/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060327.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 27, 2006, Vol. 7, No. 61 Headlines C Y P R U S CYPRUS AIRWAYS: Government Undaunted by Rescue Plan Probe F R A N C E EUROTUNNEL S.A.: S&P Rates Senior Secured Debt at BB- LEGRAND SA: Targets EUR1 Billion From IPO in April G E R M A N Y AFFLERBACH GMBH: Claims Registration Ends March 31 AMG ANLAGEN: Claims Registration Ends March 30 AUTOHAUS KESSLER: Claims Registration Ends March 31 BTU IMMOBILIEN: Claims Registration Ends March 29 DATA PLANET: Claims Registration Ends March 30 FAHRRADMARKT GMBH: Claims Registration Ends March 30 HERBERT SCHWENDENMANN: Claims Registration Ends March 31 KAROSSERIE- UND FAHRZEUGBAU: Claims Registration Ends March 31 KRYPNET SECURITY: Claims Registration Ends March 31 RESTAURANT-CENTER: Claims Registration Ends March 31 I T A L Y PARMALAT SPA: Hikes Paid Up Capital to EUR1.6 Billion K A Z A K H S T A N AGRO JARKENT: Creditors Must Submit Claims by April 3 FIRMA WEST-II: Creditors Must Submit Claims By March 30 GALINIT: Jambyl Court Opens Bankruptcy Proceedings JALGYZTEBE: Jambyl Court Opens Bankruptcy Proceedings KAZAKHSTAN-PNBK: Aktube Court Opens Bankruptcy Proceedings SORGSAM: Creditors Must File Claims By March 30 EVEREST: Creditors Must File Claims By March 30 IRIDA: Creditors Must File Claims By March 30 R U S S I A AIR-ENGINE - SERVICE: Omsk Court Begins Bankruptcy Process ATYASHEV-AGRO-PROM-SNAB: Y. Klimaev Named Insolvency Manager CHERNOZEMYE: Deadline for Proofs of Claim Set for April 11 FACTORY OF PACKAGING: Bankruptcy Hearing Slated for April 18 KALININGRAD AMBER: Court Declares Amber Producer Bankrupt KARAIDELSKAYA MECHANIZED: Bankruptcy Hearing Set for May 11 RYBNO-SLOBODSKIY: Bankruptcy Supervision Procedure Begins SHAKHUNSKIY WOOD-PROM-KHOZ: Court Begins Bankruptcy Supervision TRANSPORT COMPANY: Claims Filing Period Ends April 11 VOLGODONNSKIY: Claims Filing Period Ends April 11 WOOD PROCESSING: Firm Falls Into Bankruptcy YUKOS OIL: Warns of Missing EUR2.5 Billion Promissory Notes U K R A I N E AGORA: Kyiv Court Opens Bankruptcy Proceedings EUROCOM: Kyiv Court Opens Bankruptcy Proceedings PROTRADE: Court Names Zayikina Ludmila to Liquidate Assets RATI: Donetsk Court Opens Bankruptcy Proceedings RUBIN-BUD: Dnipropetrovsk Court Starts Bankruptcy Supervision UKRAGROMLINMONTAZH: Court Names Tukman Yurij Insolvency Manager U N I T E D K I N G D O M A & M PLASTIC: Appoints P&A Partnership to Administer Assets ACCOLADE WINDOWS: Members Pass Winding Up Resolution ADVANCED ABRASIVES: Claims Registration Ends May 16 ALMAC ENGINEERING: Creditors Confirm Voluntary Liquidation ARMSTRONG EQUIPMENT: Taps PwC as Administrative Receiver ARMSTRONG FASTENINGS: Administrative Receivers Sell Assets BEARINGS SALES: Creditors' Meeting Set for March 29 BRITISH AIRWAYS: Hints Later Retirement to Cut Pension Deficit BRITISH AIRWAYS: Halts Four Caribbean Call Center Services CAPARO AUTOMOTIVE: Caparo Group Appoints PwC as Receiver CAPITOL WINDOW: Taps Unity Corporate to Administer Assets CARMASTERS TOTAL: Failed Creditor Talks Spur Admin Receivership DIAMIK SOLUTIONS: KPMG LLP Leads Administrative Proceedings DIRECT CARPETS: Winds Up Operations & Appoints Liquidator E.T.I.S. THERMAL: Members Agree to Voluntary Liquidation HMV GROUP: Permira Drops GBP842 Million Takeover Bid JAMES MACDONALD: Members Pass Winding Up Resolution J.L. FRENCH: Wants Court to Establish May 1 as Claims Bar Date KRISPAL BUSINESS: Members Agree to Wind Up Operations OPAL INTERNATIONAL: Appoints Begbies Traynor as Administrator PETAL GROUP: Bank of Scotland Taps PKF as Admin Receiver PREFERRED MORTGAGES: Fitch Affirms PRS 8 Class E Notes at BB PHOENIX DESIGN: Members Appoint Liquidator from Carter Clark PORTFOLIO (OFFICE PRODUCTS): Administrator Takes Over Firm READS CONSTRUCTION: Begins Winding Up Proceedings SAWFORD SHEET: Taps Joint Administrators from Begbies Traynor VALVE AMPLIFIER: Financial Woes Prompt Liquidation WILLENHALL MANUFACTURING: Receivers Begin Asset Sale Offer ********* =========== C Y P R U S =========== CYPRUS AIRWAYS: Government Undaunted by Rescue Plan Probe --------------------------------------------------------- The Cypriot government is optimistic that its proposed restructuring plan for Cyprus Airways (CAIR) does not violate the European Commission's rule on state aid, Reuters says. "We do not believe there is any state support," Communications Minister Haris Thrassou told Reuters. He added that Cyprus has yet to receive the Commission's written observations on the plan, to which the government has one month to submit its reaction. "We would be worried though if they were not satisfied with our explanations," Mr. Thrassou said regarding the regulator's threat to block the rescue plan if Cyprus failed to present a satisfactory answer. "We had expected this, it is part of the process," Mr. Thrassou added. According to Reuters, the Commission's doubts seemed to be related to how CAIR would finance planned redundancies and the Eurocypria spin-off. The Minister said that the Commission should not regard CYP10-CYP11 million contributions into a fund for redundancies as a government handout. "It is to boost the redundancy fund, which is not going to the company, but to departing staff," he said. TCR Europe reported on March 24 that the European Commission would open a probe into CAIR's proposed restructuring plan. The probe will settle doubts on whether the government-drafted plan complies with the "one time, last time" rule on state aid. Mr. Thrassou said it would fully cooperate on the probe. The Commission approved in May 2005 a EUR51 million state-backed bridging loan to CAIR. The government in turn has to outline a rescue plan to salvage the loss-making carrier. According to the report, the plan calls for a EUR96 million state-backed long-term loan; redundancies, wage cuts, capital hike and sale of CAIR's charter unit. About CAIR Headquartered in Nicosia, Cyprus, Cyprus Airways Limited -- http://www.cyprusairways.com/-- is a government-owned and controlled carrier (69%) flying to more than 30 destinations in Europe and the Middle East. CAIR operates a travel agency, Cyprair Tours; a charter airline, Eurocypria Airlines; and duty free shops. Additionally, it operates a Greek Airline, Hellas Jet, which provides shuttle services from Greece to London, Paris, and Belgium. * * * Cyprus Airways has been posting losses in recent years, booking CYP25.03 million in pre-tax loss for 2005. The carrier attributed its CYP33.5 million 2004 net loss to the liberalization of air transport and the abolition of duty-free sales beginning in 2004. In December 2004, the carrier said it needed around CYP60 million to finance its short-term and long- term needs. =========== F R A N C E =========== EUROTUNNEL S.A.: S&P Rates Senior Secured Debt at BB- ----------------------------------------------------- Standard & Poor's Ratings Services said that its 'BBB' senior secured bank loan rating on U.K. and France-based Eurotunnel S.A. remained on CreditWatch with negative implications, following the announced conversion of Eurotunnel's resettable and stabilization advances into bonds. The following ratings on the nonguaranteed debt issued by related Fixed-Link Finance B.V.'s Class A, B, and C notes also remain on CreditWatch with negative implications: -- Senior secured debt: 'BB-', -- Subordinated debt: 'CCC+', and -- Junior subordinated debt: 'CCC-'. The 'B' senior secured rating on Fixed-Link Finance 2 B.V.'s nonguaranteed notes also remains on CreditWatch with negative implications. All the ratings were placed on CreditWatch on Feb. 9, 2004, following the announcement of unspecified debt restructuring and concerns about intensifying competition in the cross-Channel market. In addition, all ratings