/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060406.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 Thursday, April 6, 2006, Vol. 7, No. 69 Headlines F I N L A N D METSO CORP: Names New Board & Declares Dividend in Annual Mtg. F R A N C E RHODIA SA: Dec. 31 Balance Sheet Upside-Down by EUR666 Million G E R M A N Y ALLCOMPOUND ENGENEERING: Claims Registration Ends April 11 INNOTIVE LTD: Claims Registration Ends April 10 JOHANNSENS RESTAURANTBETRIEBE: Claims Registration Ends April 10 KALLIWODA SHOE: Claims Registration Ends April 10 KUECHEN-SCHMID: Claims Registration Ends April 10 POLSTERLAND WETTRINGEN: Creditors' Meeting Slated for May 3 ROLLIMBI GMBH: Creditors' Meeting Slated for April 10 SHP GMBH: Claims Registration Ends April 11 TABA TECHNOLOGIE: Claims Registration Ends April 10 WESTLB AG: Fitch Affirms Individual Rating at D WILHELM JAEGER: Creditors' Meeting Slated for April 25 I R E L A N D FULFLEX INTERNATIONAL: Eyes Job Cuts in Limerick Facility I T A L Y BANCA POPOLARE: Plans to Merge Units & Sell EUR1.5-Bln in Assets K A Z A K H S T A N AK JOL: Jambyl Court Opens Bankruptcy Proceedings ALDI-SEVER: Creditors Must File Claims by April 14 ALFA-SHIT-H: Creditors Must File Claims by April 14 ARMAN-T: Creditors Must File Claims by April 14 DOROJNIK: Creditors Must File Claims by April 14 FEMIDA: Creditors Must File Claims by April 14 GLOBAR DISTRIBUTORS: Creditors Must File Claims by April 14 OSEN-2003: Kostanai Court Opens Bankruptcy Proceedings VESTA TDK: Creditors Must File Claims by April 10 ZAN: Kostanai Court Opens Bankruptcy Proceedings N E T H E R L A N D S AURELIA ENERGY: Moody's Downgrades Corp. Family Rating to Ba3 BLUEWATER FINANCE: Moody's Cuts Sr. Unsecured Debt Rating to B2 KONINKLIJKE AHOLD: Board Names J. Alvarez Stop & Shop/Giant CEO R U S S I A ALEKSEEVSKOYE: Deadline for Proofs of Claim Set for April 11 IRTYSHSKOE: Court Names A. Kuzmin Interim Insolvency Manager KRASNOKHOLMSKOYE REPAIR: Bankruptcy Hearing Set for May 24 MONOLITH: Claims Filing Period Ends April 18 NEW TECHNOLOGIES: Appoints T. Shnayder Insolvency Manager NOVOROSSIYSKAYA: Bankruptcy Hearing Slated for April 25 PERM-STROY-OPT-TORG: Bankruptcy Hearing Slated for May 31 SMOLENSKAYA: Creditors Have Until April 11 to File Claims TVERSKAYA: Claims Filing Period Ends April 11 URAL-GAS-STROY: Bankruptcy Hearing Slated for April 21 YUKOS OIL: Board Names Vasily Aleksanyan Executive VP S P A I N SAEZ MERINO: Eyes Subcontractors in New Business Strategy TERRA MITICA: Gives Creditors Three Options to Resolve Claims S W I T Z E R L A N D SWISS INTERNATIONAL: Closes US$343 Million Refinancing Deal T U R K E Y FINANSBANK A.S.: Sells 46% Stake to Greek Bank for EUR2.3 Bln FINANSBANK: Fitch Places BB- on Local Currency IDR U K R A I N E BILA TSERKVA': Kyiv Court Opens Bankruptcy Proceedings DOLINA-AGRO: Poltava Court Starts Bankruptcy Supervision ELATA: Kyiv Court Opens Bankruptcy Proceedings GELIOS-ENERGY: Lviv Court Opens Bankruptcy Proceedings MARTA-VEKTOR: Lviv Court Opens Bankruptcy Proceedings MIR: Zaporizhya Court Opens Bankruptcy Proceedings RATSION: Court Names Andrij Nadlonok to Liquidate Assets SINTEZ: Dnipropetrovsk Court Opens Bankruptcy Proceedings TOPOLYA: Lviv Court Opens Bankruptcy Proceedings UVENERGOCHERMET: Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M ADVANCED FLUID: Burdale Financial Appoints KPMG Receiver ASTOR & WINDSOR: Members Pass Winding Up Resolution B P C LIMITED: Terry Evans Leads Winding Up Proceedings BERKELEY BERRY: Taps Joint Administrators from KPMG BURTON ENVIRONMENTAL: Creditors' Meeting Set for April 18 BUSINESSLINX LIMITED: Creditors Confirm Voluntary Liquidation CALICO LIMITED: Financial Woes Prompt Liquidation CBM DEMOLITION: Liquidates Assets in Leeds DEWHURST BUTCHERS: Business for Sale EQUITABLE LIFE: S&P Raises Credit Rating to B+ on Reduced Risks FEELRIGHT CONSTRUCTION: Taps Filippa Connor to Liquidate Assets H L GORNER: Meeting of Creditors Set for April 7 IMAGE AUTOMATION: Names Grant Thornton Administrator J.L. FRENCH: U.S. Unit Files Reorg. Plan & Disclosure Statement KRISPY KREME: Plans to Sell UK Division to Pay Off Losses LMC STREATHAM: HSBC Bank Appoints BDO Stoy Hayward Receiver NTL INC: Virgin Mobile Merger Spurs Fitch's B+ IDR NTL INVESTMENT: Fitch Affirms GBP3.3 Bln Credit at BB+/RR1 PHOENIX MEDICAL: Administrators from Tenon Recovery Enter Firm PRIMAC SUNCROSS: Halts Operations & Appoints Liquidator RICHAPRINT LIMITED: Taps Baker Tilly to Administer Assets RIVERSTONE LIMITED: Members Agree to Winding Up Operations T-COMPUTERS PLC: Creditors' Meeting Slated for April 13 TASC INTERIORS: Creditors' Meeting Slated for April 10 TCLG REALISATIONS: Lloyds TSB Taps E&Y Admin Receivers TECHNO LIGHT: Members Resolve to Wind Up Operations TTSL REALISATIONS: Lloyds TSB Bank Taps E&Y as Admin Receiver UNIQUE ASSIST: Joint Liquidators Take Over Operations VIRGIN MOBILE: Inks EUR962.4-Million Merger Deal with NTL Inc. ********* ============= F I N L A N D ============= METSO CORP: Names New Board & Declares Dividend in Annual Mtg. -------------------------------------------------------------- The Annual General Meeting of Metso Corporation approved on April 4, the accounts for 2005 as presented by the Board of Directors and voted to discharge the members of the Board of Directors and the President and chief executive officer of Metso Corporation from liability for the financial year 2005. In addition, the Annual General Meeting approved the proposals of the Board of Directors. These applied to: -- authorizations to resolve to repurchase and to dispose the Corporation's own shares; and -- increase the share capital by issuing new shares, convertible bonds and/or stock options. The Annual General Meeting decided to establish a Nomination Committee of the Annual General Meeting to prepare proposals for the following AGM in respect of the composition of the Board of Directors along with the director remuneration. The Nomination Committee consists of the representatives appointed by the four biggest shareholders along with the Chairman of the Board of Directors as an expert member. Board Composition Matti Kavetvuo was re-elected Chairman of the Board and Jaakko Rauramo, Chairman of the Board of SanomaWSOY Corporation, was re-elected the Vice Chairman of the Board. Christer Gardell, Managing Partner of Cevian Capital, and Professor, Ph.D. (EE) Yrjo Neuvo were elected as new members of the Board. Re-elected Board members are: -- Svante Adde, Managing Director, Compass Advisers, London; -- Maija-Liisa Friman, President and CEO of Aspocomp Group Oyj; and -- Satu Huber, State Treasury, Director of Finance and Head of Finance Division. The term of office of Board members lasts until the end of the next Annual General Meeting. The AGM decided that the annual remunerations for Board members be EUR80,000 for the Chairman, EUR50,000 for the Vice Chairman and the Chairman of the Audit Committee and EUR40,000 for the members and that the meeting fee including committee meetings be EUR500 for meeting. The auditing company, Authorized Public Accountant PricewaterhouseCoopers, was re-elected to act as an Auditor of the Corporation until the end of the next AGM. Dividend The Annual General Meeting decided that a dividend of EUR1.40 per share be paid for the financial year which ended on Dec. 31, 2005. The dividend consists of EUR0.70 in line with the new dividend policy, and an extra dividend of EUR0.70. The dividend will be paid to shareholders who have been entered as shareholders in the Corporation's shareholder register maintained by the Finnish Central Securities Depository Ltd. by the dividend record date, April 7, 2006. The dividend will be paid on April 20. Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of approximately EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. * * * Moody's Investors Service confirmed the Company's existing long- term Ba1 credit rating and changed the rating outlook from stable to positive on Dec. 13, 2005. Standard & Poor's Ratings Services has confirmed Metso's existing long-term BB+ corporate rating, the BB rating on bonds issued and the EMTN program, as well as the B rating on short-term credits, and has kept the rating outlook as stable. The Company disclosed that there are no prepayment covenants in its financial contracts that would be triggered by changes in its credit ratings. =========== F R A N C E =========== RHODIA SA: Dec. 31 Balance Sheet Upside-Down by EUR666 Million -------------------------------------------------------------- Rhodia SA disclosed its financial results for the year ended Dec. 31, 2005. The company reported an 8.4% increase in net sales of to EUR5.08 billion in 2005, led by strong pricing power across all business. Recurring EBITDA also rose by 13.3% to EUR595 million, reflecting the impact of price increases and the delivery of fixed cost reduction objectives. The Company also showed positive EBIT of EUR97 million, versus a EUR188 million loss in 2004. In 2005, Rhodia posted a EUR616 million net loss, versus a loss of EUR641 million in 2004, primarily due to the consequences of divesting under performing businesses, as well as restructuring costs and refinancing costs. Consolidated net debt was reduced by 1.3% to EUR2.09 billion at year-end. At Dec. 31, 2005, the Company's balance sheet showed a EUR666 million stockholders' deficit, compared to a EUR521 million deficit at Dec. 31, 2004. The Group planned to further refocus the portfolio on businesses where they hold global leadership positions and to divest businesses where they hold weak or under performing positions. Chief Executive Officer, Jean Pierre Clamadieu disclosed that "2005 confirms the momentum of our operational recovery plan launched two years ago." "The Group's strategy has now been clarified and our successful capital increase will enable us to continue improving our balance sheet and undertake a new phase in our development. We remain confident in our ability to meet our 2006 objectives under current market conditions," he added. Outlook Market conditions remain satisfactory at the beginning of 2006, in an environment still shaped by volatile raw material and energy costs. Over the year, the Group will continue to implement its proactive strategy of raising prices and pursue its reorganization and restructuring programs, in line with its fixed cost reduction objectives. Rhodia confirms its 2006 objectives: -- a recurring EBITDA margin of at least 13%; -- a positive net income for 2006; and -- a ratio of net debt to recurring EBITDA of less than 2.9 times. The Group reaffirms its medium term objectives: -- a recurring EBITDA margin of at least 15%; and -- a ratio of net debt to recurring EBITDA of less than 2.2 times. A full-text copy of Rhodia's financial statements for the year ended Dec. 31, 2005, is available at no charge at http://ResearchArchives.com/t/s?782 About the Company Headquartered in France, Rhodia S.A. -- http://www.rhodia.com/ -- is a global specialty chemicals company partnering with major players in the automotive, electronics, fibers, pharmaceuticals, agrochemicals, consumer care, tires and paints & coatings markets to offer tailor-made solutions combining original molecules and technologies to respond to customers' needs. ============= G E R M A N Y ============= ALLCOMPOUND ENGENEERING: Claims Registration Ends April 11 ---------------------------------------------------------- Creditors of Allcompound Engeneering GmbH have until April 11, to register claims with court-appointed provisional administrator Dr. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on May 9, 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 Halle-Saalkreis Saal 1.044 Thueringer Str. 16 06112 Halle 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 Halle-Saalkreis opened bankruptcy proceedings against Allcompound Engeneering GmbH on Feb. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Allcompound Engeneering GmbH Gustav-Adolf-Str 7 06686 Luetzen The administrator can be contacted at: Dr. Rainer Eckert Universitatsring 6 D-06108 Halle Tel: 0345/530490 Fax: 0345/5304926 INNOTIVE LTD: Claims Registration Ends April 10 ----------------------------------------------- Creditors of Innotive Ltd. have until April 10, to register their claims with court-appointed provisional administrator Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Giessen Zi. 415 4. OG Gebaude B Gutfleischstrasse 1 35390 Giessen 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 Giessen opened bankruptcy proceedings against Innotive Ltd. on Feb. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Innotive Ltd. Attn: Guido Schneider, Manager Hochstrasse 24 36341 Lauterbach/Hessen The administrator can be contacted at: Dr. Jan Markus Plathner c/o Rae Brinkmann und Kollegen Lyoner Strasse 14 60528 Frankfurt/Main Tel: 069/962334 Fax: 069/96233422 JOHANNSENS RESTAURANTBETRIEBE: Claims Registration Ends April 10 ---------------------------------------------------------------- Creditors of Johannsens Restaurantbetriebe GmbH have until April 10, to register their claims with court-appointed provisional administrator Dr. Wilhelm Wessel. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 21, 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 Eutin Saal E 1. Stock Jungfernstieg 3 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 Eutin opened bankruptcy proceedings against Johannsens Restaurantbetriebe GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Johannsens Restaurantbetriebe GmbH Attn: Hartmut Arndt, Manager Strandstrasse 150 23669 Timmendorfer Strand The administrator can be contacted at: Dr. Wilhelm Wessel Roeckstrasse 1 23568 Luebeck KALLIWODA SHOE: Claims Registration Ends April 10 ------------------------------------------------- Creditors of Kalliwoda Shoe Trading GmbH have until April 10, to register their claims with court-appointed provisional administrator Frank Schmitt. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 22, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt am Main Saal 1 Gebaude F Klingerstrasse 20 60313 Frankfurt am Main The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Frankfurt am Main opened bankruptcy proceedings against Kalliwoda Shoe Trading GmbH on Feb. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kalliwoda Shoe Trading GmbH Morfelder Landstrasse 109a 60598 Frankfurt am Main Attn: Stephen Kalliwoda, Manager Holderlinstrasse 4 63303 Dreieich The administrator can be contacted at: Frank Schmitt Olof-Palme-Strasse 13 60439 Frankfurt am Main Tel: 069/50986-0 Fax: 069/50986110 KUECHEN-SCHMID: Claims Registration Ends April 10 ------------------------------------------------- Creditors of Kuechen-Schmid GmbH have until April 10, to register their claims with court-appointed provisional administrator Dr. Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on April 12, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Siegen Saal 009 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 Kuechen-Schmid GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kuechen-Schmid GmbH Bahnhofstr. 97 57334 Bad Laasphe Attn: Karlheinz Linzer, Manager Berggarten 29 35288 Wohratal-Langendorf The administrator can be contacted at: Dr. Jorg Nerlich Aachener Str. 563-565 50933 Koln Tel: 0221/9408030 Fax: 0221/9408039 POLSTERLAND WETTRINGEN: Creditors' Meeting Slated for May 3 ----------------------------------------------------------- Court-appointed provisional administrator for Polsterland Wettringen GmbH & Co KG, Andreas Sontopski, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:00 noon, on May 3. The meeting of creditors and other interested parties will be held at: The District Court of Muenster Sitzungssaal Saal 13 B Gerichtsstr. 2-6 48149 Muenster 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 10, to register their claims with the court-appointed provisional administrator. The District Court of Muenster opened bankruptcy proceedings against Polsterland Wettringen GmbH & Co KG on March 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Polsterland Wettringen GmbH & Co KG Handelstrasse 2-6 48493 Wettringen Attn: Werner A. Thiele, Manager Handelstr. 2 48493 Wettringen The administrator can be reached at: Andreas Sontopski Gnoiener Platz 1 48493 Wettringen ROLLIMBI GMBH: Creditors' Meeting Slated for April 10 ----------------------------------------------------- Court-appointed provisional administrator for ROLLIMBI GmbH, Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:45 a.m., on April 10. 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 May 28, to register claims with the court- appointed provisional administrator. The Court will also verify the claims set out in the administrator's report at 11:30 a.m., on July 27, at the same venue. The District Court of Charlottenburg opened bankruptcy proceedings against ROLLIMBI GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ROLLIMBI GmbH Holzhauser Str. 146 a 13509 Berlin The administrator can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin SHP GMBH: Claims Registration Ends April 11 ------------------------------------------- Creditors of SHP GmbH have until April 11, to register claims with court-appointed provisional administrator Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on May 19, 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 Arnsberg EG 328 Eichholzstrasse 4 59821 Arnsberg 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 Arnsberg opened bankruptcy proceedings against SHP GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SHP GmbH Attn: Reinhard Schafer, Manager Bundesstrasse 98 59909 Bestwig The administrator can be contacted at: Wilfried Pohle Bahnstrasse 1 34431 Marsberg Tel: 02992-973716 Fax: 02992-973771 TABA TECHNOLOGIE: Claims Registration Ends April 10 --------------------------------------------------- Creditors of TABA Technologie Tanken GmbH have until April 10, to register their claims with court-appointed provisional administrator Simona Fix. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 17, at which time the administrator will present her 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 TABA Technologie Tanken GmbH on Feb. 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TABA Technologie Tanken GmbH Heidemannstrasse 11 80939 Muenchen The administrator can be contacted at: Simona Fix Lindwurmstr. 25 80337 Muenchen Tel: 089/55968820 Fax: 089/55968855 WESTLB AG: Fitch Affirms Individual Rating at D ----------------------------------------------- Fitch Ratings affirmed Germany-based WestLB AG's ratings at Issuer Default A-, Short-term F1, Individual D and Support 1, following the publication of the bank's 2005 results. The Issuer Default rating Outlook remains Stable. The bank's guaranteed obligations are also affirmed at Long-term AAA and Short-term F1+. The Issuer Default, Short-term and Support ratings are driven by the potential of support from its owners in case of need. They reflect the bank's ownership structure and the nature of its relationship with its owners, in particular, with the state of North-Rhine Westphalia. Despite the announcement by NRW that it might sell its stake in the medium term, Fitch expects implicit support to remain strong, with increased involvement of the bank in its region. The F1 Short-term rating is one notch higher than is normally implied by its Issuer Default rating floor, reflecting Fitch's opinion that the high proportion of guaranteed debt in WestLB AG's balance sheet increases the guarantors' propensity to support the bank over the short to medium term. As 'grandfathered' obligations mature, this incentive will disappear. The bank's Individual rating reflects continued poor underlying profitability, moderate risk profile and sound capitalization. Although provisionally reported pre-tax profit in 2005 rose to EUR604 million, it included non-recurring costs of EUR46 million and benefited from non-recurring gains from the sale of securities and participations as well as net releases of loan loss provisions. In addition, using German Accounting Standards the reported pre- tax profit will be EUR105 million less than that presented by the bank so far. Fitch has adjusted WestLB AG's 2005 provisionally reported pre- tax profit to take into account of the non-recurring nature of these items and has calculated an adjusted pre-provisioning operating profit of EUR156 million. If management's estimation of normalized risk costs had been incurred in 2005, the bank would have reported an operating loss. The German economy seems to be recovering