/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060404.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 Tuesday, April 4, 2006, Vol. 7, No. 67 Headlines G E R M A N Y ESPA-FALZEREI: Creditors' Meeting Slated for April 26 FRESENIUS AG: S&P Cuts Rating to BB with Negative Outlook FRESENIUS MEDICAL: S&P Rates US$4.6 Billion Facility at BB HOTEL I: Claims Registration Ends April 7 HOTEL RIESENGEBIRGE: Claims Registration Ends April 7 INGENIEURBUERO BAUWESEN: Claims Registration Ends April 7 KRAUSS GMBH: Creditors' Meeting Slated for April 11 MC PARTNER: Claims Registration Ends April 7 PLANTTAN MEDIZINTECHNIK: Claims Registration Ends April 7 VISIONEN IN GLAS: Creditors' Meeting Slated for May 9 WERKZEUGBAU OSTERWIECK: Claims Registration Ends April 7 WEROS-WERKZEUGBAU: Claims Registration Ends April 8 I T A L Y TISCALI S.P.A.: Board Approves Draft 2005 Consolidated Results K A Z A K H S T A N BENT-ANAK: Creditors Must File Claims by April 10 BUSINESSLINK: Creditors Must File Claims by April 10 IGILIK KURYLY: Creditors Must File Claims by April 10 JAN-PV: Pavlodar Court Opens Bankruptcy Proceedings JULDYZ-PV: Pavlodar Court Opens Bankruptcy Proceedings PAVLODAR CHEMICAL: Creditors Must File Claims by April 10 PERIZAT-EKIBASTUZ: Pavlodar Court Opens Bankruptcy Proceedings SEYMURG: Creditors Must File Claims by April 10 SHAGALA: Pavlodar Court Opens Bankruptcy Proceedings TOBOL SEMENT: Creditors Must File Claims by April 10 K Y R G Y Z S T A N KORGON-TASH: Creditors Must File Claims by May 23 MSPMK-3: Sale Auction Slated for April 27 OLD MASTER: Creditors Must File Claims by May 20 ZINAT: Creditors Must File Claims by May 23 N O R W A Y PETROLEUM GEO-SERVICES: S&P Places B+ Rating on Watch Developing P O L A N D NETIA SA: Three-Year Subscription Warrants Expires April 29 R U S S I A ASPHALT CONCRETE: Court Names E. Golenkov Insolvency Manager BEKOVO-AGRO-PROM-KHIMIYA: Penza Court Begins Bankruptcy Process ENERGO-TRANS: Court Appoints E. Dulnev as Insolvency Manager ENGELSSKIY: Deadline for Proofs of Claim Set for April 18 KALININSKIY: Undergoes Bankruptcy Supervision Procedure NASHEKINO: Claims Filing Period Ends April 18 RAILWAY BUILDING: Samara Court Opens Bankruptcy Proceedings STEPNOVSKIY: Court Names A. Martirosyan Insolvency Manager VERKHNE-KHAVA-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision VKM-LEASING: S&P Junks Counterparty Credit Ratings ZARECHYE: Bankruptcy Hearing Set for May 11 U K R A I N E BORISPILVTORMET: Kyiv Court Opens Bankruptcy Proceedings DNIPRODZERZHINSK' AUTO 11232: Court Opens Bankruptcy Proceedings GARD-AVTOTRANS: Court Names Kostina Milena to Liquidate Assets GIDRAVLIKA: Zaporizhya Court Opens Bankruptcy Proceedings SUMI RADIO-TV: Sumi Court Starts Bankruptcy Supervision TORGTRANS LTD.: Odessa Court Begins Bankruptcy Supervision VK REMSTROJTREST: O. Sharmonov Named Interim Insolvency Manager ZERNOTORGOVIJ DIM: Harkiv Court Starts Bankruptcy Supervision U N I T E D K I N G D O M ALLIED WINDSCREENS: Members Pass Winding Up Resolution ALLSTOCK ENGINEERING: Taps Administrator from Crawfords B & F EXPORTERS: Appoints Langley & Partners Administrator BLUE LINE: Creditors Confirm Voluntary Liquidation BUREAU OF FORENSIC: Taps Moore Stephens to Liquidate Assets BURNHAM MOULDINGS: Names Barry David Lewis as Liquidator BUS & MOTORS: Appoints Begbies Taylor as Administrator CLEVELAND INNOVATION: Members Agree to Voluntary Liquidation CONTRACT TRACK: Names DTE Leonard Curtis to Administer Assets GARRISON PLUMBING: Appoints Tenon Recovery as Administrator HERON BOATS: Boat Manufacturer Taps Mazars as Administrator LEABRAND LIMITED: Names Smith & Williamson Administrator PRESSAC INVESTMENTS: In Administrative Receivership RAIL TECH: Creditors' Meeting Slated for April 7 RANK GROUP: Buys Back 321,893 Shares for Cancellation REFORMA LIMITED: Members Resolve to Liquidate Assets ROWAN NEW: Taps Joint Administrators from Tenon Recovery SPEED 8678: Claims Filing Period Ends May 23 TOTAL BUILDING: Liquidator Takes Over Operations TYRERIGHT LIMITED: Members Agree to Voluntary Liquidation VALEFOX LIMITED: Claims Registration Ends May 23 WALTHAM CONTRACTORS: Creditors' Meeting Set for April 11 * Large Companies with Insolvent Balance Sheets ********* ============= G E R M A N Y ============= ESPA-FALZEREI: Creditors' Meeting Slated for April 26 ----------------------------------------------------- Court-appointed provisional administrator of ESPA-Falzerei GmbH, Holger Bluemle, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on April 26. The meeting of creditors and other interested parties will be held at: The District Court of Pforzheim Saal 310 III. OG Mannheimer Str. 17 75179 Pforzheim Creditors have until April 10, to register their claims with the court-appointed provisional administrator. 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 Pforzheim opened bankruptcy proceedings against ESPA-Falzerei GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ESPA-Falzerei GmbH Attn: Anton Eser, Manager Allmendring 2 75203 Konigsbach-Stein The administrator can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe FRESENIUS AG: S&P Cuts Rating to BB with Negative Outlook --------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Germany-based health-care companies Fresenius Medical Care KGaA and its parent Fresenius AG to 'BB' from 'BB+', following U.S. antitrust clearance for FMC's acquisition of U.S.