/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060320.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, March 20, 2006, Vol. 7, No. 56 Headlines F R A N C E RAY ACQUISITION: S&P Affirms Junk Ratings on Senior Sub. Notes G E R M A N Y AQUAGRAFIX GMBH: Creditors' Meeting Slated for March 29 BLUE ROOM: Claims Registration Ends April 6 BUNTE STADT: Claims Registration Deadline Set for March 24 CAGLI DONER: Claims Registration Ends March 31 DIETMAR BLOMER: Creditors' Meeting Set for March 23 GEBRIK DEUTSCHLAND: Claims Registration Ends April 7 H. HEINE: Claims Registration Ends April 7 HM ELEKTRO: Creditors' Meeting Slated for April 3 HS TRANSPORTE: Claims Registration Ends April 3 OPTIMUS DEUTSCHLAND: Claims Registration Ends April 3 K A Z A K H S T A N KAZKOMMERTS INTERNATIONAL: S&P Rates EUR300 Mln Notes at BB+ KAZKOMMERTS INT'L: Fitch Puts BB+ Rating to EUR300 Mln Notes KAZROSPROM: Creditors Must File Proofs of Claim By March 31 KVS SECURITY: Creditors Must File Proofs of Claim By March 31 LEGYAT: Creditors Must File Proofs of Claim By March 31 WILL-GROUP: Creditors Must File Proofs of Claim By March 31 UM-1: Creditors Must File Proofs of Claim By March 31 N E T H E R L A N D S AHOLD: Completes EUR108-Mln Shopping Centers Sale to ING LG.PHILIPS: U.S. Unit Files Chapter 11 Petition in Delaware UPC HOLDING: Moody's Assigns Ba1 Corporate Family Rating R O M A N I A CFR MARFA: S&P Places B+ Corp. Rating on CreditWatch Negative CFR S.A.: Tardy Financial Report Spurs S&P's Watch Negative R U S S I A ACB NATIONAL: Claims Filing Period Ends April 4 AGRO-PROM-DOR-STROY BAVLINSKIY: Proof of Claims Due April 4 EFREMOVSKOYE-AGRICULTURAL: Claims Registration Ends April 4 FACTORY OF SILICATE: Saratov Court Opens Bankruptcy Supervision INTER-JEWELER: Claims Filing Period Ends April 4 KISELEVSKIY BREAD: Claims Filing Period Ends April 4 KRASNOYARSKOYE GLASS: Claims Filing Period Ends April 4 MODOVSKIY LIGHT: Moscow Court Opens Bankruptcy Proceedings ROSBANK OJSC: S&P Raises Ratings to B with Stable Outlook SIBERIAN GARDENER: Bankruptcy Hearing Set May 15 YUGO-KAMSKIY: Proofs of Claim Deadline Set for April 11 * Chadbourne & Parke LLP Names Two New Attorneys to Counsel S P A I N BANKINTER 12: Fitch Junks Rating on EUR11.3 Million Notes IM CAJAMAR: Fitch Puts BB- Rating on EUR15.6 Million Notes U K R A I N E AZOV-SICH: Zaporizhya Court Opens Bankruptcy Proceedings DNIPROLIZING: Dnipropetrovsk Court Begins Bankruptcy Proceedings FORUM-INVEST: Dnipropetrovsk Court Opens Bankruptcy Supervision IMAGE SERVICE: Dnipropetrovsk Court Begins Bankruptcy Process OPTTORG: Zaporizhya Court Opens Bankruptcy Proceedings PROMGIDROKOMPLEKT: Kyiv Court Opens Bankruptcy Proceedings SINTA: Lugansk Court Opens Bankruptcy Proceedings SHORS' MILK: Court Names O. Barbarov as Insolvency Manager U N I T E D K I N G D O M BALMER LINDLEY: Deutsche Bank AG Appoints PwC as Receiver BAXI HOLDINGS: S&P Places BB- Rating on CreditWatch Negative BREW-ENG CONSULTANCY: Appoints Administrator from Kay Johnson BRITISH AIRWAYS: UK Sales Restructuring to Cut 300 Jobs BRITISH AIRWAYS: Trustee Sells 36,017 Units in Share Scheme CABLE & WIRELESS: Employee Share Trustees Sell 26,233 Shares CORUS GROUP: S&P Places Low-B Ratings on CreditWatch Positive COTTERGRADE LIMITED: Deutsche Taps PwC as Admin. Receiver FLOORING TECHNOLOGIES: Simon Thornton Named to Administer Assets FUSION FIRE: Members Resolve to Liquidate Company's Assets GENERAL MOTORS: Receives $12.5 Billion Bid for GMAC Stake GENERAL MOTORS: GMAC Accounting Errors Delay Form 10-K Filing GEORGE CARPENTER: Claims Registration Ends March 30 HIGHBURY ENTERTAINMENT: Creditors' Meeting Set for March 27 HIGHBURY NEXUS: Creditors' Meeting Set for March 27 J INGRAM: Creditors Confirm Voluntary Liquidation JOEY LOONS: Appoints Administrator from Mazars KEEP SAFE: Mounting Debts Trigger Liquidation Proceedings KINGSLEY NEVILLE: Appoints Peter Nottingham as Liquidator KLEINDAHL PARTNERS: Members Pass Winding Up Resolution LEEDS SCHOOL: Hires Joint Liquidators from KPMG LLP LITE LTD: Members Pass Winding Up Resolution MAD HAT: Shuts Down Business & Appoints Liquidator M I A VIDEO: Appoints Berg Kaprow Lewis Administrator NPF LIMITED: Appoints P&A Partnership to Administer Assets PENANG SATAY: Malaysian Restaurant Starts Liquidation Process PME SERVICES: Appoints Administrator from Cowgill Holloway RANK GROUP: Repurchases 359,000 Ordinary Shares for Cancellation RENTOKIL INITIAL: Sells Canada Security Unit for GBP30.3 Mln STONES RESTAURANTS: Appoints Joint Administrators TILANA FASHIONS: Meeting of Creditors Set for March 22 TRANSMISSION & LIGHTING: Deutsche Bank Appoints PwC as Receiver TWOLYN HIRE: Meeting of Creditors Set for March 31 VALLEY METAL: Appoints Joint Administrator from Begbies Traynor W G READMAN: Meeting of Creditors Set for March 27 WHOLESALE MEAT: Clydesdale Bank Appoints Receiver ZERO DIVIDEND: Dartmoor Investment Eyes 8.33% Equity Stake ********* =========== F R A N C E =========== RAY ACQUISITION: S&P Affirms Junk Ratings on Senior Sub. Notes -------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook to positive from stable on France-based business-to-business electrical parts distributor Rexel S.A. and Ray Acquisition SCA (the group), the 99.99% parent company of Rexel S.A. that is owned by Rexel's financial investors, due to its improved financial profile. At the same time, the 'B' long-term corporate credit rating on Rexel, the 'CCC+' senior subordinated debt rating on Ray Acquisition's EUR600 million senior subordinated notes, maturing in 2015, and the 'B-' long-term senior secured bank loan, with a recovery rating of '3', on Ray Acquisition's EUR1.57 billion senior secured facilities were affirmed. "The ratings reflect the group's highly leveraged financial profile, resulting from a heavy debt burden and thin cash flow protection measures. The ratings benefit from a satisfactory business profile based on Rexel's leading position in the low- and ultra-low voltage electrical distribution market, as well as its diverse customer base and strong relationship with suppliers," said Standard & Poor's credit analyst Eve Greb. After completion of the acquisition of Rexel by a consortium of equity investors by the end of April 2005, the group has pro forma total gross debt of EUR2.6 billion (including finance leases), and EUR114 million of pension liabilities under IFRS as of Dec. 31, 2005. "The positive outlook on Rexel reflects Standard & Poor's expectation that the ratings could be raised to 'B+' if the company continues to improve its credit protection measures," added Ms. Greb. This is expected to be achieved through further cost optimization and continued favorable selling prices in the group's largest contributing markets. Total debt to earnings before interest, taxes, depreciation, amortization, and rent of about 5x on a sustained basis could trigger an upgrade. A revision of the outlook to stable could result from increased leverage due to larger acquisitions. ============= G E R M A N Y ============= AQUAGRAFIX GMBH: Creditors' Meeting Slated for March 29 ------------------------------------------------------- Court-appointed provisional administrator of AquaGrafix GmbH, Jan-Hendrik Pannenborg, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:00 a.m. on March 29. The meeting of creditors and other interested parties will be held at: The District Court of Nordhorn Saal 42 Seilerbahn 15 48529 Nordhorn The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Nordhorn opened bankruptcy proceedings against AquaGrafix GmbH on Feb. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AquaGrafix GmbH Enschedestr. 24 48529 Nordhorn Attn: Jos Berning, Manager De Kerkul 168 7591 KD Denekamp, Niederlande Tel: +49(0) 592178822-50 Fax: +49(0) 592178822-55 Web: http://design@aquagrafix.de/ The administrator can be contacted at: Jan-Hendrik Pannenborg Jahnstrasse 32 48529 Nordhorn Tel: 05921/88750 Fax: 05921/88752 BLUE ROOM: Claims Registration Ends April 6 ------------------------------------------- Creditors of Blue Room Gastronomie GmbH have until April 6, to register their claims with court-appointed provisional administrator Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 27, 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 Muenster Saal 101 B Gerichtsstr. 2-6 48149 Muenster The court will also verify 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 Muenster opened bankruptcy proceedings against Blue Room Gastronomie GmbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Blue Room Gastronomie GmbH Attn: Karsten Springmann, Manager Neubruekenstrasse 63 48143 Muenster The administrator can be contacted at: Dr. Stephan Thiemann Lublinring 12 48147 Muenster BUNTE STADT: Claims Registration Deadline Set for March 24 ---------------------------------------------------------- Creditors of "Bunte Stadt" Malerfachbetrieb GmbH have until March 24, to register claims with court-appointed provisional administrator Andre Loffler. Creditors and other interested parties are encourage to attend the meeting at 9:30 a.m. on April 7, 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 Magdeburg Saal E Liebknechtstrasse 65-91 39110 Magdeburg The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Magdeburg opened bankruptcy proceedings against "Bunte Stadt" Malerfachbetrieb GmbH on Feb. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: "Bunte Stadt" Malerfachbetrieb GmbH Minslebener Str. 48 38855 Wernigerode Attn: Marco Hoppe, Manager Hoppelbergweg 9b 38895 Langenstein The administrator can be contacted at: Andre Loffler Klewitzstr. 15 39112 Magdeburg Tel: 0391/7324630 Fax: 0391/7324633 CAGLI DONER: Claims Registration Ends March 31 ---------------------------------------------- Creditors of Cagli Doner de Luxe GmbH have until March 31, to register their claims with court-appointed provisional administrator Hans-W. Goetsch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 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 Wiesbaden E 36 a 3. OG Gebaude E Moritzstrasse 5 65185 Wiesbaden The court will also verify 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 Wiesbaden opened bankruptcy proceedings against Cagli Doner de Luxe GmbH on Feb. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Cagli Doner de Luxe GmbH Attn: Salman Cagli, Manager Langgasse 15 65183 Wiesbaden The administrator can be contacted at: Hans-W. Goetsch Taunusstrasse 7a 65183 Wiesbaden Tel: 0611/18089-100 Fax: 0611/18089-189 E-mail: mail@bgp-insol.de DIETMAR BLOMER: Creditors' Meeting Set for March 23 --------------------------------------------------- Court-appointed provisional administrator of Dietmar Blomer Rohrleitungs- und Kanalbaugesellschaft mbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:25 a.m. on March 23. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Saal 218 Amtsgerichtsplatz 1 14057 Berlin The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Charlottenburg opened bankruptcy proceedings against Dietmar Blomer Rohrleitungs- und Kanalbaugesellschaft mbH on Feb. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Dietmar Blomer Rohrleitungs- und Kanalbaugesellschaft mbH Guertelstr. 39 10247 Berlin The administrator can be contacted at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin GEBRIK DEUTSCHLAND: Claims Registration Ends April 7 ---------------------------------------------------- Creditors of Gebrik Deutschland GmbH have until April 7, to register their claims with court-appointed provisional administrator Dr. Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 10, 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 Duisburg Zimmer 207 II Etage Kardinal-Galen-Strasse 124-130 47058 Duisburg The court will also verify 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 Duisburg opened bankruptcy proceedings against Gebrik Deutschland GmbH on Feb. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gebrik Deutschland GmbH Duesseldorfer Str. 100 47051 Duisburg Tel: +49(0) 2033186262 Fax: +49(0) 2033177496 Web: http://www.gebrik.de/ E-mail: gebrik.de@t-online.de The administrator can be contacted at: Dr. Sebastian Henneke Muelheimer Str. 100 47057 Duisburg H. HEINE: Claims Registration Ends April 7 ------------------------------------------ Creditors of H. Heine GmbH have until April 7, to register their claims with court-appointed provisional administrator Wolf- Dieter H. Weber. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 28, 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 Wilhelmshaven Saal 109 Marktstrasse 15 26382 Wilhelmshaven The court will also verify 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 Wilhelmshaven opened bankruptcy proceedings against H. Heine GmbH on Feb. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: H. Heine GmbH Attn: Hanno Heine, Manager Dodoweg 17 26386 Wilhelmshaven The administrator can be contacted at: Wolf-Dieter H. Weber Hauptstrasse 91 D-26182 Edewecht Tel: 04405/7071 Fax: 04405/8046 HM ELEKTRO: Creditors' Meeting Slated for April 3 ------------------------------------------------- Court-appointed provisional administrator for HM Elektro GmbH Elektro-Fachgrosshandel, Edgar Gronda, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m., on April 3. The meeting of creditors and other interested parties will be held at: The District Court of Bremerhaven Saal 2 Nordstr. 10 27580 Bremerhaven Creditors have until April 30, to register their claims with the court appointed provisional administrator. The court will also verify the claims set out in the administrator's report at 9:30 a.m., on May 15, at the same venue. The District Court of Bremerhaven opened bankruptcy proceedings against HM Elektro GmbH Elektro-Fachgrosshandel on Feb. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HM Elektro GmbH Elektro-Fachgrosshandel Elbestr. 24 27570 Bremerhaven Attn: Ruediger Holzfuss, Manager Wacholderweg 22 27580 Bremerhaven Claus Mengers, Manager Oldenburger Str. 31 27612 Loxstedt The administrator can be contacted at: Edgar Gronda Domshof 18-20 28195 Bremen Tel: 0421/36860 Fax: 0421/3686100 HS TRANSPORTE: Claims Registration Ends April 3 ----------------------------------------------- Creditors of HS Transporte GmbH have until April 3, to register their claims with court-appointed provisional administrator Michael Farnbacher. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April 27, 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 Nuernberg Sitzungssaal 126/I Flaschenhofstr. 35 The court will also verify 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 Nuernberg opened bankruptcy proceedings against HS Transporte GmbH on Feb. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HS Transporte GmbH Attn: Winfried Hauber, Manager Industriestrasse 5 91180 Heideck The administrator can be contacted at: Michael Farnbacher Nuernberger Strasse 25 91207 Lauf Tel: 09123/9720-0 Fax: 09123/9720-20 OPTIMUS DEUTSCHLAND: Claims Registration Ends April 3 ----------------------------------------------------- Creditors of Optimus Deutschland Software Vertriebs-GmbH have until April 3, to register their claims with court-appointed provisional administrator Steffen Schneider. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 24, 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 Offenbach am Main Kaiserstrasse 16-18 63065 Offenbach am Main The court will also verify 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 Offenbach am Main opened bankruptcy proceedings against Optimus Deutschland Software Vertriebs-GmbH on Feb. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Optimus Deutschland Software Vertriebs-GmbH Attn: Juergen Handrack, Manager Borsigstr. 16 63165 Muehlheim am Main The administrator can be contacted at: Steffen Schneider Guiollettstr. 48 60325 Frankfurt am Main Tel: 069/7167996-0 Fax: 069/7167996-9 =================== K A Z A K H S T A N =================== KAZKOMMERTS INTERNATIONAL: S&P Rates EUR300 Mln Notes at BB+ ------------------------------------------------------------ Standard & Poor's Ratings Services assigned an indicative 'BB+' debt rating to proposed senior unsecured notes issued by Kazkommerts International B.V., a Dutch special purpose vehicle. These notes will be issued from the Kazkommerts International $1.5 billion senior unsecured note program, which is unconditionally and irrevocably guaranteed by Kazakhstan-based Kazkommertsbank (JSC) (KKB; BB+/Stable/B). The issue size is EUR300 million, with a five-year maturity and coupon of 5.125%. The ratings on KKB reflect the rapid loan growth and significant concentrations in lending and funding in a high-risk economic and banking environment. Furthermore, fast loan growth has pressurized capitalization, which needs to be addressed soon. KKB has been using Kazakhstan's improved economic prospects to its advantage, attracting primary funds as well as international debt to fund its growing profitable lending business. The European Bank for Reconstruction and Development's (EBRD; AAA/Stable/A-1+) decision to invest into the equity of KKB has improved KKB's corporate governance. The ratings also factor in likely government support, in the event of a financial or systemic crisis. KAZKOMMERTS INT'L: Fitch Puts BB+ Rating to EUR300 Mln Notes ------------------------------------------------------------ Fitch Ratings assigned Kazkommerts International B.V.'s EUR300 million five-year 5.125% notes an expected Long-term BB+ rating. The issue will be made under the USD1.5 billion guaranteed debt issuance program rated Long-term BB+ and Short-term B. Kazakhstan's Kazkommertsbank, rated Foreign Currency Issuer Default BB+ with Stable Outlook, unconditionally and irrevocably guaranteed the notes under the program. The final ratings are contingent upon receipt of final documentation conforming materially to information already received. The notes will rank at least pari passu with all present or future unsecured and unsubordinated obligations of the issuer and the guarantor, save those preferred by relevant provisions of law and of general application. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2005, retail deposits accounted for 9% of KKB's total liabilities, according to the bank's audited International Financial Reporting Standards financial statements. KKB was the largest commercial bank in Kazakhstan by IFRS assets at end-H105 and has top three positions in all major market segments. One individual controls a majority stake in the bank. The European Bank for Reconstruction and Development is a minority shareholder and actively involved in board-level decision-making. KAZROSPROM: Creditors Must File Proofs of Claim By March 31 ----------------------------------------------------------- LLP Kazrosprom has declared insolvency. Creditors have until March 31, to submit their written proofs of claim to: LLP Kazrosprom Tole bi Ave. 184-19 Jeltoksan Str. 29 Almaty Tel: 8 (3272) 68-13-17 KVS SECURITY: Creditors Must File Proofs of Claim By March 31 ------------------------------------------------------------- LLP KVS Security has declared insolvency. Creditors have until March 31 to submit their written proofs of claim to: KVS Security Turgeneva Str. 100, 3-48 Aktobe Tel: 8(3132) 54-68-01 LEGYAT: Creditors Must File Proofs of Claim By March 31 ------------------------------------------------------- LLP Legyat has declared insolvency. Creditors have until March 31 to submit their written proofs of claim to: LLP Legyat Micro District Privokzalnyi-5, 15-9 Atyrau WILL-GROUP: Creditors Must File Proofs of Claim By March 31 ----------------------------------------------------------- LLP Will-Group has declared insolvency. Creditors have until March 31 to submit their written proofs of claim to: LLP Will-Group Mahambeta Str. 132-4 Atyrau UM-1: Creditors Must File Proofs of Claim By March 31 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region LLP UM-1 bankrupt. Creditors have until March 31 to submit their written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Region Altynsarina Str. 31 Aktube ===================== N E T H E R L A N D S ===================== AHOLD: Completes EUR108-Mln Shopping Centers Sale to ING -------------------------------------------------------- Koninklijke Ahold successfully completed the sale of the three shopping centers in Bielsko Biala and Elblag, Poland and in Karvina, the Czech Republic, to ING Property Fund Central Europe, a fund managed by ING Real Estate. The value of the transaction, consisting of a cash consideration and debt repaid to Ahold, amounts to approximately EUR108 million. Ahold and ING Real Estate announced the transaction on Dec. 7, 2005. The closing was subject to fulfillment of certain conditions, including antitrust approval. Ahold Central Europe will continue to operate its Hypernova hypermarket in the center of Karvina. Ahold's hypermarket operations in the Polish Centers were already divested in February 2005. About the Company Koninklijke Ahold NV -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. Restructuring Program In 2003, Ahold admitted a US$500 million overstated EBITDA at its U.S. foodservice distribution arm, requiring restatement of financial accounts for 2002 and previous years. In November that year, it announced a three-year 'Road to Recovery' program that includes: -- a EUR2.5 billion rights issue, -- EUR300 million, -- US$1.45 billion backup credit facilities, and -- at least EUR2.5 billion in asset sales. The program was aimed at returning the company to investment grade by end of 2005. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. LG.PHILIPS: U.S. Unit Files Chapter 11 Petition in Delaware ----------------------------------------------------------- LG.Philips Displays USA Inc. filed a chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware on March 15. The filing came less than two months after LG.Philips Displays Holding B.V., and its Dutch and German affiliates were declared bankrupt. The LG.Philips Displays group has scaled down its cathode ray tube production after the market saw an increase in demand for new flat panel televisions, including liquid crystal display and plasma televisions. The US unit estimated not less than US$100 million in assets and between US$50 million to $100 million in debts. It has a single plant in Mexico and 2005 sales of about US$356 million, Phil Milford of Bloomberg News reports. Adam Hiller, Esq., of Pepper Hamilton LLP, represents the U.S. Debtors. Headquartered in Hong Kong, LG.Philips Displays -- http://www.lgphilips-displays.com/-- manufactures cathode ray tubes for use in televisions and computer monitors. The company produces one in every four television and computer monitor tubes sold. Making use of its global manufacturing infrastructure, it provides Regional supplies to top TV and monitor brands worldwide. LG.Philips Displays continues to be committed to the CRT industry and will maintain a strong profile based on its competitive operations and innovative, high-quality products. LG.Philips Displays Holding B.V. is the European holding company for LG.Philips Displays. The firm disclosed that it will not be able to provide further financial support to certain loss-making subsidiaries because it has been unable to obtain sustainable new or additional funding. The holding company filed for insolvency protection on Jan. 27, along with its Dutch subsidiary, LG.Philips Displays Netherlands B.V., and its German subsidiary in Aachen. UPC HOLDING: Moody's Assigns Ba1 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service assigned a Ba3 corporate family rating to Liberty Global, Inc. Concurrently, Moody's assigned a B1 corporate family rating to UPC Holding B.V., withdrew the B3 corporate family rating at UPC Polska LLC and the B1 corporate family ratings at UnitedGlobalCom, Inc., and UPC Broadband Holding B.V., withdrew the B1 ratings of tranches B, C1, C2, and D of UPC Broadband Holding B.V.'s senior secured credit facilities and affirmed all other ratings. The outlook for all ratings is stable. LGI's Ba3 corporate family reflects the significant scale of its predominantly upgraded networks (with over 13 million video subscribers), its geographic diversity (with operations across four continents) and its financial flexibility (including the availability of potentially non-core, non-strategic assets). In addition, the ratings are supported by LGI's healthy growth trends (both organic and through acquisitions), its satisfactory EBITDA margins and good liquidity. Risks continue to include high ongoing financial leverage combined with the expectation of limited free cash flow generation in the near-to-medium term, potential integration risks with regards to planned and future acquisitions, strong competition from larger and more established telecommunications competitors and the challenge of managing a broad base of multi- national operations in a complex capital structure. The B1 corporate family ratings at UPC Holding B.V. and Cablecom Luxembourg S.C.A. continue to factor the upgraded nature of most of the companies' networks and their consequent ability to provide an extensive triple play product offering. However, they are constrained by the high financial leverage (which is expected to be above that at other LGI subsidiaries). Furthermore, the ratings reflect the standalone financial and business profile of these entities, which operate as separate subsidiaries under LGI and do not benefit from direct guarantee or financial support arrangements from LGI or their affiliates. The B1 rating of the senior secured bank facilities at UPC Broadband Holding B.V. and Cablecom Luxembourg S.C.A. represents the facilities' strong covenant and first ranking collateral packages. Conversely, the B3 rating of the senior notes issued by UPC Holding B.V. reflects the structural subordination of these notes to obligations at subsidiary levels (including the senior secured credit facilities at UPC Broadband Holding), whilst the B3 rating on the senior notes issued by Cablecom Luxembourg S.C.A. reflects their contractual subordination to the senior secured credit facilities issued through the same entity. In addition, we note that noteholders at UPC Holding B.V. are also at risk that restricted payments tests at subsidiaries could restrict upstreaming of cash to the issuer, although we believe that at this time, given current and anticipated financial performance and exemptions, UPC Broadband Holding has the ability to upstream sufficient cash to pay interest on the notes. The stable outlook reflects Moody's expectation that the company should continue to improve its operating performance whilst remaining within its stated financial parameters and that as a result pro-forma net leverage will not increase above 5x. Sustained weak operating performance that resulted in an increase in pro-forma Total Adjusted Debt to Adjusted EBITDAR to above 6x could result in downward pressure. Moreover, an increase in financial leverage above the guidance provided to Moody's due to a change in financial policy would likely result in a ratings downgrade. Positive ratings development would most likely result from continued improvement in the company's operating performance combined with a commitment by the company to reduce its leverage below its current 5x pro-forma net leverage target. Summary rating actions: New ratings assigned: -- Ba3 corporate family rating at Liberty Global, Inc. -- B1 corporate family rating at UPC Holding B.V. Ratings withdrawn: -- B1 corporate family rating at UPC Broadband Holding B.V. -- B1 corporate family rating at UnitedGlobalCom, Inc. -- B3 corporate family rating at UPC Polska LLC -- B1 rating on tranches B, C1, C2, and D of UPC Broadband Holding's senior secured credit facilities following their prepayment and cancellation. Ratings affirmed: -- B1 rating of UPC Broadband Holding B.V.'s EUR4.2 billion senior secured credit facilities -- B1 rating of Cablecom Luxembourg S.C.A.'s EUR860 million senior secured credit facilities -- B3 rating UPC Holding B.V.'s EUR800 million senior notes due 2014 -- B3 rating of Cablecom Luxembourg S.C.A.'s EUR290 million senior notes due 2014 The outlook for all ratings is stable. Liberty Global, Inc is an international broadband communications provider of video, voice and Internet access services, with consolidated broadband operations in 19 countries; primary operations are located in Europe, Japan and Chile. For the year ended Dec. 31, 2005, LGI reported revenues of US$5.15 billion. ============= R O M A N I A ============= CFR MARFA: S&P Places B+ Corp. Rating on CreditWatch Negative ------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Romania-based state-owned rail freight operator CFR Marfa S.A. on CreditWatch with negative implications, reflecting the protracted delay in publication of its financial statements prepared under IFRS for the fiscal year 2004 ending Dec. 31, 2004. The rating reflects the continued deterioration of Marfa's market position in light of strong intermodal competition, the medium-term risk of privatization, low cost flexibility, considerable investment needs that exceed its financial capacity, a weak financial profile, and high exposure to refinancing risk in 2007. These weaknesses are mitigated by explicit and implicit government support for Marfa--although this is likely to be phased out after the Republic of Romania's (foreign currency BBB-/Stable/A-3, local currency BBB/Stable/A-3) accession to the EU--and the likelihood of privatization. Other mitigants are a stable regulatory regime and a still-dominant position in the national railfreight market. "We are concerned about Marfa's ability to repay its ?120 million eurobond, due December 2007," said Standard & Poor's credit analyst Eugene Korovin. "Marfa has yet to provide a strategy to mitigate this risk. Although the Romanian government, as its 100% owner, provided a letter of comfort for this bond, it is unclear if the state will provide timely support." The high potential for privatization puts pressure on any future government support to the entity. In addition, we expect government support for Marfa to reduce after Romania's accession to the EU, expected in 2007, owing to European state aid regulations. Privatization will shift credit risk closer to Marfa's stand-alone credit quality and will reduce the importance of state support as a rating factor. "To resolve the CreditWatch placement, we will broadly review the information flow from Marfa and assess the basis for maintaining the rating," added Mr. Korovin. "Depending on our findings, the rating may be affirmed, lowered, or withdrawn." CFR S.A.: Tardy Financial Report Spurs S&P's Watch Negative ----------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on Romania-based CFR S.A., the government-owned company responsible for the management of the country's rail infrastructure network, on CreditWatch with negative implications. This reflects the protracted delay in publication of the company's financial statements, under IFRS, for the fiscal year ending Dec. 31, 2004. The rating reflects CFR's extremely weak financial profile, and its heavy reliance on budget allocations to cover recurrent negative free cash flow resulting from heavy operating losses and high investment needs. Other risk factors include counterparty exposure to financially weak state-owned rail passenger and freight operators, and strong intermodal competition. These weaknesses are offset by CFR's 100% state ownership; strategic importance to, and explicit and implicit financial support from, the government of the Republic of Romania (foreign currency BBB-/Stable/A-3, local currency BBB/Stable/A-3); its low risk of privatization; and the company's central role in the national economy. "We expect the Romanian government to maintain support for CFR, in view of its importance to the national economy, and its key role in the modernization of the country's railroad network," said Standard & Poor's credit analyst Eugene Korovin. "Nevertheless, the government's financial capacity to support the company is limited by budget constraints, and it does not guarantee all of CFR's new long-term borrowing, some of which is supported by letters of comfort only." CFR's stand-alone financial position remains poor, with very weak and volatile cash flows. Furthermore, CFR is exposed to financially weak railroad carriers. "To resolve the CreditWatch placement, we will broadly review the information flow from CFR and assess the basis for maintaining the rating," added Mr. Korovin. "Depending on our findings, the rating may be affirmed, lowered, or withdrawn." =========== R U S S I A =========== ACB NATIONAL: Claims Filing Period Ends April 4 ----------------------------------------------- Creditors of ACB National Capital have until April 4, to submit their proofs of claim to: (a) ACB National Capital 103064, Russia, Moscow Region Basmannyj