and this should generally be helpful for the banking sector and keep risk costs below average in the near-term. However, Fitch considers that WestLB AG's core operating profit will not recover at least for some time to a level that will enable it to cover higher risk costs and report sustainable profitability in line with its domestic and international peers. WestLB AG remains a bank in transition. Successful measures have been taken since the arrival of a new management team in January 2004 to improve WestLB AG's risk management, repair its balance sheet through capital injections, manage down risks, including the disposal of non-core assets and reduce its heavy cost base. In 2004, a new strategy was implemented aimed at restoring the bank's profitability by focusing on the bank's regional roots and developing cooperation with its indirect owners, the regional savings banks. Initial progress from cooperation with the savings banks to date has been encouraging, but revenues from this source have as yet been limited. Other initiatives include expansion of private banking activities, rebuilding an investment banking capability and broadening its product offering on a countrywide basis. While measures to improve revenues have not fed through yet, operating costs, although declining, still remain very high, a structural feature of many German banks. Fitch considers that significant challenges remain and that it will be some time before the success of the bank's new strategy can be determined. The Long-term and Short-term ratings for WestLB AG's guaranteed obligations reflect the grandfathering of the state guarantee, Gewaehrtraegerhaftung, and Fitch's AAA rating for NRW. Guaranteed obligations are those entered into prior to July 18, 2001 and those incurred in the transition period and maturing before end-2015. Since July 19, 2005, newly issued obligations no longer benefit from any state guarantee. WestLB AG's main shareholders are the two savings bank associations in NRW, the state of NRW, two regional associations and NRW.BANK, which is in turn 64.7%-owned by NRW. WestLB AG has informed Fitch that it wishes to terminate its fee arrangement with Fitch. Therefore, when the current fee arrangement with the bank expires on Aug. 16, 2006, Fitch will continue to maintain existing ratings coverage at its own initiative. WILHELM JAEGER: Creditors' Meeting Slated for April 25 ------------------------------------------------------ Court-appointed provisional administrator for Wilhelm Jaeger GmbH & Co KG Strassen- und Tiefbau, Rolf Otto Neukirchen, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 1:00 p.m., on April 25. The meeting of creditors and other interested parties 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. Creditors have until April 10, to register their claims with the court-appointed provisional administrator. The District Court of Essen opened bankruptcy proceedings against Wilhelm Jaeger GmbH & Co KG Strassen- und Tiefbau on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilhelm Jaeger GmbH & Co KG Strassen- und Tiefbau Attn: Mattias Jaeger, Manager Theodor-Otte-Str. 146 45897 Gelsenkirchen The administrator can be reached at: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen Tel: (0201) 438740 Fax: +492014387479 ============= I R E L A N D ============= FULFLEX INTERNATIONAL: Eyes Job Cuts in Limerick Facility --------------------------------------------------------- Fulflex International Co. plans to reduce its Limerick operations and transfer production abroad to take advantage of lower labor costs, according to published reports. The planned job cuts, which affect 108 employees, are prompted by: -- a huge reduction in global elastic selling prices; -- an increase in labor and manufacturing costs in Ireland; and -- a strong euro compared to the US dollar. The U.S. elastic products maker will discuss severance package details with its employees. It plans to keep only 16 staff to look into its Limerick facility. The Company, established in 1969, intends to cease manufacturing on May 5. Headquartered in Galvone, Limerick, Fulflex International Co. -- http://www.fulflex.com/-- manufactures natural and synthetic rubber and elastic tapes, threads, sheets and rings for personnel care products. These products include baby diapers and adult incontinent products, a diverse range of consumer products from golf balls to toys, a wide range of textile apparel products and medical and healthcare products including tourniquets, bandages, athletic and therapy bands, and disposable protective clothing. ========= I T A L Y ========= BANCA POPOLARE: Plans to Merge Units & Sell EUR1.5-Bln in Assets ---------------------------------------------------------------- Banca Popolare Italiana Scrl unveiled plans to sell up to EUR1.5 billion in non-strategic assets consisting of: -- EUR1 billion worth in business stakes; -- EUR300 million in real estate value; and -- EUR200 million of bad loans, for the next three years, as detailed in its 2006-2009 business plan. In addition, the Italian bank's Board of Directors accepted plans to merge two separately-listed units -- Reti Bancarie and Bipielle Investimenti -- into the parent company during an extraordinary shareholders' meeting in July. A spokesman for the bank told Reuters that the merger would lead to a delisting of their respective shares from the Milan stock exchange. Chief Executive Officer Divo Gronchi is reorganizing the bank to repair its finances after last year's failed bid for Padua-based rival Banca Antonveneta SpA and the arrest of previous CEO Gianpiero Fiorani and other executives for alleged breaches of securities laws, Alina Trabattoni writes for Bloomberg News in Rome. According to MarketWatch, Popolare Italiana also plans to further strengthen its ties with its consumer credit unit Bipielle Ducato and its unlisted merchant bank Efibanca SpA. It plans to double its 2009 net commissions to EUR618 million from EUR300 million in 2005. The bank reported a EUR744 million net loss in 2005. Headquartered in Lodi, Italy, Banca Popolare Italiana attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As reported in TCR-Europe on April 3, Fitch Ratings downgraded Banca Popolare Italiana's Issuer Default and Short-term ratings to BBB from BBB+ and F3 from F2 respectively. Its Individual and Support rating are affirmed at C and 3 respectively. Its senior debt and trust preferred stock are also downgraded to BBB and BB+ respectively from BBB+ and BBB-. The Issuer Default, Short-term and Individual ratings are removed from Rating Watch Negative. A Stable Outlook is assigned for the Issuer Default rating. =================== K A Z A K H S T A N =================== AK JOL: Jambyl Court Opens Bankruptcy Proceedings ------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region commenced bankruptcy proceeding against LLP Ak Jol Shusk district on Jan. 23, 2006. ALDI-SEVER: Creditors Must File Claims by April 14 -------------------------------------------------- LLP Aldi-Sever has declared insolvency. Creditors have until April 14, to submit written proofs of claim to: Petropavlovsk, M.Auezova Str. 150-38 North Kazakhstan Region ALFA-SHIT-H: Creditors Must File Claims by April 14 --------------------------------------------------- LLP Alfa-Shit-H has declared insolvency. Creditors have until April 14, to submit written proofs of claim to: Jamakaeva Str. 202 Almaty ARMAN-T: Creditors Must File Claims by April 14 ----------------------------------------------- LLP Arman-T has declared insolvency. Creditors have until April 14, to submit written proofs of claim to: Jambyl Str. 169-44 Almaty Tel: 8 (3272) 25-11-62 DOROJNIK: Creditors Must File Claims by April 14 ------------------------------------------------ LLP Dorojnik filed for bankruptcy with the Specialized Inter- Regional Economic Court of Mangistau Region on Jan. 18. Creditors have until April 14, to submit written proofs of claim to: Micro District 26, 28-22 Aktau Tel: 8 (3292) 41-60-63 or 41-59-84 FEMIDA: Creditors Must File Claims by April 14 ---------------------------------------------- LLP Femida has declared insolvency. Creditors have until April 14 to submit written proofs of claim to: Uralsk, Plyasunkova Str. 180-6 West Kazakhstan Region GLOBAR DISTRIBUTORS: Creditors Must File Claims by April 14 ----------------------------------------------------------- LLP Globar Distributors has declared insolvency. Creditors have until April 14, to submit written proofs of claim to: Kabanbai Batyr Str. 52 Almaty OSEN-2003: Kostanai Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region commenced bankruptcy proceeding against LLP Osen-2003 on Feb. 1. CONTACT: The Specialized Inter-Regional Economic Court of Kostanai Region Kostanai, Baitursynova Str. 70 VESTA TDK: Creditors Must File Claims by April 10 ------------------------------------------------- LLP Vesta TDK filed for bankruptcy with the Specialized Inter- Regional Economic Court of Almaty Region on Dec. 23, 2005. Creditors have until April 10, to submit written proofs of claim to: Maulenova Str. 92 Almaty ZAN: Kostanai Court Opens Bankruptcy Proceedings ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region commenced bankruptcy proceeding against LLP Legal Agency Zan on Feb. 1, 2006. CONTACT: The Specialized Inter-Regional Economic Court of Kostanai Region Kostanai, Baitursynova Str. 70 ===================== N E T H E R L A N D S ===================== AURELIA ENERGY: Moody's Downgrades Corp. Family Rating to Ba3 ------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of Aurelia Energy N.V. and its subsidiaries (together Bluewater) based on a weakened financial profile resulting from substantially increased debt levels following acquisitions and the expectation of continued debt-financed capital investment. Ratings downgraded: -- Aurelia Energy N.V., Corporate Family Rating, downgraded to Ba3 from Ba2, negative outlook -- Bluewater Holding B.V., Senior Secured Debt Rating, downgraded to Ba3 from Ba1, negative outlook -- Bluewater Finance Ltd, Senior Unsecured Debt Rating, downgraded to B2 from B1, negative outlook. Moody's last rating action on Bluewater was to place all ratings under review for possible downgrade on March 8, 2006. The rating actions mark the conclusion of this