-based health-care company Renal Care Group Inc. (RCG; BB-/Positive/--). The ratings were removed from CreditWatch, where they were originally placed on May 4, 2005. The outlook is negative. At the same time, Standard & Poor's assigned its 'BB' senior secured debt rating to FMC's $4.6 billion facilities, which were put in place to finance the acquisition of RCG. "The downgrade reflects FMC's and Fresenius' highly leveraged capital structure after completion of the acquisition," said Standard & Poor's credit analyst Michael Seewald. "This is despite some cash inflows from various transactions, which allowed FMC to reduce the RCG acquisition financing to $4.6 billion from $5.0 billion." Standard & Poor's estimates that the combined group's lease, pension, and litigation-adjusted net debt to EBITDA will be about 4.0x-4.3x, and funds from operations to net debt about 13%-14% at financial year-end 2006. This reflects a substantial deterioration from the pre-acquisition values of 3.4x and 20% at financial year-end 2005. From a business risk perspective, Standard & Poor's considers the acquisition to be mildly positive in the long run, reflecting the group's No. 1 market position in the North American dialysis services market, vertical integration benefits, geographic diversity, attractive growth prospects, and the stabilizing effects of a recurring revenue stream. Despite the group's diversification through its expansion in the German hospital management sector, we continue to view the group's business risk as tempered by its predominant focus on a single- disease area. "The negative outlook reflects both entities' below-par pro forma debt-protection measures for the 'BB' ratings and the group's shift in 2005 to a more aggressive financial posture, driven by its external growth strategy," said Mr. Seewald. "The 'BB' ratings could be lowered in the next 12-18 months if FMC and Fresenius fail to demonstrate the ability to achieve and sustain adjusted net debt to EBITDA of about 3.5x-3.8x and FFO to net debt of about 17%, by financial year-end 2007." FRESENIUS MEDICAL: S&P Rates US$4.6 Billion Facility at BB ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' senior secured debt rating to Fresenius Medical Care KGaA's US$4.6 billion facilities, which were put in place to finance the acquisition of Renal Care Group Inc. (RCG; BB-/Positive/--). At the same time, Standard & Poor's lowered its long-term corporate credit ratings on the Germany-based health-care companies, FMC and its parent Fresenius AG to 'BB' from 'BB+', following U.S. antitrust clearance for FMC's acquisition of U.S.-based health-care company Renal Care. The ratings were removed from CreditWatch, where they were originally placed on May 4, 2005. The outlook is negative. "The downgrade reflects FMC's and Fresenius' highly leveraged capital structure after completion of the acquisition," said Standard & Poor's credit analyst Michael Seewald. "This is despite some cash inflows from various transactions, which allowed FMC to reduce the RCG acquisition financing to $4.6 billion from $5.0 billion." Standard & Poor's estimates that the combined group's lease, pension, and litigation-adjusted net debt to EBITDA will be about 4.0x-4.3x, and funds from operations to net debt about 13%-14% at financial year-end 2006. This reflects a substantial deterioration from the pre-acquisition values of 3.4x and 20% at financial year-end 2005. From a business risk perspective, Standard & Poor's considers the acquisition to be mildly positive in the long run, reflecting the group's No. 1 market position in the North American dialysis services market, vertical integration benefits, geographic diversity, attractive growth prospects, and the stabilizing effects of a recurring revenue stream. Despite the group's diversification through its expansion in the German hospital management sector, we continue to view the group's business risk as tempered by its predominant focus on a single- disease area. "The negative outlook reflects both entities' below-par pro forma debt-protection measures for the 'BB' ratings and the group's shift in 2005 to a more aggressive financial posture, driven by its external growth strategy," said Mr. Seewald. "The 'BB' ratings could be lowered in the next 12-18 months if FMC and Fresenius fail to demonstrate the ability to achieve and sustain adjusted net debt to EBITDA of about 3.5x-3.8x and FFO to net debt of about 17%, by financial year-end 2007." HOTEL I: Claims Registration Ends April 7 ----------------------------------------- Creditors of Hotel I Unity Online GmbH have until April 7, to register their claims with court-appointed provisional administrator Herbert Duerkop. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Hamburg Saal B 405 4. Etage Sievekingplatz 1 20355 Hamburg The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against Hotel I Unity Online GmbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hotel I Unity Online GmbH Attn: Gunter Preussker, Manager Schwanenwik 30 22087 Hamburg The administrator can be contacted at: Herbert Duerkop Neuer Wall 86 20354 Hamburg Tel: 040/361307-0 Fax: 040/37644625 HOTEL RIESENGEBIRGE: Claims Registration Ends April 7 ----------------------------------------------------- Creditors of Hotel Riesengebirge GmbH have until April 7, to register their claims with court-appointed provisional administrator Mechthild Bruche. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on May 29, 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 Fuerth Zi. 216/II Dienstgebaude Baumenstrasse 28 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 Fuerth opened bankruptcy proceedings against Hotel Riesengebirge GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hotel Riesengebirge GmbH Marktplatz 14 90616 Neuhof The administrator can be contacted at: Mechthild Bruche Stahlstrasse 17 90411 Nuernberg Tel: 0911/9512850 Fax: 0911/95128510 INGENIEURBUERO BAUWESEN: Claims Registration Ends April 7 --------------------------------------------------------- Creditors of Ingenieurbuero Bauwesen Magdeburg GmbH have until April 7, to register their claims with court-appointed provisional administrator Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 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 Ingenieurbuero Bauwesen Magdeburg GmbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ingenieurbuero Bauwesen Magdeburg GmbH Lorenzweg 56 39128 Magdeburg Attn: Uwe Wolf-Ruediger Blechschmidt, Manager Farnkrautbreite 6 39128 Magdeburg Wolfram Walter Bornemann, Manager Stassfurter Str. 6 39112 Magdeburg The administrator can be contacted at: Heiko Rautmann Editharing 31 39108 Magdeburg Tel: 0391/5066030 Fax: 0391/5066033 KRAUSS GMBH: Creditors' Meeting Slated for April 11 --------------------------------------------------- Court-appointed provisional administrator of Krauss GmbH, Jochen Hedderich, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on April 11. The meeting of creditors and other interested parties will be held at: The District Court of Wetzlar Sitzungssaal 201 II. Stock Gebaude B Wertherstr. 