dr. Christian Frystatzki Sankt Augustiner Strasse 94 a 53225 Bonn Tel: 0228/ 40 09 40 Fax: 0228/ 40 09 479 SARAY PASTANESI: Claims Registration Ends March 24 -------------------------------------------------- Creditors of Saray Pastanesi GmbH have until March 24, to register their claims with court-appointed provisional administrator Karl H. Jahn. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 11, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Raum E03 Engelhardstrasse 21 63450 Hanau The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Hanau opened bankruptcy proceedings against Saray Pastanesi GmbH on Jan. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Saray Pastanesi GmbH Stresemannstr. 8 63450 Hanau Attn: Ibrahim Kizilay, Manager Boppstr. 35 63739 Aschaffenburg The administrator can be contacted at: Karl H. Jahn Gerichtsfach 45 Sandeldamm 24 a 63450 Hanau Tel: 916460 Fax: 9164640 TABACERIA EINZELHANDELS: Claims Registration Ends March 30 ---------------------------------------------------------- Creditors of Tabaceria Einzelhandels-GmbH have until March 30, to register their claims with court-appointed provisional administrator Markus Schneckener. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 20, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Saal 4065 4. Ebene Gerichtstrasse 6 33602 Bielefeld The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings against Tabaceria Einzelhandels-GmbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Tabaceria Einzelhandels-GmbH Attn: Marcus Krichel, Manager Furth 8 32423 Minden The administrator can be contacted at: Markus Schneckener Ruegenweg 14 32427 Minden E-mail: m.schneckener@kanzlei-am-dom.de.kw UBS SOFTWARE: Claims Registration Ends April 4 ---------------------------------------------- Creditors of UBS Software-Service GmbH have until April 4, to register their claims with court-appointed provisional administrator Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 4, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Saal B 405 4. Etage Sievekingplatz 1 20355 Hamburg The court will also verify the claims set out in the administrator's report during the meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against UBS Software-Service GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: UBS Software-Service GmbH Herbert-Weichmann-Strasse 24 22085 Hamburg Attn: Boris Drenker, Manager Muessenweg 33 21521 Dassendorf The administrator can be contacted at: Stefan Hinrichs Kaiser-Wilhelm-Strasse 93 20355 Hamburg Tel: 040/41004040 Fax: 040/41004059 ============= H U N G A R Y ============= GLOBUS HOLDING: Authorities Launch Probe on Stake Offer ------------------------------------------------------- The State Financial Supervisory Authority suspended the shares buyout of canning group Globus Konzervipari Rt., pending the results of a probe on the matter, Budapest Business Journal reports. Union Fermiere Morbihannaise and Centrale Cooperative Agricole Bretonne's local unit, offered to acquire a 51% stake in Globus. The groups offered to buy the shares at HUF460 for each HUF250 face value share. PSzAF is currently trying to find out whether there is any irregularity since the HUF460 offer price is 31% higher than the minimum price set by the Budapest Stock Exchange. PSzAF spokesman IstvAn Binder declined to comment whether the probe also focuses on fluctuations in Globus' share price preceding the bid. Mr. Binder noted that a probe that not automatically mean PszAF have found something wrong. PszAF has 90 days to complete the investigation. Globus' majority owners, DEG of Germany (25.45%), Chairman Istv n Temesfoi (16.67%), Tebimpex GmbH (11.61%) and Deputy Chairman Jozsef Jehn (3.62%) signed the acquisition offer. Headquartered in Budapest, Hungary, Globus Konzervipari Rt. -- http://www.globus.hu/-- is the largest canning and cooling company in the country. Globus posted HUF4.3 billion in net losses in 2005, HUF2 billion of which were operating losses. The group also registered -HUF2.9 billion in one-time effect. Globus blames its dismal performance to rising fuel prices, entry of new market rivals and the strong Forint. ========= I T A L Y ========= IMPREGILO SPA: Astaldi Mulls Possible Merger Deal ------------------------------------------------- Astaldi S.p.A. is mulling a possible merger with larger construction rival Impregilo S.p.A., Il Sole 24 Ore says. According to the report, Astaldi executive deputy chairman Vittorio Di Paola revealed Wednesday that the group is persuaded by the fact that "Impregilo shareholders have clearly said it would be a good thing." Meanwhile, Impregilo board member Piergiorgio Romiti, in an interview with the same daily, said that, "mergers in the construction sector are a duty." Mr. Romiti, however, said that while "all possibilities should be taken into consideration," the parties have yet to enter into official talks." Impregilo and Astaldi, in separate statements, recently rejected reports that both companies are in preliminary merger talks. A merger would create a larger company with EUR4 billion in sales. In March 2005, Astaldi withdrew its bid to acquire a majority stake in Impregilo. Headquartered in Milan, Italy Impregilo S.p.A. -- http://www.impregilo.it/-- is a leading engineering group in Italy that has existed since 1906. It generates more than EUR2.96 billion in annual revenue and employs more than 11,703 people. As of December 2004, group net result and net financial position stood at -EUR1.76 billion and -EUR499 million respectively. Impregilo is optimistic it could achieve its profit forecast and debt-to-equity ratio of 0.5 in 2007. In September, the board approved a EUR345 million provision to meet consolidated loss of EUR328.5 million. Corporate restructuring specialist Lazard Freres & Co. LLC is advising Impregilo. LUCCHINI S.P.A.: Moody's Assigns Ba3 Corporate Family Rating ------------------------------------------------------------ Moody's Investors Service has assigned a corporate family rating of Ba3 to the Italian steel producer Lucchini S.p.A. This is the first time that Moody's has rated this company. The outlook for the rating is stable. The corporate family rating is an opinion of an issuer's ability to honor its financial obligations as if it had a single class of debt and a single consolidated capital structure. The Ba3 Corporate Family Rating reflects: -- Lucchini's established position in the European steel market, in particular with respect to higher value-added long steel products, notably for the rail sector and wire rod; -- the company's improving geographic focus, including product supplies to North American and Russian markets, as well as its existing broad customer base; -- the recent EUR450 million re-capitalization which substantially improved the capital structure and restored credit metrics to more comfortable levels; -- the continued good industry environment which has further contributed to