were lowered on May 4, 2004, and again on Jan. 27, 2005. The ratings are expected to remain on CreditWatch until details of the expected debt restructuring are known and their impact on the notes can be determined. In accordance with the financing agreements of 1998, Eurotunnel decided on March 21, 2006, to convert the resettable and stabilization advances (GBP464 million and GBP379 million, respectively, at Dec. 31, 2005, or the equivalent of 14% of its debt) into bonds. Under the credit agreement, the conversion of the resets is mandatory. Notice of such a conversion must be given within 90 days of the end of the stabilization period, and conversion must take place before the end of June 2006. The conversion of the stabilization advances is possible until the end of June 2007, but is not obligatory. Converting both, therefore, would simplify Eurotunnel's debt structure by limiting it to one of three types (senior debt, junior debt, or bonds and notes) ahead of the potential debt restructuring program. In terms of economic position, terms and conditions, or priority ranking, the situation remains the same for current creditors of stabilization and resettable advances. In particular, with the new bonds--among the most subordinated part of the debt--they are those most likely to suffer from write-offs. Accordingly, the conversion has no cash flow impact on Eurotunnel, which will have to pay all 2006 interest charges in cash. While it is unclear what the outcome will be with respect to the restructuring, progress is required to avoid debt defaults, as Eurotunnel will be unable to service its debt after November 2006, when the minimum usage charge from the railways expires. "If any debt restructuring proposal appears likely to affect Eurotunnel's most senior debt tranche, or the company files or indicates an intention to file for insolvency, the rating faces a potential credit cliff to default," said Standard & Poor's credit analyst Alexandre de Lestrange. "We will continue our discussions with Eurotunnel's management and creditors and update the CreditWatch status regularly." LEGRAND SA: Targets EUR1 Billion From IPO in April -------------------------------------------------- Legrand S.A. aims to raise EUR1 billion from an initial public offering next month. The French electrical equipment maker will sell 57,779,097 new shares, representing 20% of the total at EUR17 to EUR19.75 per share. About 43.7 million of shares will go to the public, plus a further 6.6 million should demand allow, with underwriters led by JPMorgan Chase & Co. granted a green-shoe option for 7.5 million shares, Nicolas Johnson writes for Bloomberg News. The Company's main shareholders -- private equity group Kohlberg Kravis Roberts and French venture capital group Wendel Investissement -- will each have a 30% stake in the Company after the IPO, AFX News Limited cited Chairman Gilles Schnepp, as saying. Three other shareholders will hold a 15% equity stake, while the group's management will hold a 4% stake. According to Mr. Schnepp, the Company expects a 15% increase in operating profit and a 10% rise in free cash flow in 2006, AFX relates. The company will resume stock trading on April 7 after a three- year absence in the Paris bourse, in what will be the biggest flotation on Euronext Paris so far this year, AFX News reports. Headquartered in Limoges, France, Legrand S.A. is a world leader in low-voltage fittings and accessories. For the year 2005, the company reported revenues of EUR3.25 billion and maintainable EBITDA (before restructuring charges) of EUR699 million. * * * As reported in the Troubled Company Reporter-Europe on Mar 7, Moody's Investors Service placed the ratings of Legrand S.A. on review for possible upgrade in light of the intention of the company's main shareholders to float a minority stake in the company. Affected ratings: Legrand S.A.: -- The Ba1 Corporate Family Rating; Legrand France (formerly Legrand S.A.); -- The Ba1 rating on the USD400 million Yankee bonds due 2025. The shareholders' intention to publicly list approximately 20% of the company's shareholder capital is expected to simplify its ownership structure. Legrand S.A. will be the listed entity and will own Legrand France (formerly Legrand S.A.), which is the direct owner of the operating subsidiaries. The outstanding Yankee bonds, TSDIs and a share of the new Syndicated Credit Facilities will be held at Legrand France. Moody's believes that completion of the IPO in conjunction with the simplified debt capital structure will also result in greater financial flexibility and reduce the likelihood of future re-leveraging. ============= G E R M A N Y ============= AFFLERBACH GMBH: Claims Registration Ends March 31 -------------------------------------------------- Creditors of Afflerbach GmbH & Co. KG Innovatives Kunststoff- Engineering have until March 31, to register their claims with court-appointed provisional administrator Stefan Conrads. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 25, 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 Wuppertal Sitzungssaal A234 2. Etage Eiland 2 42103 Wuppertal The Court will also verify the claims set out in the administrator's report at 1:30 p.m., on May 2, at the same venue. The District Court of Wuppertal opened bankruptcy proceedings against Afflerbach GmbH & Co. KG Innovatives Kunststoff- Engineering on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Afflerbach GmbH & Co. KG Innovatives Kunststoff-Engineering Attn: Dr. Henning Brandin, Manager Wilhelmstr. 19 42489 Wuelfrath The administrator can be contacted at: Stefan Conrads Mankhauser Str. 7a 42699 Solingen Tel: +49(0) 86164077 AMG ANLAGEN: Claims Registration Ends March 30 ---------------------------------------------- Creditors of AMG Anlagen und Maschinen GmbH have until March 30, to register their claims with court-appointed provisional administrator Friedemann Schade. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 20, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hameln Saal 106 Zehnthof 1 31785 Hameln 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 Hameln opened bankruptcy proceedings against AMG Anlagen und Maschinen GmbH on Feb. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AMG Anlagen und Maschinen GmbH Attn: Reinhard Fuchs, Manager Kravogelstr. 11 81249 Muenchen The administrator can be contacted at: Friedemann Schade Sozietat Kuebler Tiergarten 18 30559 Hannover Tel: 0511/9548036 Fax: 0511/9548411 AUTOHAUS KESSLER: Claims Registration Ends March 31 --------------------------------------------------- Creditors of Autohaus Kessler GmbH have until March 31, to register their claims with court-appointed provisional administrator Sandra Kramer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 25, 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 Wuppertal Sitzungssaal A234 Zehnthof 1 2. Etage Eiland 2 42103 Wuppertal 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 Wuppertal opened bankruptcy proceedings against Autohaus Kessler GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Kessler GmbH Attn: Ralf, Knut and Lutz Kessler, Managers Markische Str. 12 42281 Wuppertal The administrator can be contacted at: Sandra Kramer Morianstrasse 45 42103 Wuppertal Tel: (0202) 28331-0 Fax: (0202) 28331-75 BTU IMMOBILIEN: Claims Registration Ends March 29 ------------------------------------------------- Creditors of BTU Immobilien GbR have until March 29, to register their claims with court-appointed provisional administrator Johannes Franke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 13, 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 Hameln Saal 106 Zehnthof 1 31785 Hameln 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 Hameln opened bankruptcy proceedings against BTU Immobilien GbR on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BTU Immobilien GbR Ludwig-Ehrhardt-Strasse 33 30982 Pattensen The administrator can be contacted at: Johannes Franke Ger.