1 35578 Wetzlar Creditors have until April 7, to register their claims with the court-appointed provisional administrator. 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 Wetzlar opened bankruptcy proceedings against Krauss GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Krauss GmbH Attn: Horst Krauss, Manager Dreieiche 7 35630 Ehringshausen The administrator can be reached at: Jochen Hedderich GF: 54 Wertherstrasse 14 A 35578 Wetzlar Tel: 06441/94820 Fax: 06441/948222 E-mail: kanzlei@wsr-net.de MC PARTNER: Claims Registration Ends April 7 -------------------------------------------- Creditors of MC Partner-Bau GmbH have until April 7, to register their claims with court-appointed provisional administrator Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Duesseldorf Raum A 409 4. Etage Muehlenstrasse 34 40213 Duesseldorf 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 Duesseldorf opened bankruptcy proceedings against MC Partner-Bau GmbH on March 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: MC Partner-Bau GmbH Herzogstr. 95 40215 Duesseldorf Attn: Mauro Ciccotelli, Manager Julius-Leber-Strasse 2 40789 Monheim The administrator can be contacted at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf PLANTTAN MEDIZINTECHNIK: Claims Registration Ends April 7 --------------------------------------------------------- Creditors of PlantTan Medizintechnik GmbH have until April 7, to register their claims with court-appointed provisional administrator Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 17, 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 Rostock Saal 330 Zochstrasse 18057 Rostock 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 Rostock opened bankruptcy proceedings against PlantTan Medizintechnik GmbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: PlantTan Medizintechnik GmbH Attn: Heike Mueckter, Manager Steinfulgen 36 18069 Lambrechtshagen The administrator can be contacted at: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock VISIONEN IN GLAS: Creditors' Meeting Slated for May 9 ----------------------------------------------------- Court-appointed provisional administrator of Visionen in Glas GmbH, Dr. Martin Heidrich, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on May 9. The meeting of creditors and other interested parties will be held at: The District Court of Muenchen Sitzungssaal 102 Infanteriestr. 5 Creditors have until April 9, to register their claims with the court-appointed provisional administrator. 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 Muenchen opened bankruptcy proceedings against Visionen in Glas GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Visionen in Glas GmbH Muenchener Str. 51 85567 Grafing The administrator can be reached at: Dr. Martin Heidrich c/o White & Case Insolvenz Gb Maximilianstr. 35C 80539 Muenchen Tel: +4989/2060292-70 Fax: +4989/2060292-81 WERKZEUGBAU OSTERWIECK: Claims Registration Ends April 7 -------------------------------------------------------- Creditors of Werkzeugbau Osterwieck GmbH have until April 7, to register their claims with court-appointed provisional administrator Andre Schirrmeister. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 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 Werkzeugbau Osterwieck GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Werkzeugbau Osterwieck GmbH Ziegeleiweg 3 38835 Osterwieck Attn: Norbert Galka, Manager Huettenkamp 7 38685 Langelsheim The administrator can be contacted at: Andre Schirrmeister Magdeburger Str. 23 06112 Halle Tel: 0345/2308811 Fax: 0345/2311199 WEROS-WERKZEUGBAU: Claims Registration Ends April 8 --------------------------------------------------- Creditors of WEROS-Werkzeugbau GmbH have until April 8, to register their claims with court-appointed provisional administrator Klaus Wrede. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 8, 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 D 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 WEROS-Werkzeugbau GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: WEROS-Werkzeugbau GmbH Gartenstr. 6 39245 Plotzky Attn: Wolfgang Luther, Manager Rubinienweg 8 39245 Plotzky Egbert Pueschel, Manager Otto-Hahn-Str. 8 39218 Schonebeck The administrator can be contacted at: Klaus Wrede Lennestrasse 10 39112 Magdeburg Tel: 0391/5973315 Fax: 0391/5973333 E-mail: RAe_Kienast_MD@t-online.der/s/n ========= I T A L Y ========= TISCALI S.P.A.: Board Approves Draft 2005 Consolidated Results -------------------------------------------------------------- Tiscali S.p.A.'s Board of Directors approved the March 30 draft consolidated results for the year ending Dec. 31, 2005. FY05 Group's revenues stood at EUR 736.2 million, up 12% compared to EUR 655.1 million in 2004. This increase was mainly due to the strong growth of ADSL users (+66%) and to the significant evolution of access revenues (+14%), with ADSL revenues growing by 54%. For the 12 months ended Dec. 31, 2005, Tiscali posted a EUR12.8 million net loss on EUR736.2 million of revenues, compared to a EUR134.2 million net loss on EUR655.1 million of revenues in the previous year. At Dec. 31, 2005, the Company's balance sheet showed EUR1.04 billion in total assets, EUR731.8 million in total liabilities and EUR311.3 million in total equity. A full-text copy of Tiscali's Draft 2005 Consolidated Results is available at no charge at http://bankrupt.com/misc/Tiscali.pdf Headquartered in Cagliari, Italy, Tiscali has more than 7 million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. * * * As reported in the Troubled Company Reporter-Europe on March 8, Fitch Ratings sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at CCC with Stable Outlook. Tiscali's Short-term rating is downgraded to C from B to be in line with the CCC IDR. At the same time, the agency affirmed Tiscali Finance SA's EUR209 million guaranteed notes at B-/RR2. Director in Fitch's European Leveraged Finance team, Stefano Podesta said, "Tiscali continued to expand sales and profits in 2005. However, even after having refocused resources on three core