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 Wednesday, April 5, 2006, Vol. 7, No. 68 Headlines A U S T R I A HYPO ALPE: Moody's Reviews C+ FSR for Possible Downgrade C Z E C H R E P U B L I C CESKA SPORITELNA: Moody's Ups Financial Strength Rating to C E S T O N I A AS SAMPO: Sound Financial Post Spurs Moody's to Up FSR to D+ SEB EESTI: Moody's Changes C- FSR Outlook to Positive F R A N C E ALCATEL SA: Lucent Merger Prompts Moody's to Review Ba1 Ratings GAL FINANCE: Moody's Downgrades Corporate Family Rating to B3 G E R M A N Y AMBAU GMBH: Claims Registration Ends April 10 ANTIQUITATEN REUTERSHAN: Creditors' Meeting Slated for May 19 BERLIN-BRANDENBURGISCHE: Creditors' Meeting Set on April 11 BIBEMUS GETRANKEHANDEL: Creditors' Meeting Slated for April 11 DGF DRUCKGUSS: Claims Registration Ends April 10 DOMINO-MODE: Claims Registration Ends April 10 DUERR AG: Nominates Two New Members to Supervisory Board DUERR AG: Earns EUR4.3 Million Net Income in Fiscal 2005 ESCHWEILER KUNSTSTOFFHANDEL: Claims Registration Ends April 10 ESPRESSO GESELLSCHAFT: Claims Registration Ends April 13 FINANZLEASING SIMON: Claims Registration Ends April 12 FRESENIUS AG: Moody's Affirms All Ratings at Low-B GSC GESUNDHEIT: Claims Registration Ends April 13 KABEL DEUTSCHLAND: S&P Affirms B+ Rating on New EUR1.35-Bln Loan LEAR CORP: New US$800-Mil Loan Cues Moody's to Review Ratings H U N G A R Y BORSODCHEM RT: Annual General Meeting Set for April 28 I R E L A N D ELAN CORPORATION: Announces Filing of 2005 Annual Report K A Z A K H S T A N AK-UIREK: Kostanai Court Opens Bankruptcy Proceedings ALTYNGUL: Creditors Must File Claims by April 10 FIRMA ATOLL-K: Creditors Must File Claims by April 10 KOM-AKT: Aktube Court Opens Bankruptcy Proceedings OZENTRANS: Creditors Must File Claims by April 10 STAN: Kostanai Court Opens Bankruptcy Proceedings SZB-KOMPLEKT: Creditors Must File Claims by April 10 ULBINSKAYA INDUSTRY: Creditors Must File Claims by April 10 L U X E M B O U R G BALL EUROPEAN: Inks New US$500-Mln Credit Facility with Parent N E T H E R L A N D S ALB FINANCE: Moody's Rates Senior Notes at Ba2 R U S S I A AGRO-COMBINE TECH-CENTRE: Bankruptcy Hearing Slated for May 26 ALROSA CO.: S&P Raises Long-Term Corp. Credit Rating to B+ BICHURSKAYA BUCKWHEAT: Bankruptcy Supervision Procedure Begins CENTRE ENGINEER: Moscow Court Begins Bankruptcy Proceedings CHERNOMORSKAYA GREY: Claims Filing Period Ends April 18 CHERNOVSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for June 27 ROS-STEEL: Creditors Have Until April 11 to File Claims TATARKIY ELEVATOR: Deadline for Proofs of Claim Set for April 11 VELES CAPITAL: S&P Junks Counterparty Credit Ratings VEYDELEVKA-SEL-KHOZ-KHIMIYA: Claims Registration Ends April 11 WHEAT: Bankruptcy Hearing Slated for April 26 YAGODNOVSKOYE: Bankruptcy Hearing Set April 27 S P A I N CODERE SA: Posts EUR17 Million Net Loss in 2005 U K R A I N E ATEK: Kyiv Court Begins Bankruptcy Supervision Procedure BEREZNEFARFOR: Court Names Sergij Hodakovskij Insolvency Manager BORISIVKA' BREAD: Zaporizhya Court Opens Bankruptcy Proceedings DOMION: Lugansk Court Opens Bankruptcy Proceedings ELFOR PLUS: Court Names Oleksandr Azarsanov to Liquidate Assets IVANIVETSKE: Chernivtsi Court Begins Bankruptcy Supervision LISYANKAAGRO: Cherkassy Court Starts Bankruptcy Supervision PORTUS: Odessa Court Begins Bankruptcy Proceedings SOKALSKIJ KOMBIKORMOVIJ: O. Gentash Named Insolvency Manager VESNA: Zaporizhya Court Starts Bankruptcy Supervision U N I T E D K I N G D O M ACTIVE FIRE: Appoints Butcher Woods to Administer Assets CABLE & WIRELESS: Names New Organization & Management Team CRAEGMOOR FUNDING: Fitch Lowers GPB57.2-Mln Debt Ratings to BB- DOONE PUBLICITY: Begins Liquidation Proceedings EXCEL WINDOW: Members Agree to Voluntary Liquidation FORTIS CREATIVE: Appoints Joint Liquidators from P&A Partnership HARVEY PARKER: Taps Administrator from Butcher Woods IN-BEAUTY LIMITED: Names Poppleton & Appleby Administrator INTERNATIONAL CONCENTRATES: Members Vote to Liquidate Assets J&W TOOLING: Taps Wilder Coe to Liquidate Assets JOLLIES TRAVEL: Creditors Confirm Voluntary Liquidation KEN ABRAM: Grounds Fleet & Names Administrators LANSDOWN ACTION: Financial Woes Trigger Liquidation M A WHITEHEAD: Appoints Andrew James Nichols to Liquidate Assets MEDIAPOST LIMITED: Taps Joint Administrators from Hacker Young MICROSET GRAPHICS: Joint Administrators from Begbies Enter Firm NEWGATE FUNDING: Fitch Puts BB Rating on GBP5.45MM Class Q Notes NTL INC: Reaches EUR962.4-Mln Takeover Deal with Virgin Mobile OFFSHOOT CLOTHING: Taps Joint Administrators from Stoy Hayward ORANGE CENTRE: Winds Up Operations & Appoints Liquidator PAN EUROPE: Fitch Assigns BB Ratings to EUR64.11 Million Notes PREMIER FIRE: Members Pass Winding Up Resolution RANK GROUP: Bill Shannon Buys 5,000 Ordinary Shares RANK GROUP: Repurchases 412,152 Shares for Cancellation RAVENSCAR FOOD: Taps M.C. Kienlen to Administer Assets RESPONSE 2000: Meeting of Creditors Set for April 12 RHODIA S.A.: Completes Sale of Pharmaceutical Custom Synthesis SOUNDS MUSICAL: Creditors' Meeting Set for April 12 TRADE DIGITAL: Taps Armstrong Watson to Administer Assets * Ernst & Young Launches Global Fraud Investigation Service ********* ============= A U S T R I A ============= HYPO ALPE: Moody's Reviews C+ FSR for Possible Downgrade -------------------------------------------------------- Moody's Investors Service decided to review for possible downgrade the C+ financial strength rating of Hypo-Alpe-Adria- Bank International AG. The Aa2/Prime-1 long- and short-term deposit ratings were affirmed and continue to carry a stable outlook, reflecting the deficiency guarantee granted by the Austrian federal state of Carinthia. Moody's said that the review for possible downgrade was triggered by the bank's announcement that as part of its treasury operations it had occurred substantial losses in 2004. The review will focus on the implications these losses may have for the bank's financial and economic health. According to the rating agency, it will furthermore examine whether Hypo-Alpe- Adria's ability to manage risks and to absorb losses are still consistent with its changing risk profile, and whether the bank's corporate governance practices would be sufficiently strong to underpin the current assessment of its intrinsic strength. Moody's added that it would also look at the repercussions these incidents could have on the bank's franchise and standing in the financial markets. Hypo-Alpe-Adria-Bank International AG is based in Klagenfurt, Austria. It had total assets of EUR17.8 billion at the end of 2004 and recorded a net income of EUR126.8 million for the period. =========================== C Z E C H R E P U B L I C =========================== CESKA SPORITELNA: Moody's Ups Financial Strength Rating to C ------------------------------------------------------------ Moody's Investors Service has upgraded the bank financial strength rating (BFSR) of Czech bank Ceska Sporitelna to C (Stable outlook) from C-. The rating action does not affect the A2/P-1 deposit ratings of Ceska Sporitelna (CS), which were put on review for possible downgrade in January 2006 following the review for possible downgrade of the ratings of Austria's Erste Bank der Oesterreichischen Sparkassen AG (Erste, rated A1/P-1/B-). Erste currently holds 98% of CS's share capital, and its expected support underpins CS's deposit ratings. The upgrade of the BFSR concludes the review for possible upgrade initiated in November 2005 and acknowledges the bank's good results over the past two years, the successful business expansion that has been underway since 2003 and the enhancements in its risk management. These factors have enabled the bank to maintain a leading position in the Czech retail market. The outlook on the BFSR is stable following the upgrade. Ceska Sporitelna has concentrated on building on its already strong franchise in recent years, however, cost efficiency continues to lag domestic peers. Moody's noted that any further improvement in the financial strength rating will be linked to an enhancement in the bank's efficiency, which has more recently become a key focus, as well as the sustainability of Ceska Sporitelna's market position and good asset quality. Headquartered in Prague, the Czech Republic, Ceska Sporitelna is the country's second-largest bank by total assets. It reported consolidated total assets of CZK654.1 billion (EUR22.6 billion) according to IFRS in 2005 and net profit of CZK9.13 billion. ============= E S T O N I A ============= AS SAMPO: Sound Financial Post Spurs Moody's to Up FSR to D+ ------------------------------------------------------------ Moody's HAS upgraded AS Sampo Pank's financial strength rating (FSR) to D+ from D, changing the outlook to stable. According to Moody's, the upgrade reflects AS Sampo Pank's stable market presence in Estonia as well as the group's continued sound financial position, including improving credit quality, solid earnings growth and success in growing its deposit funding base. AS Sampo Pank's A2/P-1 deposit ratings reflect the strong likelihood of support from the bank's 100% owner, Sampo Bank plc (rated A1/P-1/B-). The stable outlook on the bank's deposit ratings was affirmed. In upgrading the bank's FSR, Moody's noted that EU accession- related economic and fiscal developments should continue to underpin AS Sampo Pank's business growth going forward. As evidenced by the financial results for the year ended Dec. 31 2005, AS Sampo Pank continues to demonstrate improvements in its cost efficiency, credit quality as well as profitability indicators, despite margin pressure. Moody's notes however, that the institution is operating in a developing economy, which remains sensitive to external shocks. In addition, the 71% growth in the bank's