-Fach Nr. 97 Verdener Platz 1 30419 Hannover Tel: 0511/794573 Fax: 0511/794576 E-mail: kanzlei@frankeundfranke.com Web: http://www.frankeundfranke.com/ DATA PLANET: Claims Registration Ends March 30 ---------------------------------------------- Creditors of Data Planet International AG have until March 30, to register their claims with court-appointed provisional administrator Dr. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 20, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hameln Saal 106 Zehnthof 1 31785 Hameln 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 Hameln opened bankruptcy proceedings against Data Planet International AG on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Data Planet International AG Attn: Karsten Siebert, Manager Horstfeldstrasse 5 31832 Springe The administrator can be contacted at: Dr. Rainer Eckert Gerichtsfach-Nr. 83 Arthur-Menge-Ufer 5 30169 Hannover Tel: 0511/626287-0 Fax: 0511/626287-10 E-mail: eckert-hannover@rae-eckert.de FAHRRADMARKT GMBH: Claims Registration Ends March 30 ---------------------------------------------------- Creditors of Fahrradmarkt GmbH have until March 30, to register their claims with court-appointed provisional administrator Ulrich Weber. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Frankfurt Saal 401 Muellroser Chaussee 55 15236 Frankfurt 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 Frankfurt opened bankruptcy proceedings against Fahrradmarkt GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Fahrradmarkt GmbH Attn: Rene Charles, Manager Berliner Strasse 102 15344 Strausberg The administrator can be contacted at: Ulrich Weber Kurfuerstendamm 212 10719 Berlin Tel: (07431) 934644 HERBERT SCHWENDENMANN: Claims Registration Ends March 31 -------------------------------------------------------- Creditors of Herbert Schwendenmann GmbH have until March 31, to register their claims with court-appointed provisional administrator Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 12, 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 Wuppertal Sitzungssaal A234 2. Etage Eiland 2 42103 Wuppertal 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 Wuppertal opened bankruptcy proceedings against Herbert Schwendenmann GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Herbert Schwendenmann GmbH Langenbuegeler Str. 111 42579 Heiligenhaus Attn: Herbert Schwendenmann, Manager Hessenbleekstr. 8 42579 Heiligenhaus Tel: (02056) 69431 Fax: (02056) 5533 The administrator can be contacted at: Bernd Depping Hofkamp 138 42103 Wuppertal Tel: 0201-232550 KAROSSERIE- UND FAHRZEUGBAU: Claims Registration Ends March 31 -------------------------------------------------------------- Creditors of Karosserie- und Fahrzeugbau Schwable GmbH have until March 31, to register their claims with court-appointed provisional administrator Arndt Geiwitz. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 3, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aalen Saal 0.11 Stuttgarter Strasse 7 73430 Aalen 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 Aalen opened bankruptcy proceedings against Karosserie- und Fahrzeugbau Schwable GmbH on Feb. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Karosserie- und Fahrzeugbau Schwable GmbH Daimlerstr. 25 89547 Gerstetten Attn: Gerda Mack, Manager Mozartstr. 12 89547 Gerstetten The administrator can be contacted at: Arndt Geiwitz Bahnhofstr. 39 89231 Neu-Ulm Tel: 0731/97018-0 Fax: 0731/97018-65 E-mail: neu-ulm@skp-de.com KRYPNET SECURITY: Claims Registration Ends March 31 --------------------------------------------------- Creditors of KrypNET Security GmbH have until March 31, to register their claims with court-appointed provisional administrator Dr. Jorg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 18, 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 Wuppertal Sitzungssaal A234 2. Etage Eiland 2 42103 Wuppertal 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 Wuppertal opened bankruptcy proceedings against KrypNET Security GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: KrypNET Security GmbH Attn: Michael Smith, Manager Industriestr. 23 40822 Mettmann E-mail: info@krypnet.de Web: http://www.krypnet.de/ The administrator can be contacted at: Dr. Jorg Bornheimer Turmhof 15 42103 Wuppertal RESTAURANT-CENTER: Claims Registration Ends March 31 ---------------------------------------------------- Creditors of Restaurant-Center an der Oper GmbH have until March 31, to register their claims with court-appointed provisional administrator Henner Klein. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 25, 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 Wuppertal Sitzungssaal A234 2. Etage Eiland 2 42103 Wuppertal 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 Wuppertal opened bankruptcy proceedings against Restaurant-Center an der Oper GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Restaurant-Center an der Oper GmbH Attn: Weizhou Li, Manager Friedrich-Engels-Allee 378 42283 Wuppertal Tel: 0202 555270 The administrator can be contacted at: Henner Klein Werlestrasse 38 42289 Wuppertal Tel: (0202) 26264-0 Fax: (0202) 63408 ========= I T A L Y ========= PARMALAT SPA: Hikes Paid Up Capital to EUR1.6 Billion ----------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has now been increased by EUR1,284,518 to EUR1,626,569,512 from EUR1,625,284,994. The share capital increase is due to the conversion of warrants for 201,229 shares and privileged credits converted into unsecured credits with the assignation of 1,083,289 shares. Parmalat reports that 80,542,600 shares representing approximately 4.9% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: -- 22,983,527 or 1.4% of the share capital, registered in the name of individually identified commercial creditors, are still deposited by the intermediary account of Parmalat S.p.A. centrally managed by Montetitoli compared with 25,454,893 shares as at as at Feb. 24, 2006; -- 57,559,073 or 3.5% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: (a) 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); (b) 57,439,073 or 3,5% of share capital that pertain to currently undisclosed creditors (compared with 60,088,728 shares as at February 24, 2006). Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on December 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. (Parmalat Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service, Inc., 215/945-7000) =================== K A Z A K H S T A N =================== AGRO JARKENT: Creditors Must Submit Claims by April 3 ----------------------------------------------------- LLP Agro Jarkent filed for bankruptcy with the Specialized Inter-Regional Economic Court of Almaty Region on Jan. 5, 2006. Creditors have until April 3, to submit written proofs of claim to: Birjan Sal Str. 80-30 Taldykorgan Tel: 8 (32822) 24-74-83 FIRMA WEST-II: Creditors Must Submit Claims By March 30 ------------------------------------------------------- LLP Firma West-II has declared insolvency. Creditors have until March 30, to submit written proofs of claim to: Erubayeva Str. 69 Karaganda GALINIT: Jambyl Court Opens Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region has commenced bankruptcy proceedings against LLP Galinit on Dec. 13, 2005. JALGYZTEBE: Jambyl Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region has commenced bankruptcy proceedings against LLP Jalgyztebe on Jan. 16. KAZAKHSTAN-PNBK: Aktube Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Court 2 of Aktube Region has commenced bankruptcy proceedings against LLP Kazakhstan-Pnbk on Jan. 30. SORGSAM: Creditors Must File Claims By