Lucchini's restored profitability after a period of losses; -- well invested asset base providing flexibility for capital expenditure going forward; -- strategic location of core assets close to good logistics, including access to two industrial sea ports; and -- a committed and resourceful majority shareholder, Russian Severstal Group. The Ba3 Corporate Family Rating also takes into account: -- the cyclical nature of the steel industry and the sensitivity of financial results to rising raw material prices; -- Lucchini's modest market strength in steel sectors, except in the production of rails and wire rod; -- high exposure to fluctuations in iron ore and coal prices as well as being exposed to the vulnerabilities associated with securing long term raw material supplies; -- the company's reliance on various forms of short term banking lines, which are, however, demonstrated to be continuously renewed; -- the need to achieve efficient integration between Severstal Group and Lucchini businesses to ensure that operational synergies are realized; and -- concentration of ultimate control with one individual holding majority control over the company via its parent Severstal Group. Despite good prospects for improved profitability and cash flows, Lucchini's historical performance has been weak. During 2001-2003, the company was unable to efficiently manage a number of large investments, which severely impaired the overall financial position and liquidity profile. Simultaneously the overall sector experienced a weak operating and price environment. Moreover, although, current improved debt metrics are underpinned by sound operating performance, the recapitalized business has yet to experience stress in a downside scenario. The company is well positioned within its rating category and Moody's stable outlook reflects the expectation that Lucchini's cash flow profile would, in a downturn, evidence better resilience pending the company's future raw material arrangements and sales contracts related to the wider Severstal Group as well as the efficiency gains being derived from the implementation of a broader business strategy. A rating upgrade could be prompted if: -- the implementation of business strategy proves successful and leads to less volatile results over time supporting free cash flow generation, or -- the company's sourcing of raw materials will improve going forward based on expected future contractual arrangements. A downgrade of the rating would be considered in the event that the company substantially increased its indebtedness such that, coupled with lower cash flows, its cash flow-to-debt metrics deteriorated below 3%. Lucchini is Italy's second and Europe's 12th largest steelmaker, with a 2005 output of 3.2 mt and has a production capacity of 4 mt p.a. The company is a leading European producer of special quality steel long products. For the year ending 31 December 2004, the company's revenues and EBITDA of EUR 2,351 million and EUR 246 million, respectively, while in the first 6 months 2005, Lucchini generated revenues of EUR 1,372 million and EBITDA of EUR 189 million. =================== K A Z A K H S T A N =================== AMIR: Pavlodar Court Opens Bankruptcy Proceedings ------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region has commenced a civil case against LLP Amir on Jan. 23, to declare the group bankrupt. BRATHER: Creditors Must File Proofs of Claim by March 24 -------------------------------------------------------- LLP Brather has declared insolvency. Creditors have March 24 until to submit their written proofs of claim to: Brather Auezova Str. 142 Bolshaya Vladimirovka Beksaragaiskei district East Kazakhstan Region BROKER PLUS: Creditors Must File Proofs of Claim by March 20 ------------------------------------------------------------ Kyzylorda Branch of the LLP Broker Plus has declared insolvency. Creditors have until March 20 to submit their written proofs of claim to: LLP Broker Plus Suinbayeva Ave. 16-32 Almaty FIRMA EVROAZIA: Pavlodar Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has commenced has commenced a civil case against LLP Firma Evroazia on Jan. 23, to declare the group bankrupt. KADAM: Kostanai Court Opens Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region has commenced bankruptcy proceedings against LLP Kadam on Jan. 17, 2006. CONTACT: The Specialized Inter-Regional Economic Court of Kostanai Region Baitursynova Str. 70 Kostanai MO-2: Creditors Must File Proofs of Claim by March 31 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region has declared LLP MO-2 bankrupt. Creditors have until March 31 to submit their written proofs of claim to: MO-2 Altynsarina Str. 31 Aktube TEMIR CAPITAL: Moody's Rates New Senior Notes at B1 --------------------------------------------------- Moody's Investors Service has assigned a rating of B1 to the Senior Notes to be issued by a Dutch-based funding vehicle Temir Capital B.V., unconditionally and irrevocably guaranteed by Temirbank (Kazakhstan). The amount of the notes has yet to be determined, but their tenor will not exceed three years. The outlook for the rating is stable. Moody's notes that the B1 rating assigned to Temir Capital is based on the fundamental credit quality of the guarantor, Temirbank (Kazakhstan) rated B1/NP/E+ (stable), which does not factor any support from the bank's shareholders and Kazakh financial authorities. The bank's obligations under the guarantee will rank at least pari passu in right of payment with all other present and future unsecured obligations -- as may be preferred by mandatory provisions of applicable law of general application. According to the terms and conditions of the notes, Temirbank must maintain on a consolidated basis (reported under IFRS) capital adequacy ratio of at least 10 % as well as comply with a number of other covenants such as negative pledge, limitations on mergers and consolidation, and restrictions on distribution of dividends. The rating agency notes that, while the likelihood of any of the above-mentioned covenants being triggered is relatively low, any such occurrence could potentially have adverse liquidity implications for the bank and might exert additional downward pressure on its ratings. Headquartered in Almaty, Kazakhstan, Temirbank reported total consolidated assets of US$487.4 million -- in accordance with IFRS -- as at Nov. 30, 2005. =========== R U S S I A =========== AGRO-SIB: Deadline for Proofs of Claim Set April 4 -------------------------------------------------- Creditors of Agro-Sib have until April 4, 2006, to submit proofs of claims to: (a) Krasnyj Pr. 184 Novosibirsk Region 630049, Russia (b) A. Rusanov Insolvency Manager Kostycheva Str. 40/2 Post User Box 210 Novosibirsk Region 630077, Russia The Arbitration Court of Novosibirsk Region commenced bankruptcy proceedings against Agro-Sib after finding the open joint stock company insolvent. The case is docketed as