markets, their cash flow burn rate is not sustainable unless the company secures material new funding in the next few months." "Albeit the company probably retains more financial flexibility than what is implied by EUR30 million of cash available on balance sheet at December 2005, Tiscali will have to act rapidly. We expect significant news from Tommaso Pompei, the new CEO, when he presents his business plan next April," he added. =================== K A Z A K H S T A N =================== BENT-ANAK: Creditors Must File Claims by April 10 ------------------------------------------------- CJSC Joint Venture Bent-Anak has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Chapayevo Almaty Region The company can be contacted at 8 (3272) 91-81-96. BUSINESSLINK: Creditors Must File Claims by April 10 ---------------------------------------------------- LLP Businesslink has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Chokina Str. 87-83 Pavlodar IGILIK KURYLY: Creditors Must File Claims by April 10 ----------------------------------------------------- LLP Igilik Kuryly Service has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Gogol Str. 120-46 Almaty Djandosova Str. 21-94 Almaty JAN-PV: Pavlodar Court Opens Bankruptcy Proceedings --------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region commenced bankruptcy proceedings against LLP Jan-PV on Feb. 3, 2006. JULDYZ-PV: Pavlodar Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar Region commenced bankruptcy proceedings against LLP Juldyz-PV on Feb. 3, 2006. PAVLODAR CHEMICAL: Creditors Must File Claims by April 10 --------------------------------------------------------- JSC PAVLODAR CHEMICAL PLANT filed for bankruptcy with the Specialized Inter-Regional Economic Court of Pavlodar region. Temporary insolvency manager has been appointed on Feb. 6, 2006. Creditors have until April 10 to submit written proofs of claim to: North Industry Zone Pavlodar The company can be contacted at 8 (3182) 39-64-31 or 53-79-59. PERIZAT-EKIBASTUZ: Pavlodar Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region commenced bankruptcy proceedings against LLP Perizat-Ekibastuz on Feb. 3, 2006. SEYMURG: Creditors Must File Claims by April 10 ----------------------------------------------- LLP Seymurg has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Micro District 85-45 Almaty The company can be contacted at 8 (3272) 25-61-84. SHAGALA: Pavlodar Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceedings against OJSC Shagala on Jan. 9, 2006. TOBOL SEMENT: Creditors Must File Claims by April 10 --------------------------------------------------------------- LLP Tobol Sement has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Kostanai North Industry Zone Kostanai Region =================== K Y R G Y Z S T A N =================== KORGON-TASH: Creditors Must File Claims by May 23 ------------------------------------------------- OJSC Shahta Korgon-Tash has declared insolvency. Creditors have until May 23, to submit written proofs of claim to: Krasnoarmeiskaya Str. 7 Kokjangak Tel: (+996 3743) 2-15-24 MSPMK-3: Sale Auction Slated for April 27 ----------------------------------------- The Subdivision Service of the Court Officers of Osh will hold a public auction of the properties of JSC MSPMK-3 on April 27, 2006, 10:00 a.m. at: City Court of Osh Room 16 Osh The auction contemplates the sale of 41 lots of technical equipment and mechanisms. Participants have until April 27, 9:00 a.m., to deposit an amount equivalent to 5% of the starting price. CONTACT: Mr. J. Barynbayev Bidding Organizer Tel: (+996-3222) 3-60-92 OLD MASTER: Creditors Must File Claims by May 20 ----------------------------------------------- LLC Old Master has declared insolvency. Creditors have until May 20, to submit written proofs of claim to: Cheluskina Str. 7 Bishkek Tel: (0-502) 32-10-95 ZINAT: Creditors Must File Claims by May 23 ------------------------------------------- LLC Zinat has declared insolvency. Creditors have until May 23, to submit written proofs of claim to: Kievskaya Str. 120-26 Bishkek Tel: (+996 312) 21-32-60 =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: S&P Places B+ Rating on Watch Developing ---------------------------------------------------------------- Standard & Poor's Ratings Services placed the 'B+' ratings on Oslo, Norway-based Petroleum Geo-Services ASA on CreditWatch with developing implications. The rating action follows the company's announcement of its demerger plan. The company will be splitting into two separate and distinct businesses; production (Petrojarl ASA), and geophysical. The announcement follows management's statement issued in late 2005 that it was exploring the separation of its geophysical and floating production storage and offloading businesses. The CreditWatch listing will be resolved pending a full review of PGS' business profile (on a stand-alone basis), as well as the resulting financial profile and capital structure for the entity after achieving separation. The developing outlook reflects the likelihood that ratings could be raised, lowered, or affirmed in the near term. "From a business profile standpoint, PGS has a solid market position and scale advantages in its marine seismic operations (particularly in the contract market)," said Standard & Poor's credit analyst Jeffrey B. Morrison. "Strong rig counts and increased exploration and production spending have translated into pricing improvement and a growing contract backlog for PGS' marine acquisition fleet, which could yield further margin improvement and strengthened cash flow in 2006," he continued. =========== P O L A N D =========== NETIA SA: Three-Year Subscription Warrants Expires April 29 ----------------------------------------------------------- Netia SA (WSE: NET) disclosed that the management board of the Warsaw Stock Exchange resolved on March 29, that: -- the ordinary bearer series J shares will not be traded as of the WSE session on April 26, until the date of their expiration; -- brokerage instructions for the Warrants will not be accepted as of April 26, and -- brokerage instructions for Warrants will expire if they are not executed until April 25, 2006 (inclusive). The