Tupik, 6-6a building 1,4 (b) State Corporation Agency on Endowment Insurance Insolvency Manager 109240, Russia, Moscow Region Verkhniy Vaganskiy Tupik, 4 (c) Representative of Insolvency Manager 109316, Russia, Moscow Region Post User Box 97 Tel: 8-800-200-08-05/77-24-29/589-40-88/514-74-78 The Arbitration Court of Moscow commenced bankruptcy proceedings against ACB National Capital after finding the close joint stock company insolvent. The case is docketed as A40-79479/05-71- 260B. AGRO-PROM-DOR-STROY BAVLINSKIY: Proof of Claims Due April 4 ----------------------------------------------------------- Creditors of Agro-Prom-Dor-Stroy Bavlinskiy have until April 4, to submit their proofs of claim against the Company to: L. Khajdarov Insolvency Manager Bavly, Post User Box 166 423930, Russia, Tatarstan Republic The Arbitration Court of Tatarstan republic commenced bankruptcy proceedings against Agro-Prom-Dor-Stroy Bavlinskiy after finding the open joint stock company insolvent. The case is docketed as A65-10212/2005-SG4-26. EFREMOVSKOYE-AGRICULTURAL: Claims Registration Ends April 4 ----------------------------------------------------------- Creditors of Efremovskoye-Agricultural (TIN 7113001216) have until April 4, to submit their proofs of claim to: L. Shvets Insolvency Manager 301840, Russia, Tula Region Efremovskiy Region, Chernyatino The Arbitration Court of Tula Region commenced bankruptcy proceedings against Efremovskoye-Agricultural (TIN 7113001216) after finding the close joint stock company insolvent. The case is docketed as A68-25/B-05. FACTORY OF SILICATE: Saratov Court Opens Bankruptcy Supervision --------------------------------------------------------------- The Arbitration Court of Saratov Region has commenced bankruptcy supervision procedure on open joint stock company the Factory of Silicate Brick. The case is docketed as A57-539B/05-12. Mr. Y. Petrov has been appointed temporary insolvency manager. CONTACT: Factory of Silicate Brick Novoastrakhanskoye Shosse, 1 410008, Russia, Saratov Region Y. Petrov Temporary Insolvency Manager Novoastrakhanskoye Shosse, 1 Saratov Region 410008, Russia Arbitration Court of Saratov Region 410002, Russia, Saratov Region, Babushkin Vvoz Str. 1 INTER-JEWELER: Claims Filing Period Ends April 4 ------------------------------------------------ Creditors of Inter-Jeweler (TIN 7723003454) have until April 4, to submit their proofs of claim to: Sh. Fazailov Insolvency Manager Shabolovka Str. 26, Building 4 119049, Russia, Moscow Region Tel: 785-69-65 The Arbitration Court of Moscow Region commenced bankruptcy proceedings against Inter-Jeweler (TIN 7723003454) after finding the close joint stock company insolvent. The case is docketed as A40-71694/05-73-192B. Mr. Sh. Fazailov has been appointed insolvency manager. KISELEVSKIY BREAD: Claims Filing Period Ends April 4 ---------------------------------------------------- Creditors of Kiselevskiy Bread Combine have until April 4, to submit their proofs of claim to: (a) Kiselevskiy Bread Combine 652718, Russia, Kiselevsk Region, 50 Let Oktyavrya, 2-a (b) T. Ivanova Insolvency Manager Okhotskaya Str. 10 Kiselevsk 625718, Russia Tel./Fax: (8-38464) 7-65-28 The Arbitration Court of Kemerovo Region commenced bankruptcy proceedings against Kiselevskiy Bread Combine after finding the limited liability company insolvent. The case is docketed as A27-7895/2005-4. Ms. T. Ivanova has been appointed insolvency manager. KRASNOYARSKOYE GLASS: Claims Filing Period Ends April 4 ------------------------------------------------------- Creditors of Krasnoyarskoye Glass have until April 4, to submit their proofs of claim to: (a) Krasnoyarskoye Glass Pamyati 13 Bortsov, Sovetskaya Str. 2A Emelyanovskiy Region Krasnoyarsk Region 663013, Russia (b) S. Tostikhin Insolvency Manager Krasnoyarsk Region Post User Box 13818 660061, Russia The Arbitration Court of Krasnoyarsk Region commenced bankruptcy proceedings against Krasnoyarskoye Glass after finding the limited liability company insolvent. The case is docketed as A33-17174/2005. Mr. S. Tostikhin has been appointed insolvency manager. MODOVSKIY LIGHT: Moscow Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy proceedings against Modovskiy Light after finding the close joint stock company insolvent. The case is docketed as A40-67315/05-86- 162B. Mr. A. Amelyakin has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) Modovskiy Light Fortunatovskaya Str. 31/35 105187 Moscow (b) A. Amelyakin Insolvency Manager Post User Box 103 119415 Moscow ROSBANK OJSC: S&P Raises Ratings to B with Stable Outlook --------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit and certificate of deposit ratings on Russia-based Rosbank OJSC to 'B' from 'B-' and its Russia national scale rating to 'ruA-' from 'ruBBB-'. At the same time, the short-term 'C' rating was affirmed. The outlook on the bank is stable. "The rating upgrade reflects Rosbank's improved capitalization following the recent Tier 1 capital increase; completed legal and organizational integration of the OVK banking group; and expectations of higher sustained core profitability in the medium term," said Standard & Poor's credit analyst Irina Penkina. The ratings remain constrained by Rosbank's sizable concentration in loans and funding, low operating efficiency, challenges in managing an extensive distribution network, untested quality of the fast-growing retail portfolio, and Russia's high operating risks. With total assets of Russian ruble (RUR) 160 billion at June 30, 2005, Rosbank is a large private sector Russian bank owned and controlled by Interros--Russia's largest nonenergy Financial Industrial Group, whose largest asset is OJSC MMC Norilsk Nickel (BB+/Stable/--). In 2005, Rosbank completed the consolidation of its sister banking group, OVK, thereby adding retail operations to its traditional large corporate focus. The stable outlook reflects Standard & Poor's expectations that, in the beneficial macroeconomic environment, Rosbank will be able to reach a sustainable improvement in its core profitability due to a double effect of higher margin from retail lending, and cost-cutting initiatives. "If the bank demonstrates its ability to withstand the competitive pressure on recurrent profitability better and maintains good asset quality, this could lead to an upgrade," said Ms. Penkina. "The ratings could be lowered if the bank is unable to control the quality of its lending, which is growing quickly in the current favorable economic environment; to reap satisfactory financial benefits from its enlarged distribution base and infrastructure following the OVK integration; and if there is a discontinuation of financial support from the Interros group to support the bank's rapid growth in a financial or economic stress scenario," she added. SIBERIAN GARDENER: Bankruptcy Hearing Set May 15 ------------------------------------------------ The Arbitration Court of Irkutsk Region will convene on May 15, to hear the bankruptcy supervision on open joint stock company Siberian Gardener. The case is docketed as A19-41890/05-49. The Debtor can be reached at: Siberian Gardener Cheremkhovskiy Region, Malinovka, Sadovaya Str. Russia, Irkutsk Region Mr. O. Fominykh has been appointed temporary insolvency manager and can be reached at: 664081, Russia, Irkutsk Region, Post User Box 142 YUGO-KAMSKIY: Proofs of Claim Deadline Set for April 11 ------------------------------------------------------- Creditors of Yugo-Kamskiy have until April 11, to submit their proofs of claim to: (a) Yugo-Kamskiy Yugo-Kamskiy, Kirova Str. 1 Perm Region 614526, Russia (b) I. Bondar Insolvency Manager Truda Str. 23 Kirov Region 610020, Russia The Arbitration Court of Perm Region commenced bankruptcy proceedings against Yugo-Kamskiy after finding the engineering plant of oil field equipment company insolvent. The case is docketed as A50-18347/2005-B. Mr. I. Bondar has been appointed insolvency manager. * Chadbourne & Parke LLP Names Two New Attorneys to Counsel ----------------------------------------------------------- The international law firm of Chadbourne & Parke LLP named two attorneys to the position of counsel, effective March 1. The new counsel are Gretchen Werwaiss, resident in New York, and Evgenia M. Korotkova, resident in Moscow. "Gretchen and Evgenia are outstanding attorneys who represent the direction in which Chadbourne is moving," said Charles K. O'Neill, Managing Partner. "The Management Committee is proud to name them as counsel, and look forward to their continued valuable contributions to the Firm." Gretchen Werwaiss, New York Office, Litigation Ms. Werwaiss, 35, is well versed in both general commercial litigation and product liability defense. Ms. Werwaiss has extensive experience defending companies involved in class actions. She continues ongoing work as national counsel for a pharmaceutical manufacturer involved in over 1,300 product liability cases, involving different products, pending in state and federal courts across the country. She also has significant experience in general commercial litigation, having been involved in such matters as the defense of multiple related federal securities actions. Ms. Werwaiss earned a B.A. from Georgetown University and a J.D., cum laude, from Georgetown University Law Center. Evgenia M. Korotkova, Moscow Office, Russia & CIS Ms. Korotkova, 37, concentrates on general corporate matters, real estate, securities, currency regulation, licensing, banking, taxation, anti-monopoly and labor issues. Ms. Korotkova advises clients in the manufacturing, energy and telecommunications sectors. She participates in negotiations, and reviews and drafts documents in connection with various corporate transactions, including mergers and acquisitions. She has conducted numerous due diligence reviews of Russian companies in a variety of sectors, including telecommunications, oil and gas, consumer products and pharmaceuticals. Ms. Korotkova has advised clients on a wide range of issues connected with the establishment and operation of enterprises with foreign investment. Ms. Korotkova earned her Law Diploma from Moscow State University in 1993. About Chadbourne & Parke LLP Headquartered in New York City, New York, Chadbourne & Parke LLP -- http://www.chadbourne.com/-- provides a full range of legal services, including mergers and acquisitions, securities, project finance, private equity, corporate finance, energy, communications and technology, commercial and products liability litigation, securities litigation and regulatory enforcement, special investigations and litigation, intellectual property, antitrust, domestic and international tax, insurance and reinsurance, environmental, real estate, bankruptcy and financial restructuring, employment law and ERISA, trusts and estates and government contract matters. Major geographical areas of concentration include Central and Eastern Europe, Russia and the CIS, and Latin America. The Firm has offices