March 30 ----------------------------------------------- LLP Sorgsam has declared insolvency. Creditors have until March 30, to submit written proofs of claim to: Pavlenko Str. 21 Karaganda EVEREST: Creditors Must File Claims By March 30 ----------------------------------------------- LLP Everest has declared insolvency. Creditors have until March 30, to submit written proofs of claim to: N.Abdyrova Str. 4/1 Temirtau Karaganda Region IRIDA: Creditors Must File Claims By March 30 --------------------------------------------- LLP Irida has declared insolvency. Creditors have until March 30, to submit written proofs of claim to: Altynsarina Str. 7-12 Kostanai, Altynsarina Str. 7-12 =========== R U S S I A =========== AIR-ENGINE - SERVICE: Omsk Court Begins Bankruptcy Process ---------------------------------------------------------- The Arbitration Court of Omsk Region has commenced bankruptcy supervision procedure on close joint stock company Air-Engine - Service. The case is docketed as K/E-440/05. Mr. V. Khmelnitskiy has been appointed temporary insolvency manager. The Debtor can be reached at: Air-Engine - Service Omsk region, Russia The insolvency manager can be reached at: V. Khmelnitskiy Marksa Pr. 4 - 209a 644024, Omsk-24, Russia ATYASHEV-AGRO-PROM-SNAB: Y. Klimaev Named Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Mordoviya Republic appointed Y. Klimaev as temporary insolvency manager for Atyashev-Agro-Prom-Snab. The Court commenced bankruptcy supervision procedure on the open joint stock company with the case docketed as A39-8662/06-3/6. The Debtor can be reached at: Atyashev-Agro-Prom-Snab Krasnoslobodsk, 2nd Rabochaya Str. 22 Mordoviya Republic, Russia The insolvency manager can be reached at: Y. Klimaev Krasnoslobodsk, 2nd Rabochaya Str. 22 Mordoviya republic, Russia CHERNOZEMYE: Deadline for Proofs of Claim Set for April 11 ---------------------------------------------------------- Creditors of Chernozemye have until April 11, to submit their proofs of claim to court-appointed insolvency manager I. Vyshegorodtsev at: Office 30, Kirova Str. 9 394018, Voronezh Region, Russia The Arbitration Court of Kursk Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A35-5126/05 "g". The Debtor can be reached at: Chernozemye Kastornoye, Budennogo Str. 5 Kursk region, Russia FACTORY OF PACKAGING: Bankruptcy Hearing Slated for April 18 ------------------------------------------------------------ The Arbitration Court of Tyumen region will convene on April 18, to hear the bankruptcy proceedings of the Factory of Packaging Materials at: The Arbitration Court of Tyumen Region Room 305, Khokhryakova Str. 77 Tyumen Region, Russia The case is docketed as A-70-15067/3-05. Mr. F. Nasyrov has been appointed temporary insolvency manager. The Debtor can be reached at: Factory of Packaging Materials Respubliki Str. 252 625000, Tyumen Region, Russia The insolvency manager can be reached at: F. Nasyrov Permykova Str. 9 625013, Tyumen Region, Russia KALININGRAD AMBER: Court Declares Amber Producer Bankrupt --------------------------------------------------------- The Arbitration Court of Kaliningrad Region declared Kaliningrad Amber Combine bankrupt on March 20, Interfax reports. The Company will be under receivership for one year with court- appointed Tatiana Kazakina as its receiver manager, a court official told Interfax. According to the report, the Company's creditors elected in September 2004, to reorganize its production division and establish a new entity, Yantarny Jewelry. The move came following a March 17, 2003 external management scheme brought by the Court to strengthen controls over the production and conservation of amber. Yantarny hosts 95% of the world's amber reserves while Kaliningrad Amber Combine is the only commercial amber producer in Russia, Interfax discloses. KARAIDELSKAYA MECHANIZED: Bankruptcy Hearing Set for May 11 ----------------------------------------------------------- The Arbitration Court of Bashkortostan republic will convene on May 11, to hear the bankruptcy supervision procedure on Karaidelskaya Mechanized Column at: The Arbitration Court of Bashkortostan Republic Oktyabrsoy Revolyutsii Str. 63a 450057, Bashkortostan Republic, Ufa, Russia The case is docketed as A07-48556/05-G-FLE. Mr. D. Khlopin has been appointed temporary insolvency manager. He can be reached at: D. Khlopin Oktyabrskoy Revolyutsii Str. 77-62 450057, Ufa, Russia The Debtor can be contacted at: Karaidelskaya Mechanized Column Karaudelskiy region, Karaidel, Mira Str. 1 453500, Bashkortostan republic, Russia RYBNO-SLOBODSKIY: Bankruptcy Supervision Procedure Begins --------------------------------------------------------- The Arbitration Court of Tatarstan Republic has commenced bankruptcy supervision procedure on open joint stock company Rybno-Slobodskiy. The case is docketed as A65-42301/ 2005-SG4-21. Ms. M. Zazerskaya has been appointed temporary insolvency manager and can be reached at: M. Zazerskaya Kazan, Post User Box 20 420015, Tatarstan Republic, Russia The Debtor can be contacted at: Rybno-Slobodskiy Rybnaya Sloboda Tatarstan Republic, Russia SHAKHUNSKIY WOOD-PROM-KHOZ: Court Begins Bankruptcy Supervision --------------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region has commenced bankruptcy supervision procedure on open joint stock company Shakhunskiy Wood-Prom-Khoz (TIN 5239005769). The case is docketed as A43-39759/2005-18-623. Mr. N. Vasilenko has been appointed temporary insolvency manager and can be reached at: N. Vasilenko Karla Marksa, Str. 8/32 603159, Nizhniy Novgorod Region, Russia The Debtor can be contacted at: Shakhunskiy Wood-Prom-Khoz Shakhunya, Osipenko Str. 61a Nizhniy Novgorod Region, Russia TRANSPORT COMPANY: Claims Filing Period Ends April 11 ----------------------------------------------------- Creditors of Transport Company have until April 11, to submit their proofs of claim to court-appointed insolvency manager I. Nozdrin at: Diksona Str. 1, Post User Box 15854 660020, Krasnoyarsk, Russia The Arbitration Court of Krasnoyarsk Region commenced bankruptcy proceedings against the limited liability company with the case is docketed as A33-8602/2005. The Debtor can be reached at: Transport Company Maerchaka Str. 18A 660021, Krasnoyarsk Region, Russia VOLGODONNSKIY: Claims Filing Period Ends April 11 ------------------------------------------------- Creditors of Volgodonnskiy (6107003855) have until April 11, to submit proofs of claim to court-appointed insolvency manager A. Shakhov at: Post User Box 3421 344092, Rostov-na-Donu region, Russia The Arbitration Court of Rostov Region will convene on April 11, to hear the bankruptcy proceedings of the limited liability company with the case docketed as A53-8790/05-S2-33. The Debtor can be reached at: Volgodonnskiy Volgodonskiy Region, Russia WOOD PROCESSING: Firm Falls Into Bankruptcy ------------------------------------------- Creditors of Wood Processing Complex have until April 11, to submit their proofs of claim to court-appointed insolvency manager I. Ovchinnikov at: Apartment 27, Ignatova Str. 33, Orel Region, Russia The Arbitration Court of Orel Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A48-6931/05-16b. The Debtor can be reached at: Wood Processing Complex Komsomolskaya Str. 279 Orel region, Russia YUKOS OIL: Warns of Missing EUR2.5 Billion Promissory Notes ----------------------------------------------------------- YUKOS Oil Company revealed that promissory notes worth over ERU2.5 billion (US$3 billion) held by its defunct indirect wholly owned subsidiary Fargoil, had gone missing. The promissory notes are the property of the subsidiary and under Company regulations can only be sold within the consolidated Company. YUKOS, following the presentation of a promissory note from a non-Company third party in the autumn