review process. Bluewater's recently filed Form 20-F for full-year 2005 revealed weakened debt protection metrics, with Total Adjusted Debt/EBITDA exceeding 5x and Retained Cash Flow/Total Adjusted Debt of 7%. Debt levels have increased again in the current year, with the acquisition of the Hanne Knutsen shuttle tanker for US$129.5 million taking place in February 2006. On March 31, 2006, Bluewater said that it had entered into a contract with Nexen Petroleum UK Ltd with respect to the provision and operation of an FPSO for production on the Ettrick Field on the UK Continental Shelf. This project will involve the conversion of the Aoka Mizu hull already owned by the company into an FPSO, which will operate in the North Sea for an initial term of five years. The conversion of the hull is expected to take approximately two years, and will be part-funded with internally generated cash flow and the balance with additional debt. As a consequence, Moody's expects Bluewater to remain substantially free cash flow negative over the medium term as capital expenditure continues to considerably exceed retained cash flow. The rating agency says the negative outlook reflects greater execution risks over the next 18 months to two years associated with the investment in the Aoka Mizu, given the inherent risk of cost overruns and delays in the development and modification of FPSOs, and Bluewater's experience of budget overruns in the past. In addition, Moody's believes it is possible that the company will seek to maximize its growth potential from the currently favorable operating conditions in the FPSO market through opportunistic acquisitions of additional capacity, although no such acquisitions are currently planned. The equalization of the Senior Secured Debt Rating with the Corporate Family Rating reflects the increase in secured bank debt such that it now forms the bulk of debt within the group. The Senior Unsecured Debt Rating of Bluewater Finance Ltd relates to the 10.25% Senior Notes due 2012, which are rated two notches below the Corporate Family and Senior Secured Ratings, reflecting their subordination to the substantial secured debt which ranks ahead of them. Aurelia Energy N.V. is the holding company of Bluewater Holding B.V., which is in turn the holding company of Bluewater Finance Limited. BLUEWATER FINANCE: Moody's Cuts Sr. Unsecured Debt Rating to B2 --------------------------------------------------------------- Moody's Investors Service has downgraded the ratings of Aurelia Energy N.V. and its subsidiaries (together Bluewater) based on a weakened financial profile resulting from substantially increased debt levels following acquisitions and the expectation of continued debt-financed capital investment. Ratings downgraded: -- Aurelia Energy N.V., Corporate Family Rating, downgraded to Ba3 from Ba2, negative outlook -- Bluewater Holding B.V., Senior Secured Debt Rating, downgraded to Ba3 from Ba1, negative outlook -- Bluewater Finance Ltd, Senior Unsecured Debt Rating, downgraded to B2 from B1, negative outlook. Moody's last rating action on Bluewater was to place all ratings under review for possible downgrade on March 8, 2006. The rating actions mark the conclusion of this review process. Bluewater's recently filed Form 20-F for full-year 2005 revealed weakened debt protection metrics, with Total Adjusted Debt/EBITDA exceeding 5x and Retained Cash Flow/Total Adjusted Debt of 7%. Debt levels have increased again in the current year, with the acquisition of the Hanne Knutsen shuttle tanker for US$129.5 million taking place in February 2006. On March 31, 2006, Bluewater said that it had entered into a contract with Nexen Petroleum UK Ltd with respect to the provision and operation of an FPSO for production on the Ettrick Field on the UK Continental Shelf. This project will involve the conversion of the Aoka Mizu hull already owned by the company into an FPSO, which will operate in the North Sea for an initial term of five years. \ The conversion of the hull is expected to take approximately two years, and will be part-funded with internally generated cash flow and the balance with additional debt. As a consequence, Moody's expects Bluewater to remain substantially free cash flow negative over the medium term as capital expenditure continues to considerably exceed retained cash flow. The rating agency says the negative outlook reflects greater execution risks over the next 18 months to two years associated with the investment in the Aoka Mizu, given the inherent risk of cost overruns and delays in the development and modification of FPSOs, and Bluewater's experience of budget overruns in the past. In addition, Moody's believes it is possible that the company will seek to maximize its growth potential from the currently favorable operating conditions in the FPSO market through opportunistic acquisitions of additional capacity, although no such acquisitions are currently planned. The equalization of the Senior Secured Debt Rating with the Corporate Family Rating reflects the increase in secured bank debt such that it now forms the bulk of debt within the group. The Senior Unsecured Debt Rating of Bluewater Finance Ltd relates to the 10.25% Senior Notes due 2012, which are rated two notches below the Corporate Family and Senior Secured Ratings, reflecting their subordination to the substantial secured debt which ranks ahead of them. Aurelia Energy N.V. is the holding company of Bluewater Holding B.V., which is in turn the holding company of Bluewater Finance Limited,. Based in Hoofddorp, the Netherlands, Bluewater is a privately owned, specialized oil services company which owns and operates floating, production, storage and offloading vessels, and provides single point mooring systems to the oil industry. In the year to December 2005, Bluewater generated a reported operating profit of approximately US$68 million from revenues of US$399 million. KONINKLIJKE AHOLD: Board Names J. Alvarez Stop & Shop/Giant CEO --------------------------------------------------------------- The Corporate Executive Board of Koninklijke Ahold NV appointed Jose Alvarez as President and Chief Executive Officer of the Stop & Shop/Giant-Landover arena. Mr. Alvarez, who joined the company in 2001, was previously Executive Vice President of Supply Chain and Logistics at Stop & Shop/Giant-Landover. He has also served as the arena's Senior Vice President Logistics and Vice President Strategic Initiatives. Marc Smith, who announced his decision to retire as CEO of the arena in February 2006, will work closely with Alvarez over the next month as he makes the transition into his new role. Mr. Alvarez has over 15 years experience in the supermarket industry and has held management positions in a variety of functional areas. Before joining Stop & Shop/Giant-Landover in 2001, Mr. Alvarez worked with Shaw's Supermarkets, where his positions included Vice President of Grocery Merchandising. He also worked at American Stores Company and its subsidiary Jewel Food Stores, where his posts included Director of Market Research, Category Manager Produce, store management positions and assignments in developing strategic initiatives. Mr. Alvarez holds a bachelor's degree from Princeton University and an MBA from the University of Chicago. "I'm very pleased that we are promoting Jose to the President and CEO position, as I believe his strategic planning skills and breadth of functional experience make him the right person to lead the arena," said Ahold's President and Chief Executive Officer Anders Moberg. "Jose has a track record of delivering results by reinventing the way we do business. He has taken responsibility for difficult projects involving large-scale change and has successfully led the management teams, which have completed those projects. I'm confident that he will successfully manage the repositioning of Stop & Shop/Giant-Landover to enhance our market position in this arena." About the Company Koninklijke Ahold NV -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. Restructuring Program In 2003, Ahold admitted a US$500 million overstated EBITDA at its U.S. foodservice distribution arm, requiring restatement of financial accounts for 2002 and previous years. In November that year, it announced a three-year 'Road to Recovery' program that includes: -- a EUR2.5 billion rights issue, -- EUR300 million, -- US$1.45 billion backup credit facilities, and -- at least EUR2.5 billion in asset sales. The program was aimed at returning the company to investment grade by end of 2005. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== R U S S I A =========== ALEKSEEVSKOYE: Deadline for Proofs of Claim Set for April 11 ------------------------------------------------------------ Creditors of Alekseevskoye have until April 11, to submit their proofs of claim to court-appointed insolvency manager at: Office 14, Zavrazhnova Str. 5 Ryazan Region, Russia The Arbitration Court of Ryazan Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A54-9352/2006 S6. The Debtor can be reached at: Alekseevskoye Alekseevo, Klepikovskiy Region Ryazan Region, Russia IRTYSHSKOE: Court Names A. Kuzmin Interim Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Osmk Region appointed Mr. A. Kuzmin as temporary insolvency manager for OJSC Irtyshskoe. The Court commenced bankruptcy supervision procedure on the open joint stock company with the case docketed as K/E-272/05. The Debtor can be reached at: Irtyshskoe 10 Let Oktyabrya Str. 203V 644019, Osmk Region, Russia The insolvency manager can be reached at: A. Kuzmin Office 58, K. Marksa Str. 34A 644042, Osmk Region, Russia KRASNOKHOLMSKOYE REPAIR: Bankruptcy Hearing Set for May 24 ---------------------------------------------------------- The Arbitration Court of Tver Region will convene at 10:40 a.m., on May 24, to hear the bankruptcy supervision procedure on open joint stock company Krasnokholmskoye Repair Technical Enterprise (TIN 6928001030). The case is docketed as A66-17325/2005. Mr. O. Dronov has been appointed temporary insolvency manager. The Debtor can be reached at: Krasnokholmskoye Repair Technical Enterprise Krasnyj Kholm, Novopromyshlennaya Str. 14 171661, Tver Region, Russia The insolvency manager can be reached at: O. Dronov Post User Box 4299 170042, Tver Region, Russia MONOLITH: Claims Filing Period Ends April 18 -------------------------------------------- Creditors of Monolith have until April 18, to file their proofs of claim to court-appointed insolvency manager Mr. Zh. Balkizov at: Germenchik, Kashirgova Str. 66 361300, Kabardino-Balkariya Republic Russia The Arbitration Court of Kabardino-Balkariya Republic has commenced bankruptcy supervision procedure on the limited liability company with the case docketed as A20-7680/2005. The Debtor can be reached at: Monolith Kabardino-Balkariya Republic Russia NEW TECHNOLOGIES: Appoints T. Shnayder Insolvency Manager --------------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy Autonomous Region appointed Ms. T. Shnayder insolvency manager of New Technologies Plus. The Court commenced bankruptcy proceedings against the close joint stock company with the case docketed as A81-2133/108B-04. The Debtor can be reached at: New Technologies Plus Apartment 11, Noyabrsk, Lenina Str. 58 629802, Yamalo-Nenetskiy Autonomous Region, Russia The insolvency manager can be reached at: T. Shnayder Office 51, Noyabrsk, Respubliki Str. 29 629802, Yamalo-Nenetskiy Autonomous Region, Russia NOVOROSSIYSKAYA: Bankruptcy Hearing Slated for April 25 ------------------------------------------------------- The Arbitration Court of Krasnodar Region will convene at 11 a.m., on April 25, to hear the bankruptcy supervision procedure on open joint stock company Novorossiyskaya Auto-Column #1490. The case is docketed as A-32-22899/2005-1/330. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Ms. O. Denisova at: Uralskaya Str. 134 350059, Krasnodar Region, Russia The Debtor can be reached at: Novorossiyskaya Auto-Column #1490 Kunikova Str. 47 Novorossiysk Region, Russia PERM-STROY-OPT-TORG: Bankruptcy Hearing Slated for May 31 --------------------------------------------------------- The Arbitration Court of Perm Region will convene at 2:00 p.m., on May 31, to hear the bankruptcy supervision procedure on open joint stock company Perm-Stroy-Opt-Torg. The case is docketed as A50-44834/2005-B. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Ms. V. Pototskaya at: Office 60 Svyazistov Str. 24 614094, Perm, Russia The Debtor can be reached at: Perm-Stroy-Opt-Torg Naberezhnaya Str. 10 614000, Perm Region, Russia SMOLENSKAYA: Creditors Have Until April 11 to File Claims --------------------------------------------------------- Creditors of Smolenskaya have until April 11, to file their proofs of claim to court-appointed insolvency manager Mr. V. Fomin at: Gagarina Pr. 10/2 214000, Smolensk Region, Russia Tel/Fax: (0812) 38-08-94 The Arbitration Court of Smolensk Region commenced bankruptcy proceedings against the limited liability company with the case docketed as A62-2788/2005 (683-N/05). The Debtor can be reached at: Smolenskaya Chaplina Str. 12 214014, Smolensk Region, Russia TVERSKAYA: Claims Filing Period Ends April 11 --------------------------------------------- Creditors of Tverskaya have until April 11, to submit their proofs of claim to the court-appointed insolvency manager at: Post User Box 619 170006, Tver Region, Russia The Arbitration Court of Tver Region commenced bankruptcy proceedings against the limited liability company with the case docketed as A66-3383/2005. The Debtor can be reached at: Tverskaya Belyakovskiy Per. 46A Tver Region, Russia URAL-GAS-STROY: Bankruptcy Hearing Slated for April 21 ------------------------------------------------------ The Arbitration Court of Perm Region will convene on April 21, to hear the bankruptcy supervision procedure on limited liability company Ural-Gas-Stroy. The case is docketed as A50- 47639/2005-B. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. A. Sergeev at: Berezniki, Kotovskogo Str. 23 618404, Perm Region, Russia The Debtor can be reached at: Ural-Gas-Stroy Berezniki, Kotovskogo Str. 23 Perm Region, Russia YUKOS OIL: Board Names Vasily Aleksanyan Executive VP ----------------------------------------------------- The Board of Directors of Yukos Oil Company endorsed the appointment of Vasily Aleksanyan as the Company's Executive Vice President at a meeting on April 4. Mr. Aleksanyan has been appointed as the primary Company officer in Moscow responsible for cooperation between the Company and the court-appointed bankruptcy observer during the period of observation. During this period, Mr. Aleksanyan will be looking to represent management in protecting the interests of the various stakeholders, including creditors and shareholders, and in ensuring that all Company assets are fully protected. "It is the Company's hope that Mr. Aleksanyan will not be unduly prevented from carrying out this very important task for all concerned," Yukos said. The Company's Board of Directors expressed its full endorsement of Mr. Aleksanyan's position and confirmed again their support for the senior management team of YUKOS Oil Company. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. Roughly a year after the U.S. Bankruptcy Court dismissal, a consortium of 14 bank lenders led by Societe Generale SA, filed a new bankruptcy suit in the Moscow Arbitration Court on March 10 in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. ========= S P A I N ========= SAEZ MERINO: Eyes Subcontractors in New Business Strategy --------------------------------------------------------- Saez Merino is looking for potential subcontractors to handle all of its production activities as it reorients itself as a fashion retailer, Rosa Biot writes for El Pais. According to the report, the new strategy will focus on the Spanish textile company's exporting business, which covers 44% of its sales. It singled out the United States and Japan as its key markets. The company intends to reduce 654 of its 913 staff to carry out its new plan. In September 2004, the textile group has shut down four of its eight production plants in Spain leaving 542 workers jobless. Headquartered in Valencia, Spain, Saez Merino -- http://www.saezmerino.es/-- manufactures the Lois, Cimarron, Caster and Caroche brands. In 2004, the company expected financial losses after a fall in profits of more than 70% in 2003, to EUR2.47 million. Parts of these losses were caused by a 30% fall in exports to the U.S. market due to the strong euro. The Company applied for insolvency proceedings on Feb. 1 citing its inability to pay certain debts. TERRA MITICA: Gives Creditors Three Options to Resolve Claims ------------------------------------------------------------- Creditors owed money by Terra Mitica, are given three options to resolve their claims in the Company's insolvency proceedings, J. Brines writes for the Expansion. According to the report, creditors can either: a) write off 50% of their loans, with payment of the remainder due by Dec. 1, and the possibility of additional recompense coming from the sale of land bordering on the park; b) exchange the debt for Terra Mitica shares or write off 20% of the debt; or c) receive 40% of their claim in the near future and another 40% after five years. Among its shareholders, Bancaja and CAM Savings Banks, which holds a 20% stake of the company, opted for the second option. However, the court clarifies that the insolvency proceedings will only be lifted if 75% of its creditors agree to one of the three options by April 7. If not, the deadline will be extended to mid-May, with 66.6% acceptance required. Headquartered in Benidorm, Spain, Terra Mitica -- http://www.terramiticapark.com/-- operates a theme park. It filed for insolvency in May 2004 after accumulating EUR218 million in debts. ===================== S W I T Z E R L A N D ===================== SWISS INTERNATIONAL: Closes US$343 Million Refinancing Deal ----------------------------------------------------------- SWISS International closed on a major refinancing deal with a syndicate of international banks in its long-haul fleet on March 21 in a move to further improve its finance costs, Hugin reports. The bank syndicate, which includes DVB Bank, Calyon, Investec, KfW IPEX-Bank, NordLB and WestLB, refinanced five Airbus A340 aircraft, which were built and delivered between June 2003 and May 2004. The US$343 million transaction has a ten-year term and benefits from improving conditions as the SWISS integration into the Lufthansa Group progresses. "We are extremely pleased by the positive response to the SWISS - Lufthansa integration and how the financial community has reacted to this," says Ulrik Svensson, SWISS Chief Financial Officer. "This A340 refinancing makes a valuable contribution to our overall cost reduction efforts." CONTACT: Swiss International Corporate Communications Tel: +41 (0) 848 773 773 Fax: +41 61 582 35 54 E-mail: communications@swiss.com Web site: http://www.swiss.com/ =========== T U R K E Y =========== FINANSBANK A.S.: Sells 46% Stake to Greek Bank for EUR2.3 Bln ------------------------------------------------------------- Finansbank A.S., Turkey's fifth largest bank by assets, will sell 46% of its shares and 100% of its founders' shares to The National Bank of Greece for EUR2.3 billion. NBG Chief Executive Officer Takis Arapoglou and Finansbank Chairman and founder Husnu Ozyegin signed the sale contract in Athens Monday, Cihan News Agency relates. NBG intends to launch a mandatory offer for the remaining ordinary shares held by the minority shareholders of Finansbank in the second half of 2006, following receipt of the required regulatory approvals including the Turkish Banking Regulatory and the Bank of Greece. If NBG acquires less than a 4.01% additional stake (38 million Tradeable Shares) of the Ordinary Shares through the Mandatory Offer, FIBA Holding and its affiliates have agreed to sell to NBG sufficient Ordinary Shares such that NBG will achieve a 50.01% ownership position in Finansbank upon completion of the Mandatory Offer. NBG expects the mandatory offer to complete in October. FIBA Holding will retain a residual stake of 9.7% in Finansbank, subject to any additional shares sold to NBG in order for NBG to achieve a 50.01% stake in Finansbank upon completion of the transaction. This residual stake will be subject to put and call arrangements with FIBA Holding starting in 2008 for two years, including a performance-based option price. Mr. Ozyegin will keep