three-year subscription warrants, which expires on April 29, are registered at the National Deposit of Securities SA under the number "PLNETIA00147". The Company established March 30 as the last day of subscription for series J shares authorized from the Warrants (i.e., in accordance with par. 24.3.2 chapter III of the Polish prospectus of Netia's notes and shares dated April 17, 2002). Headquartered in Warsaw, Poland, Netia SA (B+/Stable/--) -- http://netia.pl/-- is the leading alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. =========== R U S S I A =========== ASPHALT CONCRETE: Court Names E. Golenkov Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Ulyanovsk Region appointed E. Golenkov as insolvency manager. The Court commenced bankruptcy proceedings against Asphalt Concrete after finding the limited liability company insolvent. The case is docketed as A72-11790/05-21/65-B. The Debtor can be reached at: Asphalt Concrete Moskovskoye Shosse, 70 Ulyanovsk Region, Russia The insolvency manager can be reached at: E. Golenkov Shmidta Str. 4 440039, Penza Region, Russia BEKOVO-AGRO-PROM-KHIMIYA: Penza Court Begins Bankruptcy Process --------------------------------------------------------------- The Arbitration Court of Penza Region commenced bankruptcy proceedings against Bekovo-Agro-Prom-Khimiya after finding the open joint stock company. The case is docketed as A49- 12555/2005-225b/26. Mr. A. Makarov has been appointed insolvency manager. The Debtor can be reached at: Bekovo-Agro-Prom-Khimiya Bekovskiy Region, Bekovo Penza Region, Russia The insolvency manager can be reached at: A. Makarov K. Marksa Str. 26 440026, Penza Region, Russia ENERGO-TRANS: Court Appoints E. Dulnev as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Samara Region appointed Mr. E. Dulnev insolvency manager of Energo-Trans. The Court commenced bankruptcy proceedings against the close joint stock company with the case docketed as A55-34976/05. The Debtor can be reached at: Energo-Trans Krasnyj Yar, Komsomolskaya Str. 90 446370, Samara Region Krasnoyarskiy Region Russia The insolvency manager can be reached at: E. Dulnev Syzran, Post User Box 41 446001, Samara Region, Russia ENGELSSKIY: Deadline for Proofs of Claim Set for April 18 --------------------------------------------------------- Creditors of Engelsskiy have until April 18, to submit their proofs of claim to the court-appointed insolvency manager at: Barnaulskaya Str. 34 410049, Saratov Region, Russia The Arbitration Court of Saratov Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A-57-311B/05-12. The Debtor can be reached at: Engelsskiy Engels, Krasnoputilovskaya Str. 45 413112, Saratov Region, Russia KALININSKIY: Undergoes Bankruptcy Supervision Procedure ------------------------------------------------------- The Arbitration Court of Krasnodar Region has commenced bankruptcy supervision procedure on close joint stock company Kalininskiy. The case is docketed as A-32-19381/05-38/271-B. Mr. S. Frolov has been appointed temporary insolvency manager. The Debtor can be reached at: Kalininskiy Dzhumaylovka, Bratyev Stepanovyh Str. 29 353792, Krasnodar Region Kalininskiy Region, Russia The insolvency manager can be reached at: S. Frolov Mosvkovskaya Str. 85 410012, Saratov Region, Russia NASHEKINO: Claims Filing Period Ends April 18 --------------------------------------------- Creditors of Nashekino have until April 18, to submit their proofs of claim to court-appointed insolvency manager Mr. Y. Ovcharenkov at: Pobedy Avenue, 41-91 394088, Voronezh Region, Russia The Arbitration Court of Voronezh Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A14-11512-2005-115/7b. The Debtor can be reached at: Nashekino Anninskiy Region, Nashekino Voronezh Region, Russia RAILWAY BUILDING: Samara Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Samara Region commenced bankruptcy proceedings against the Railway Building Corporation after finding the open joint stock company insolvent. The case is docketed as A55-3267/2005-16. Mr. V. Fedorov has been appointed insolvency manager. The Debtor can be reached at: Railway Building Corporation 446250, Samara Region, Russia The insolvency manager can be reached at: V. Fedorov Syzran, Post User Box 41 446001, Samara Region, Russia STEPNOVSKIY: Court Names A. Martirosyan Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Stavropol Region appointed Mr. A. Martirosyan temporary insolvency manager of Stepnovskiy (TIN/KPP 2620000011/262001001). The Court has commenced bankruptcy supervision procedure on the open joint stock company with the case docketed as A63-151/ 05-S5. The Debtor can be reached at: Stepnovskiy Stepnoye, Dodonova Str. 20 357930, Stavropol Region, Russia The insolvency manager can be reached at: A. Martirosyan Sholokhova Pr. 8A 344019, Rostov-na-Donu Region, Russia VERKHNE-KHAVA-AGRO-PROM-KHIMIYA: Under Bankruptcy Supervision ------------------------------------------------------------- The Arbitration Court of Voronezh Region has commenced bankruptcy supervision procedure on open joint stock company Verkhne-Khava-Agro-Prom-Khimiya. The case is docketed as A14- 29209/205/193/16b. Ms. N. Vysotskaya has been appointed temporary insolvency manager. The Debtor can be reached at: Verkhne-Khava-Agro-Prom-Khimiya V. Khava, Kalinina Str. 1 Voronezh Region, Verkhneklhavskiy Region, Russia The insolvency manager can be reached at: N. Vysotskaya Lizyukova Str. 66-A, 12 Voronezh Region, Russia VKM-LEASING: S&P Junks Counterparty Credit Ratings -------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC+/C' long- and short-term counterparty credit ratings to Russia-based VKM- Leasing company. At the same time, Standard & Poor's assigned its 'ruBB' Russian national scale rating to the entity. The outlook is stable. "The ratings on VKM-Leasing are constrained by its small size and limited franchise, its high single-name concentrations on both sides of the balance sheet, and its weak funding profile," said Standard & Poor's credit analyst Eugene Tarzimanov. "Positive rating factors include the company's close relationship with one of the largest freight rail car producers in Russia, and good quality collateral in respect of its leasing