of 2005, understood that some promissory notes had been stolen from the company and immediately initiated an audit of its subsidiary companies in November and December of that year. As a result, YUKOS became aware that an as yet undetermined number of promissory notes from the Mordovian-based trading company could not be accounted for and it was likely that they had been stolen by members of the Fargoil management, possibly as a result of incentives provided by organizations that may benefit from the demise of YUKOS. The company took further measures to seek out the notes, which have a set cash value, in order to prevent any more from being sold to outside companies or third parties. However, the investigations were frustrated by Fargoil's management who refused to assist these investigations and would not account for the whereabouts of the remaining promissory notes. An inquiry has been launched. "Because the notes have not been properly accounted for our fear is that they may have been sold, at a reduced rate, to external parties," a spokesperson for YUKOS Oil Company said. "If this is the case, then those parties could present the notes at some point in the future and as a result reduce the consolidated Company's value." Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. ============= U K R A I N E ============= AGORA: Kyiv Court Opens Bankruptcy Proceedings ---------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Juriditial Commercial Center Agora (code EDRPOU 31519686) after finding the company insolvent. The case is docketed as 15/866-B. Mr. Logvinenko Kostyantin has been appointed Liquidator/Insolvency Manager. CONTACT: AGORA Elektrotehnichna Str. 4-A Ukraine, Kyiv Region Mr. Logvinenko Kostyantin Liquidator/Insolvency Manager 03150, Ukraine, Kyiv Region, a/b 288 Economic Court Of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region EUROCOM: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC International Company Eurocom (code EDRPOU 32853812) on Jan. 26, after finding the company insolvent. The case is docketed as 43/7. Ms. Zayikina Ludmila has been appointed Liquidator/Insolvency Manager. CONTACT: LLC International Company Eurocom Geroyiv Kosmosu Str. 11/104 03146, Ukraine, Kyiv Region Ms. Zayikina Ludmila Liquidator/Insolvency Manager Melnikov Str. 2/10 Ukraine, Kyiv Region Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region PROTRADE: Court Names Zayikina Ludmila to Liquidate Assets ---------------------------------------------------------- The Economic Court of Kyiv Region appointed Ms. Zayikina Ludmila as Liquidator/Insolvency Manager for LLC PROTRADE (code EDRPOU 33262570). The Court commenced bankruptcy proceedings against the Company on Jan. 26, 2006 after finding it insolvent. The case is docketed as 43/2. CONTACT: Protrade Ukraine, Kyiv Region, Yakutska Str. 6 Ms. Zayikina Ludmila Liquidator/Insolvency Manager Ukraine, Kyiv Region, Melnikov Str. 2/10 Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region RATI: Donetsk Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Donetsk Region commenced bankruptcy proceedings against Private Production Enterprise Rati (code EDRPOU 31042061) on Jan. 25, after finding the company insolvent. The case is docketed as 5/138 B. Mr. Tihonov Oleksandra has been appointed Liquidator/Insolvency Manager. CONTACT: RATI Gorlivka, Pushkinska Str. 12 84617, Ukraine, Donetsk Region Mr. Tihonov Oleksandr Liquidator/Insolvency Manager Gorlivka, Pushkinska Str. 46 84627, Ukraine, Donetsk Region Economic Court of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region RUBIN-BUD: Dnipropetrovsk Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on Ukrainian-Israell Enterprise With Foreign Investments Rubin-Bud (code EDRPOU 32616394). The case is docketed as B 29/186/04. Mr. Kosyanchuk Kostyantin has been appointed temporary insolvency manager. CONTACT: Rubin-Bud Slavi Boulevard 56/3 49126, Ukraine, Dnipropetrovsk Region Mr. Kosyanchuk Kostyantin Temporary Insolvency Manager 49034, Ukraine, Dnipropetrovsk Region, a/b 2184 Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region UKRAGROMLINMONTAZH: Court Names Tukman Yurij Insolvency Manager --------------------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. Tukman Yurij as Liquidator/Insolvency Manager for OJSC Ukragromlinmontazh (code EDRPOU 05415510). The Court commenced bankruptcy proceedings against the open joint stock company on Jan. 26, after finding it insolvent. The case is docketed as 15/77-b. CONTACT: OJSC Ukragromlinmontazh Krakivska Str. 36/10 02094, Ukraine, Kyiv Region Mr. Tukman Yurij Liquidator/Insolvency Manager 10011, Ukraine, Kyiv Region, a/b 209 Tel: (044) 490-88-79 Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region =========================== U N I T E D K I N G D O M =========================== A & M PLASTIC: Appoints P&A Partnership to Administer Assets ------------------------------------------------------------ Christopher Michael White and Allan Cooper of The P&A Partnership were appointed joint administrators of A& M Plastic Solutions Limited (Company Number: 04762333) on March 9. 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. Headquartered in Fareham, Hampshire, A & M Plastic Solutions Ltd was formed in April 2005 after the merging of vacuum formers Mayco and injection molders Adsum Technical Moldings. The company provides a 'one stop shop' for both injection moldings and vacuum. ACCOLADE WINDOWS: Members Pass Winding Up Resolution ---------------------------------------------------- Members of Accolade Windows & Conservatories Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 21. They authorized Terry Christopher Evans to lead the winding up proceedings. Accolade Windows & Conservatories Limited can be reached at: 350A Lymington Road Highcliffe Christchurch Dorset BH2 35EY Tel: 01425 276 699 ADVANCED ABRASIVES: Claims Registration Ends May 16 --------------------------------------------------- Advanced Abrasives Applications Ltd is liquidating its assets after members found out that the company could no longer continue its operations due to mounting debts. Appointed Joint Liquidator, J.N.R. Pitts, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before May 16. Advanced Abrasives Applications Ltd can be contacted at: Suite 2 Sand Aire House New Road Kendal Cumbria LA9 4UJ Tel: 015395 604 29 ALMAC ENGINEERING: Creditors Confirm Voluntary Liquidation ---------------------------------------------------------- Creditors of Almac Engineering Limited confirmed the company's voluntary liquidation after members decided to liquidate the company's assets on Feb. 16. Creditors also ratified the appointment of David R. Acland, of Begbies Traynor, as Liquidator. Almac Engineering Limited can be reached at: 9 Corporation Buildings Dumballs Road Cardiff CF1 05FE Tel: 029 2048 1262 ARMSTRONG EQUIPMENT: Taps PwC as Administrative Receiver -------------------------------------------------------- Caparo Group Limited appointed David Matthew Hammond and Robert J. Hunt of PricewaterhouseCoopers LLP as joint administrative receivers of Armstrong Equipment Limited (Company Number 00302491) on March 13. 