A45-7455/05-4/72. Mr. A. Rusanov has been appointed insolvency manager. BELORECHENSK-STROY: Bankruptcy Hearing Set for June 28 ------------------------------------------------------ The Arbitration Court of Krasnodar Region will convene on June 28, to hear the bankruptcy supervision procedure on Belorechensk-Story OJSC. The case is docketed as A-32- 66404/2005-38/671-B. Mr. L. Lavrinenko has been appointed temporary insolvency manager and can be reached at: Belorechensk, Lenina Str. 64/1 Krasnodar Region Russia BEREG: Claims Filing Period Ends April 4 ---------------------------------------- Creditors of Bereg (TIN 7722138522, KPP 77220100) have until April 4, to submit their proofs of claim to: (a) Bereg Leblyanskaya Str. 5, Building 4 Moscow Region 109518, Russia (b) E. Kondratsikovskiy Insolvency Manager Sovetskaya Str. 33, Apartment 19 Saransk Region 430000, Russia (c) Arbitration Court of Moscow N. Basmannaya Str. 10 Moscow Region 107802, Russia The Arbitration Court of Moscow Region commenced bankruptcy proceedings against Bereg (TIN 7722138522, KPP 77220100) after finding the close joint stock company insolvent. The case is docketed as A40-75688/05-78-218 B. Mr. E. Kondratsikovskiy has been appointed insolvency manager. BIYSKAYA: Altay Court Begins Bankruptcy Supervision Procedure ------------------------------------------------------------- The Arbitration Court of Altay Region will convene on June 21, to hear the bankruptcy supervision on open joint stock company Biyskaya. The case is docketed as A03-22132/05-B. Ms. L. Prikhodko has been appointed temporary insolvency manager and can be reached at: Barnaul Post User Box 3077 Altay Region 656015, Russia BREWERY STAVROPOLYE: Stavropol Court Begins Bankruptcy Process -------------------------------------------------------------- The Arbitration Court of Stavropol Region commenced bankruptcy proceedings against Brewery Stavropolye (TIN 2623015760) after finding the limited liability company insolvent. The case is docketed as A63-2405/2005-S5. The Debtor can be reached at: Zavodskaya Str. 11 Stavropol Region 355000, Russia Mr. A. Khalizov has been appointed temporary insolvency manager and can be reached at: Lenina Str. 120, Apartment 4 Stavropol Region 355012, Russia CHISTYE PRUDY: Insolvency Manager Takes Over Helm ------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed V. Makarov as temporary insolvency manager for Chistye Prudy. The Court commenced bankruptcy proceedings against the open joint stock company after finding it insolvent. The case is docketed as A45-29417/05-4/364. The Debtor can be reached at: Zavyalovo, Tsentralnaya Str. 10 Novosibirsk Region Toguchinskiy Region 633478, Russia The temporary insolvency manager can be reached at: Krasnoobsk, Post User Box 325 Novosibirsk Region 630501, Russia KADYJSKAYA: Claims Filing Period Ends April 4 --------------------------------------------- Creditors of Kadyjskaya have until April 4, to submit their proofs of claims to: (a) Kadyjskaya Kadyj, Novovselskaya Str. 34 Russia, Kostroma Region (b) M. Sorokin Insolvency Manager M. Ekaterininskaya Str. 17/21 Moscow Region 129110, Russia The Arbitration Court of Kostroma Region commenced bankruptcy proceedings against Kadyjskaya after finding the close joint stock company insolvent. The case is docketed as A31-5503/ 2005-18. Mr. M. Sorokin has been appointed insolvency manager. OAO ROSNEFT: Plans to Launch $15-Billion IPO in Third Quarter ------------------------------------------------------------- Russia's state-owned oil company, OAO Rosneft, hopes to raise US$15 billion from what could be the world's biggest initial public offering in October. The planned IPO may be carried out in stages or all at once, Bloomberg News cited Economy Minister German Gref. "There are some technical difficulties and we are now working to solve them," he said. Rosneft intends to consolidate OAO Yuganskneftegaz, once Yukos's biggest production unit, possibly before the IPO. Russia, which owns 100% of Rosneft through Rosneftegaz, plans to retain at least a majority stake in the Company. Rosneft is preparing to recruit American investment banker Peter O'Brien, as a senior executive to head the initial public offering. Mr. O'Brien, Morgan Stanley vice president in Moscow in charge of energy projects in the former Soviet Union, is in talks with Rosneft about the position, Bloomberg cited the Vedomosti newspaper. The move comes a month after Rosneft's Sergei Alexeev relinquished his post as the Company's chief financial officer. The approach also comes less than three months after Russian President Vladimir Putin offered the role of Rosneft chairman to Donald Evans, the former US commerce secretary, which Mr. Evans declined citing other commitments, Neil Buckley in Moscow and Arkady Ostrovsky write for the Financial Times. Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/ -- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. PENZENSKIY FACTORY: Bankruptcy Hearing Set for April 27 ------------------------------------------------------- The Arbitration Court of Penza Region will convene on April 27, at 3:00 p.m., to hear the bankruptcy supervision procedure on open joint stock company Penzenskiy Factory. The case is docketed as A49-12883/2005-227b/10. Mr. A. Felinskiy has been appointed temporary insolvency manager and can be reached at: Okruzhnaya Str. 3 Penza Region 440031, Russia TASHTAGOLSKOYE: Bankruptcy Hearing Set for June 19 -------------------------------------------------- The Arbitration Court of Kemerovo Region will convene on June 19, to hear the bankruptcy supervision on limited liability company Tashtagolskoye. The case is docketed as A27-42234/ 2005-4. Mr. S. Bychkov has been appointed temporary insolvency manager and can be reached at: Novokuznetsk, Post User Box 7/25 Kemerovo Region 654007, Russia WORSTED-CLOTH COMPANY: Chita Court Begins Bankruptcy Process ------------------------------------------------------------ The Arbitration Court of Chita Region has commenced bankruptcy supervision on open joint stock company Worsted-Cloth Company (TIN 7537009498). The case is docketed as #A-78-13165/ 2005-B-99. Mr. S. Filippov has been appointed temporary insolvency manager. A hearing will take place at 2:30 p.m., June 14, 2006. The Debtor can be reached at: Kosmonavtov Str. 1 Chita Region 672030, Russia The insolvency manager can be reached at: 9th January Str. 37, Office 212 Chita Region Russia YUKOS OIL: Rosneft Buys US$482 Million Debt From Bank Lenders ------------------------------------------------------------- A consortium of 14 foreign bank lenders sold the remainder of a US$1 billion loan owed by Yukos Oil Company to the Russian Federation state-owned oil company, Rosneft. Moscow-based Rosneft acquired US$482 million of Yukos' debts from the bank syndicate, which comprised of Societe Generale, Citigroup Inc., Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, among others. "It appears, from