retail loan portfolio in 2005, particularly in the area of retail mortgage advances, has led to a less seasoned loan portfolio. Concerns are mitigated by the bank's adherence to group (Sampo Bank plc) credit risk management standards as well as fairly contained Loan-to-Values. As part of the ongoing analytical process, Moody's will additionally observe the extent to which AS Sampo Pank improves the granularity of its loan and deposit books. Headquartered in Tallinn, Estonia, AS Sampo Pank is engaged in corporate lending, retail lending and asset management activities. The bank had total assets in the amount of EEK14.02 billion (EUR896 million) as at Dec. 31 2005. Rating upgraded with a stable outlook: -- Financial Strength Rating to D+ The stable outlook on these ratings was affirmed: -- A2 Long term deposit ratings; -- P-1 Short-term deposit rating SEB EESTI: Moody's Changes C- FSR Outlook to Positive ----------------------------------------------------- Moody's changed the outlook on SEB Eesti Uhispank's C- financial strength rating (FSR) to positive from stable. According to Moody's, the positive outlook reflects the bank's well-entrenched market presence in Estonia as well as its continued sound financial position, including improving credit quality indicators, earnings growth and maintenance of its deposit funding base. SEB Eesti Uhispank's A1/P-1 deposit ratings reflect the strong likelihood of support from the bank's 100% owner, SEB AB (rated Aa3/P-1/B). The stable outlook on SEB Eesti Uhispank's deposit ratings was affirmed. In changing the outlook on the bank's FSR, Moody's noted that EU accession-related economic and fiscal developments should continue to underpin SEB Eesti Uhispank's business growth going forward. As evidenced by the financial results in the year to Dec. 31 2005, SEB Eesti Uhispank continues to maintain its good cost efficiency, improve its credit quality indicators and grow profits, despite margin pressure. However, the institution is also performing in a developing economy, which remains sensitive to external shocks. In addition, Moody's notes the 49% growth in the bank's loan portfolio in 2005, particularly in the area of commercial and residential real estate lending. Concerns are mitigated by the bank's adherence to group (SEB AB) credit policy as well as maximum Loan-to Values of 70% for both commercial and residential mortgage lending. As part of the ongoing analytical process, Moody's will additionally observe the extent to which SEB Eesti Uhispank improves the granularity of its loan and deposit books. Headquartered in Tallinn, Estonia, SEB Eesti Uhispank is primarily engaged in commercial banking, asset management and life assurance activities. The bank had total assets in the amount of EEK49.84 billion (EUR3.2 billion) as at Dec. 31 2005. The outlook on this rating was changed to positive from stable: -- C- Financial Strength Rating The stable outlook on these ratings was affirmed: -- A1 Long term deposit ratings -- P-1 Short term deposit rating =========== F R A N C E =========== ALCATEL SA: Lucent Merger Prompts Moody's to Review Ba1 Ratings --------------------------------------------------------------- Moody's Investors Service has placed the Ba1 long-term debt ratings of Alcatel SA on review for possible downgrade following its definitive agreement to merge with Lucent Technologies (rated B1). The ratings placed on review include Alcatel's senior, unsecured Eurobonds, convertible bonds, Euro-medium term notes, its EUR1.0 billion revolving credit facility and its corporate family rating, all at Ba1 currently. Alcatel's rating for short-term debt was affirmed at Not-Prime. As indicated by the previous positive outlook, Alcatel's debt ratings have been on an strengthening path reflecting: -- two years of revenue growth and margin improvement which should be sustainable given the company's cost-efficient and flexible operating base; -- conclusion of its four-year restructuring process with no new major programs expected; -- the fixed communication business finding traction driven by access, optical and IP carrier data products and mobile systems sustaining growth due to its offering of cost- efficient mobile systems for emerging country operators; -- retained cash flow to net adjusted debt above 50% in 2005 and close to 100% adjusted for one-off items like cash outflows for restructuring; and -- a liquid and strong capital structure with cash exceeding on-balance sheet debt by almost EUR1.5 billion. The announced merger plan will create a global leader in telecommunications equipment with the broadest portfolio of wireless and wire line systems. The company will be well balanced geographically and have one of the largest R&D capabilities in this field. However, the merger with Lucent Technologies (rated B1) is also expected to create new strategic and operating challenges for Alcatel including the integration of the two operations and corporate cultures, the downsizing of the combined workforce by about 10%, the migration of the two technology bases, and the preservation of its key customer relationships which generally prefer dual sources. The companies estimate about EUR1.4 billion cash restructuring cost for the program. With regard to the ratings, Moody's review will focus on: -- the plan and timetable to address the integration challenges and to realize the targeted EUR1.4 billion annual pre-tax synergy benefits; -- the strategy to bring the operating margin of the combined companies closer to Alcatel's high single-digit level thereby generating sizable free cash flows after restructuring cost; and -- on the future capital structure of the merged entity and the relative ranking of the various rated debt instruments. The transaction is still subject to shareholder approval and regulatory and governmental reviews in the United States, Europe and elsewhere. Headquartered in Paris, France, Alcatel had sales of EUR13.1 billion and a net profit of EUR971 million in fiscal year 2005 and is one of the world leaders in providing advanced solutions for telecommunications systems and equipment. GAL FINANCE: Moody's Downgrades Corporate Family Rating to B3 ------------------------------------------------------------- Moody's Investors Service has downgraded Global Automotive Logistics S.A.S. (GAL) corporate family rating to B3 from B1 and the rating on the senior unsecured notes issued by its financial subsidiary GAL Finance S.A. to Caa2 from B3. The action was prompted by continued pressure on operating profitability, elevated financial leverage and weak liquidity. The outlook on the ratings remains negative. GAL's highly leveraged capital structure continues to be challenged by weak cash flows, primarily driven by negative variances in car volumes across Western Europe under its key contract with Renault. GAL's margins are highly vulnerable to changes in revenues due to its high operating leverage and high fixed cost base. EBITDA margins as at year end 2005 dropped to 1.8%, which is not a sustainable level based on ongoing debt service requirements; Adjusted Debt to EBITDAR increased to 10.2x as a result. Moreover, GAL has debt maturities of approximately EUR22.5 million in June 2006, excluding EUR5.7 million of bond coupon due in May 2006. Available liquidity of EUR81.1 million at yearend 2005 is limited and will further reduce after meeting the above obligations. The company will also need to stem free cash flow losses, which amounted to EUR6.8 million in 2005 (excluding effect of disposal), if it is to preserve its remaining flexibility. Moody's also notes the company's increasing reliance on the support of third party banks, who in the past have provided covenant waivers, and from shareholders in order to fund its operations and meet refinancing needs, which the agency also considers unsustainable beyond the short term. Shareholders recently provided a subordinated loan for EUR17.5 million (loan not included in our leverage ratio), which has provided additional time and cushion for GAL to meet its ongoing business and financial obligations. Moody's notes that GAL has yet to agree new contract terms with Renault, which accounts for more than 70% of revenues, and as such the company is expected to remain vulnerable until further re-assurance is provided. In the context of GAL's weak financial position, Moody's acknowledges the benefit from the strong historical relationship with Renault, the significant technical and practical integration of both parties, as well as the exclusivity of the contract that GAL enjoys with Renault in certain Western European countries; all factors should bode well for GAL's contract renegotiation. Moreover, GAL enjoys significant competitive advantages in its core operations versus any other potential provider. The negative outlook takes into account that GAL's low profitability and weak cash flows show no immediate signs of recovery, thus placing pressure on limited liquid resources. Any stabilization of the outlook is likely to be predicated upon the company's successful renegotiation of the main terms in the Renault contract and operational progress towards EBITA above 3% margin, restoration of consistent positive free cash flow and a reduction in leverage, measured as Total Adjusted Debt over EBITDAR, towards 6x level. GAL's ratings continue to be weakly positioned; any further deterioration in performance metrics or failure to secure a timely agreement with Renault is likely to prompt Moody's to revisit to the current rating. Ratings affected: -- Corporate family rating is downgraded to B3 from B1; -- The EUR60 million Senior Secured Term Loan due 2008 downgraded to B3 from B1; -- The EUR40 million Senior Secured Revolving facility due 2007 downgraded to B3 from B1; -- The EUR100 million Senior Unsecured Notes due 2009 downgraded to Caa2 from B3; The outlook on the ratings is negative The rating action follows GAL's ratings downgrade in November 2005. Headquartered in Boulogne-Billancourt, France, GAL is currently one of Europe's largest lead logistics providers to the automotive industry, providing transportation and distribution services to automotive customers. GAL's two areas of business are vehicle logistics and logistic cargo. On a pro forma basis, for the twelve months ended December 2005, the company reported revenues and EBITDA of approximately EUR1,182 million and EUR21.6 million, respectively, for total debt of approximately EUR220.3 million. ============= G E R M A N Y ============= AMBAU GMBH: Claims Registration Ends April 10 --------------------------------------------- Creditors of AMBAU GmbH have until April 10, to register their claims with court-appointed provisional administrator Jochen Wagner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Ingolstad Sitzungssaal/Zi. 28/I Schrannenstr. 