a minority stake in the Company and will continue in his role as Finansbank chairman. In addition, the management team of Finansbank will continue to manage Finansbank post the completion of this transaction. At closing, which is expected to occur in mid-July, FIBA Holding will purchase from Finansbank its International Operations including: -- 41.8% of Finansbank Romania S.A.; and -- 100% of Finans International Holding N.V., which comprises subsidiaries in Russia, Switzerland, the Netherlands and a 40% interest in Finansbank Romania S.A., for a purchase price of EUR479 million (US$580 million). Finansbank will retain ownership of Finansbank Malta Ltd., a corporate banking business used to support Finansbank's Turkish banking operations. Rights Offer NBG intends to launch a EUR3 billion rights offer in June, subject to shareholders' approval, in order to assist in the financing of the transaction. NBG said it has received a pre- underwriting commitment in respect of the full amount of the Rights Offering from a group of international banks. Credit Suisse and Goldman Sachs are acting as joint financial advisors to NBG. Freshfields Bruckhaus Deringer and Pekin & Bayar are acting as legal counsel to NBG. Morgan Stanley is acting as financial advisor to FIBA Holding and its affiliates. Verdi ve Yazici is acting as legal counsel to FIBA Holding. About NBG Headquartered in Athens, Greece, National Bank of Greece, the oldest and largest among Greek banks, provides investment banking services, brokerage, insurance, asset management, leasing and factoring. About Finansbank Headquartered in Turkey, Finansbank is the fifth largest private bank Turkey according to its 2005 consolidated asset size of US$14 billion. On top of its banking operations in Turkey, Finansbank has an extensive international banking network with its subsidiaries in the Netherlands, Switzerland, Romania Russia and Malta. Finansbank provides a wide range of products and services from commercial banking to private banking and investment banking. Finansbank with its staff of 10,300 people operates in 12 countries with 287 branches. * * * Finansbank carries Moody's Investors Service's D+ financial strength rating, and Fitch's BB- long-term foreign and local currency ratings since May 2004. FINANSBANK: Fitch Places BB- on Local Currency IDR -------------------------------------------------- Fitch Ratings placed Turkey-based Finansbank's Local Currency Issuer Default Rating BB-, National Long-term rating A and Support Rating 4 on Rating Watch Positive. Its other ratings are affirmed at Foreign Currency IDR BB- with Positive Outlook, Short-term B and Individual C/D. Fitch also affirmed National Bank of Greece's ratings at IDR A- with Stable Outlook, Short-term F2, Individual B/C and Support 2. The rating actions follow NBG's announcement on April 3, that it has signed an agreement to acquire a 46% controlling stake in FB. The RWP reflects Fitch's belief that there is a high propensity for NBG to support Finansbank should the need arise. However, the ability to do so could be constrained by Turkey's BB-, which has led to the Foreign Currency IDR being affirmed. Upon regulatory approvals, NBG will make an offer to minority shareholders - in line with the Turkish law - to purchase a maximum of around 90% of FB's share capital. NBG estimates the acquisition to be finalized by Q306, upon which the RWP will be resolved. The acquisition of an around 90% stake in FB, which according to NBG is the most likely scenario, is valued at EUR4.1 billion, of which around EUR3 billion relates to goodwill. This transaction is going to be mostly funded by a share capital increase of EUR3 billion, subject to NBG shareholders' approval in April 2006. Under these assumptions and following the completion of the acquisition, NBG expects the new group's Tier 1 capital ratio to be around 11%. FB will be by far the most important operation of NBG, accounting for around 20% of its assets. It should provide NBG with the opportunity to expand its retail banking franchise in Turkey, where credit demand is rising rapidly from low levels amid continued improvements in the Turkish economy. FB is a well performing bank, with sound management, satisfactory asset quality and adequate capital. In line with this, Fitch does not anticipate any significant deterioration in NBG's overall performance and asset quality. However, the agency notes that Turkey's volatile operating environment heightens NBG's risk profile and earnings vulnerability. Furthermore, FB's international operations, which have been an important contributor to pre-tax profits, are excluded from the acquisition agreement. NBG plans to retain FB's current chairman and management as well as its well-recognized brand name. While FB is likely to bring business and revenue generation opportunities, NBG will face acquisition and integration risks as well as the challenge of maintaining FB's sound profitability without the aid of its international operations. However, Fitch takes some comfort from NBG's previous experience in bank acquisitions in the less developed neighboring Southeast European countries and good economic prospects in Turkey for 2006. Fitch will closely monitor further developments. Downside risk to NBG's ratings could arise from higher-than-expected integration risk and the unwillingness to raise capital to fund the acquisition, which would erode NBG's capital base. In Fitch's view, NBG's post-acquisition capital ratios should remain relatively high to reflect the sizeable share of non- investment grade assets on NBG's post-acquisition balance sheet as well as continued strong credit growth in and outside Greece. NBG, established in 1841, is the largest bank in Greece by total assets, offering a full range of banking services. At end-2005, the group had 570 domestic banking branches and 21,581 staff. FB is the fifth largest privately owned commercial bank in Turkey in terms of assets. It was established in 1987 as a wholesale and investment bank but has since diversified into SME, consumer and credit card lending. It has approximately 200 branches. ============= U K R A I N E ============= BILA TSERKVA': Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Kyiv Region commenced bankruptcy proceedings against OJSC Bila Tserkva' Mechanical Plant (code EDRPOU 00152454) on Feb. 20, after finding the company insolvent. The case is docketed as 275/3 b-05. Mr. Sergij Kitsul has been appointed Liquidator/Insolvency Manager. CONTACT: OJSC Bila Tserkva' Mechanical Plant 09114, Ukraine, Kyiv Region Bila Tserkva, Levanevskij Str. 87 Mr. Sergij Kitsul Liquidator/Insolvency Manager Liskivska Str. 28/15 02097, Ukraine, Kyiv Region Economic Court of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region DOLINA-AGRO: Poltava Court Starts Bankruptcy Supervision -------------------------------------------------------- The Economic Court of Poltava Region commenced bankruptcy supervision procedure on Agricultural LLC Dolina-Agro (code EDRPOU 31913875). The case is docketed as 20/357. Mr. Oleksandr Tereshenko has been appointed temporary insolvency manager. CONTACT: Dolina-Agro Velikobagachanskij District, Shiroka Dolina 38300, Ukraine, Poltava Region Mr. Oleksandr Tereshenko Temporary Insolvency Manager Nezalezhnosti Square 1 b, Room 11 36000, Ukraine, Poltava Region Economic Court Of Poltava Region Zigina Str. 1 36000, Ukraine, Poltava Region ELATA: Kyiv Court Opens Bankruptcy Proceedings ---------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC Elata (code EDRPOU 31118161) on Jan. 31, after finding the company insolvent. The case is docketed as 19/4. Yevstratov Vitalij has been appointed Liquidator/Insolvency Manager. CONTACT: Elata Revutskij Str. 14 02068, Ukraine, Kyiv Region Economic Court of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region GELIOS-ENERGY: Lviv Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Lviv Region declared LLC GELIOS-ENERGY (code EDRPOU 30052131) after finding the company insolvent. The case is docketed as 6/287-29/386. Mr. Igor Shimchishin has been appointed Liquidator/Insolvency Manager. CONTACT: Gelios-Energy Sholom Alejhem Str. 16/2 79000, Ukraine, Lviv Region Mr. Igor Shimchishin Liquidator/Insolvency Manager Shevchenko Str. 400/8 79069, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region MARTA-VEKTOR: Lviv Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Economic Court of Lviv Region commenced bankruptcy proceedings against LLC Marta-Vektor (code EDRPOU 20837384) on Jan. 31, after finding the company insolvent. The case is docketed as 6/165-4/136. Mr. Litvin Igor has been appointed Liquidator/Insolvency Manager. CONTACT: Marta-Vektor 79021, Ukraine, Lviv Region Kulparkivska Str. 93 Mr. Litvin Igor Liquidator/Insolvency Manager Sirko Str. 23/37 79052, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region MIR: Zaporizhya Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy proceedings against LLC Mir (code EDRPOU 03751190) on Feb. 16, after finding the company insolvent. The case is docketed as 21/33/06. Ms. Alekseyeva Ludmila has been appointed Liquidator/Insolvency Manager. CONTACT: MIR Lenin Str. 46 Novomikolayivka District, Zalivne 70132, Ukraine, Zaporizhya Region Ms. Alekseyeva Ludmila Liquidator/Insolvency Manager Shasliva Str. 5 70410, Ukraine, Zaporizhya Region Zaporizhya District, Lukashevo Economic Court of Zaporizhya Region Shaumyana Str. 4 69001, Ukraine, Zaporizhya Region RATSION: Court Names Andrij Nadlonok to Liquidate Assets -------------------------------------------------------- The Economic Court of Lviv Region appointed Andrij Nadlonok as Liquidator/Insolvency Manager for LLC Ratsion (code EDRPOU 23965651). The Court commenced bankruptcy proceedings against the Company after finding it insolvent. The case is docketed as 6/43-4/24. CONTACT: Ratsion Ukraine, Lviv Region Shiroka Str. 82/58 Mr. Andrij Nadlonok Liquidator/Insolvency Manager Ukraine, Lviv Region Zubrivska Str. 25A/33 Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region SINTEZ: Dnipropetrovsk Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy proceedings against LLC Sintez (code EDRPOU 32999100) on Feb. 21, after finding the company insolvent. The case is docketed as B 24/310/05. Mr. Igor Morozov has been appointed