business," he added. The improving economic environment in Russia, which should support the ongoing restructuring of rail transport in the medium term, is also important to the company's specialized leasing business. VKM-Leasing is a recently founded company specializing in the rapidly growing freight-car leasing business in Russia. It is ultimately owned by Ruzkhimmash (not rated), a large Russian rolling stock producer, and finances about one-third of its sales. Although the links between VKM-Leasing and the parent appear strong, Standard & Poor's does not consider the company as a strategic asset for the group. In addition, financial and operational information on the group is limited, and corporate governance is a concern. Nevertheless, group membership is a positive factor in the credit profile because it provides VKM-Leasing with business flows and funding (in the form of guarantees). "We expect that VKM-Leasing will remain focused on its core business, while keeping its strong ties to Ruzkhimmash in terms of business flows," said Mr. Tarzimanov. The ratings on VKM- Leasing could be raised if the company displays a consistent financial performance, and improves its funding profile. A material capital increase would also be a positive rating factor. The ratings could be revised downward, however, if the financial performance was to come under severe pressure, or the company's ties to Ruzkhimmash were to weaken. ZARECHYE: Bankruptcy Hearing Set for May 11 ------------------------------------------- The Arbitration Court of Lipetsk Region will convene at 9:20 a.m., on May 11, to hear the bankruptcy supervision procedure on open joint stock company Agro Company Zarechye. The case is docketed as A36-4789/2005. Ms. I. Valkova has been appointed temporary insolvency manager. The Debtor can be reached at: Zarechye Lebedyanskiy Region, B. Verkh Lipetsk Region, Russia The insolvency manager can be reached at: I. Valkova Post User Box 1414 398006, Lipetsk Region, Russia ============= U K R A I N E ============= BORISPILVTORMET: Kyiv Court Opens Bankruptcy Proceedings -------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Borispilvtormet (code EDRPOU 31323201) on Feb. 1, 2006 after finding the company insolvent. The case is docketed as 35/11 b-06. Mr. Valerij Sinelnikov has been appointed Liquidator/Insolvency Manager. CONTACT: Borispilvtormet Borispil, Dzerzhinskij Str. 1 08300, Ukraine, Kyiv Region Mr. Valerij Sinelnikov Liquidator/Insolvency Manager Chervonotkatska Str. 19/37 Ukraine, Kyiv Region Economic Court of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region DNIPRODZERZHINSK' AUTO 11232: Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy proceedings against OJSC Dniprodzerzhinsk' Auto Transport Enterprise 11232 (code EDRPOU 05465695) on Jan. 31, 2006 after finding the company insolvent. The case is docketed as B 26/94/05. Mr. Yevgen Shevtsov has been appointed Liquidator/Insolvency Manager. CONTACT: Dniprodzerzhinsk' Auto Transport Enterprise 11232: Dniprodzerzhinsk, Shiroka Str. 49 Ukraine, Dnipropetrovsk Region Mr. Yevgen Shevtsov Liquidator/Insolvency Manager 49069, Ukraine, Dnipropetrovsk Region a/b 3925 Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region GARD-AVTOTRANS: Court Names Kostina Milena to Liquidate Assets -------------------------------------------------------------- The Economic Court of Mikolaiv Region appointed Kostina Milena as Liquidator/Insolvency Manager for OJSC GARD-AVTOTRANS (code EDRPOU 20879023). The Court commenced bankruptcy proceedings against the Company on Feb. 7, after finding the company insolvent. The case is docketed as 5/237/05. CONTACT: Gard-Avtotrans Yuzhnoukrainsk, Promzona 55000, Ukraine, Mikolaiv Region Mr. Kostina Milena Liquidator/Insolvency Manager 54015, Ukraine, Mikolaiv Region Buzkij Boulevard 1/32 Tel: (0512) 35-22-37 Economic Court of Mikolaiv Region Admiralska Str. 22 54009, Ukraine, Mikolaiv Region GIDRAVLIKA: Zaporizhya Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against CJSC Trade House Gidravlika (code EDRPOU 30802200) on Feb. 1, after finding the company insolvent. The case is docketed as 25/185. Mr. Rabushko Vyacheslav has been appointed Liquidator/Insolvency Manager. CONTACT: Gidravlika Melitopol, Industrialna Str. 59 72316, Ukraine, Zaporizhya Region Mr. Rabushko Vyacheslav Liquidator/Insolvency Manager Melitopol, Fuchik Str. 14 72319, Ukraine, Zaporizhya Region Tel: 8 (096) 411-45-25 Economic Court of Zaporizhya Region Shaumyana Str. 4 69001, Ukraine, Zaporizhya Region SUMI RADIO-TV: Sumi Court Starts Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on State Enterprise Sumi Regional Radio-TV Transmitting Center (code EDRPOU 14023772). The case is docketed as 6/24-05. Mr. Dmitro Kozin has been appointed temporary insolvency manager. CONTACT: Sumi Regional Radio-Tv Transmitting Center Skryabin Str. 3 40030, Ukraine, Sumi Region Mr. Dmitro Kozin Temporary Insolvency Manager Internatsionalistiv Str. 5, Office 22 40035, Ukraine, Sumi Region Economic Court of Sumi Region Shevchenko Avenue 18/1 40030, Ukraine, Sumi Region TORGTRANS LTD.: Odessa Court Begins Bankruptcy Supervision ---------------------------------------------------------- The Economic Court of Odessa Region commenced bankruptcy supervision procedure on LLC Trade House Torgtrans Ltd. (code EDRPOU 33387974). The case is docketed as 7/344-05-11592. Mr. O. Sharmonov has been appointed temporary insolvency manager. CONTACT: Torgtrans Ltd. Melnitska Str. 32 B 65033, Ukraine, Odessa Region Economic Court of Odessa Region Shevchenko Avenue 4 65032, Ukraine, Odessa Region VK REMSTROJTREST: O. Sharmonov Named Interim Insolvency Manager --------------------------------------------------------------- The Economic Court of Odessa Region appointed O. Sharmonov as temporary insolvency manager for LLC VK Remstrojtrest (code EDRPOU 33388386). The Court commenced bankruptcy supervision procedure against the Company with the case docketed as 2/3-06-295. CONTACT: VK Remstrojtrest Melnitska Str. 32 B 65033, Ukraine, Odessa Region Economic Court of Odessa Region Shevchenko Avenue 4 65032, Ukraine, Odessa Region ZERNOTORGOVIJ DIM: Harkiv Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy supervision procedure on LLC Zernotorgovij Dim (code EDRPOU 30885486) on Jan. 25. The case is docketed as B-39/04-06. Mr. Dmitro Zadruzhnij has been appointed temporary insolvency manager. CONTACT: Zernotorgovij Dim Tobolska Str. 42a/517 61072, Ukraine, Harkiv Region Mr. Dmitro Zadruzhnij Temporary Insolvency Manager Harkiv district, Visokij, Druzhbi Str. 68 62460, Ukraine, Harkiv Region Economic Court of Harkiv Region Svobodi Square 5 Derzhprom 8th Entrance 61022, Ukraine, Harkiv Region =========================== U N I T E D K I N G D O M =========================== ALLIED WINDSCREENS: Members Pass Winding Up Resolution ------------------------------------------------------ Members of Allied Windscreens Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on Feb. 28. Subsequently, they appointed Nigel Alexander Spearing as Liquidator. Allied Windscreens Limited can be contacted at: Unit 7 Lacre Way Letchworth Garden City Hertfordshire SG6 1NR Tel: 01462 482 111 Fax: 01462 482 111 Web: http://www.alliedscreens.co.uk/ ALLSTOCK ENGINEERING: Taps Administrator from Crawfords ------------------------------------------------------- A. Kachani of Crawfords was appointed administrator of Allstock Engineering Steels Limited (Company Number 05377460) on March 15. The administrator can be reached at: Crawfords Stanton House 41 Blackfriars Road Salford Manchester Greater Manchester M3 7DB Tel: 0161 828 1000 Fax: 0161 832 1829 E-mail: akachani@aol.com Allstock Engineering Steels Ltd offers steel fabricating service and can be reached at: Unit 9/Rolls Royce Ind Est Spring Rd. Ettingshall West Midlands Tel: 01902 403053 B & F EXPORTERS: Appoints Langley & Partners Administrator ---------------------------------------------------------- Alan Simon and Philip Simons of Langley & Partners were appointed administrators of B & F Exporters Limited (Company Number 05085166) on March 21. The joint administrators can be reached at: Langley & Partners Langley House Park Road East Finchley London N2 8EX Tel: 020 8444 2000 Fax: 020 8444 3400 E-mail: philip.simons@langleypartners.co.uk B & F Exporters Limited sells clothing. BLUE LINE: Creditors Confirm Voluntary Liquidation -------------------------------------------------- Creditors of Blue Line Trading Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company on Feb. 22. Creditors also ratified the appointment of Jeffrey Mark Brenner, as Liquidator. Blue Line Trading Limited can be reached at: 82 High Street Esher Surrey KT10 9QS Tel: 01372 468 141 Fax: 01372 469 217 BUREAU OF FORENSIC: Taps Moore Stephens to Liquidate Assets ----------------------------------------------------------- David Elliot, of Moore Stephens LLP, was appointed Liquidator of Bureau of Forensic Science Limited after members decided to liquidate the company's assets on Feb. 28. Chairman R. Butler disclosed that the company could no longer continue its operations due to mounting debts. Bureau of Forensic Science Limited can be contacted at: Temple Chambers 3-7 Temple Avenue London EC4 Y0HP Tel: 020 7583 7583 Fax: 020 7583 7581 Web: http://www.forensicscience.uk.com/ BURNHAM MOULDINGS: Names Barry David Lewis as Liquidator -------------------------------------------------------- Burnham Mouldings Tools & Die Limited is liquidating its assets after members passed a resolution to wind up the company's operations on Feb. 27. Barry David Lewis, of Harris Lipman, was appointed Liquidator. Burnham Mouldings Tool & Die Limited can be reached at: Unit 1 Kelpatrick Road Slough Berkshire SL1 6BW Tel: 01628 665 241 Fax: 01628 665 407 Web: http://www.burnhammouldings.co.uk/ BUS & MOTORS: Appoints Begbies Taylor as Administrator ------------------------------------------------------ Richard A. B. Saville and Peter A. Blair of Begbies Traynor were appointed joint administrators of Bus & Motors Commercial Limited (Company Number 04234641) on March 3. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Bus & Motors Commercial Ltd sells motor vehicles and can be reached at: 26 Redwood Glade Leighton Buzzard Bedfordshire LU7 3JT Tel: 01525-854451 CLEVELAND INNOVATION: Members Agree to Voluntary Liquidation ------------------------------------------------------------ Members of Cleveland Innovation appointed J. Harvey Madden to lead the company's assets during an extraordinary general meeting on Feb. 28. Cleveland Innovation can be contacted at: Aurora CT Barton Road Middlesbrough Cleveland TS2 1RY Tel: 01642 885 050 Fax: 01642 885 060 CONTRACT TRACK: Names DTE Leonard Curtis to Administer Assets ------------------------------------------------------------- N. A. Bennett and K. D. Goodman of Leonard Curtis were appointed joint administrators of Contract Track Services Limited (Company Number 2869314) on March 21. Its registered office is at The Maltings, Burwell, Cambridge, Cambridgeshire CB5 0FB. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Contract Track Services Ltd offers railway maintenance service and can be reached at: Hoo Jct Freight Terminal Queens Farm R Shorne Gravesend Kent DA12 3HU Tel: 01474 824400 GARRISON PLUMBING: Appoints Tenon Recovery as Administrator ----------------------------------------------------------- S. R. Thomas and S. J. Parker of Tenon Recovery were appointed joint administrators of Garrison Plumbing & Heating Services Limited (Company Number 3879105) on March 22. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Garrison Plumbing & Heating Services Ltd can be reached at: Sergeants Hall/Sargeants Place Caterham CR3 5ZD Tel: 01883 341640 HERON BOATS: Boat Manufacturer Taps Mazars as Administrator ----------------------------------------------------------- Robert Adamson and Paul Charlton of Mazars LLP were appointed joint administrators of Heron Boats Limited (Company Number 04147763) on March 21. Its registered office is at Unit 5, Junction 25 Business Park, Huddersfield Road, Mirfield, West Yorkshire WF14 9DA. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Heron Boats Ltd manufactures boats and can be reached at: Unit 5, Junction 25 Business Park Mirfield West Yorkshire WF14 9DA Tel: +44 (1924) 49 92 00 LEABRAND LIMITED: Names Smith & Williamson Administrator -------------------------------------------------------- Roger Tulloch and Robert Horton of Smith & Williamson Limited were appointed joint administrators of Leabrand Limited (Company Number 02216479) on March 15. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Leabrand -- http://www.leabrand.co.uk/-- offers a range of solutions from Reactive and Planned Building Maintenance to full scale Refurbishments and Refits. PRESSAC INVESTMENTS: In Administrative Receivership --------------------------------------------------- Deutsche Bank AG London appointed Steven Anthony Pearson and Anthony Victor Lomas of PricewaterhouseCoopers LLP joint administrative receivers of Pressac Investments Limited (Company Number 03284532) and Pressac Plc (Company Number 00871399) on March 17. 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. Pressac Plc can be reached at: Glazedlae Drive West Bilborough Nottingham NG8 4GY Tel: 01332 747700 Fax: 01332 747720 RAIL TECH: Creditors' Meeting Slated for April 7 ------------------------------------------------ Creditors of Rail Tech Group Limited will meet at 10 a.m., on April 7, at: HQ Global Workplaces Trinity House Cambridge Business Park Cowley Road, Cambridge CB4 0WZ 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 April 6, to: I. S. Carr Joint Administrator Grant Thornton UK LLP Byron House Cambridge Business Park Cambridge CB4 0WZ Headquartered in London, Grant Thornton UK LLP -- http://www.grant-thornton.co.uk/-- is the UK member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Rail Tech -- http://www.railtech.co.uk/-- supports the concept of link-up, the railway industry's supplier accreditation system, as it believes that it can only help to improve standards and provide Network Rail and its contractors with appropriately qualified companies from a level playing field. RANK GROUP: Buys Back 321,893 Shares for Cancellation ----------------------------------------------------- The Rank Group Plc purchased on March 31, 321,893 Ordinary shares of 10 pence in the Company for cancellation at an average price of 219.84 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 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. REFORMA LIMITED: Members Resolve to Liquidate Assets ---------------------------------------------------- Reforma Limited is winding up its operations after members decided to liquidate the company's assets on Feb. 23. Jonathan Sinclair, of Sinclair Harris, was appointed Liquidator. Reforma Limited can be contacted at: 3 Globe Road London E1 4DT Tel: 020 7780 9269 Fax: 020 7780 9269 ROWAN NEW: Taps Joint Administrators from Tenon Recovery -------------------------------------------------------- S. R. Thomas and T. J. Binyon of Tenon Recovery were appointed joint administrators of Rowan New Homes Limited (Company Number 4962890) on March 22. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. SPEED 8678: Claims Filing Period Ends May 23 -------------------------------------------- Speed 8678 Limited is winding up its operations after members decided to liquidate the company's assets on Feb. 23. Appointed Liquidator, Gerald Maurice Krasner, of Bartfields (UK) Limited, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before May 23. Speed 8678 Limited can be contacted at: 93 Woodlands Park Road London N15 3SB Tel: 020 8802 3383 TOTAL BUILDING: Liquidator Takes Over Operations ------------------------------------------------ Alisdair J Findlay, of Findlay James, was appointed Liquidator of Total Building Response Limited after members decided to liquidate the company's assets on Feb. 23. Chairman A. Peake disclosed that the company could no longer continue its operations due to mounting debts. Total Building Response Limited can be contacted at: Egginton Road Hilton Derby Derbyshire DE6 55FJ Tel: 01283 730 032 Fax: 01283 730 039 TYRERIGHT LIMITED: Members Agree to Voluntary Liquidation --------------------------------------------------------- Members of Tyreright Limited resolved to liquidate the Company's assets during an extraordinary general meeting on Feb. 21. Subsequently, they authorized Simon Thornton to lead the liquidation process. Shareholder and Director J. A. Blackwell revealed that the company could no longer continue its operations due to financial liabilities. Tyreright Limited can be contacted at: 66 School Road Dursley Gloucestershire GL11 4NY Tel: 0800 043 8246 Web: http://www.tyreright.co.uk/ VALEFOX LIMITED: Claims Registration Ends May 23 ------------------------------------------------ Creditors of Valefox Limited have until May 23, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator Gerald Maurice Krasner. Valefox Limited can be reached at: Kendal House 1 Conduit Street London W1S 2XA Tel: 020 7478 1526 WALTHAM CONTRACTORS: Creditors' Meeting Set for April 11 -------------------------------------------------------- Creditors of Waltham Contractors Limited (Company Number 01661209) will meet at 10:30 a.m., on April 11, at: 65 St Edmunds Church Street Salisbury, Wiltshire SP1 1EF 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 April 10, to: M. F. Stevenson Joint Administrator Middleton Partners 65 St Edmunds Church Street Salisbury, Wiltshire SP1 1EF Middleton Partners -- http://www.middletonpartners.co.uk/-- are licensed insolvency practitioners and business consultants, the partners and staff of which have many years experience in dealing with business rescue and insolvency. Walthams Ltd can be reached at: Oak Farm, New Road, Southampton, Hampshire SO32 2PF Tel: 01489896294 * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) LVL Medical Group LVLM.PA (9) 105 (5) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (23) 122 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (321) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (70) 489 2 Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Drax Group Limited DRX.L (832) 2,353 84 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gallaher Group GLH (421) 7,866 5 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (405) 263 (161) Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (264) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* 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 * * *