3 85049 Ingolstadt 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 Ingolstad opened bankruptcy proceedings against AMBAU GmbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AMBAU GmbH Attn: Helga Artmeier, Manager Regensburger Strasse 19 85290 Geisenfeld The administrator can be contacted at: Jochen Wagner Goldknopfgasse 2 85049 Ingolstadt Tel: 0841/142899-0 Fax: 0841/142899-10 ANTIQUITATEN REUTERSHAN: Creditors' Meeting Slated for May 19 ------------------------------------------------------------- Court-appointed provisional administrator of Antiquitaten Reutershan GmbH, Dirk-Henning Tonnesmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m., on May 19. The meeting of creditors and other interested parties will be held at: The District Court of Bonn Saal S 2.22 2. Stock Wilhelmstrasse 21 53111 Bonn 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. Creditors have until April 12, to register their claims with the court-appointed provisional administrator. The District Court of Bonn opened bankruptcy proceedings against Antiquitaten Reutershan GmbH on Feb. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Antiquitaten Reutershan GmbH Alte Landstrasse 20 53902 Bad Muenstereifel Attn: Dieter Reutershan, Manager Alte Landstrasse 24 53902 Bad Muenstereifel The administrator can be contacted at: Dirk-Henning Tonnesmann Josef-Ruhr-Str. 30 53879 Euskirchen Tel: 02251/65081-22 Fax: 02251/65081-25 BERLIN-BRANDENBURGISCHE: Creditors' Meeting Set on April 11 ----------------------------------------------------------- Court-appointed provisional administrator of Berlin- Brandenburgische Fortbildungsakademie e.V., Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m., on April 11. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Saal 218 II. Stock Amtsgerichtsplatz 1 14057 Berlin Creditors have until June 30, to register their claims with the court-appointed provisional administrator. The Court will also verify the claims set out in the administrator's report at 9:35 a.m., on Aug. 15, at the same venue. The District Court of Charlottenburg opened bankruptcy proceedings against Berlin-Brandenburgische Fortbildungsakademie e.V. on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Berlin-Brandenburgische Fortbildungsakademie e.V. Brueckenstr.6 10179 Berlin The administrator can be contacted at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin BIBEMUS GETRANKEHANDEL: Creditors' Meeting Slated for April 11 -------------------------------------------------------------- Court-appointed provisional administrator of Bibemus Getrankehandel GmbH, Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m., on April 11. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Saal 218 II. Stock Amtsgerichtsplatz 1 14057 Berlin Creditors have until June 30, to register their claims with the court-appointed provisional administrator. The Court will also verify the claims set out in the administrator's report at 9:30 a.m., on Aug. 15, at the same venue. The District Court of Charlottenburg opened bankruptcy proceedings against Bibemus Getrankehandel GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bibemus Getrankehandel GmbH Boxhagener Strasse 85 10245 Berlin The administrator can be contacted at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin DGF DRUCKGUSS: Claims Registration Ends April 10 ------------------------------------------------ Creditors of DGF Druckguss und Formenproduktionsgesellschaft mbH have until April 10, to register their claims with court- appointed provisional administrator Carsten Koch. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on May 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 Siegen Saal 010 Berliner Strasse 21-22 57072 Siegen 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 Siegen opened bankruptcy proceedings against DGF Druckguss und Formenproduktionsgesellschaft mbH on March 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DGF Druckguss und Formenproduktionsgesellschaft mbH Wittgensteiner Strasse 73 57271 Hilchenbach Attn: Jose Antonio Iturrioz Peralta, Manager Runa Kalea 12 E-48014 Bilbao The administrator can be contacted at: Carsten Koch Mauerstr. 1 35781 Weilburg Tel: 06471/516630 Fax: 06471/516639 DOMINO-MODE: Claims Registration Ends April 10 ---------------------------------------------- Creditors of DOMINO-Mode GmbH have until April 10, to register their claims with court-appointed provisional administrator Georg F. Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Essen Saal 293 2. OG Zweigertstr. 52 45130 Essen 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 Essen opened bankruptcy proceedings against DOMINO-Mode GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DOMINO-Mode GmbH Berliner Platz 5 46236 Bottrop Attn: Rita and Hans Grube, Managers Fundermannsweg 11 46242 Bottrop The administrator can be contacted at: Georg F. Kreplin Limbecker Platz 1 45127 Essen Tel: 0201 220 05 02 Fax: 0201 220 05 40 DUERR AG: Nominates Two New Members to Supervisory Board -------------------------------------------------------- As a matter of regular rotation, Dr. Tessen von Heydebreck and Professor Dipl.-Ing. Jorg Menno Harms will give up their seats on Duerr AG's Supervisory Board at the annual meeting on May 24, 2006. Dr. Alexandra Durr and Professor Dr.-Ing. Holger Hanselka will be proposed to the shareholders as their successors. On the employees' side, new elections of six members will be held as a matter of regular rotation. Peter Weingart and Werner Kramp are giving up their seats for reasons of age. The new elections will be completed by the time of the annual meeting. Dr. Dr. Alexandra D�rr, 43, daughter of Dr.-Ing. E.h. Heinz D�rr and Heide D�rr, is doctor at the neurogenetics clinic in the Departement de Genetique at the Hopital de la Salpetriere in Paris and scientist at the clinical research group Neurogenetik INSERM (Institut National de la Sante et de la Recherche Medicale) U679, Hopital de la Salpetriere, Paris. She holds doctorates in medicine and human genetics. Professor Dr.-Ing. Holger Hanselka, 44, is professor of systems reliability in mechanical engineering at Darmstadt Technical University and head of the Fraunhofer Institute for Structural Durability in Darmstadt. He took his doctorate in 1992 at Clausthal Technical University and has been professor at Darmstadt Technical University since 2001. Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * Duerr AG's 9-3/4% senior subordinated notes due 2011 carry Moody's Investors Service's Caa1 rating and Standard & Poor's CCC+ rating. DUERR AG: Earns EUR4.3 Million Net Income in Fiscal 2005 -------------------------------------------------------- The Board of Management of Duerr AG presented March 30, its annual financial statement for the year ended Dec. 31, 2005, approved by the Supervisory Board. Operating earnings (EBIT before one-off effects) of the Duerr Group's continuing operations in 2005 decreased by EUR32.3 million on the preceding year to EUR3.5 million due to significantly lower sales. Operating earnings already include considerable costs connected with the Group's realignment under the item other operating expenses. Net interest income, which decreased by EUR10.7 million to EUR35.2 million was the second main determinant of earnings development in 2005. In the framework of the group-wide FOCUS program, total one-off expenses of EUR73.8 million were incurred, of which EUR45.9 million were restructuring costs. High income from the sale of companies (EUR116.1 million) offset those effects, with the result that Duerr achieved positive consolidated earnings after taxes of EUR4.3 million in 2005, from EUR4.7 million in the preceding year. New orders in continuing operations decreased by 12.3% last year to EUR1.21 billion due to weak demand in plant engineering business (paint shops and assembly plants) and in cleaning technology. Sales revenues decreased by 18.8% to EUR1.40 billion from EUR1.72 billion in 2004. The main reason for the decline was that revenues in the Paint and Assembly Systems division were down by 23.0%, after above-average sales growth in the preceding year due to a large order from the United States. On the other hand, the Measuring and Process Systems division registered nearly unchanged sales revenues. "Last year was a very challenging one for us in which we carried out a realignment of the D�rr Group," said Chief Executive Officer Ralf Dieter. "We introduced important structural improvements, started and advanced the FOCUS restructuring strategy, divested loss-making and peripheral operations, and focused on our core business with the automotive industry. " He added, "We successfully completed the first part of the FOCUS program -- as announced in summer 2005 -- with the financial restructuring of the Group." Cash and cash