Liquidator/Insolvency Manager. CONTACT: Sintez Batumska Str. 48/33 49000, Ukraine, Dnipropetrovsk Region Mr. Igor Morozov Liquidator/Insolvency Manager 49044, Ukraine, Dnipropetrovsk Region a/b 2734 Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region TOPOLYA: Lviv Court Opens Bankruptcy Proceedings ------------------------------------------------ The Economic Court of Lviv Region declared LLC TOPOLYA (code EDRPOU 13840322) after finding the company insolvent. The case is docketed as 6/143-7/42. Mr. Igor Shimchishin has been appointed Liquidator/Insolvency Manager. CONTACT: TOPOLYA Mazepa Str. 15-a Ukraine, Lviv Region Mr. Igor Shimchishin Liquidator/Insolvency Manager Shevchenko Str. 400/8 79069, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region UVENERGOCHERMET: Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Dnipropetrovsk Region declared LLC Uvenergochermet (code EDRPOU 24988393) after finding the company insolvent. The case is docketed as B 24/155/05. Mr. Stepan Denis has been appointed Liquidator/Insolvency Manager. CONTACT: Uvenergochermet Nikopol District, Dmitrovka Osipenko Str. 20 53200, Ukraine, Dnipropetrovsk Region Mr. Stepan Denis Liquidator/Insolvency Manager Sholohov Str. 19/305 49000, Ukraine, Dnipropetrovsk Region Economic Court Of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region =========================== U N I T E D K I N G D O M =========================== ADVANCED FLUID: Burdale Financial Appoints KPMG Receiver -------------------------------------------------------- Burdale Financial Ltd appointed Mark Granville Firmin and Myles Antony Halley of KPMG LLP joint administrative receivers of Advanced Fluid Connections Plc (Company Number 03869987) on March 24. Its registered office is at Unit 1B Seacroft Industrial Estate, Coal Road, Seacroft, Leeds LS14 2AQ. KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the UK providing audit, tax and advisory services. Advanced Fluid Connections Pls was formerly known as Oystertec PLC. The Group's principal activity is commercially exploiting a range of products into the plumbing, heating, hydraulics, automotive and other global engineering industries. The Group also develops and markets fluid connectors. The Group's products include Oyster converter, hydraulic push-fit and push- fit pipe systems. Its 2004 sales was marked at GBP105,930,000. The company has 1,395 employees. ASTOR & WINDSOR: Members Pass Winding Up Resolution --------------------------------------------------- Astor & Windsor Limited is liquidating its assets after members passed a resolution to wind up the company on March 1. Vernon Charles Wright, of Vernon Wright & Co, was appointed Liquidator. Astor & Windsor Limited can be reached at: Colne Road Bures Suffolk CO8 5DJ Tel: 01787 227 880 Fax: 01787 228 511 Web: http://www.astorw.co.uk/ B P C LIMITED: Terry Evans Leads Winding Up Proceedings ------------------------------------------------------- Members of B P C Limited passed a resolution to wind up the company's operations on Feb. 27. They authorized Terry Christopher Evans to lead winding up proceedings. B P C Limited can be reached at: B P C House Unit 12 Greatbridge Road Romsey Industrial Estate Romsey Hampshire SO5 10HR Tel: 01794 521 200 Fax: 01794 521 400 Web: http://www.bpc-ups.com/ BERKELEY BERRY: Taps Joint Administrators from KPMG --------------------------------------------------- Finbarr Thomas O'Connell and Allan Watson Graham of KPMG LLP were appointed joint administrators of Berkeley Berry Birch Plc (Company Number 00788306) on March 21. Its registered office is at Eaton House, 1 Eaton Road, Coventry CV1 2FJ. KPMG -- http://www.kpmg.co.uk/-- in the UK is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the UK providing audit, tax and advisory services. Headquartered in Coventry, Berkeley Berry Birch Plc -- http://www.bbb.co.uk-- was formerly known as Berry Birch & Noble Plc. The Group's principal activity is that of an investment holding company. Its subsidiaries include the provision of financial planning, employee benefits, insurance broking services and the provision of support services to independent financial advisers. On January 2002, the Group acquired Berkeley Financial Services Group PLC. Its financial services accounted for 87% of fiscal 2002 revenues and insurance broking, 13%. BURTON ENVIRONMENTAL: Creditors' Meeting Set for April 18 --------------------------------------------------------- Creditors of Burton Environmental Limited (Company Number 2028703) will meet at 11 a.m., on April 18, at: PricewaterhouseCoopers LLP Donington Court Pegasus Business Park Castle Donington DE74 2UZ 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 17, to: David Matthew Hammond Stuart David Maddison Administrators PricewaterhouseCoopers LLP Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT 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. Burton Environmental Ltd can be reached at: 139 Horniglow Street Burton on Trent DE14 1PG Staffordshire Tel: 01283 517374 Fax: 01283 500360 BUSINESSLINX LIMITED: Creditors Confirm Voluntary Liquidation ------------------------------------------------------------- Creditors of Businesslinx Limited confirmed the company's voluntary liquidation after members decided to wind up the company on Feb. 24. Creditors also affirmed the appointment of Timothy John Hargreaves, of TH Associates, as Liquidator. Businesslinx Limited can be reached at: Suite 312 India Mill Centre Darwen Lancashire BB3 1AE Tel: 01254 708 340 CALICO LIMITED: Financial Woes Prompt Liquidation ------------------------------------------------- Robert M. Rutherford, of Parkin S. Booth & Co, was appointed Liquidator of Calico (Wales) Limited after members proved the company could no longer continue its business due to financial liabilities. Calico (Wales) Limited can be reached at: 10A High Street Llangefni Gwynedd LL77 7LT Tel: 01248 722 276 CBM DEMOLITION: Liquidates Assets in Leeds ------------------------------------------ Members of CBM Demolition Services Limited resolved to liquidate the company's assets during an extraordinary general meeting on Feb. 27. Director J. Pearcey claimed the company could no longer continue its operations due to mounting debts. Peter O'Hara, of O'Hara & Co, was appointed Liquidator. CBM Demolition Services Limited can be reached at: 1 Victoria Court Bank Square Morley Leeds LS27 9SE Tel: 0113 252 5911 DEWHURST BUTCHERS: Business for Sale ------------------------------------ Shay Bannon and Graham Randall, in their capacity as Joint Administrators for Dewhurst Butchers, will sell the Company's business and assets. The sale includes 95 outlets nationwide with approximately GBP25 million in turnover. Inquiries can be addressed to: Thishan De Zoysa Tel: 020 7893 2315 E-mail: thishan.de.zoysa@bdo.co.uk About BDO Stoy Hayward BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. EQUITABLE LIFE: S&P Raises Credit Rating to B+ on Reduced Risks --------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit rating on U.K.-based life insurer The Equitable Life Assurance Society to 'B+' from 'B'. The outlook is positive. At the same time, Standard & Poor's raised its junior subordinated debt rating on Equitable Life Finance PLC to 'CCC+' from 'CCC-'. "The upgrade of Equitable Life reflects the reducing risk in provisions and the society's improving, although weak, capitalization," said Standard & Poor's credit analyst Andrew Hughes. The rating on Equitable Life also reflects the society's limited flexibility to manage its balance sheet and marginal operating performance. Partially offsetting these weaknesses are the relatively low-risk investment profile and the progress made by management in reducing uncertainties and increasing stability. Equitable Life is a closed life insurer, with GBP15.5 billion of assets under management at Dec. 31, 2005. The positive outlook reflects the actions taken by management to improve stability and reduce uncertainties. Equitable Life is expected to continue to manage down risks over the next 12 months, which may result in the rating being raised. Standard & Poor's expects that a reduction in risk associated with lower levels of provisions will improve the credit profile of Equitable Life. Action taken to reduce longevity risk within the fund without a material negative impact on surplus is also likely to be positive for the rating. Equitable Life is expected to further reduce interest rate costs by repaying the remaining subordinated debt on the call date in 2007. A material improvement in longevity, a decline in interest rates below 3.5%, or poor returns on Equitable Life's risk assets could result in negative rating actions. FEELRIGHT CONSTRUCTION: Taps Filippa Connor to Liquidate Assets --------------------------------------------------------------- Filippa Connor, of B&C Associates, was appointed Liquidator of Feelright Construction Limited after members decided to liquidate the company's assets on Feb. 28. Director P. D. Gomez disclosed the company could no longer continue its business due to mounting debts. Feelright Construction Limited can be contacted at: Little Plumpton House Hinxhill Ashford Kent TN25 5NT Tel: 01233 611 770 H L GORNER: Meeting of Creditors Set for April 7 ------------------------------------------------ Creditors of H L Gorner Limited (Company Number 00929228) will meet at 10 a.m., on April 7, at: BDO Stoy Hayward LLP Commercial Buildings 11-15 Cross Street Manchester M2 1BD 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: M Dunham Joint Administrator BDO Stoy Hayward LLP Commercial Buildings 11-15 Cross Street Manchester M2 1BD BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. H L Gorner Limited -- http://hlgorner.co.uk/-- offers new and used Mercedes-Benz cars, including make and model comparison facility, parts and service in Wigan, Warrington and Clapham, North Yorkshire. IMAGE AUTOMATION: Names Grant Thornton Administrator ---------------------------------------------------- Martin Ellis and Andrew Hosking of Grant Thornton UK LLP were appointed joint administrators of Image Automation Limited (Company Number 01902336), Sira Environmental Certification Limited (Company Number 01582028), Sira Limited (Company Number 00150576) and Sira Technology Limited (Company Number 02248869) on March 22. 