in New York, Washington, D.C., Los Angeles, Houston, Moscow, St. Petersburg, Kyiv, Almaty, Warsaw (through a Polish partnership), Beijing, and a multinational partnership, Chadbourne & Parke, in London. ========= S P A I N ========= BANKINTER 12: Fitch Junks Rating on EUR11.3 Million Notes --------------------------------------------------------- Fitch Ratings gave final ratings to Bankinter 12 Fondo de Titulizacion Hipotecaria's notes totaling EUR1.2 billion due in December 2043 as follows: a) EUR50 million Series A1: AAA; b) EUR1.102 billion Series A2: AAA; c) EUR13.1 million Series B: A+; d) EUR11.9 million Series C: A-; e) EUR11.3 million Series D: BBB-; and f) EUR11.3 million Series E: CCC. The ratings on the Class A to D notes are based on the quality of the underlying collateral, the underwriting and servicing capabilities of Bankinter, available credit enhancement and the sound legal and financial structure of the transaction. CE for all Classes of notes is provided by the subordination of the Classes junior to them and the reserve fund, with the exception of the Class E notes, which are solely collateralized by the reserve fund. This transaction is a cash flow securitization of a EUR1.19 million static pool of first ranking residential mortgage loans granted by Bankinter. Bankinter is Spain's 10th largest banking group by assets. It is one of the most active players in the Spanish RMBS arena; bringing to the market so far a total of 12 RMBS transactions. It has also issued a securitization of SME loans. The fund is regulated by Spanish Securitization Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to convert the mortgage participations acquired from the seller into residential mortgage-backed securities. Europea de Titulizacion S.A. S.G.F.T., on behalf of the fund, has subscribed the participations. The rating on the Class E notes is supported by the recovery rate that noteholders are expected to receive during the life of the transaction, which has been calculated on the basis of principal and accrued interest amounts as a proportion of the original Class E notes balance. The Class A1 notes are expected to amortize on the payment date falling on 15 June 2007. However, if funds are not sufficient to pay off the notes on the scheduled payment date, amortization will continue on each payment date until they have fully amortized. IM CAJAMAR: Fitch Puts BB- Rating on EUR15.6 Million Notes ---------------------------------------------------------- Fitch Ratings placed final ratings to IM Cajamar 3 Fondo de Titulizacion de Activos' notes totaling EUR1.22 billion due in September 2048 as follows: a) EUR1.155 billion Series A: AAA; b) EUR28.8 million Series B: A+; c) EUR6 million Series C: A-; d) EUR10.2 million Series D: BBB-; and e) EUR15.6 million Series E: BB-. This transaction is a cash flow securitization of a EUR1.2 billion static pool of first ranking residential mortgage loans granted by Caja Rural Intermediterranea S.C.C. The ratings of the notes are based on the quality of the underlying collateral, the underwriting and servicing capabilities of Cajamar, available credit enhancement and the sound legal and financial structure of the transaction. CE for all Classes of notes is provided by the subordination of the Classes junior to them and the reserve fund, with the exception of the Class E notes, which are solely collateralized by the excess spread. The ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the class B, C, D and E notes, as well as the repayment of principal by legal final maturity in September 2048. The fund is regulated by Spanish Securitisation Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to convert the mortgage participations and mortgage transfer certificates acquired from the seller into residential mortgage-backed securities. InterMoney Titulizacion S.G.F.T., S.A., whose activities are limited to the management of securitisation funds, has subscribed the participations and certificates. ============= U K R A I N E ============= AZOV-SICH: Zaporizhya Court Opens Bankruptcy Proceedings -------------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against LLC Trade House Azov-Sich (code EDRPOU 33123058) on Jan. 16, 2006, after finding the company insolvent. The case is docketed as 25/3. Mr. A. Petrenko has been appointed liquidator/insolvency manager. CONTACT: Azov-Sich Gryaznov Str. 51/10 Ukraine, Zaporizhya Region Mr. A. Petrenko Liquidator/Insolvency Manager Yuvilejnij Avenue 18/77 Ukraine, Zaporizhya Region Economic Court Of Zaporizhya Region Shaumyana Str. 4 69001, Ukraine, Zaporizhya Region DNIPROLIZING: Dnipropetrovsk Court Begins Bankruptcy Proceedings ---------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Oleksij Gula temporary insolvency manager of LLC Dniprolizing (code EDRPOU 31780796). The Court commenced bankruptcy supervision procedure on the company on Dec. 5, 2005. The case is docketed as B 29/248/05. CONTACT: Dniprolizing Novomoskovsk District Golubivka, Kravchenko 27/1 51230, Ukraine, Dnipropetrovsk Region Mr. Oleksij Gula Temporary Insolvency Manager Novomoskovsk, Radyanska Str. 43/134 51200, Ukraine, Dnipropetrovsk Region Tel: (0562) 35-24-59 Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk FORUM-INVEST: Dnipropetrovsk Court Opens Bankruptcy Supervision --------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on Private Enterprise Forum-Invest (code EDRPOU 31419003) on Jan. 26, 2005. The case is docketed as B 15/2/06. Ms. Nataliya Chesnova has been appointed temporary insolvency manager. CONTACT: Forum-Invest Dniprodzerzhinsk, Kashtaniv Str. 3/18 51900, Ukraine, Dnipropetrovsk Region Ms. Nataliya Chesnova Temporary Insolvency Manager Kirov Avenue 28-a, Office 210 49101, Ukraine, Dnipropetrovsk Region Tel: 36-10-75 Economic Court Of Dnipropetrovsk Region 49600, Ukraine, Dnipropetrovsk Region, Kujbishev Str. 1a IMAGE SERVICE: Dnipropetrovsk Court Begins Bankruptcy Process ------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on Private Enterprise Image Service (code EDRPOU 32186578) on Dec. 29, 2005. The case is docketed as B 24/311/05. Mr. Morozov I. has been appointed temporary insolvency manager. CONTACT: Image Service Kalinov Str. 71/17 49087, Ukraine, Dnipropetrovsk Region Mr. Morozov I., Temporary Insolvency Manager 49000, Ukraine, Dnipropetrovsk Region, a/b 2434 Tel: (056) 770-27-40, 370-74-70 Economic Court Of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region OPTTORG: Zaporizhya Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against LLC Opttorg (code EDRPOU 33273137) on Jan. 16, after finding the company insolvent. The case is docketed as 25/4. Mr. A. Petrenko has been appointed liquidator/insolvency manager. CONTACT: Opttorg Lenin Avenue 154-B/17 69005, Ukraine, Zaporizhya Region Mr. A. Petrenko Liquidator/Insolvency Manager Yuvilejnij Avenue 18/77 Ukraine, Zaporizhya Region Economic Court of Zaporizhya Region Shaumyana Str. 4 69001, Ukraine, Zaporizhya Region PROMGIDROKOMPLEKT: Kyiv Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Promgidrokomplekt (code EDRPOU 32456088) on Jan. 18, 2006, after finding the company insolvent. The case is docketed as 24/8-b. Mr. O. Buravtsov has been appointed Liquidator/Insolvency Manager. CONTACT: Promgidrokomplekt Kotovskij Str. 7 Ukraine, Kyiv Region Mr. O. Buravtsov Liquidator/Insolvency Manager Ukraine, Kyiv Region, Kotovskij Str. 11 Economic Court of Kyiv Region 01030, Ukraine, Kyiv Region, B. Hmelnitskij Boulevard 44-B SINTA: Lugansk Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy proceedings against LLC Sinta (code EDRPOU 31380914) after finding the company insolvent. The case is docketed as 22/5 b. Mr. Sergij Molchanov has been appointed Liquidator/Insolvency Manager. CONTACT: LLC Sinta Lisichansk, Leninskij Komsomol Quarter 7/35 93100, Ukraine, Lugansk Region Mr. Sergij Molchanov Liquidator/Insolvency Manager Severodonetsk, Lenin Str. 30/20 93404, Ukraine, Lugansk Region Economic Court of Lugansk Region Geroiv VVV Square 3a 91000, Ukraine, Lugansk Region SHORS' MILK: Court Names O. Barbarov as Insolvency Manager ---------------------------------------------------------- The Economic Court of Chernigiv Region appointed Oleksandr Barbarov as temporary insolvency manager for Shors' Milk Processing Plant (code EDRPOU 31431429). The Court commenced bankruptcy supervision procedure on the Company on Jan. 19. The case is docketed as 4/328 b/115. CONTACT: Shors' Milk Processing Plant Shors, Kalinin Str. 62 15200, Ukraine, Chernigiv Region Mr. Oleksandr Barbarov Temporary Insolvency Manager Gorkij Str. 90/22 14000, Ukraine, Chernigiv Region Economic Court of Chernigiv Region Miru Avenue 20 14000, Ukraine, Chernigiv Region =========================== U N I T E D K I N G D O M =========================== BALMER LINDLEY: Deutsche Bank AG Appoints PwC as Receiver --------------------------------------------------------- Deutsche Bank AG appointed Roger Marsh and Ian David Green of PricewaterhouseCoopers LLP as joint administrative receivers of Balmer Lindley Group Limited (Company Number 03210255) on March 6. 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. Balmer Lindley Group Limited -- http://www.balmer-group.co.uk/ -- manufactures fabricated metal parts. BAXI HOLDINGS: S&P Places BB- Rating on CreditWatch Negative ------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'BB-' corporate credit rating on U.K.