equivalents amounted to EUR124.7 million at year's end, compared to EUR46.4 million in 2004. Borrowing on its syndicated credit line was also completely repaid as of Dec. 31, 2005. Duerr accordingly reduced its net financial debt to EUR84.9 million from EUR312.2 million as of Sept. 30, 2005. For the first time in several quarters, the outflow of funds from operations was stopped in the fourth quarter of 2005. The Company's financial ratios improved significantly by the end of 2005 also as a result of a capital increase. The equity ratio stood at 20.9%, compared with 15.5% as of December 31, 2004. "We were able in 2005 to offset all restructuring expenses and impairment losses with income from divesting peripheral operations, which means from internal resources. Furthermore, debt was considerably reduced," according to Chief Financial Officer Martin Hollenhorst. In the framework of the group-wide FOCUS program, about 332 jobs out of a planned total of 800 were eliminated by the end of 2005. The regional emphases of that were in the mature markets of North America and Europe. In contrast, personnel increased in Asia. Eight out of more than 30 FOCUS projects have already been completed. Implementation of the FOCUS program is right on schedule. Outlook Increased project inquiries at the turn of the year have found expression in a gratifying rise of new orders in the first quarter of 2006 of around EUR400 million, compared to EUR323.3 million in the first quarter 2005. This growth of demand embraces the service and modernization business as well as planning and construction of new plants. Orders for new plants are coming mainly from India and China. Duerr expects a slight decline of sales revenues in the first two quarters, because orders on hand decreased by EUR136.4 million to EUR723.5 million at the end of last year, and the new orders will only come more strongly to bear later this year. For the full year 2006, the company expects sales revenues to be roughly unchanged compared with 2005. Operating earnings should improve significantly. D�rr expects positive earnings after taxes. This year will remain one of transition and implementation of the FOCUS restructuring program. Only in the course of 2007 will the positive effects of all FOCUS measures be felt. A full-text copy of the Duerr AG's 2005 Annual Report is available at no charge at http://ResearchArchives.com/t/s?771 Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * Duerr AG's 9-3/4% senior subordinated notes due 2011 carry Moody's Investors Service's Caa1 rating and Standard & Poor's CCC+ rating. ESCHWEILER KUNSTSTOFFHANDEL: Claims Registration Ends April 10 -------------------------------------------------------------- Creditors of Eschweiler Kunststoffhandel Rheinland GmbH have until April 10, to register their claims with court-appointed provisional administrator Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Aachen Sitzungssaal 21 2. Etage Augustastrasse 78-80 52070 Aachen 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 Aachen opened bankruptcy proceedings against Eschweiler Kunststoffhandel Rheinland GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Eschweiler Kunststoffhandel Rheinland GmbH Merkurstr. 3 52249 Eschweiler Attn: Schroiff Karsten, Manager Ekkehardstr. 54 52249 Eschweiler Storms Johann, Manager Grachtstr. 65 52249 Eschweiler The administrator can be contacted at: Dr. Christoph Niering Brabanter Strasse 2 50674 Koln ESPRESSO GESELLSCHAFT: Claims Registration Ends April 13 -------------------------------------------------------- Creditors of Espresso Gesellschaft fuer public relations Dienstleistungen mbH have until April 13, to register their claims with court-appointed provisional administrator Dr. Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 8:50 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 Muenchen Sitzungssaal 101 Infanteriestr. 5 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 Espresso Gesellschaft fuer public relations Dienstleistungen mbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Espresso Gesellschaft fuer public relations Dienstleistungen mbH Rontgenstr. 3-5 85716 Unterschleissheim The administrator can be contacted at: Dr. Hans von Gleichenstein Rottmannstr. 11 a 80333 Muenchen Tel: 089/5427300 Fax: 089/54273015 FINANZLEASING SIMON: Claims Registration Ends April 12 ------------------------------------------------------ Creditors of Finanzleasing Simon GmbH have until April 12, to register their claims with court-appointed provisional administrator Dr. Rainer Maus. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on May 31, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Saal S 2.22 2. Stock Wilhelmstrasse 21 53111 Bonn 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 Bonn opened bankruptcy proceedings against Finanzleasing Simon GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Finanzleasing Simon GmbH Attn: Karl-Hans Simon, Manager Schulstrasse 3-5 51588 Nuembrecht The administrator can be contacted at: Dr. Rainer Maus Sporergasse 7 50667 Koln Tel: 0221-2726120 Fax: 0221-27261299 FRESENIUS AG: Moody's Affirms All Ratings at Low-B -------------------------------------------------- Moody's Investors Service affirmed all ratings of Fresenius AG and its subsidiary Fresenius Medical Care & Co KGaA. The affirmation follows the US anti-trust approval and the expected completion of the acquisition of Renal Care Group, Inc. The rating affirmation reflects the fact that this acquisition and associated debt to fund the transaction were both factored into Moody's downgrade of all of the group's ratings in June 2005 to their current level. Moody's notes however, that the amount of FME's senior credit facilities put in place to fund the acquisition are expected to be reduced by approximately US$400 million to US$4.6 billion from US$5.0 billion as a result of proceeds from the disposal of certain overlapping clinics in the US, slightly higher proceeds from the preference share conversion and the application of free cash flow generated by FME during 2005. Moody's cautions, however, that financial leverage remains high and that pro forma for this acquisition, and Fresenius' acquisition of Helios Kliniken GmbH in Dec. 2005, result in financial metrics that remain weak for the Ba2 rating. Pro forma for RCG, FME's FY05 lease adjusted leverage would be approximately 4.5x. However, Moody's notes positively the group's strong standalone operating performance during FY05 as well as the continued strong performance at RCG and the expected benefits to the Fresenius group in terms of scale and margin accretion from the RCG acquisition. Ratings affirmed: Fresenius AG: -- Corporate family rating of Ba2; -- EUR1 billion of senior notes rated Ba2; and -- EUR87.9 million of senior notes rated Ba2 Fresenius Medical Care & Co KgaA: -- Corporate Family Rating of Ba2; -- Senior credit facility rated Ba2; and -- Trust Preferred securities rated B1. Fresenius AG is a global health care company with products and services for dialysis (through Fresenius Medical Care), international healthcare services and facilities management (Fresenius ProServe) and nutrition and infusion therapies (Fresenius Kabi). For the fiscal year ended Dec. 31 2005, Fresenius AG generated consolidated sales of EUR7,889 million. Fresenius Medical Care AG is the world's leading provider of dialysis products and services. For the fiscal year ended Dec. 31 2004, Fresenius Medical Care AG generated net revenues of US$6,639 million. Renal Care Group, Inc. is a specialized dialysis services company that provides care to patients with kidney disease. Renal Care Group reported revenues of US$1,570 million for the year ended Dec. 31, 2005. GSC GESUNDHEIT: Claims Registration Ends April 13 ------------------------------------------------- Creditors of GSC Gesundheit & Sport-Center Schwabing GmbH & Co. Betriebs KG have until April 13, to register their claims with court-appointed provisional administrator Dr. Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Muenchen Sitzungssaal 101 Infanteriestr. 5 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 GSC Gesundheit & Sport-Center Schwabing GmbH & Co. Betriebs KG on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GSC Gesundheit & Sport-Center Schwabing GmbH & Co. Betriebs KG Leopoldstr. 23 80802 Muenchen The administrator can be contacted at: Dr. Hans von Gleichenstein Rottmannstr. 