information secured today by Yukos Oil Company that the agreement between the banks and Rosneft was undertaken on Dec. 13, 2005," Yukos said Wednesday in an emailed statement. According to reports, the debt buyout sparked speculation that Rosneft, which took over Yukos' biggest oil fields in December 2004, is poised to take over what's left of Yukos' foreign assets, including its Mazeikiu refinery. "Rosneft is using the cover of the Kremlin to try and seize the maximum amount of assets," Yukos' former first vice president, Alexander Temerko told The Moscow Times. "If there is no announcement on the winner of Mazeikiu, it can file to freeze [the refinery]." Through its ownership of OAO Yuganskneftegaz, Rosneft already held the guarantee for the US$1 billion loan, Catherine Belton of The Moscow Times reveals. The banks asked the Moscow Arbitration Court on March 10 to declare Yukos bankrupt in an attempt to recover the remainder of the US$1 billion debt under outstanding loan agreements. The Court will convene on March 28 to hear the involuntary bankruptcy petition. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. YUKOS OIL: Lithuania May Buy Majority Stake in Mazeikiu Nafta ------------------------------------------------------------- The Lithuanian government offered to buy a majority stake in Mazeikiu Nafta AB from OAO Yukos Oil Co., Lucian Kim and Milda Seputyte write for Bloomberg News. Economy Ministry spokeswoman in Vilnius, Orijana Jakimauskiene, told Bloomberg that the government is in exclusive talks with Yukos over the purchase of the oil refinery in Butinge, which is estimated to be worth up to US$1 billion. Lithuanian daily Lietuvos Rytas disclosed that the state may pay US$1.4 billion for the 54% stake. "Is Yukos going to get anything out of it? Not a sausage," Chris Weafer, chief strategist for Moscow-based Alfa Bank, told Bloomberg. "It's the safest option for Lithuania. They'll continue to depend on Russia for oil in the future." According to the report, other parties that have made offers to Yukos include: -- Poland's PKN Orlen SA; -- Kazakhstan's state-owned oil company KazMunaiGaz; -- BP Plc's Russian venture TNK-BP; and -- Russia's OAO Lukoil in cooperation with U.S. ConocoPhillips. Yukos is facing bankruptcy proceedings in Russia after a consortium of 14 bank lenders filed on March 10 an involuntary bankruptcy petition in the Moscow Arbitration Court. The bank syndicate, which includes Societe Generale, Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, are seeking to recover US$482 million as repayment of the remainder of a $1 billion syndicated loan that Yukos secured in September 2003. The group reportedly sold the debt to state-owned oil company Rosneft in December 2005. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. ============= U K R A I N E ============= ART TEKST: Kyiv Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Art Tekst (code EDRPOU 31779508) on Jan. 27, after finding the company insolvent. The case is docketed as 43/11. Mr. Letskan Vyacheslav has been appointed liquidator/insolvency manager. CONTACT: Art Tekst Zhmerinska Str. 24-a 03148, Kyiv Region, Ukraine Mr. Letskan Vyacheslav Liquidator/Insolvency Manager Dovzhenko Str. 16-v/42 03057, Kyiv Region, Ukraine Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Kyiv Region, Ukraine IRSHAVA' FURNITURE: Court Names Rakushinets Insolvency Manager -------------------------------------------------------------- The Economic Court of Zakarpatska Region appointed Andrij Rakushinets as temporary insolvency manager for CJSC Irshava' Furniture Factory (code EDRPOU 05516033). The Court commenced bankruptcy supervision procedure on the close joint stock company on Jan. 3, 2006. The case is docketed as 6/1. CONTACT: CJSC Irshava' Furniture Factory Irshava, Fedorov Str. 20 90100, Zakarpatska Region, Ukraine Mr. Andrij Rakushinets Temporary Insolvency Manager Uzhgorod, Bogomoltsya Str. 12/59 Zakarpatska Region, Ukraine Economic Court of Zakarpatska Region Uzhgorod, Kotsubinski Str.2a 88000, Zakarpatska Region, Ukraine LADA SERVICE: Vinnitsya Region Begins Bankruptcy Supervision ------------------------------------------------------------ The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on CJSC Lada Service (code EDRPOU 05795197) on Jan. 3. The case is docketed as 10/1-06. Mr. Bolhovitin Vitalij has been appointed temporary insolvency manager. CONTACT: Lada Service Mechnikov Str. 4 21100, Vinnitsya Region, Ukraine Mr. Bolhovitin Vitalij Temporary Insolvency Manager Hmelnitske Shose 2a/602 21036, Vinnitsya Region, Ukraine Phone: 8 (0432) 52-03-41 Economic Court of Vinnitsya Region Hmelnitske Shose 7 21036, Vinnitsya Region, Ukraine LIZERT: Kyiv Court Opens Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC LIZERT (code EDRPOU 33240028) on Jan. 27, after finding the company insolvent. The case is docketed as 43/10. Mr. Letskan Vyacheslav has been appointed liquidator/insolvency manager. CONTACT: Lizert Kotovskij Str. 11 04060, Kyiv Region, Ukraine Mr. Letskan Vyacheslav Liquidator/Insolvency Manager Dovzhenko Str. 16-v/42 03057, Kyiv Region, Ukraine ECONOMIC COURT OF KYIV REGION B. Hmelnitskij Boulevard 44-B 01030, Kyiv Region, Ukraine NIKOLAOS: Mikolaiv Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Economic Court of Mikolaiv Region commenced bankruptcy proceedings against LLC Nikolaos (code EDRPOU 33188534) on Jan. 24, after finding the company insolvent. The case is docketed as 5/343/05. Mr. Tsurika Mihajlo has been appointed liquidator/insolvency manager. CONTACT: Economic Court of Mikolaiv Region Admiralska Str. 22 54009, Mikolaiv Region, Ukraine SILGOSPHIMIYA: Court Appoints Bigun Roman as Liquidator ------------------------------------------------------- The Economic Court of Ivano-Frankivsk Region appointed Bigun Roman liquidator/insolvency manager of OJSC Silgosphimiya (code EDRPOU 05489112). The Court commenced bankruptcy proceedings against the company on Nov. 21, 2005, after finding the company insolvent. The case is docketed as B-7/198. CONTACT: Silgosphimiya Rogatin, I. Muha Str. 2 7700, Ivano-Frankivsk Region, Ukraine Mr. Bigun Roman Liquidator/Insolvency Manager Mikolajchuk Str. 17A/44 76006, Ivano-Frankivsk Region, Ukraine Economic Court of Ivano-Frankivsk Region Shevchenko Str. 16a 76000, Ivano-Frankivsk Region, Ukraine SOUTH-EASTERN RESOURSES: Lugansk Court Opens Bankruptcy Process --------------------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy supervision procedure on LLC SOUTH-EASTERN RESOURSES (code EDRPOU 20168368) on January 17, 2006 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 21/123 b. Ms. Nataliya Ivanova has been appointed temporary insolvency manager. CONTACT: South-Eastern Resourses Krasnodon, Malometrazhna Str. 3 Lugansk Region, Ukraine Ms. Nataliya Ivanova, Temporary Insolvency Manager Klubna Str. 55/3 Lugansk Region, Ukraine Tel: 8 (0642) 42-03-09 Economic Court of Lugansk Region Geroiv VVV Square 3a 