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. Armstrong Equipment Ltd can be reached at: Unit 4, Tafarnaubach Indstl Est Tredegar, Gwent NP22 3AA Tel: 01495-724333 ARMSTRONG FASTENINGS: Administrative Receivers Sell Assets ---------------------------------------------------------- Joint Administrative Receivers Matthew Hammond and Robert Hunt offer for sale the business and assets of Armstrong Fastening Systems. Armstrong Fastening Systems is a division of AFL, a manufacturer of wire thread inserts to the aerospace, automotive and engineering industries based in Hull, East Yorkshire. The Company is a sole U.K. license holder for the manufacture and sale of Helicoil wire thread inserts and reports a turnover of GBP3 million. It employs 51 workers in its modern leasehold manufacturing facility and develops business in Australasian, South African and Indian markets. Inquiries can addressed to: Karen Wilkins Tel: 0121 265 5631 Fax: 0121 265 5651 E-mail: karen.t.wilkins@uk.pwc.com 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. BEARINGS SALES: Creditors' Meeting Set for March 29 --------------------------------------------------- Creditors of Bearings Sales & Purchases Limited (Company Number 03020980) will meet at 11 a.m., on March 29, at: Tenon House Ferryboat Lane Sunderland SR5 3JN 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 28, to: I. W. Kings Administrator Tenon Recovery Tenon House, Ferryboat Lane Sunderland SR5 3JN Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. BRITISH AIRWAYS: Hints Later Retirement to Cut Pension Deficit -------------------------------------------------------------- British Airways plc has drawn up a proposal to clear the GBP1 billion past service actuarial deficit in its New Airways Pension Scheme. The airline plans to keep a final salary pension scheme with no changes to pension benefits already earned and no increase in staff contribution rates. There will however, be changes to members' benefits that relate to future service. The airline will make a payment of GBP500 million into NAPS after the changes are accepted. The key changes for future service are: -- Normal retirement age raised -- Slower accrual rate -- Pensionable pay increases no more than inflation -- Pension increases on retirement capped at 2.5 per cent each year -- Company and staff to share impact of changes in life expectancy "This is a solution that will provide competitive, affordable pensions for the future," Chief Executive Willie Walsh, said. "These changes are necessary to clear the past deficit and to contain the amount of future funding needed. It means working longer to get a similar annual pension, but one that is more secure. This should address the pension problem at British Airways once and for all. "After the changes are accepted, the airline will make a payment of GBP500 million into the fund. This is on top of the GBP350 million the company will have paid towards the past deficit by December 2006." The next valuation begins this month with the results expected in October. If changes to the scheme are not introduced, the deficit and level of future service contributions are expected to grow because people are living longer and long-term interest rates remain low. Mr. Walsh added: "The changes to members' future benefits will reduce the anticipated deficit by GBP450 million. We will also be able to make contributions for future service we can afford. "This package of measures is vital if we are to achieve a competitive cost base, deliver a 10 per cent operating margin, be fit for growth and invest in our future." The proposals follow an extensive staff communications program for active NAPS members. 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: Halts Four Caribbean Call Center Services ---------------------------------------------------------- British Airways PLC will close its Caribbean call centers due to a decline in demand for the service and the growth of the Internet. According to Elvin Sealy, BA's commercial manager for the south Caribbean, the carrier's Jamaican call center operations will halt its service on May 31, while its offices in Antigua, St. Lucia and Barbados will stop issuing tickets on June 30. Mr. Sealy disclosed that people preferred buying tickets online than by calling a small call center for their ticketing needs. The decision was dictated solely by economic and commercial considerations related to the need to be cost competitive on a global basis, radiojamaica.com cited Robin Hayes, the airline's Executive Vice President for The Americas, as saying. The Company will consolidate its services with its North American call center in Jacksonville, Florida, this summer. It has also closed its call centers in Glasgow, London and Toronto. 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. CAPARO AUTOMOTIVE: Caparo Group Appoints PwC as Receiver -------------------------------------------------------- Caparo Group Limited appointed David Matthew Hammond and Robert J. Hunt of PricewaterhouseCoopers as joint administrative receivers of Caparo Automotive Limited (Company Number 02412684) and Willenhall Manufacturing Limited (Company Number 00392114) on March 13. 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. CAPITOL WINDOW: Taps Unity Corporate to Administer Assets --------------------------------------------------------- Matthew Colin Bowker and Suzanne Payne (IP Nos 8106 and 9225) both of Unity Corporate Recovery and Insolvency were appointed joint administrators of Capitol Window Systems Limited (Company Number: 02256188) on March 10. The joint administrators can be reached at: Unity Corporate Recovery And Insolvency Clive House Clive Street Bolton Lancashire BL1 1ET Tel: 01204 395000 Fax: 01204 383999 E-mail: matthewbowker@ubsg.co.uk Capitol Window Systems Ltd, which manufactures and supplies windows, can be reached at: Unit 58 Third Avenue Deeside Clwyd CH5 2LA Tel: 01244 281777 Fax: 01244 281222 CARMASTERS TOTAL: Failed Creditor Talks Spur Admin Receivership --------------------------------------------------------------- Mark Loftus and Ian Green of PricewaterhouseCoopers were appointed joint administrative receivers of Carmasters Total Vehicle Solutions after the Company failed to reach an agreement with its creditors last week, Greg Wright writes for Yorkshire Post. According to the report, the Company, with around 97 employees, will continue to trade while its administrative receivers are looking for potential buyers to sell a part or all of Carmasters' assets. The business reportedly suffered significant losses since being acquired by motor group MVI from its administrators, Kroll Limited, in May 2003. Mr. Loftus remains optimistic on the situation after main customers indicated continued support for the company. Carmasters Total Vehicle Solutions -- http://www.carmasters.co.uk/-- provides valeting and car repair services for manufacturers and car rental companies. DIAMIK SOLUTIONS: KPMG LLP Leads Administrative Proceedings ----------------------------------------------------------- Howard Smith and Richard Dixon Fleming (IP Nos 9341 and 8370), both of KPMG LLP were appointed administrators of Diamik Solutions Ltd (Company Number: 04392461) on March 7. KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the UK providing audit, tax and advisory services. Diamik Solutions Ltd -- http://www.diamiksolutions.co.uk/-- offers 'pro engineer' and 'AutoCAD' design systems. The company produces professional plans and layouts. DIRECT CARPETS: Winds Up Operations & Appoints Liquidator --------------------------------------------------------- Martin Charles Armstrong, of Turpin, was appointed Liquidator of Direct Carpets & Beds Limited after members decided to wind up the company's operations on Feb. 20. Direct Carpets & Beds Ltd can be contacted at: 71-73 Sutton Common Road Sutton Surrey SM1 3HN Tel: 020 8288 1166 Fax: 020 8288 1167 Web: http://www.directcarpetsandbeds.com/ E.T.I.S. THERMAL: Members Agree to Voluntary Liquidation -------------------------------------------------------- Tyrone Shaun Courtman and Jeremy Philip William Meadows, both of Copper Parry LLP, were appointed Joint Liquidators of E.T.I.S. Thermal Covers Limited after members decided to liquidate the company's assets on Feb. 15. Chairman P.D. Kendrick disclosed the company could not continue its operations due to mounting debts. E.T.I.S. Thermal Covers Limited can be contacted at: Venture House Cross Street