11 a 80333 Muenchen Tel: 089/5427300 Fax: 089/54273015 KABEL DEUTSCHLAND: S&P Affirms B+ Rating on New EUR1.35-Bln Loan ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on German cable-TV operator Kabel Deutschland GmbH to negative from stable following the company's announcement that it has negotiated a new EUR1.35 billion senior secured bank facility. At the same time, Standard & Poor's affirmed all its ratings on KDG and related entities, including its 'B+' long-term corporate credit rating. The newly negotiated facility includes financial covenants that will allow KDG to increase capital expenditure substantially to implement its revised strategy of rolling out high-speed Internet and telephony services across most of its franchises. "The revision of the outlook to negative reflects the higher execution risk and expected adverse financial impact of KDG's revised expansionary strategy that will be implemented over the next three years," said Standard & Poor's credit analyst Leandro de Torres Zabala. "Although we share the company's belief that the development of a competitive triple-play offer makes business sense and, if successful, could benefit the company over the medium term, we are also mindful of the new plan's higher execution risk and its negative impact on the company's EBITDA and free cash flow over at least the next two years." An insufficient take-up of new services by consumers, generation of meaningful negative free cash flow, or a more aggressive financial policy than expected would put pressure on the company's metrics and could trigger a downgrade. LEAR CORP: New US$800-Mil Loan Cues Moody's to Review Ratings ------------------------------------------------------------- Moody's Investors Service placed the B2 senior unsecured notes ratings of Lear Corporation's and its ratings for shelf filings under review for possible downgrade. The company's Corporate Family Rating has been affirmed at B2, with a negative outlook, as has the company's SGL-3 Speculative Grade Liquidity Rating. The review of the unsecured debt ratings follows the announcement by the company that it has obtained underwritten commitments for $800 million in secured term loans, and reflects the effective subordination of existing unsecured debt that will result from the new financing. The transaction is viewed as a constructive step in addressing large upcoming debt maturities, and could enhance the company's liquidity profile as it seeks to restructure its operations to improve financial performance. Nevertheless, because the granting of security for the bank debt results in the effective subordination of existing unsecured notes, the ratings of those obligations are likely to be notched down. As part of its restructuring, Lear also announced that it has reached an agreement to contribute certain assets of its European Interior Products business to a joint venture with WL Ross & Co. LLC. The company also announced that it has suspended its common stock dividend, and will approach its bank group to amend and restate its principal bank credit facilities. The bank financing and amendment request will potentially create additional flexibility under the facility's existing financial covenants through 2007. As the proceeds of the new secured debt are intended to re- finance upcoming maturities of long-term debt, or debt which could be put to the company in February 2007, the net impact of the refinancing to the company's leverage measurements is anticipated to be negligible. Hence, the existing B2 Corporate Family rating has been affirmed and is not included in the review. The Corporate Family Rating was lowered to B2 on March 20, 2006 in recognition of deterioration in Lear's operating performance and earnings prospects below prior expectations. The review of the unsecured debt ratings will focus on the extent and value of assets which will be pledged to the bank group and the resulting impact to expected recovery rates for unsecured note holders. Similarly, the potential implications for recovery rates stemming from the planned contribution of certain European assets to International Automotive Components Group, the company's joint venture with WL Ross & Co LLC and Franklin Mutual Advisers LLC, in return for a minority stake in IAC will be considered. The SGL-3 Speculative Grade Liquidity rating has been affirmed, and considers the company's modest free cash flow generation, reliance on external financing sources, and moderate cushion in relation to financial covenants. The proposed refinancing is considered a constructive step in addressing near term maturities. Upon completion of the refinancing the liquidity rating will be updated. Ratings placed under review: * Senior Unsecured notes, B2 * Shelf registration for senior unsecured, subordinated and preferred at (P)B2, (P)Caa1, and (P)Caa2 respectively Ratings Affirmed: * Corporate Family rating at B2 * Speculative Grade Liquidity rating at SGL-3 Lear Corporation, headquartered in Southfield, Michigan, is an integrator of automotive interiors, including seat systems, interior trim and electrical systems. The company had revenues of $17 billion in 2005 and has more than 11,000 employees in 34 countries. ============= H U N G A R Y ============= BORSODCHEM RT: Annual General Meeting Set for April 28 ------------------------------------------------------ The Board of Directors for BorsodChem Rt. will convene at 9:00 a.m. on April 28, for the Company's Annual General Meeting to discuss on the: 1. Report on the business year of 2005, closing of the business year of 2005. a. Report of the Board of Directors on the business activity of the Company in 2005 in respect of both the annual reports of BorsodChem Rt. and the consolidated annual reports of BorsodChem Group. b. Proposal of the Board of Directors for the use of after-tax profit and the calculation of dividends. c. Report of the Supervisory Board on annual reports and on the review of proposal for the use of after-tax profit. d. Auditing report on annual reports and on the review of proposal for the use of after-tax profit. 2. Approval of annual reports of the Company for 2005 and that of consolidated annual reports of BorsodChem Group, decision on the use of after-tax profit. 3. Approval of the Board of Directors report related to its Corporate Governance Recommendations activity. 4. Presentation on the Company's achievables of the last 10 years. 5. Future strategy and vision 2015 6. Modification of the Articles of Association. 7. Recall of Board Member(s). 8. Election of new Board Member(s). 9. Recall of Supervisory Board Member(s). 10. Election of new Supervisory Board Member(s). 11. Determining the remuneration of the Members of the Board of Directors for 2006. 12. Determining the remuneration of the Supervisory Board Members for 2006. 13. Appointing the auditor of the Company. 14. Determining the remuneration of the Company's registered Auditor for 2006. The meeting will be held at: Hotel Marriott Elizabeth Room Apaczai Csere Janos utca 4 Budapest The Board of Directors proposals and all other documents relating to items on the agenda can be inspected at the registered seat of the Company at: 3702 Kazincbarcika Bolyai ter 1. -- and -- BorsodChem Rt. Budapest Branch Office Budapest, Szabadsag ter 7. Bank Center on working days from 8:00 a.m. to 3 p.m. from April 18 to 27, as well as from 9:00 a.m. on April 18, on the Web sites of the Budapest, London and Warsaw Stock Exchanges, respectively and BorsodChem Rt. -- http://www.borsodchem.hu/ Only shareholders who are duly registered in the Share Register of the Company prior to the General Meeting will be entitled to participate and vote at the General Meeting. Shareholders can exercise their rights of participation and vote at the General Meeting either in person or through a duly authorized proxy. At the venue and on the day of the General Meeting between 8:00 a.m. and 8:45 a.m., the shareholder (by verifying his right for representation) or his/her authorized proxy after verifying his/her identity and concurrently with signing the attendance sheet may call for the voting cards or voting device, which will entitle him/her to attend and vote at the General Meeting. In the case of proxies, the authorization must be included in an official document or a private document of full probative effect and it -- inclusive of documents required for identification -- must be handed over not later than the time of registration. The authorization will also be valid for the repeated General Meeting in case a quorum was not achieved and for the continued General Meeting. The formality of the official document issued outside Hungary or the authorization included in a private document of full probative effect shall comply with the laws related to the legalization and super-legalization of documents issued abroad. Conditions for the attendance at the repeated General Meeting in case a quorum was not achieved will be the same as the conditions for the original General Meeting. The repeated General Meeting will have a quorum on the issues of the original agenda regardless of the number of shares with voting rights represented at the General Meeting. "We recommend to our honored shareholders to discuss with their investment service provider keeping their securities accounts the tasks and deadlines required for participating in the identification of shareholders to be arranged by KELER Rt. if they wish to attend the General Meeting," the Company said in a regulatory announcement. 2005 Financial Statements In compliance with its obligation to provide information concerning its Annual General Meeting on April 28, BorsodChem Rt. informs its shareholders that the Company's Board of Directors has reviewed and accepted BorsodChem's financial statements for the year 2005 with the following data. Balance Sheet Audited according to HAS, (non consolidated) in HUF million Previous year Subject year Dec. 31, 2004 Dec. 31, 2005 A. Fixed assets 112,911 149,318 I. Intangible assets 2,344 2,530 II. Tangible assets 100,274 135,712 III. Long-term financial assets 10,293 11,076 B. Current assets 56,739 46,375 I. Stocks 11.951 12.344 II. Receivables 20,757 31,015 III. Securities 9,619 2,210 IV. Liquid assets 14,412 806 C. Prepaid expenses and accrued income 730 180 D. Amounts falling due within one year 34,150 44,791 E. Accrued expenses and deferred income 782 949 H. Amounts falling due and payable after more than one year 21,558 26,916 I. Provisions 596 667 J. Shareholders' equity 113,294 122,550 I. Issued capital 16,670 16,670 II. Capital reserve 29,243 29,243 III. Retained earnings/(losses) 50,987 64,878 IV. Allocated reserves 2,917 2,502 V. Profit or loss for the year 13,477 9,257 Profit and Loss Statement Audited according to HAS (non consolidated) in HUF million Previous year Subject year Dec. 31, 2004 Dec. 31, 2005 Net sales income 115,534 139,883 Direct costs of sales 88,197 107,345 Indirect costs of sales 17,713 18,439 Other income 1,132 2,880 Other expenditures 2,189 4,140 Operating profit 8,567 12,839 Financial revenues 12,135 4,631 Financial expenditure 3,104 3,761 Financial profit or loss 9,031 870 Profit or loss of ordinary activities 17,598 13,709 