91000, Lugansk Region, Ukraine UKRSLAVNAFTA: Poltava Court Opens Bankruptcy Proceedings -------------------------------------------------------- The Economic Court of Poltava Region commenced bankruptcy proceedings against CJSC Ukrslavnafta (code EDRPOU 31574490) on Jan. 24, after finding the company insolvent. The case is docketed as 7/11. Mr. Oleksandr Tereshenko has been appointed liquidator/insolvency manager. CONTACT: Ukrslavnafta Kremenchuk, Svishtovska Str. 11 39610, Poltava Region, Ukraine Mr. Oleksandr Tereshenko Liquidator/Insolvency Manager Nezalezhnosti Square 1-B, Room 11 Poltava Region, Ukraine Phone: (0532) 50-80-67 Economic Court of Poltava Region Zigina Str. 1 36000, Poltava Region, Ukraine YAKIMIVKA' STANDART: Court Names Insolvency Manager -------------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Sergij Bagmet as liquidator/insolvency manager for OJSC Yakimivka' Foundry- Mechanical Plant Standart (code EDRPOU 03327718). The Court commenced bankruptcy proceedings against the open joint stock company after finding it insolvent. The case is docketed as 25/146. CONTACT: OJSC Yakimivka' Foundry-Mechanical Plant Standart Yakimivka, Zavodska Str. 1 72500, Zaporizhya Region, Ukraine Mr. Sergij Bagmet Liquidator/Insolvency Manager 69104, Zaporizhya Region, Ukraine a/b 1064 Phone: (0612) 17-33-40, 17-66-17 Economic Court of Zaporizhya Region Shaumyana Str. 4 69001, Zaporizhya Region, Ukraine =========================== U N I T E D K I N G D O M =========================== A.T.H. FABRICATIONS: Creditors Confirm Voluntary Liquidation ------------------------------------------------------------ Creditors of A.T.H. Fabrications Ltd confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 7. Creditors ratified the appointment of Alex Kachani of Crawfords, as Liquidator. A.T.H. Fabrications Ltd can be reached at: Unit 1 68 Northfield Road Dudley West Midlands DY2 9JQ Tel: 01384 240 325 Fax: 01384 240 325 AMBASSADOR FOOD: Joint Liquidators Set March 31 Claims Bar Date --------------------------------------------------------------- Members of Ambassador Food Services Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 15. Appointed Joint Liquidators, Kenneth Stephen Chalk and Simon Robert Haskew, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before, March 31. Ambassador Food Services Limited can be contacted at: 29 Watleys End Road Winterbourne Bristol BS361PH Tel: 01454 854 749 AQUABEAU LIMITED: Appoints Geoffrey Martin & Co. Administrator -------------------------------------------------------------- John Twizell and Geoffrey Martin of Geoffrey Martin & Co were appointed joint administrators of Aquabeau Limited (Company Number 01532787) on Feb. 28. The joint administrators can be reached at: Geoffrey Martin & Co. St. James's House 28 Park Place Leeds West Yorkshire LS1 2SP Tel: 0113 244 5141 Fax: 0113 242 3851 E-mail: geoffrey.martin@geoffreymartin.co.uk Aquabeau Limited -- http://www.aquabeau.com/-- specializes in the design and manufacture of high quality baths and bathing accessories. BUS & MOTORS: Appoints Tenon Recovery Administrator --------------------------------------------------- Richard A. B. Saville and Peter A. Blair of Begbies Traynor were appointed joint administrators of Bus & Motors Commercial Limited (Company Number 04234641) on Feb. 24. 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. Bus & Motors Commercial Limited sells motor vehicles and can be reached at: 26 Redwood Glade, Leighton Buzzard, Bedfordshire LU7 3JT Tel: 01525-854451 CAIRNGORM LIMITED: Fitch Affirms GBP9-Mln Class D Notes at BB ------------------------------------------------------------- Fitch Ratings affirmed Cairngorm Limited's GBP56.4 million notes as follows: a) GBP28,100,000 Class A at AAA; b) GBP9,800,000 Class B at A; c) GBP9,500,000 Class C at BBB; and d) GBP9,000,000 Class D at BB. The transaction constitutes a synthetic securitization of senior and mezzanine leveraged loans originated in the UK, France and Germany. This deal has remained stable. There have been no defaults and the credit quality of the underlying loans, at a Fitch factor of 55.53, has declined only marginally since closing in 2001 when it was 54.05. This migration is not sufficient to merit a downgrade. The current portfolio is well inside the worst case Fitch factor of 58 and is in accordance with all other portfolio covenants. Of the current notional balance outstanding 1.87% is rated CCC with no names seen as close to default or further downgrade. All Classes of credit-linked notes are backed by a cash deposit or AAA-rated sterling denominated government bonds and by a credit default swap between the Cairngorm and The Royal Bank of Scotland PLC, in which the issuer receives a premium from the swap counterparty in exchange for writing loss protection on the reference portfolio. Cairngorm, a special purpose vehicle incorporated with limited liability in Jersey, issued GBP87 million of various class notes. The notes assumed the economic risk of the total reference portfolio of a maximum of GBP300 million as of full ramp-up, 12 months after the closing date in December 2001. Substitution, replacement or addition of reference entities is allowed, in accordance with certain criteria, for five years after closing. CANNOCK COURIERS: Members Agree on Voluntary Liquidation -------------------------------------------------------- Cannock Couriers Limited is liquidating its assets after members found out that the company could not continue its business due to mounting debts. Nigel Price and Mark Elijah Thomas Bowen, both of Moore Stephens LLP, were appointed Joint Liquidators. Cannock Couriers Limited can be contacted at: Unit 18 Longford Ind Est Longford Road Cannock Staffordshire WS110DG Tel: 01543 570 030 Fax: 01543 572 003 CAR SAFETY: Creditors Have Until March 31 to Register Claims ------------------------------------------------------------ Creditors of Car Safety Products Limited have until March 31, to send in their full names, addresses and descriptions, full particulars of debt or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidators, Matthew Colin Bowker and David Antony Willis. Car Safety Products Limited can be contacted at: 17 Marina Court Castle Street Hull HU1 1TJ Tel: 01482 606 655 CASWELL PARTS: Meeting of Creditors Set for March 23 ---------------------------------------------------- Creditors of Caswell Parts Centre-A Partnership will meet at 11 a.m., on March 23 at: Wilkins Kennedy Bridge House, London Bridge, London SE1 9QR Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims by 12 p.m., on March 22, to the Joint Administrators: Simon James Underwood Colin George Wiseman Wilkins Kennedy Bridge House, London Bridge, London SE1 9QR Tel: 020 7403 1877 Fax: 020 7403 1605 E-mail: colin.wiseman@wilkinskennedy.com CELSIUS FIRST: Appoints PwC to Administer Assets ------------------------------------------------ Stephen Mark Oldfield and David Christian Chubb of PricewaterhouseCoopers were appointed joint administrators of Celsius First Holdings Limited (Company Number 04961867) and Celsius First Limited (Company Number 00693558) on March 2. Its registered office is at Scania House, Amwell Street, Hoddesdon, Hertfordshire EN11 8TT. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides, among others, auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Celsius First Holdings Limited -- http://www.celsiusfirst.com/ -- operates with 30% market share of the U.K. frozen food primary distribution business and has a proven track record for delivering innovative and cost effective logistics solutions on behalf of some of the U.K. and Eire's leading food manufacturers. The company also supports regional food manufacturers and providers through each of its 6 temperature controlled storage facilities strategically located throughout the U.K. CHEMICAL BLACKING: Creditors Have Until May 8 to Register Claims ---------------------------------------------------------------- Members of Chemical Blacking Limited decided to liquidate the company's assets during an extraordinary general meeting on Feb. 8. Appointed Joint Liquidator, Daniel Paul Hennessy, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before, May 8. Chemical Blacking Limited can be reached at: 1/11 Grantham Street Blackburn Lancashire BB2 4BZ Tel: 01254 583 086 Fax: 01254 583 086 COMPLETE MOTOR: Creditors Have Until March 31 to Register Claims ---------------------------------------------------------------- Creditors of Complete Motor Services Limited have until March 31, to send in their full names, addresses and descriptions, full particulars of debt or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator, Ronald Stanley Harding. Complete Motor Services Limited can be contacted at: Kempton Park Close Derby Derbyshire DE248QB Tel: 01332 378 824 Fax: 01332 292 704 Web: http://www.cmsderby.co.uk/ CORUS GROUP: Selling Aluminum Unit to Aleris for EUR826 Million --------------------------------------------------------------- Corus Group plc and Aleris International Inc. signed a Letter of Intent for the proposed acquisition by Aleris of Corus' downstream aluminum rolled products and extrusions businesses for a gross consideration of EUR826 million (GBP570 million). Corus' equity stakes in its Canadian and Chinese joint ventures are also included within the proposed transaction. Corus' smelting operations would remain within Corus and would supply Aleris under a long-term agreement. Corus and Aleris would also enter into an agreement related to research, development and technology. Internal consultation and advice processes related to the transaction have commenced. It is intended that a Sale and Purchase Agreement would be entered into once these processes are completed. The proposed transaction would be subject to certain external regulatory clearances. The net disposal proceeds, after deducting pension liabilities but excluding minority interests and net debt, would be approximately EUR728 million (GBP502 million). These proceeds would be used to further strengthen both the Group's balance sheet and the development of the carbon steel business. "The proposed sale of the downstream aluminum operations to Aleris secures a strong future for these businesses, represents good value for Corus and is an important step in the Group's strategy," Philippe Varin, Chief Executive of Corus said. Gerhard Buddenbaum, Divisional Director Aluminium said, "This is good news for our employees and customers. The two businesses complement each other and share the same strategic vision." About the Company Corus Group PLC -- http://www.corusgroup.com/-- is one of the world's largest metal producers with a turnover of over GBP9 billion and major operating facilities in the U.K., the Netherlands, Germany, France, Norway, Belgium and Canada. Operating through four divisions -- Strip Products, Long Products, Aluminium and Distribution & Building Systems -- Corus has over 48,000 employees in over 40 countries and sales offices and service centers worldwide. Corus was created through the merger of British Steel plc and Koninklijke Hoogovens N.V. It suffered six years ago from the crisis in British manufacturing, which prompted it to shake up management, close plants, cut jobs, and sell assets to lower debt. Its debt was thought to stand at GBP1.6 billion in 2002. After posting a net loss of GBP458 million in 2003, it embarked on a restructuring program, signed a new EUR1.2 billion banking facility, and issued GBP307 million worth of shares. It returned to operating profit in the first quarter of 2004. The recent recovery of steel prices and the strength of the euro are expected to help it achieve relatively strong earnings. * * * As reported in TCR-Europe on March 8, Fitch Ratings has affirmed Corus' Long-term Issuer Default rating at BB- with Stable Outlook. The ratings of Corus' other debt instruments are also affirmed as follows: a) Corus Group PLC EUR800 million 7.5% senior notes B+; b) Corus Group PLC EUR307 million 3.0% convertible bonds B+; c) Corus Finance PLC GBP200 million 6.75% guaranteed bonds B+; and d) Corus Finance PLC EUR20 million 5.375% guaranteed bonds B+. The ratings reflect Corus' leading market position as the third largest steel producer in Europe by volume, and the continued turnaround in the company's financial performance since 2003. D.A.F. ELECTRICAL: Appoints Grant Thornton to Administer Assets --------------------------------------------------------------- Nigel Morrison and Richard Haws of Grant Thornton were appointed joint administrators of D.A.F. Electrical Contractors Limited (Company Number 03964501) on March 2. Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. DAF Electrical Contractors Ltd offers electrical services. Its office is at 153A Bath Road, Cheltenham, Gloucestershire GL537LU. DREAM EASY: Members Agree on Voluntary Liquidation -------------------------------------------------- Members of Dream Easy Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 16. Subsequently, they appointed Robert Adamson and Paul Charlton, of Mazars LLP, to jointly administer the winding up proceedings. Dream Easy Limited can be contacted at: Dewsbury West Yorkshire WF133WY Tel: 01924 469 964 Fax: 01924 467 964 Web: http://www.dream-easy.co.uk/ ELANTIC LIMITED: Appoints Leonard Curtis as Administrator --------------------------------------------------------- J. M. Titley and A. Poxon of DTE Leornard Curtis Elantic Limited (Company Number 01299104) were appointed joint administrators of Elantic Limited on March 6. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Elantic Limited -- http://www.elantic.co.uk/-- manufactures lift and handling equipment. EPSOM BUSINESS: Appoints Michael Sutcliffe as Liquidator -------------------------------------------------------- Michael Sutcliffe, of Sutcliffe & Co, was appointed Liquidator after members of Epson Business Centre Limited passed a resolution to wind up the company on Feb. 17. Director J. Seymour disclosed the company could no longer continue its business due to financial liabilities. Epson Business Centre Limited can be reached at: St. Andrews house 22-28 High Street Epsom Surrey KT198AH Tel: 01372 846 400 ESSENCE OF BUSINESS: Members Pass Winding Up Resolution ------------------------------------------------------- Essence of Business Ltd is liquidating its assets after members passed a resolution to wind up the company on Feb. 17. Director J. Rubel revealed that the company could not continue its business due to mounting debts. Essence Of Business Ltd can be contacted at: 4 The Beach Clevedon Avon BS217QU Tel: 01275 343 313 Fax: 01275 343 313 Web: http://www.essenceofbusiness.co.uk/ FOLDING SOLUTIONS: Members Pass Winding Up Resolution ----------------------------------------------------- Members of Folding Solutions Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 16. They authorized Mark Stephen Goldstein, of DCM Insolvency Service Limited, to lead the winding up proceedings. Folding Solutions Limited can be reached at: Warsop Trading Estate Hever Road Edenbridge Kent TN8 5LD Tel: 01732 868 009 GLOBE GROUP: Appoints Joint Administrators from Robson Rhodes ------------------------------------------------------------- Simon Peter Bower and Kevin John Hellard of RSM Robson Rhodes LLP were appointed joint administrators of Globe Group Limited (Company Number 02581554) on March 2. Its registered office is at 17 Station Road, Finchley Central, London N3 2SB. RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a UK partnership of chartered accountants and management consultants, providing a wide range of auditing, assurance, advisory and compliance services for both private and public sectors. The firm is a member of the RSM International, the world's sixth largest international organization of accountants and business advisers. Globe Group Ltd -- http://www.globe-group.co.uk/-- is the European arm of the RGS Group, one of the Gulf's leading building materials trading, manufacturing and services organizations. HPJ UK: Meeting of Creditors Set for March 20 --------------------------------------------- Creditors of HPJ UK Limited (Company Number 02913342) will meet at 10 a.m., on March 20 at: The Chimney House Hotel, Congleton Road, Sandbach, Cheshire CW11 4ST Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims by 12 p.m. on March 17, to: C. K. Rayment Joint Administrator BDO Stoy Hayward 7th Floor 125 Colmore Row Birmingham West Midlands B3 3SD 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. KDG UK: Taps Geoffrey Martin to Administer Assets ------------------------------------------------- Stephen Goderski and Geoffrey Martin of Geoffrey Martin & Co. were appointed joint administrators of KDG UK Limited (Company Number 04782755) on March 6. The joint administrators can be reached at: Geoffrey Martin & Co. 7-8 Conduit Street London W1S 2XF Tel: 020 7495 1100 Fax: 020 7495 1144 E-mail: stephen.goderski@geoffreymartin.co.uk KDG UK Limited -- http://www.tib.co.uk-- manufactures electronic components. KEMP STORAGE: Creditors' Meeting Set for March 20 ------------------------------------------------- Creditors of Kemp Storage Equipment Limited (Company Number 04763463) will meet at 12 p.m., on March 20, at: The Courtyard by Marriott Northampton West Hotel, High Street, Flore, near Daventry, Northampton NN7 4LP Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims by 12 p.m. on March 17, 2006, to: Simon Paterson Administrator Moore Stephens LLP Victory House, Admiralty Place, Chatham Maritime, Kent ME4 4QU Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its UK network comprises over 1,400 partners and staff. Kemp Storage Equipment Limited -- http://www.kemp-storage.com/ -- office is at 4 Faraday Close, Drayton Fields Industrial Estate, Daventry, Northants NN11 5RD. LIVERPOOL FUEL: Appoints Begbies Traynor to Administer Assets ------------------------------------------------------------- David Moore and Donald Bailey of Begbies Traynor were appointed joint administrators of Liverpool Fuel Oil Company Ltd (Company Number 3268182) on March 1. Its registered office is at King Park Business Centre, 97 Stanley Road, Bootle, Merseyside L20 7DA. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Liverpool Fuel Oil Company Ltd supplies fuel and oils and can be reached at: Unit 13, Love Lane Liverpool, L3 7DD MAT GROUP: Appoints Administrators from KPMG -------------------------------------------- Allan Watson Graham and James Douglas Ernie Money of KPMG were appointed administrators of Mat Group Limited (Company Number 00212649) on March 6. 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. Machinery and Technical Transport Limited -- http://www.mat- group.com/ -- originally concentrated on the rail-based transporting of heavy machinery, motor- cars and bullion, with its very first business being the shipment of silver bullion from London to Budapest. The company was founded in 1926. MERILAB LIMITED: Appoints Joint Administrators from Mazars ---------------------------------------------------------- T. C. H. Ball and R. J. Weston of Mazars LLP were appointed joint administrators of Merilab Limited (Company Number 01736165) on Feb. 24. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Merilab Limited -- http://www.merilab.com/-- is the oldest continual manufacturer of production alignment equipment in the world. The company was established in the mid-1920s. META COMPUTER: Creditors' Meeting Set for March 20 -------------------------------------------------- Creditors of Meta Computer Systems Ltd (Company Number 03125121) will meet at 2 p.m., on March 20, at: Bond Partners LLP The Grange, 100 High Street, London N14 6TG Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims by 12 p.m., on March 17 to: T. Papanicola Administrator Bond Partners LLP The Grange, 100 High Street, London N14 6TG Tel: 020 8444 2000 Fax: 020 8444 3400 NEWGATE FUNDING: Fitch Puts BB Rating to GBP5.45MM Class Q Notes ---------------------------------------------------------------- Fitch Ratings assigned expected ratings to Newgate Funding PLC's Series 2006-1 GBP575 million-equivalent multi-currency mortgage- backed medium term notes due 2050 as follows: a) GBP-equivalent 186.90 million Class A1: AAA; b) GBP-equivalent 100.00 million Class A2: AAA; c) GBP-equivalent 69.15 million Class A3: AAA; d) GBP-equivalent 135.00 million Class A4: AAA; e) GBP-equivalent 14.40 million Class M: AAA; f) GBP-equivalent 33.80 million Class B: AA; g) GBP-equivalent 16.95 million Class C: A+; h) GBP-equivalent 16.20 million Class D: BBB+; i) GBP-equivalent 2.60 million Class E: BBB+; j) GBP-equivalent 4.60 million Class T: BBB; and k) GBP-equivalent 5.45 million Class Q: BB. The final ratings are contingent upon receipt of documents conforming to information already received. This transaction is a securitization of sub-prime residential mortgages originated and located in the UK. The ratings are based on the quality of the collateral, available credit enhancement, the underwriting criteria and the servicing capabilities of Mortgages PLC, and the back-up servicing of capabilities of Homeloan Management Limited and the transaction's sound legal structure. Credit enhancement for the Class A notes is initially 13.25%, provided by the subordination of the Class B notes, the Class C notes, the Class D notes and the Class E notes and an initial and target reserve fund of 1.15%. The Class T notes will receive interest pari passu and pro rata with the Class D notes and the Class T notes will receive principal after any necessary payments into the reserve fund. The Class Q notes will receive interest and principal after Class T principal. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its UK Residential Mortgage Default Model III. The agency also modeled cash flows using the results of the default model, with structural stresses including various prepayment and interest rate scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. PEAK ENTERTAINMENT: Appoints Wilson Field Administrator ------------------------------------------------------- Lisa Hogg of Wilson Field was appointed administrator of multimedia company Peak Entertainment Limited (Company Number 04325429) on March 2. The administrator can be reached at: Wilson Field The Annexe The Manor House 260 Ecclesall Road South Sheffield South Yorkshire S11 9UZ Tel: 0114 235 6780 Fax: 0114 262 0661 RANK GROUP: Repurchases 1.4 Million Shares for Cancellation ----------------------------------------------------------- The Rank Group Plc purchased on March 15, 1,366,600 ordinary shares of 10 pence in the Company for cancellation at an average price of 245.74p per share. Directors Buy Shares At the same time, ordinary shares were purchased by five directors at the price of 246 pence per share, in accordance with the Company's quarterly share purchase programme for non- executive directors: No. of Ordinary shares Total holding of Director purchased Ordinary shares -------- ---------------------- ---------------- John Sunderland 1,233 5,584 Oliver Stocken 1,124 45,290 Brendan O'Neill 1,332 3,648 Richard Greenhalgh 1,379 4,185 John Warren 320 10,320 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 on March 8, 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'. S&P said the outlook is stable. V T TECHNOLOGY: Appoints Administrators from KPMG ------------------------------------------------- Allan Watson Graham and Richard James Philpott of KPMG were appointed administrators of V T Technology Limited (Company Number 04955830) on March 7. 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. Vt Technology Ltd manufactures vehicle trim and can be reached at Park Road, Holmewood Industrial Park, Chesterfield, Derbyshire, S42 5UY. For more details, call 01246-850828. * Hunton & Williams Launches Corp Recovery & Insolvency Practice ---------------------------------------------------------------- The London office of Hunton & Williams is launching a Corporate Recovery and Insolvency Practice. To launch the practice, the firm has recruited Mark Fennessy, 39, who joins the London office, along with his team. Formerly Head of Corporate Recovery with Clyde & Co in London, Mr. Fennessy is a UK-qualified solicitor and Licensed Practitioner and practices corporate advisory and restructuring. "The addition of Mark follows Hunton & Williams' growth plans for London and its international offices," said Thurston R. Moore, the firm's chairman. "His arrival strengthens both our ability to serve our clients' business strategies in US outbound cross-border transactions and to grow our domestic, London-based corporate and finance practices." Benjamin C. Ackerly, co-head of Hunton & Williams' Bankruptcy Practice Group, said, "We are very excited to have Mark and his team join us. It will be a perfect supplement to our existing practice in New York, Washington DC, Richmond, Atlanta, Miami, and Dallas." "The London office offers a range of legal services under both UK and US law," added Martin Thomas, office managing partner. "Our lawyers practice as a global group, forming integrated teams that mesh well with the corresponding practices in the United States and our offices in Asia. Mark has a strong reputation in London and will add further depth to the firm's international capabilities." Mark Fennessy is the latest in a series of European additions to the firm. Over the past twelve months the firm has hired: -- John Deacon, Energy and Project Finance partner from Hammonds; -- Jonathan Marsh, Financial Markets Law and Regulation partner from Hammonds; -- Paul Tetlow, Corporate Finance partner from Clyde and Co; and -- Matthew Williams, Energy and Project Finance partner from Cadwalader, Wickersham & Taft LLP. Concentrating in the core areas of corporate recovery and insolvency, Mr. Fennessy plans to establish a transatlantic practice, building on the existing strengths of the 25-lawyer business restructuring, bankruptcy, workout, and creditors' rights practice the firm already boasts in the US market. "I joined Clyde & Co five and one-half years ago from Herbert Smith with a brief to establish and develop a leading corporate recovery and insolvency practice. This has been achieved from a standing start. I am now looking to take my practice and develop it many stages further into a leading international offering with strong US business lines both in terms of clients and resource. Quite simply, this is what the CR marketplace has been asking for and the move to Hunton is a natural progression for our team and will be welcomed by our clients," he says. "Hunton & Williams provides the perfect environment to build a leading international offering and we look forward to working with our US and UK colleagues to achieve this. Working for the Steering Banks on the restructuring of North American Bus Industries demonstrated to me that if we were to continue to provide a quality service to our clients a US presence was an absolute must." In the last 12 months, Hunton & Williams' London office has added 12 lateral lawyers to its energy, capital markets, project finance, financial services and employment practices. This move reflects Hunton & Williams' global expansion presence and local growth strategy, and its plan to further increase the London office headcount during 2006. About Hunton & Williams Founded in 1901, Hunton & Williams is a US law firm with a significant international presence. More than 850 attorneys serve clients in 100 countries from 17 offices around the world. The London office, which was established in 1999 and comprises UK-qualified solicitors and US lawyers, plays a leading role in the firm's global financing and energy practices. ********* 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 * * *