Arnold Nottingham NG5 7PJ Tel: 0115 975 6551 Fax: 0115 975 6559 HMV GROUP: Permira Drops GBP842 Million Takeover Bid ---------------------------------------------------- Permira Advisers dropped on March 20 its offer to acquire HMV Group, a week after the entertainment retailer rejected Permira's second takeover bid. HMV's Board rejected the private equity firm's revised offer to acquire the Group at 210 pence per ordinary share in cash on March 13, explaining that Permira's GBP842 million offer continues to undervalue the group. "Permira is disappointed at the response of the board and believes that the revised 210p per share proposal represented a compelling proposition for the shareholders of HMV, Permira said in a statement. "Accordingly, in light of the board's response, Permira has decided not to proceed." Under U.K. Securities Law, Permira is now barred from making a hostile offer for the group for six months, ABC Money relates. However, Permira retains the right to return to the negotiating table after the 6-month period. Following its bid rejection, the Group said it will continue working on revitalizing its business with plans to focus on a revised price and promotional structure in the UK market to compete against supermarkets and the Internet. The entertainment retailer, which also owns Waterstone's, believes that the acquisition of Ottakar's, if cleared by the Competition Commission, and subject to any new offer, will be a value-enhancing opportunity for its shareholders. Provisional findings from the Competition Commission are expected by the end of March. As part of its commitment to creating shareholder value, the Board of HMV Group recognizes that there is potential to operate the Group with a higher level of financial leverage and will review the Group's capital structure once the Ottakar's situation has been clarified. As reported in TCR-Europe, HMV has a current market value of around GBP783.5 million. About the Company Headquartered in the U.K., HMV Group PLC -- http://www.hmvgroup.com/-- operates 580 stores in 8 different countries under two powerful retail brands (HMV and Waterstone's). On March 31, 2005, the Group completed a refinancing of its senior bank facilities, creating a more efficient capital structure. A five-year GBP260 million revolving credit facility was arranged, replacing an existing GBP150 million revolving credit facility, together with outstanding term debt of GBP160 million which was repaid in full. Consequent to the refinancing, GBP2.7 million of unamortized deferred financing fees were written-off in the financial year to April 30, 2005, as a non-cash exceptional interest charge. On Oct. 29, 2005, the company's balance sheet showed GBP49.7 million in stockholders' deficit, compared with a GBP14.4 million stockholders' deficit at Apr. 30, 2005. JAMES MACDONALD: Members Pass Winding Up Resolution --------------------------------------------------- James Macdonald Construction Ltd is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 14. Peter A Blair and Paul Finnity, both of Begbies Traynor, were appointed Joint Liquidators. James Macdonald Construction Ltd can be reached at: Woodlands Main Street Kirton Newark Nottinghamshire NG22 9LP Tel: 0800 032 1020 Fax: 01623 861 624 J.L. FRENCH: Wants Court to Establish May 1 as Claims Bar Date -------------------------------------------------------------- J.L. French Automotive Castings, Inc., and its debtor-affiliates asked the U.S. Bankruptcy Court for the District of Delaware to establish: a) May 1, 2006, as the general deadline for filing proofs of claim; and b) August 10, 2006, as the claims bar date for all governmental units. The Debtors intend to exit from bankruptcy by May 31, and anticipate filing a prearranged reorganization plan and associated disclosure statement this month. To estimate how much they owe creditors, the Debtors tell the Court that they will need complete and accurate information regarding the nature, amount and status of all claims that may be asserted in their Chapter 11 Cases. The Debtors propose six exceptions to the bar date: a) claims listed in the Schedules filed with the Court; b) claims on account of which a proof of claim has already been properly filed with the Court; c) claims previously allowed by, or paid pursuant to, a Court order; d) administrative expenses claims; e) claims made by any of the Debtors or any direct or indirect subsidiary of any of the Debtors against one or more of the other Debtors; and f) claims for which specific deadlines have previously been fixed by the Court. Headquartered in Witham, England, J.L. French Automotive Castings, Inc. -- http://www.jlfrench.com/-- is a global supplier of aluminum die-castings specializing in power train and automotive components. There are currently nine manufacturing locations around the world including plants in the United States, United Kingdom, Spain, and Mexico. The company has fourteen engineering/customer service offices to globally support its customers near their regional engineering and manufacturing locations. The U.S. Company and its debtor-affiliates filed for chapter 11 protection on Feb. 10, 2006 (Bankr. D. Del. Case No. 06-10119 to 06-06-10127). James E. O'Neill, Esq., Laura Davis Jones, Esq., and Sandra G.M. Selzer, Esq., at Pachulski Stang Ziehl Young & Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. When the Debtor filed for chapter 11 protection, it estimated assets and debts of more than $100 million. Immediately following the U.S. Debtors' pre-packaged chapter 11 filing, the Company's British unit went into administration. Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim Rayment of BDO Stoy Hayward were appointed joint administrators. KRISPAL BUSINESS: Members Agree to Wind Up Operations ----------------------------------------------------- Members of Krispal Business Services Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 20. They authorized Mark Stephen Goldstein to lead the liquidation process. Krispal Business Services Limited can be reached at: 276 Chase Road London N14 6HA Tel: 020 8886 4979 Fax: 020 8882 5232 OPAL INTERNATIONAL: Appoints Begbies Traynor as Administrator ------------------------------------------------------------- D. R. Acland and S. J. Williams of Begbies Traynor were appointed joint administrators of Opal International Designs Limited (Company Number: 04257017) on March 9. 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. Opal International Designs -- http://www.opal-designs.com/-- are importers and wholesalers of ex-chain store clothing. PETAL GROUP: Bank of Scotland Taps PKF as Admin Receiver -------------------------------------------------------- Bank of Scotland Plc appointed Edward T. Kerr and Ian C. Schofield of PKF (UK) LLP as joint administrative receivers of Petal Group Limited (Company Number 02831721) on March 9. PKF (UK) LLP -- http://www.pkf.co.uk-- is one of the UK's leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. Petal Group Ltd is engaged in producing greeting cards and can be reached at: 12-14, Manton Lane Manton Industrial Estate Bedford MK41 7PX Bedfordshire Tel: 01234 306900 Fax: 01234 326644 PREFERRED MORTGAGES: Fitch Affirms PRS 8 Class E Notes at BB ------------------------------------------------------------ Fitch Ratings affirmed all notes in respect of transactions originated by Preferred Mortgages Limited despite calculation errors by PML in its function as cash/bond administrator. The ratings are listed below. In addition, as the errors are attributed to the company's role as CBA and not as residential primary or special servicer, PML's servicer ratings are not affected by the mistakes. Furthermore, the miscalculations are not related to any mistakes involving the administration of the mortgage loans within the