Extraordinary profit or loss (291) (124) Profit before tax 17,307 13,585 Tax payable 173 172 Profit after tax 17,134 13,413 Profit or loss for the year 13,477 9,257 Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ============= I R E L A N D ============= ELAN CORPORATION: Announces Filing of 2005 Annual Report -------------------------------------------------------- Elan Corporation announced that it has filed with the Securities and Exchange Commission its Form 20-F for the fiscal year ended December 31, 2005 and has published its Annual Report for the fiscal year ended December 31, 2005. For the 12-month period ended Dec. 31, 2005, Elan posted a US$383.6 million net loss, compared to US$394.7 million in 2004. At Dec. 31, 2005, the Company's balance sheet showed US$2.340 billion in total assets, and US$2.324 billion in total liabilities, resulting in US$16.9 million of positive stockholders' equity, from a US$205 million equity at Dec. 31, 2004. The decrease is due primarily to the net loss incurred during the year, offset by the conversion of convertible debt and proceeds from stock option exercises. Debt Facilities At Dec. 31, 2005, Elan had long-term and convertible debts outstanding of US$2.017 billion which consists of: 6.5% Convertible notes due 2008 US$254.0 million Athena notes due 2008 613.2 million 7.75% Notes due 2011 850.0 million Floating rate notes due 2011 300.0 million ------------- US$2.01 billion "During 2005, as of December 31, 2005, and, as of the date of filing of this Form 20-F, we were not in violation of any of our debt covenants," the Company disclosed in its Annual Report. "We may, at any time after December 1, 2006, redeem all or part of the 6.5% Convertible Notes then outstanding at par, with interest accrued to the redemption date provided that, within a period of 30 consecutive trading days ending five trading days prior to the date on which the relevant notice of redemption is published, the official closing price per share of the ADSs on the NYSE for 20 trading days shall have been at least 150% of the conversion price deemed to be in effect on each of such trading days." A full-text copy of Elan's 2005 Annual Report is available at no charge at http://ResearchArchives.com/t/s?774 About the Company Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Moody's Investors Service rates Elan's long-term corporate family rating at Ba3. The company's long-term foreign issuer credit rating and long-term local issuer credit rating carry Standard & Poor's single-B rating. As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri(TM). Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. =================== K A Z A K H S T A N =================== AK-UIREK: Kostanai Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region commenced bankruptcy proceeding against LLP Ak-Uirek on Jan. 14, 2006. ALTYNGUL: Creditors Must File Claims by April 10 ------------------------------------------------ LLP Altyngul filed for bankruptcy with the Specialized Inter- Regional Economic Court of Aktube region on Jan. 12, 2006. The case is docketed as 3-55/06. Creditors have until April 10, to submit written proofs of claim to: Altynsarina Str. 31 Aktobe Tel: 8 (3132) 21-30-32 FIRMA ATOLL-K: Creditors Must File Claims by April 10 ----------------------------------------------------- LLP Firma Atoll-K has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Kutuzova Str. 33-75 Pavlodar Tel: 8 (3182) 46-02-85 KOM-AKT: Aktube Court Opens Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region commenced bankruptcy proceeding against LLP KOM-AKT on Jan. 17, 2006. OZENTRANS: Creditors Must File Claims by April 10 ------------------------------------------------- LLP Ozentrans filed for bankruptcy with the Specialized Inter- Regional Economic Court of Mangistau region on Jan. 14. Creditors have until April 10, to submit written proofs of claim to: Janaozen, micro district Shanyrak, Drujba Str. 5 Mangistau Region Tel: 8 (32934) 3-27-19 STAN: Kostanai Court Opens Bankruptcy Proceedings ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region commenced bankruptcy proceeding against LLP Stan on Feb. 1, 2006. SZB-KOMPLEKT: Creditors Must File Claims by April 10 ---------------------------------------------------- LLP SZB-Komplekt has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Ust-Kamenogorsk, Zavodskaya Str. 2 East Kazakhstan Region ULBINSKAYA INDUSTRY: Creditors Must File Claims by April 10 ----------------------------------------------------------- LLP Ulbinskaya Industry Company has declared insolvency. Creditors have until April 10, to submit written proofs of claim to: Ust-Kamenogorsk, Zavodskaya Str. 2 East Kazakhstan Region =================== L U X E M B O U R G =================== BALL EUROPEAN: Inks New US$500-Mln Credit Facility with Parent -------------------------------------------------------------- Ball Corporation and Ball European Holdings S.ar.l. entered into an amendment to Ball Corporation's existing credit agreement, dated as of Oct. 13, 2005, with: * Deutsche Bank AG, New York Branch, as administrative agent; * Deutsche Bank Securities Inc., as lead arranger; * J.P. Morgan Securities Inc., as lead arranger, and * Deutsche Bank AG, Canada Branch, as lender. The amendment provides for, among other things, a new US$500 million secured term loan facility, which will terminate on Oct. 13, 2011. Terms of the Loan Amortization The loans under the Loan Facility are amortized quarterly from December 31, 2007, through the date of maturity according to this schedule: Year Percentage ---- ---------- 2008 10.00% 2009 10.00% 2010 20.00% 2011 60.00% Interest For purposes of calculating interest, loans under the Loan Facility are designated as eurocurrency rate loans or, in certain circumstances, base rate loans. Eurocurrency rate loans that are U.S. dollar denominated bear interest at the interbank eurocurrency rate plus a borrowing margin. Eurocurrency rate loans that are non-U.S. dollar denominated bear interest at the LIBOR rate for Sterling and EURIBOR rate for Euros plus a borrowing margin. Interest on eurocurrency rate loans is payable at the end of the applicable interest period in the case of interest periods of one, two or three months and every three months in the case of interest periods of six months or longer. Base rate loans bear interest at: (a) the greater of: (i) the rate most recently announced by Deutsche Bank as its "prime rate"; or (ii) the federal funds rate plus 1/2 of 1% per annum; plus (b) a borrowing margin. Interest on base rate loans is payable quarterly in arrears. Security and Guarantees The Loan Facility is guaranteed by Ball Corp. and all of its present and future material domestic subsidiaries, and is secured by a valid first priority perfected lien or pledge on the capital stock securing the facilities (but not the capital stock securing only the indebtedness of the foreign subsidiary borrowers) under the Company's existing credit agreement. A copy of the Amendment to the Company's existing credit agreement is available for free at http://ResearchArchives.com/t/s?760 Headquartered in Broomfield, Colorado, Ball Corporation -- http://www.ball.com/-- supplies metal and plastic packaging products and owns Ball Aerospace & Technologies Corp., which develops sensors, spacecraft, systems and components for government and commercial customers. Ball European Holdings S.ar.l. is the Company's wholly owned subsidiary headquartered in Luxembourg. Ball reported 2005 sales of $5.7 billion and the company employs 13,100 people worldwide. * * * Ball European Holdings S.ar.l. carries Moody's Investors Service's Ba2 rating on its senior unsecured debt since March 2005. Fitch assigned BB+ rating to the Company's bank loan debt and BB rating to its senior unsecured debt since 2003. Ball European also carries Standard & Poor's BB+ rating on its long- term foreign issuer credit and long-term local issuer credit since 1998. ===================== N E T H E R L A N D S ===================== ALB FINANCE: Moody's Rates Senior Notes at Ba2 ---------------------------------------------- Moody's Investors Service has assigned Ba2/'Not Prime' long-term and short-term foreign currency debt ratings to the senior debt to be issued by ALB Finance B.V., a Netherlands-based special purpose vehicle wholly-owned by Alliance Bank (Kazakhstan), under its newly established medium-term note program, with an expected total amount of US$1.5 billion. The senior notes will be unconditionally and irrevocably guaranteed by Alliance Bank. Long-term subordinated notes, which may also be issued under the program have been rated Ba3. Simultaneously, the rating agency has assigned a Ba2 long-term debt rating to the upcoming first drawdown of senior notes under the program. The amount of the first drawdown is yet to be determined, with a maturity of five to seven years. Following the positive outlook on Alliance Bank's Ba2 long-term deposit and E+ financial strength ratings, all long-term debt ratings have also been assigned a positive outlook. The Ba2/'Not Prime' ratings for the senior debt are based on the fundamental credit quality of Alliance Bank, the ultimate obligor under the debt issuance program, and factor in a limited degree of support from the Kazakh authorities in the event of need, given the bank's rapidly growing domestic franchise and increasing importance to the national banking system. Moody's notes that, while the predictability of such support is still relatively low, this is captured in the Ba2 rating. The Ba3 long-term rating for the subordinated debt also reflects the extent of this instrument's subordination against various classes of debt and equity. This rating account for a higher expected loss given default, stemming from the subordinated nature of this class of debt, and was notched down from the bank's Ba2 senior unsecured debt rating. Alliance Bank is headquartered in Almaty, Kazakhstan, and reported total assets of US$2.5 billion and capital of US$210 million under IFRS at Dec. 31 2005. Following four years of rapid growth, Alliance Bank ranked fifth in Kazakhstan in terms of total assets and fourth in terms of shareholders' equity as at end-December 2005 (in accordance with figures reported under local accounting rules), with a 7.5% share of the system's total assets and 6.6% of shareholders' equity. Assignments: Issuer: ALB Finance B.V. -- Senior Unsecured Medium-Term Note Program, Assigned a range of Ba2 to NP; -- Senior Unsecured Regular Bond/Debenture, Assigned Ba2; and -- Subordinated Medium-Term Note Program, Assigned Ba3 =========== R U S S I A =========== AGRO-COMBINE TECH-CENTRE: Bankruptcy Hearing Slated for May 26 -------------------------------------------------------------- The Arbitration Court of Orel Region will convene at 9:40 a.m., on May 26, to hear the bankruptcy supervision procedure on close joint stock company Agro-Combine Tech-Centre at: The Arbitration Court of Orel Region Gorkogo Str. 42 302000, Orel Region, Russia The case is docketed as #A48-7811/05-17B. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. V. Chervyakov at: Building 1, Moskovskoye Shosse, 1378 302025, Orel Region, Russia The Debtor can be reached at: Agro-Combine Tech-Centre Mashinostroitelnaya Str. 10 302000, Orel Region, Russia ALROSA CO.: S&P Raises Long-Term Corp. Credit Rating to B+ ---------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based diamond mining company ALROSA Co. Ltd. to 'B+' from 'B', reflecting improvement in the company's operating and financial profile. At the same time, the 'B' short-term corporate credit rating was affirmed. The outlook is positive. "The rating action reflects Alrosa's strengthening profitability and cash flows, and the resulting improvement in credit protection metrics in 2004 and 2005," said Standard & Poor's credit analyst Elena Anankina. In the first nine months of 2005, the company achieved EBITDA of Russian ruble RUB24.2 billion (about $866 million), with an EBITDA margin of 35%; healthy EBITDA interest coverage of 8.9x; and funds from operations to net debt of 53% (annualized). In addition, Standard & Poor's believes that after several years of severely negative free operating cash flows (FOCF), Alrosa is likely to report broadly neutral FOCF for 2005 and 2006. At Sept. 30, 2005, net debt was RUB44 billion. "The ratings on Alrosa could be raised by up to two notches if the full audited 2005 financials confirm positive operating and financial trends, and if the Russian government achieves direct majority control over the company," Ms. Anankina added. Although the Russian government's plan to increase its stake in Alrosa may create additional costs for the company, we believe that these will be manageable. Offsetting factors include the expected related reduction in royalties (RUB6.4 billion paid in the first nine months of 2005) and greater flexibility in production optimization. These benefits might be tempered, however, if Alrosa demonstrates further ambitions after the shareholding change to invest in large, noncore projects. Following the shareholding change, there is a possibility that a degree of state support would need to be factored into the ratings. We consider it more likely, however, that the ratings on Alrosa will continue to be based largely on the company's stand-alone credit characteristics. In Russia, state support most often focuses on business development and rarely involves extraordinary support in the form of tangible benefits. BICHURSKAYA BUCKWHEAT: Bankruptcy Supervision Procedure Begins -------------------------------------------------------------- The Arbitration Court of Buryatiya Republic has commenced bankruptcy supervision procedure on limited liability company Bichurskaya Buckwheat. The case is docketed as A10-12233/05. Ms. M. Tsyrenbazarova has been appointed temporary insolvency manager. The Debtor can be reached at: Bichurskaya Buckwheat Bichurskiy Region, Bichura, Traktovaya Str. 18 671360, Buryatiya Republic, Russia The insolvency manager can be reached at: M. Tsyrenbazarova Ulan-Ude, Post user Box 10753 670000, Buryatiya Republic, Russia CENTRE ENGINEER: Moscow Court Begins Bankruptcy Proceedings ----------------------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy proceedings against the Centre Engineer after finding the limited liability company insolvent. The case is docketed as A40-63070/05-78- 128B. Mr. A. Zhukov has been appointed insolvency manager. The Debtor can be reached at: Centre Engineer Room 2, Krasnaya Presnya, 44 Moscow Region, Russia The insolvency manager can be reached at: A. Zhukov Post User Box 12 109443, Moscow Region, Russia CHERNOMORSKAYA GREY: Claims Filing Period Ends April 18 ------------------------------------------------------- Creditors of Chernomorskaya Grey Mullet have until April 18, to submit their proofs of claim to the court-appointed insolvency manager at: Chernomorskiy, Yubileynaya Str. 107/2 353265, Krasnodar Region Severskiy Region, Russia The Arbitration Court of Krasnodar Region will convene at 4 p.m., on Oct. 30, to hear the bankruptcy proceedings of the open joint stock company with the case docketed as A-32- 6769/2005-46/65. The Debtor can be reached at: Anapa, Teraspolskaya Str. 1 Chernomorskaya Grey Mullet CHERNOVSKIY WOOD-PROM-KHOZ: Bankruptcy Hearing Set for June 27 -------------------------------------------------------------- The Arbitration Court of St. Petersburg and the Leningrad Region will convene at 10:30 a.m., on June 27, to hear the bankruptcy supervision procedure on close joint stock company Chernovskiy Wood-Prom-Khoz at: The Arbitration Court of St. Petersburg and the Leningrad Region Hall 206, Suvorovskiy Pr. 50/52 St. Petersburg The case is docketed as A55-56101/2006. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. D. Ivanov at: Apartment 3, V.O., Malyj Pr. 54 191119, St. Petersburg The Debtor can be reached at: Slantsevskiy Region, Chernovskoye Chernovskiy Wood-Prom-Khoz ROS-STEEL: Creditors Have Until April 11 to File Claims ------------------------------------------------------- Creditors of Ros-Steel have until April 11, to file their proofs of claim to the court-appointed insolvency manager Mr. D. Porkhunov at: Office 14, Zavrazhnova Pr. 5 Ryazan Region, Russia The Arbitration Court of Tambov Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A64-10992/05-21. The Debtor can be reached at: Ros-Steel Bastionnaya Str. 3 Tambov Region, Russia TATARKIY ELEVATOR: Deadline for Proofs of Claim Set for April 11 ---------------------------------------------------------------- Creditors of Tatarskiy Elevator have until April 11, to submit their proofs of claim to the court-appointed insolvency manager at: Post User Box 19 630004, Novosibirsk Region, Russia The Arbitration Court of Novosibirsk Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A45-11922/05-10/196. The Debtor can be reached at: Tatarkiy Elevator Tatarsk, Tatarskaya Str. 5 632161, Novosibirsk Region, Russia VELES CAPITAL: S&P Junks Counterparty Credit Ratings ---------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC' long-term and 'C' short-term counterparty credit ratings to Russia-based Investment Company Veles Capital LLC. At the same time, Standard & Poor's assigned its 'ruB-' Russia national scale rating to Veles. The outlook is stable. "The ratings on Veles reflect its high exposure to the volatile and thinly traded Russian capital markets, poor revenue diversification, low capitalization, and weak financial flexibility," said Standard & Poor's credit analyst Eugene Tarzimanov. "These negative factors are partially mitigated, however, by the company's good franchise on the local veksel market, and the improving macroeconomic environment in Russia," he added. Veles is a Russian securities firm with total capital of $8 million at Dec. 31, 2005. It ranks as one of the largest traders on the Russian veksel (promissory note) market, trading for its own account and providing brokerage services for a limited number of customers. Veles is part of a larger, untransparent group involved in private-equity-type deals and real estate in Russia and Ukraine. Veles is fully management owned. Its stable management team, which has been with the company since 1995, is a positive factor in the credit profile. The stable outlook balances Standard & Poor's expectations that Veles will be able to grow organically in line with its strategic objectives while diversifying its revenues and activities with the inherent risks linked to the strategy of developing new business lines. "Veles has the potential for improved creditworthiness if it succeeds in building up a stronger and more diversified profit base, and demonstrates an ability to generate sustainable profits from a wider customer base," said Standard & Poor's credit analyst Ekaterina Trofimova. "An upgrade might also follow a material capital increase, which, to some extent, could protect the company in a volatile market environment or in a low-trading-volume scenario. The prospective development of the ratings will also depend on the evolution of the Russian capital markets, which will remain concentrated and highly unpredictable in the medium term," she added. VEYDELEVKA-SEL-KHOZ-KHIMIYA: Claims Registration Ends April 11 -------------------------------------------------------------- Creditors of Veydelevka-Sel-Khoz-Khimiya have until April 11, to submit their proofs of claim to the court-appointed insolvency manager at: Post Office 33, Post User Box 674 308022, Belgorod Region, Russia The Arbitration Court of Belgorod Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A08-6761/05-24B. The