-based heating-products manufacturer Baxi Holdings Ltd. on CreditWatch with negative implications, reflecting its concerns that the company's near-term credit metrics could be negatively affected by the challenges being faced in its key U.K. market. "The U.K. market shift from standard-efficiency to high- efficiency boilers introduces specific competitive challenges, particularly as we believe Baxi's natural strength and market dominance results principally from its position manufacturing standard-efficiency boilers," said Standard & Poor's credit analyst Jarrad Oberhardt. "As such, these market changes present a risk that Baxi's major competitors in the U.K., particularly those with existing strengths in manufacturing high-efficiency boilers on the continent, will gain an opportunity to challenge Baxi's leading U.K. position." In addition, S&P expects that demand within the company's key U.K. market to have softened during 2005, potentially placing pressure on earnings and cash generation. Following Baxi's re- leveraging in June 2005 to support the acquisition of the heating business of Spain-based Corporacion Empresarial Roca S.A., S&P's minimum expectation for the rating was that Baxi's historically strong margin and cash flow performance would be maintained. "Given the challenges we see, there is a real chance that the company's performance could fall short of our expectations for a lengthy period," added Mr. Oberhardt. Resolution of the CreditWatch will take place following a detailed review of Baxi's 2005 performance and the company's medium-term prospects. This is likely to occur within the next six weeks. The review could lead to a lowering of all ratings. Should this be the case, the extent of a downgrade is likely to be limited to one notch. BREW-ENG CONSULTANCY: Appoints Administrator from Kay Johnson ------------------------------------------------------------- Jonathan Elman Avery-Gee of Kay Johnson Gee was appointed administrator of Brew-Eng Consultancy Limited (Company Number 02055851) on March 8. The administrator can be reached at: Kay Johnson Gee Griffin Court 201 Chapel Street Salford, Manchester Greater Manchester M3 5EQ Tel: 0161 832 6221 Fax: 0161 834 8479 E-mail: traceyshanley@kayjohnsongee.com Brew-Eng Consultancy Limited can be reached at: SDH Industrial Estate, Unit 7 Asquith Bottom West Street, Sowerby Bridge HX6 3BT West Yorkshire Web: http://www.brew-eng.com/ BRITISH AIRWAYS: UK Sales Restructuring to Cut 300 Jobs ------------------------------------------------------- British Airways PLC is to restructure parts of its UK direct sales operations in response to changing customer behavior and increased sales on its http://www.ba.com/Web site. The restructuring plans will see the proposed closure by August 2006 of British Airways' Travel Shops business as well as the airline's Belfast based customer call center. The proposed changes will affect around 300 staff who work in the 17 high street travel shops, corporate travel agency Worldlink based at Heathrow and its back office support areas. A further 100 staff currently work in the Belfast call center. The airline will consult with its trade unions about the proposed closures. "It is clear that increasing number of our customers want to book and organize their travel plans with British Airways via the Internet," Martin George, British Airways' commercial director, said. "This is a travel industry wide trend and we have to ensure that our business reflects this. "Our UK call centers have seen the number of telephone calls fall by more than 60 per cent since 2001 from 15 million to six million calls today and we have reduced our headcount in this area of the business by similar amounts from 2200 to 800 people. Despite closing our call centers in Glasgow and London in 2004 we still have too much property for the size of our operation. "It is with regret that we propose to close Belfast and make more efficient use of our centers in Manchester and Newcastle. This is not about moving telephone calls abroad and customers in the UK will still speak to people based in our remaining UK call centers. "Our high street travel shop business is forecast to make ever increasing losses in the years ahead despite continued efforts to reduce costs and improve revenue. We are therefore also proposing to close all 17 shops by the end of August. "The announcement is not an easy one and not one which we have taken lightly. This decision is not a reflection on the professionalism and efforts of our staff in these areas. It is about ensuring that we respond to changes in the marketplace. "In the months ahead we will consult fully with the Trade Unions and staff representatives. We will offer all the support we can to affected staff either to find other jobs within British Airways or with other employers." About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the UK's largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. BRITISH AIRWAYS: Trustee Sells 36,017 Units in Share Scheme ----------------------------------------------------------- Computershare Trustee (CI) Limited, the trustee of the British Airways Employee Benefits Trustees (Jersey) Limited notified British Airways PLC that the Trust sold on March 15, 15,576 ordinary shares of 25 pence each at a price of 333 pence per share and 20,441 ordinary shares of 25 pence each at a price of 336.75 pence per share. The executive directors of the Company, as well as other employees of the Company, are potential beneficiaries of the Trust. As such, they are deemed to be interested in the shares held by the Trust. Accordingly, the number of shares in which the directors are interested decreased by 36,017 on the date of sale. The relevant executive directors are Willie Walsh, Martin George and Keith Williams. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the UK's largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. CABLE & WIRELESS: Employee Share Trustees Sell 26,233 Shares ------------------------------------------------------------ Cable and Wireless PLC advises that the Trustees of Cable and Wireless plc Employee Share Ownership Trust disposed of 26,233 Ordinary Shares on March 13, at a price of GBP1.08 per share. Following the disposal, 51,208,192 Ordinary Shares are held under the Trust. Francesco Caio, Rob Rowley, Charles Herlinger, Lord Robertson of Port Ellen, George Battersby, Harris Jones and John Pluthero (all being Directors of Cable and Wireless plc), in their capacity as members of the class of beneficiaries under the Trust, and Towers Perrin Share Plan Services Limited, in their capacity as Trustees of the Trust, are deemed to have a non-beneficial interest in these Ordinary Shares. No Directors are disposing of any beneficial interests in the Company. About the Company Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- is one of the world's leading international communications companies. It provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. Fitch Ratings has affirmed Cable & Wireless' ratings at Long-term 'BB+' with Stable Outlook and Short-term 'B'. * * * As reported in the Troubled Company Reporter-Europe on March 3, Standard & Poor's Ratings Services said that the ratings and outlook on U.K.-based telecommunications operator Cable & Wireless PLC (C&W; BB-/Negative/B) were unchanged following the group's presentation of plans for further restructuring and refocusing of its U.K. business. C&W is replicating the broadly successful business model of Energis, the U.K. telecoms services company that it acquired in November 2005. It has announced a withdrawal from the low- margin U.K. small-to-midsized business market and a focus on large U.K. corporate customers. Given this streamlining of the customer and product base, employee numbers could reduce by up to 3,000, resulting in additional headcount reduction and lease exit costs. The group is to continue investing in Bulldog, its early stage, and largely residential, local-loop-access operation. This further retrenchment underlines the external and internal challenges that C&W still faces. The group's cash flow profile in the U.K. is likely to be more negative than previously anticipated, although material erosion of the gross cash position is not currently expected. CORUS GROUP: S&P Places Low-B Ratings on CreditWatch Positive ------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on U.K.-based steel consortium Corus Group PLC on CreditWatch with positive implications following March 16, announcement concerning the intended disposal of the aluminum division, coupled with good financial performance in 2005. At the same time, Standard & Poor's placed its 'BB' senior secured bank loan ratings on Corus and its 'B+' senior unsecured debt ratings on Corus and Corus Finance PLC on CreditWatch with positive implications. The 'B' short-term corporate credit rating on Corus was also placed on CreditWatch with positive implications. "The CreditWatch placement reflects our expectation that the company's financial profile, which strengthened in 2005 due to positive market conditions and a prudent financial policy, will benefit further from the proceeds of this disposal," said Standard & Poor's credit analyst Tatiana Kordyukova. Financial flexibility will be significantly enhanced, even if Corus decides to use some of the disposal proceeds to participate in industry consolidation. The group generated free operating cash flow of GBP273 million in 2005, which helped to reduce net debt to GBP821 million at year-end, unadjusted for leases and pensions. In resolving the CreditWatch placement, Standard & Poor's will seek to assess Corus' progress in and prospects for reducing the competitive gap with its European and worldwide peers. Standard & Poor's will also wait to see whether Corus is successful in disposing its aluminum unit, and will assess the ways in which the proceeds will be used. "The ratings could be raised by one notch if Standard & Poor's is satisfied that Corus could sustain a higher rating even if the steel market enters into a downturn in the future," Ms. Kordyukova added. A two-notch upgrade seems less likely at this stage, and would be achievable only if Corus' weak business risk profile could be compensated in a sustainable fashion by a much stronger financial profile. Standard & Poor's will seek to resolve the CreditWatch within 90 days. COTTERGRADE LIMITED: Deutsche Taps PwC as Admin. Receiver --------------------------------------------------------- Deutsche Bank AG appointed Roger Marsh and Ian David Green of PricewaterhouseCoopers LLP joint administrative receivers of Cottergrade Limited (Company Number 01185368) on March 6. 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. Cottergrade Limited manufactures metal structures and parts. FLOORING TECHNOLOGIES: Simon Thornton Named to Administer Assets ---------------------------------------------------------------- Simon Thornton of Houghton Stone Business Recovery was appointed administrator of Flooring Technologies Ltd (Company Number 03702117) on March 6. The administrator can be reached at: Houghton Stone Business Recovery The Conifers, Filton Road, Hambrook, Bristol BS16 1QG Tel: 0117 957 9009 Headquartered in Gorseinon in South Wales, Flooring Technologies Ltd has developed a new industrial process that permits the reprocessing of waste rubber dust that is presently disposed of in landfill sites. The company developed the process in considering applications for the flooring industry. FUSION FIRE: Members Resolve to Liquidate Company's Assets ---------------------------------------------------------- Members of Fusion Fire Facilities Ltd decided to liquidate the company's assets during an extraordinary general meeting on Feb. 13. Subsequently, they appointed Alan Simon, of Langley & Partners, to administer the winding up proceedings. Fusion Fire Facilities Ltd can be contacted at: Link House 553 High Road Wembley Middlesex HA0 2DW Tel: 01784 491 154 GENERAL MOTORS: Receives $12.5 Billion Bid for GMAC Stake --------------------------------------------------------- Kohlberg Kravis Roberts & Co. has offered to purchase a majority stake in General Motors Acceptance Corp. for $12.5 billion, the Wall Street Journal Reports. Wachovia Corp., Merrill Lynch, General Electric Co., and the Bank of Nova Scotia are backing KKR's proposal. KKR's offer tops the reported $11 million deal touted by Cerberus Capital Management LP and a consortium of investors. However, the proposal is non-binding and is tied with certain conditions that may not be favorable for the automaker. Heidi Moore, Lisa Gewirtz and Donna Block, at The Deal, say that KKR is unwilling to take on all future liabilities for cars from expiring customer leases. They say that declining values from these cars would add to GM's losses in case of a bankruptcy filing -- a risk that GM does not want to carry. Because of the non-binding nature of the bid, reports have hinted that KKR's bid may just be a ploy to heat up negotiations for GMAC's shares. Quoting an unnamed source, the Deal reported that the KKR bid is unlikely to pose a threat to Cerberus. General Motors plans to sell part of GMAC to raise its credit rating and obtain access to cheaper financing. The GMAC sale is also part of a larger restructuring program aimed at disposing of the automaker's non-core assets. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM today employs about 317,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. As reported in the Troubled Company Reporter on March 3, 2006, Fitch Ratings downgraded GM's Issuer Default Rating to 'B' from 'B+'. Fitch has also assigned an 'RR4' Recovery Rating to GM's senior unsecured debt, indicating average recovery prospects (30-50%) for this class of creditors in the event of a bankruptcy filing. GMAC's 'BB' rating remains on Rating Watch Evolving by Fitch pending further developments in GM's intent to sell a controlling interest in GMAC. As reported in the Troubled Company Reporter on Feb. 22, Moody's Investors Service lowered the Corporate Family Rating and senior unsecured rating of General Motors Corporation to B2 with a Negative Outlook from B1 subject to Review for a Downgrade. GENERAL MOTORS: GMAC Accounting Errors Delay Form 10-K Filing ------------------------------------------------------------- General Motors Corp. (NYSE: GM) disclosed it will delay filing its 2005 Annual Report on Form 10-K with the Securities and Exchange Commission due to an accounting issue regarding the classification of cash flows at ResCap, the residential mortgage subsidiary of General Motors Acceptance Corp. The ResCap accounting issue relates to the erroneous classification of cash flows from certain mortgage loan transactions as cash flows from operations instead of cash flows from investing activities. Although the company has not completed its review of this matter, the issue will not impact either net income or the balance sheet presentation but is expected to impact the presentation of cash flows from operating and investing activities. This issue may impact the statements of cash flows for 2005 and prior periods at ResCap, GMAC and GM, and the impact may be material in some or all of the affected periods. With the exception of the ResCap accounting issue, the Company is otherwise prepared to file its 2005 Form 10-K and intends to do so as soon as practicable and within the next two weeks. At that time, GM also intends to report restated results for the years ended Dec. 31, 2000 to Dec. 31, 2004 on Form 10-K/A. Financial Restatements When GM files its 10-K, it will provide final financial results for 2005 that differ from the preliminary results reported in January principally due to adjustments for three charges. These charges will increase GM's reported loss in 2005 to a total of $10.6 billion, or $18.69 per share, including special items. This compares to the previously reported loss of $8.6 billion. The final 2005 results will include: -- an increase in the previously announced North American restructuring charge; -- an increase to the contingent liabilities associated with Delphi Corp.'s Chapter 11 filing; and -- recognition at the GM level of the previously reported non-cash goodwill impairment charge of $439 million (after tax) at GMAC. North American Restructuring Charge Revision GM expects to change the amount of its 2005 North American restructuring charge to $1.7 billion (after tax) from the previously reported charge of $1.3 billion (after tax) to reflect an increase in the provision for employee costs at facilities where GM plans to cease production. The previously reported charge included cash payments that would be made to affected employees during the current labor agreement, attributable to the JOBS bank provisions of that agreement. However, after further review, GM has determined to also include in the revised charge management's best estimate of the costs it expects to pay during periods after the current labor contract expires in September 2007. In this regard, GM is currently in discussions with the United Auto Workers union on an accelerated attrition program for active employees, by which GM would be able to reduce the number of employees in the JOBS bank in a cost effective manner. GM currently believes that any agreement on an attrition program would not likely change the amount of this charge. Delphi Charge, GMAC Impairment Revision GM also expects to increase the charge for GM's contingent exposure relating to Delphi's Chapter 11 filing, including benefit guarantees between GM and certain unions, to $3.6 billion ($5.5 billion before tax) from the previous estimate of $2.3 billion ($3.6 billion before tax). GM's current estimate of the pre-tax range of this contingent exposure is now between $5.5 billion and $12 billion, with amounts near the low end of the range considered more possible than amounts near the high end of the range, assuming an agreement is reached among GM, Delphi and Delphi's unions. This is consistent with the company's previously issued guidance on the range of the contingent exposure to GM and it reflects developments in the discussions with Delphi and the UAW on a comprehensive agreement. The revised Delphi charge is based on the facts and circumstances as they exist today. Any new development in the Delphi discussions prior to GM's filing of the 2005 10-K could result in a further update to these estimates. In addition, GM intends to recognize non-cash goodwill impairment charges of $439 million (after-tax) in the fourth quarter of 2005. These charges relate primarily to GMAC's Commercial Finance operating segment. Previously, GM reported but did not recognize these goodwill charges in its 2005 consolidated financial statements because the goodwill was deemed recoverable by GM at the GMAC reporting unit level. However, after further internal review of applicable accounting standards, and in consultation with the company's outside auditors, GM has determined that it should recognize the previously disclosed GMAC impairment in GM's consolidated results for 2005. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM today employs about 317,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. As reported in the Troubled Company Reporter on March 3, 2006, Fitch Ratings downgraded GM's Issuer Default Rating to 'B' from 'B+'. Fitch has also assigned an 'RR4' Recovery Rating to GM's senior unsecured debt, indicating average recovery prospects (30-50%) for this class of creditors in the event of a bankruptcy filing. GMAC's 'BB' rating remains on Rating Watch Evolving by Fitch pending further developments in GM's intent to sell a controlling interest in GMAC. As reported in the Troubled Company Reporter on Feb. 22, 2006, Moody's Investors Service lowered the Corporate Family Rating and senior unsecured rating of General Motors Corporation to B2 with a Negative Outlook from B1 subject to Review for a Downgrade. GEORGE CARPENTER: Claims Registration Ends March 30 --------------------------------------------------- Members of George Carpenter Paints & Wallpapers Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 16. Appointed Liquidator, Timothy Calverley, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors on or before, March 30. The Debtor can be reached at: George Carpenter (North East) Paints & Wallpapers Limited Leadenhall Street Darlington County Durham DL1 1RD Tel: 01325 484 040 Fax: 01325 488 090 HIGHBURY ENTERTAINMENT: Creditors' Meeting Set for March 27 ----------------------------------------------------------- Creditor of Highbury Entertainment Limited, Highbury House Communications Plc and Highbury Lifestyle Limited will meet at 10:30 a.m., March 27 at: Thistle Charing Cross, Strand, London WC2N 5HX 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., March 24, to: M. E. Mills Joint Administrative Receiver Ernst & Young 1 More London Place, London SE1 2AF Ernst & Young -- http://www.ey.com/-- is global organization help companies in businesses across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. It has 107,000 people in 140 countries around the globe pursue the highest levels of integrity, quality and professionalism to provide clients with a broad array of services relating to audit and risk-related services, tax, and transactions. HIGHBURY NEXUS: Creditors' Meeting Set for March 27 --------------------------------------------------- Creditors of Highbury Nexus Special Interests Limited (Company Number 2246954) will meet at 10:30 a.m., on March 27, at: Thistle Charing Cross The Strand, London WC2N 5HX Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12 p.m., on March 24 to: M. E. Mills Joint Administrator Ernst & Young LLP 1 More London Place, London SE1 2AF Ernst & Young -- http://www.ey.com/-- is global organization help companies in businesses across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. It has 107,000 people in 140 countries around the globe pursue the highest levels of integrity, quality and professionalism to provide clients with a broad array of services relating to audit and risk-related services, tax, and transactions. J INGRAM: Creditors Confirm Voluntary Liquidation ------------------------------------------------- Creditors of J. Ingram Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 16. Creditors ratified the appointment of Ian William Kings of Tenon Recovery, as Liquidator. J Ingram (Newcastle) Limited can be reached at: 55A Bridge Street Blaydon-On-Tyne Tyne And Wear NE214JQ Tel: 0191 414 5949 Fax: 0191 414 5949 JOEY LOONS: Appoints Administrator from Mazars ---------------------------------------------- Roderick John Weston of Mazars LLP was appointed administrator of Joey Loons Limited (Company Number 02933460) on March 1. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Headquartered in Portsmouth, Hampshire, Joey Loons Limited retails clothing and apparel. KEEP SAFE: Mounting Debts Trigger Liquidation Proceedings --------------------------------------------------------- Keep Safe Security Limited is liquidating its assets after members found out that the company could not continue its operations due to mounting debts. Susan Purnell and Leigh-Jane Holmes, both of Purnells, were appointed Joint Liquidators. Keep Safe Security (Wales) Limited can be contacted at: 36 Southdown View Port Talbot, West Glamorgan SA127AE Tel: 01639 681 436 KINGSLEY NEVILLE: Appoints Peter Nottingham as Liquidator --------------------------------------------------------- Peter Nottingham, of Nottingham Watson Ltd, was appointed Liquidator after members of Kingsley Neville Limited passed a resolution to wind up the company on Feb. 15. Chairman C. Mason disclosed the company could not continue its business due to financial liabilities. Kingsley Neville Limited can be reached at: Portland House 29 Portland Street Leamington Spa Warwickshire CV325EY Tel: 01926 888 091 Fax: 01926 888 093 KLEINDAHL PARTNERS: Members Pass Winding Up Resolution ------------------------------------------------------ Members of Kleindahl Partners Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 15. They authorized Ian Donald Williams and Laurence Pagden, of Benedict Mackenzie LLP, to jointly administer the winding up proceedings. Kleindahl Partners Limited 17 Emerald Street London WC1N3QL Tel: 020 7404 1725 Web: http://www.kleindahl.com/ LEEDS SCHOOL: Hires Joint Liquidators from KPMG LLP --------------------------------------------------- Howard Smith and Richard Dixon Fleming, of KPMG LLP, were appointed Joint Liquidators of Leeds School of Motorcycling Ltd after members resolved to liquidate the company's assets on Feb. 13. Director D. E. Pickering claimed that the voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. Leeds School of Motorcycling Ltd can be contacted at: 21-27 St. Pauls Street Leeds LS1 2ER Tel: 0113 244 8700 LITE LTD: Members Pass Winding Up Resolution -------------------------------------------- Members of LITE Ltd passed a resolution to wind up the company during an extraordinary general meeting on Feb. 10. Chairman M. Lebloch revealed that the company could no longer continue its business due to financial liabilities. Salman Saud, of Saud & Company, was appointed Liquidator. The Debtor can be contacted at: LITE (London Institute Of Technology & English) Ltd 3A Church Street St. Helens Merseyside WA101BA Tel: 01744 424 062 Fax: 01744 617 174 MAD HAT: Shuts Down Business & Appoints Liquidator -------------------------------------------------- Mad Hat Music Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 9. Peter Adrian Finn, of Businesscare Solutions Limited, was voted Liquidator. Mad Hat Music Limited can be contacted at: The Upper Hattons Pendeford Hall Lane Coven Wolverhampton West Midlands WV9 5BD Tel: 01902 840 440 Fax: 01902 840 448 Web: http://www.madhat.co.uk/ M I A VIDEO: Appoints Berg Kaprow Lewis Administrator ----------------------------------------------------- Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP were appointed joint administrators of M I A Video Entertainment Limited (Company Number 03005272) on March 2. Its registered office is at Avco House, 6 Albert Road, Barnet, Hertfordshire EN4 9SH. The joint administrators can be reached at: Berg Kaprow Lewis LLP 35 Ballards Lane, London N3 1XW Tel: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 NPF LIMITED: Appoints P&A Partnership to Administer Assets ---------------------------------------------------------- M. T. Coyne and M. D. Hardy of P&A Partnership were appointed joint administrators of NPF Limited (Company Number 03150189) on March 2. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. As the partnership works only in the field of business rescue and insolvency, it can not only promise dedicated expertise, but can also assure its professional clients that it pose no competition to its own business base. Npf Ltd manufactures paint ball equipment and can be reached at: 8-10 Mount St, Metro Triangle Nechells Birmingham B7 5QT West Midlands Tel: 0121 326 8880 Fax: 0121 3269781 PENANG SATAY: Malaysian Restaurant Starts Liquidation Process ------------------------------------------------------------- Penang Satay House Too Limited is liquidating its assets after members passed a resolution to wind up the restaurant's operations on Feb. 15. Robert Valentine and Mark Reynolds, of Valentine & Co, were appointed Joint Liquidators. Penang Satay House Too Limited can be contacted at: 25 The Broadway London N8 8DU Tel: 020 8347 3421 PME SERVICES: Appoints Administrator from Cowgill Holloway ---------------------------------------------------------- Gary Bell of Cowgill Holloway Business Recovery LLP was appointed administrator of PME Services (UK) Limited (Company Number 03548942) on March 2. Its registered office is at 15 Willow Court, West Quay Road, Winwick Quay, Warrington, Cheshire WA2 8UF. The administrator can be reached at: Cowgill Holloway Business Recovery LLP Regency House 45-51 Chorley New Road Bolton Greater Manchester BL1 4QR Tel: 01204 414277 Fax: 01204 414244 E-mail: gary.bell@cowgills.co.uk P M E Services (U K) Ltd offers electrical services. Its office is at 11 Clarendon Court, Winwick Quay, Warrington, Cheshire WA2 8Q. RANK GROUP: Repurchases 359,000 Ordinary Shares for Cancellation ---------------------------------------------------------------- The Rank Group Plc purchased on March 16, 359,000 Ordinary shares of 10 pence in the Company for cancellation at an average price of 240.99 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 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. RENTOKIL INITIAL: Sells Canada Security Unit for GBP30.3 Mln ------------------------------------------------------------ Rentokil Initial plc sold the shares of its Canadian manned guarding business, Rentokil Initial Canada Limited, to Garda World Security Corporation, a Canadian security services organization. The total consideration is GBP30.3 million (C$60.8 million). RICL is a leading provider of manned guarding services with some 4,500 security officers serving major cities in the five central and western provinces of Canada. For the financial year to 31 December 2005, it had a turnover of GBP65.4 million (C$131.5 million). Headquartered in West Sussex, England, Rentokil Initial PLC -- http://www.rentokil-initial.com/-- is one of the largest business services companies in the world, operating in all the major economies of Europe, North America, Asia Pacific and Africa. The company has some 90,000 employees providing a range of support services in over 40 countries. At Dec. 31, 2005, Rentokil's balance sheet showed GBP659.6 million in stockholders' deficit, compared to a GBP784 million deficit at Dec. 31, 2004. The Company's balance sheet also showed strained liquidity with GBP745 million in assets available to pay GBP789.5 million in the next 12 months. STONES RESTAURANTS: Appoints Joint Administrators ------------------------------------------------- Tyrone Shaun Courtman and Jeremy Philip William Meadows of Cooper Parry LLP were appointed joint administrators of Stones Restaurants Limited (Company Number 03313512) on March 1. The joint administrators can be reached at: Cooper Parry Llp The Crescent King Street Leicester Leicestershire LE1 6RX Tel: 0116 285 4424 Stones Restaurants Ltd its office is at 29 Milstone Lane, Leicester, Leicestershire LE1 5JN. For more details, call 0116 291 001. TILANA FASHIONS: Meeting of Creditors Set for March 22 ------------------------------------------------------ Creditors of Tilana Fashions Limited (Company Number 03397320) will meet at 2 p.m., on March 22 at: UHY Hacker Young St Alphage House, 2 Fore Street, London EC2Y 5DH Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12 p.m., on March 21 to: Andrew Andronikou Peter Kubik Joint Administrators UHY Hacker Young St Alphage House 2 Fore Street London EC2Y 5DH Tel: 020 7216 4600 Fax: 020 7638 2159 TRANSMISSION & LIGHTING: Deutsche Bank Appoints PwC as Receiver --------------------------------------------------------------- Deutsche Bank AG appointed Roger Marsh and Ian David Green of PricewaterhouseCoopers LLP joint administrative receivers of Transmission & Lighting Limited (Company Number 01868837) on March 6. 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. Transmission & Lighting Ltd, which manufactures metal structures and parts, can be contacted at: Hereford, Herefordshire HR4 9UR Tel: 01432 265012 TWOLYN HIRE: Meeting of Creditors Set for March 31 -------------------------------------------------- Creditors of Twolyn Hire Centres Limited (Company Number 04372528) will meet at 11 a.m., on March 31 at: Hilton Hotel Dartford Bridge, Masthead Close, Crossways Business Park, Dartford, Kent DA2 6QF Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims by 12:00 p.m. to: J. S. French G. Mummery Joint Administrators Vantis Redhead French 43-45 Butts Green Road, Hornchurch, Essex RM11 2JX Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. Twolyn Hire Centres Ltd can be contacted at: 3 High Street Billericay CM12 9BE, Essex Tel: 01277 624636 Fax: 01277 656989 VALLEY METAL: Appoints Joint Administrator from Begbies Traynor --------------------------------------------------------------- Peter Sargent of Begbies Traynor was appointed joint administrator of Valley Metal Spinners Company Limited (Company Number 03241694) on March 3. Its registered office is at 12-14 Union Street South, Halifax HX1 2LE. 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. W G READMAN: Meeting of Creditors Set for March 27 -------------------------------------------------- Creditors of W G Readman Limited (Company Number 00873230) will meet at 12 p.m., on March 27 at: Vantis Plc New Exchange Buildings, Queen's Square, Middlesbrough TS2 1AA Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12 p.m., on March 24 at: Geoff Rowley Simon Glyn Vantis Plc P.O. Box 2653, 66 Wigmore Street, London W1A 3RT Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. WHOLESALE MEAT: Clydesdale Bank Appoints Receiver ------------------------------------------------- Clydesdale Bank Plc appointed Edward Klempka, Ian David Stokoe and Michael Horrocks of PricewaterhouseCoopers LLP joint administrative receivers of Wholesale Meat Supply (Accrington) Limited (Company Number 00533017) on March 1. 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. ZERO DIVIDEND: Dartmoor Investment Eyes 8.33% Equity Stake ---------------------------------------------------------- Dartmoor Investment Trust Plc informed Zero Dividend Recovery Fund Limited that it is interested in 1,000,000 shares representing 8.33% of the issued share capital of the Company. Headquartered in St. Peter Port, Guernsey, Zero Dividend Recovery Fund Limited operates as an investment trust. The Company aimed to provide ordinary shareholders with the opportunity for capital growth by investing primarily in zero dividend preference shares of split capital investment trusts or investment companies listed on the LSE and The Channel Islands Stock Exchange. The Board of Directors for Zero Dividend resolved last week to place the Company in members' voluntary liquidation after concluding that the move is the most appropriate course of action for the Company. In November 2005, the Company disclosed efforts to explore strategic options for the future of the Company, which would've included a possible merger with another investment firm. ********* 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 * * *