securitization, which is the responsibility of the servicer. The PML errors included retention of revenue receipts not owed to the issuers from the closing date, ongoing understatement of principal deficiency ledgers and overstatement of principal receipts. The errors were discovered following a review of PML's processing relating to cash/bond administration initiated by Lehman Brothers, PML's parent company. The errors have affected the RMBS transactions, Preferred Residential Securities 5 PLC, Preferred Residential Securities 6 PLC, Preferred Residential Securities 7 PLC, Preferred Residential Securities 8 PLC and Preferred Residential Securities 2005-1 - all but PRS 7 are rated by Fitch. The understatement of the PDLs means that excess spread should - at least partially - have been used in earlier periods to recoup PDL debit balances. This has been rectified through a one-time posting in respect of prior losses, which took effect in this quarter. In the case of PRS 5, PRS 6 and PRS 05-1, there was sufficient excess spread or overcollateraliZation to cover the one-off posting to the PDLs on this interest payment date. However, for PRS 7 and PRS 8, PML has advanced cash into the transactions in order to avoid drawing the reserve funds, since excess spread in this period was not sufficient to recoup the prior losses. The funds advanced will be recouped from future excess spread. Other errors have worked in favor of the issuers. Retention of receipts in respect of accrued interest existing at closing - which should flow back to PML - have resulted in a faster accumulation of the reserve fund to its target amount for some issuers. Overstated principal receipts for some issuers have resulted in senior notes being amortized faster than should be the case, resulting in increased subordination levels and an element of overcollateralization. No adjustments will be made in respect of the errors that favor the issuers. In order to further assess the re-statements period by period and whether reserve fund draws would have occurred for the transactions in question in these periods, Fitch will be receiving restated pro forma priority of payment statements for analysis. According to Lehman Brothers, reserve fund draws would not have occurred for the transactions affected during prior periods. Since errors have been rectified for the previous PDL losses and future calculations are to be revised to accurately reflect the provisions of the transaction documents, Fitch has affirmed the PML transactions. However, in the event that the analysis of the supplementary information results in further issues that might affect the transactions, further comment will be made by the agency. Fitch will be closely monitoring future performance reports in respect of the issuers. Preferred Residential Securities 5 PLC: * Class A (ISIN XS0154399637) affirmed at AAA; * Class A DAC (ISIN XS0154399801) affirmed at AAA; * Class M (ISIN XS0154399983) affirmed at A; and * Class B (ISIN XS0154400237) affirmed at BBB. Preferred Residential Securities 6 PLC: * Class A1 (ISIN XS0169316675) affirmed at AAA; and * Class A2 (ISIN XS0169316915) affirmed at AAA. Preferred Residential Securities 8 PLC: * Class A1a1 (ISIN XS0198309691) affirmed at AAA; * Class A1a1 DAC (ISIN XS0198486473) affirmed at AAA; * Class A1a2 (ISIN XS0198313024) affirmed at AAA; * Class A1a2 DAC (ISIN XS0198486473) affirmed at AAA; * Class A1b (ISIN XS0198313610) affirmed at AAA; * Class A1c (ISIN XS0198318171) affirmed at AAA; * Class B1a (ISIN XS0198318411) affirmed at AA; * Class B1c (ISIN XS0198318841) affirmed at AA; * Class C1a (ISIN XS0198319062) affirmed at A; * Class C1c (ISIN XS0198319229) affirmed at A; * Class D1a (ISIN XS0198319575) affirmed at BBB+; * Class D1c (ISIN XS0198319906) affirmed at BBB+; and * Class E (ISIN XS0198320409) affirmed at BB. Preferred Residential Securities 2005-1 PLC: * Class A1a (ISIN XS0217068849) affirmed at AAA; * Class A2c (ISIN XS0217069656) affirmed at AAA; * Class A2c DAC (ISIN XS0217486504) affirmed at AAA; * Class B1a (ISIN XS0217637213) affirmed at AA; * Class B1c (ISIN XS0217069813) affirmed at AA; * Class C1c (ISIN XS0217070076) affirmed at A; * Class D1c (ISIN XS0217070829) affirmed at BBB; and * Class E (ISIN XS0217071041) affirmed at BB. PHOENIX DESIGN: Members Appoint Liquidator from Carter Clark ------------------------------------------------------------ Phoenix Design Print Limited is liquidating its assets after members pass a resolution to wind up the company's operation on Feb. 21. Subsequently, members appoint J. Clark, of Carter Clark, as Liquidator. Phoenix Design Print Limited can be contacted at: 11 Orchard Road Stevenage Enterprise Centre Stevenage Hertfordshire SG1 3HH Tel: 01438 317 781 Fax: 01438 317 782 Web: http://www.phoenixdesignprint.com/ PORTFOLIO (OFFICE PRODUCTS): Administrator Takes Over Firm ---------------------------------------------------------- Peter Nottingham of Nottingham Watson was appointed administrator of Portfolio (Office Products) Limited (Company Number: 02505107) on March 9. The administrator can be reached at: Nottingham Watson 15 Highfield Road Hall Green, Birmingham B28 0EL Portfolio (Office Products) Limited supplies stationery products. READS CONSTRUCTION: Begins Winding Up Proceedings ------------------------------------------------- Members of Reads Construction Limited passed a resolution to wind up the company during an extraordinary general meeting on Feb. 14. Chairman J. Read revealed that the company could no longer continue its business due to mounting debts. Matthew Robert Howard and Robert Geoffrey Rose, both of Larking Gowen, were appointed Joint Liquidators. Reads Construction Limited can be reached at: Speedwell Way Harleston Indstl Pk Norfolk IP20 9LJ Tel: 01379 853 062 Fax: 01379 853 676 SAWFORD SHEET: Taps Joint Administrators from Begbies Traynor ------------------------------------------------------------- Richard A. B. Saville and Peter A. Blair of Begbies Traynor were appointed joint administrators of Sawford Sheet Metal Limited (Company Number: 01387279) on March 13. 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. Sawford Sheet Metal Limited -- http://www.sawford.com/-- has developed into one of the region's leading fabrication companies, producing a wide range of high-accuracy component parts and products for a broad customer base. VALVE AMPLIFIER: Financial Woes Prompt Liquidation -------------------------------------------------- Peter Robin Bacon and Carl Derek Faulds, of Portland Business & Financial Solutions Ltd., were appointed Joint Liquidators of Valve Amplifier Restoration Services Limited after members decided to liquidate the company's assets on Feb. 17. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its financial liabilities. The Debtor can be contacted at: Valve Amplifier Restoration Services Limited 236A Main Road Romford RM2 5HA Tel: 01603 757 513 WILLENHALL MANUFACTURING: Receivers Begin Asset Sale Offer ---------------------------------------------------------- The Joint Administrative Receivers Matthew Hammond and Robert Hunt offer for sale the business and assets of Willenhall Manufacturing Limited. The company manufactures niche metal pressings and assemblies at a 256,000 sq. ft. site in Willenhall, West Midlands. Principal features of the business include: -- turnover of GBP5 million; -- specializes in production of cosmetically sensitive automotive parts; -- key position in the after market skin panel manufacture strong customer base; -- QS 9000 accreditation; and -- around 90 employees. Inquiries can addressed to: Karen Wilkins Tel: 0121 265 5631 Fax: 0121 265 5651 E-mail: karen.t.wilkins@uk.pwc.com About PwC 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. ********* 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 * * *