Debtor can be reached at: Veydelevka-Sel-Khoz-Khimiya Veydelevka, Stroiteley Str. 50A 309720, Belgorod Region, Russia WHEAT: Bankruptcy Hearing Slated for April 26 --------------------------------------------- The Arbitration Court of Orel Region will convene at 9:30 a.m., on April 26, to hear the bankruptcy supervision procedure on open joint stock company Wheat. The case is docketed as A48- 7812/05-20B. Mr. I. Maslov has been appointed temporary insolvency manager. The Debtor can be reached at: Wheat Legal address: Stanovoy Kolodez, Severnaya Str. 9 303310, Orel Region, Russia Post address: Severnaya Str. 9 302009, Orel Region, Russia The insolvency manager can be reached at: I. Maslov 8th floor, CJSC Yurikon, Leskova Str. 19 302027, Orel Region, Russia YAGODNOVSKOYE: Bankruptcy Hearing Set April 27 ---------------------------------------------- The Arbitration Court of Lipetsk Region will convene at 2:20 p.m., on April 27, to hear the bankruptcy supervision procedure on close joint stock company Yagodnovskoye. The case is docketed as A36-4639/2005. Mr. A. Gulynskiy has been appointed temporary insolvency manager. The Debtor can be reached at: Yagodnovskoye Dankovskiy Region, Yagodnoye Lipetsk Region, Russia The insolvency manager can be reached at: A. Gulynskiy Voroshilova Str. 11-92 398059, Lipetsk Region, Russia ========= S P A I N ========= CODERE SA: Posts EUR17 Million Net Loss in 2005 ----------------------------------------------- Codere, S.A., reported its financial results for the fourth quarter and fiscal year ended Dec. 31, 2005. In 2005, the Company reported a EUR17 million net loss, compared to a EUR23.5 million net loss in 2004. At Dec. 31, 2005, the Company's balance sheet showed EUR741.5 million in total assets, EUR704.2 million in total liabilities and EUR37.3 million in stockholders' equity. Operating revenue increased by EUR157.3 million, or 39.8%, to EUR552.5 million in 2005 from EUR395.2 million in 2004. EBITDA increased by EUR26.4 million, or 32.1%, to EUR108.7 million in 2005 from EUR82.3 million in 2004. Pro forma for Royal and Operbingo, revenues and EBITDA would have been EUR769.0 million and EUR128.3 million, representing increases of 94.6% and 55.9%, respectively. On June 23, 2005, Codere acquired over 70% of Grupo Royal. The combination of this purchase, plus the 25% stake we previously owned, resulted in ownership of over 95% of Royal. A full-text copy of Codere S.A.'s audited 2005 financial results is available at no charge at http://ResearchArchives.com/t/s?776 About the Company Headquartered in Madrid, Spain, Codere S.A. -- http://www.codere.com/-- manages slot machines, bingos, betting shops, casinos and racetracks, for the private gaming sector in Spain, Latin America and Italy. * * * As reported in TCR-Europe on April 3, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Spanish gaming company Codere S.A. S&P said the outlook is stable. Standard & Poor's also affirmed its 'B' senior unsecured debt rating on Codere Finance S.A.'s existing bonds, guaranteed by Codere S.A., which the group proposes to increase by EUR150 million. The increase will, in particular, refinance a EUR100 million bridge loan. The bonds are rated two notches below the corporate credit rating, reflecting their structural subordination. At the same time, Moody's Investors Service affirmed the existing ratings of Codere following the announcement that the company plans to issue an additional EUR150 million of senior notes on a pari passu basis with the EUR335 million of senior notes issued by Codere Finance S.A. ============= U K R A I N E ============= ATEK: Kyiv Court Begins Bankruptcy Supervision Procedure -------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on CJSC Atek (code EDRPOU 00240112). The case is docketed as 24/279-b. Mr. O. Levkovich has been appointed temporary insolvency manager. CONTACT: Atek Ukraine, Kyiv Region Peremogi Avenue 83 Mr. O. Levkovich Temporary Insolvency Manager Brovari, Gagarin 11/32 07400, Ukraine, Kyiv Region Economic Court Of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region BEREZNEFARFOR: Court Names Sergij Hodakovskij Insolvency Manager ---------------------------------------------------------------- The Economic Court of Rivne Region appointed Sergij Hodakovskij as temporary insolvency manager for OJSC Bereznefarfor (code EDRPOU 05391040). The Court commenced bankruptcy supervision procedure on the open joint stock company on Feb. 6. The case is docketed as 4/57. CONTACT: Bereznefarfor Berezne, Zirnenska Str. 10 34600, Ukraine, Rivne Region Mr. Sergij Hodakovskij Temporary Insolvency Manager Slovatskij Str. 4/6 33000, Ukraine, Rivne Region Economic Court of Rivne Region Yavornitski Str. 59 33001, Ukraine, Rivne BORISIVKA' BREAD: Zaporizhya Court Opens Bankruptcy Proceedings --------------------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against LLC Borisivka' Bread Products Combine (code EDRPOU 32273230) on Feb. 6, after finding the company insolvent. The case is docketed as 19/132 (05). Mr. Anatolij Pasichnik has been appointed Liquidator/Insolvency Manager. CONTACT: Borisivka' Bread Products Combine Nestor Mahno Str. 3 Primorsk District, Borisivka, 72151, Ukraine, Zaporizhya Region Mr. Anatolij Pasichnik Liquidator/Insolvency Manager Lermontov Str. 6/71 69035, Ukraine, Zaporizhya Region Tel/Fax: (0612) 33-49-98, 34-75-66 Economic Court Of Zaporizhya Region Shaumyana Str. 4 69001, Ukraine, Zaporizhya Region DOMION: Lugansk Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy proceedings against Private Architectral-Building Enterprise Domion (code EDRPOU 31942859) on Feb. 3, after finding the company insolvent. The case is docketed as 20/1 b. Mr. V. Kunts has been appointed Liquidator/Insolvency Manager. CONTACT: DOMION Alchevsk, Lenin Str. 69 94214, Ukraine, Lugansk Region Mr. V. Kunts Liquidator/Insolvency Manager Alchevsk, Lenin Str. 116/20 Ukraine, Lugansk Region Economic Court Of Lugansk Region Geroiv VVV Square 3a 91000, Ukraine, Lugansk Region ELFOR PLUS: Court Names Oleksandr Azarsanov to Liquidate Assets --------------------------------------------------------------- The Economic Court of Odessa Region appointed Oleksandr Azarsanov as Liquidator/Insolvency Manager for LLC ELFOR PLUS (code EDRPOU 33569351). The Court commenced bankruptcy proceedings against the Company on Feb. 21, after finding the company insolvent. The case is docketed as 2/30-06-1451. CONTACT: Elfor Plus Malinovskij District, Tereshkova Str. 13 65078, Ukraine, Odessa Region Economic Court of Odessa Region Shevchenko Avenue 4 65032, Ukraine, Odessa Region IVANIVETSKE: Chernivtsi Court Begins Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Chernivtsi Region commenced bankruptcy supervision procedure on LLC Ivanivetske (code EDRPOU 30796009) on Jan. 17. The case is docketed as 5/86/b. Mr. Strelnikov Valerij has been appointed temporary insolvency manager. CONTACT: Ivanivetske Kelmenetskij District, Ivanivtsi 60144, Ukraine, Chernivtsi Region Mr. Strelnikov Valerij Temporary Insolvency Manager Komarova Str. 13 A, hotel Cheremosh, room 707 58000, Ukraine, Chernivtsi Region Tel: (03722) 4-85-56 ECONOMIC COURT OF CHERNIVTSI REGION O. Kobilyanska Str. 14 58000, Ukraine, Chernivtsi Region LISYANKAAGRO: Cherkassy Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy supervision procedure on Agricultural LLC Trade House Lisyankaagro (code EDRPOU 31417603) on Jan. 30. The case is docketed as 01/747. Mr. Anatolij Prihodko has been appointed temporary insolvency manager. CONTACT: Lisyankaagro Lisyanka, Buzhanska Str. 67 19300, Ukraine, Cherkassy Region Mr. Anatolij Prihodko Temporary Insolvency Manager Katerinopil District, Yerki, Sinna Str. 7 Ukraine, Cherkassy Region Economic Court Of Cherkassy Region Shevchenko Avenue 307 18005, Ukraine, Cherkassy PORTUS: Odessa Court Begins Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Odessa Region commenced bankruptcy proceedings against LLC PORTUS (code EDRPOU 33569388) on Feb. 16, after finding the company insolvent. The case is docketed as 2/26-06-1210. Mr. Kligman Volodimir has been appointed Liquidator/Insolvency Manager. CONTACT: Portus Malinovskij District Vasil Stus Str. 2-b 65033, Ukraine, Odessa Region Economic Court of Odessa Region Shevchenko Avenue 4 65032, Ukraine, Odessa Region SOKALSKIJ KOMBIKORMOVIJ: O. Gentash Named Insolvency Manager ------------------------------------------------------------ The Economic Court of Lviv Region appointed Oksana Gentash as temporary insolvency manager for LLC Sokalskij Kombikormovij Plant (code EDRPOU 00688367). The Court commenced bankruptcy supervision procedure on the Company on Feb. 8. The case is docketed as 6/-29/2. CONTACT: Sokalskij Kombikormovij Plant Zhvirka, Lesya Ukrainka, Str. 29 Sokalskij District 80040, Ukraine, Lviv Region Ms. Oksana Gentash Temporary Insolvency Manager Sokal, Sheptitskij Str. 39/1 80000, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region VESNA: Zaporizhya Court Starts Bankruptcy Supervision ----------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy supervision procedure on OJSC Vesna (code EDRPOU 14311941) on Feb. 13. The case is docketed as 21/21 (06). Mr. Rossoha Oleksandr has been appointed temporary insolvency manager. CONTACT: Vesna Novobudov Str. 3 69076, Ukraine, Zaporizhya Region Economic Court Of Zaporizhya Region Shaumyana Str. 4 69001, Ukraine, Zaporizhya Region =========================== U N I T E D K I N G D O M =========================== ACTIVE FIRE: Appoints Butcher Woods to Administer Assets -------------------------------------------------------- Roderick Graham Butcher of Butcher Woods Limited was appointed administrator of Active Fire Protection Limited (Company Number 02877074) on March 22. The administrator can be reached at: Butcher Woods 79 Caroline Street Birmi