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. Image Automation Ltd -- http://www.imageautomation.com/-- and its subsidiary organization, Image Automation Inc, are both Sira Group companies. It designs, manufactures, sells and supports instrumentation, specifically in the area of automatic inspection. Established in 1986, IAL has become the focus for automatic inspection in the Sira Group. Sira Limited and its subsidiaries -- http://www.sira.co.uk/-- specializes in the exploitation of technological innovation, with an illustrious heritage stretching back to the origins of the company in 1918. J.L. FRENCH: U.S. Unit Files Reorg. Plan & Disclosure Statement --------------------------------------------------------------- J.L. French Automotive Castings, Inc., filed its Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court for the District of Delaware on April 4. The plan outlines how the company will satisfy claims in its Chapter 11 case and emerge successfully as a reorganized company. The Plan's terms are consistent with those outlined by the company when it filed its voluntary petitions under Chapter 11 on Feb. 10. "We are on track with our reorganization, as evidenced by [Mon]day's filing which has been completed in less than 60 days since we first entered Chapter 11," stated Jack F. Falcon, chairman, CEO and president. "During this time, we have operated our business as we intended: We have entered into new business agreements with major customers, commenced shedding underutilized assets, and maintained our organizational leadership in its entirety. We are optimistic that we will complete the reorganization and emerge with a new, revitalized balance sheet by the end of the second quarter of this year." Plan Funding Distributions under the Plan will be made through new cash investment, as well as exit financing of no less than U$255 million, of which U$$205 million will be a term loan and a revolver of U$$50 million, with at least U$$30 million unfunded capacity at the time the Plan becomes effective. The company is considering several exit financing proposals and expects to have an exit financing commitment. Terms of the Plan The Plan, which outlines the treatment of claims as divided into various creditor classes, calls for the repayment in full of the first lien debt totaling approximately $295 million. All classes related to the payment of debtor-in-possession financing claims, administrative expenses, priority claims and capital leases and other secured claims will be paid in full. The second lien notes claims, which total approximately U$$177 million, will be converted into 8%-22% of the new common stock and three tranches of warrants for new common stock in the reorganized company. The warrants will have strike prices ranging from U$$195 million to U$$295 million in equity value. Holders of second lien note claims may also participate in a Rights Offering that will raise between U$$110 million and U$$130 million in exchange for 78%-92% of the new equity. This cash will help finance the reorganized company's exit from Chapter 11. The Rights Offering will commence concurrent with Plan solicitation. The company recently received Court approval to pay fees to those parties that made commitments to backstop the Rights Offering. Trade creditors will receive 100% of the face amount of their claims, but will not receive interest on those claims. General unsecured creditors other than holders of senior subordinated 11-1/2% notes and trade creditors will receive their pro rata shares of the greater of $50,000 or common stock having a value equal to certain property unencumbered by liens. The subordinated 11-1/2% notes are contractually subordinated to the second lien notes claims, and holders of those notes will not receive any distributions unless the second lien notes claims have been satisfied in full. Preferred and common equity holders will receive no distribution under the Plan. Balance Sheet and Income Statement As of Dec. 31, 2005, J.L. French had approximately U$$465 million in first and second lien senior secured debt and U$$28.9 million in 11.5% senior subordinated unsecured notes due 2009. The company incurred the majority of this debt as a result of an expansion and acquisition program in the late 1990s. When J.L. French completes its reorganization, it anticipates long-term debt of approximately U$$26 million, in addition to the new U$$205 million term facility that will be added to the balance sheet. As of Dec. 31, 2005, the company had approximately U$$268 million in consolidated net operating losses. The company's 2005 revenues were approximately U$$482 million, most of which the company generated in its continuing operations in Wisconsin and Kentucky in the U.S. and in Spain. About J.L. French Headquartered in Sheboygan, Wisconsin, J.L. French Automotive Castings, Inc. -- http://www.jlfrench.com/-- is one of the world's leading global suppliers of die cast aluminum components and assemblies. There are currently nine manufacturing locations around the world including plants in the United States, United Kingdom, Spain, and Mexico. The company has fourteen engineering/customer service offices to globally support our customers near their regional engineering and manufacturing locations. The U.S. Company and its debtor-affiliates filed for chapter 11 protection on Feb. 10, 2006 (Bankr. D. Del. Case No. 06-10119 to 06-06-10127). James E. O'Neill, Esq., Laura Davis Jones, Esq., and Sandra G.M. Selzer, Esq., at Pachulski Stang Ziehl Young & Jones, and Marc Kiesolstein, P.C., at Kirkland & Ellis LLP, represent the Debtors in their restructuring efforts. When the Debtor filed for chapter 11 protection, it estimated assets and debts of more than $100 million. Immediately following the U.S. Debtors' pre-packaged chapter 11 filing, the Company's British unit went into administration. Shagun Sunil Dubey, Geoffrey Stuart Kinlan and Christopher Kim Rayment of BDO Stoy Hayward were appointed joint administrators. KRISPY KREME: Plans to Sell UK Division to Pay Off Losses --------------------------------------------------------- Krispy Kreme Doughnuts, Inc., has placed its UK division up for sale in an effort to raise cash to pay off GBP20 million in expected losses, Lauren Mills writes for The Business Online.com. According to the report, Krispy Kreme'S UK division, which opened its first British store less than three years ago, operates 18 outlets including kiosks at Harrods and Selfridges. Other stores are located at Bluewater and Lakeside shopping centers as well as at railway stations including London's Victoria, Paddington and Euston. The company appointed corporate finance boutique Ford Campbell, based in Manchester, to handle the sale. Analysts believe the business could fetch up to GBP50 million (EUR72 million, US$86 million), Ms. Mills relates. Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme -- http://www.krispykreme.com/-- is a leading branded specialty retailer of premium quality doughnuts, including the Company's signature Hot Original Glazed, in the U.S., Australia, Canada, Mexico, the Republic of South Korea and the United Kingdom. Freedom Rings LLC, a majority-owned subsidiary and franchisee partner of Krispy Kreme Doughnuts, Inc., in the Philadelphia region, filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case No. 05-14268). It operates six out of the approximately 360 Krispy Kreme stores and 50 satellites located worldwide. M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it estimated $10 million to $50 million in assets and debts. Headquartered in Oak Brook, Illinois, Glazed Investments, LLC, is a 97%-owned unit of Krispy Kreme. Glazed filed for chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932). The bankruptcy filing will facilitate the sale of 12 Krispy Kreme stores, as well as the franchise development rights for Colorado, Minnesota and Wisconsin, for approximately $10 million to Westward Dough, the Krispy Kreme area developer for Nevada, Utah, Idaho, Wyoming and Montana. Daniel A. Zazove, Esq., at Perkins Coie LLP represents Glazed in its restructuring efforts. When Glazed filed for protection from its creditors, it estimated assets and debts between $10 million to $50 million. KremeKo, Inc., Krispy Kreme's Canadian franchisee, is restructuring under the Companies' Creditors Arrangement Act. Pursuant to the Court's Initial Order, Ernst & Young Inc. was appointed as Monitor in KremeKo's CCAA proceedings. The Monitor is attempting to sell the KremeKo business. LMC STREATHAM: HSBC Bank Appoints BDO Stoy Hayward Receiver ----------------------------------------------------------- HSBC Bank Plc appointed Antony David Nygate and Shay Bannon of BDO Stoy Hayward joint administrative receivers of LMC Streatham Limited (Company Number 01373600) on March 22. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. LMC Streatham Limited is engaged in selling new and used Mazda cars. Its trading name is Streatham Mazda. NTL INC: Virgin Mobile Merger Spurs Fitch's B+ IDR -------------------------------------------------- Fitch Ratings sustained NTL Inc.'s Issuer Default Rating at B+ with Stable Outlook and its Short-term rating at B, following the announcement of the agreed terms of the acquisition of Virgin Mobile in the UK and the licensing of the Virgin brand for use by NTL in its cable business. Director in Fitch's Leveraged Finance team, Michelle De Angelis commented, "The addition of the Virgin Mobile virtual network operator business should provide a useful complement to the triple-play offering, with the potential to prove attractive to existing cable subscribers." "The proposed acquisition should enhance the group's long term strategic position but is likely to have little immediate effect on the credit profile of NTL in the short term," she added. NTL would be the first provider in the UK to bundle "quad-play" services, while the use of the Virgin name could help address some of the service quality and brand issues historically associated with NTL. NTL has commented that the mobile business would continue to be run separately from the cable business initially, which should help the company to avoid integration issues with Virgin while at the same time combining the legacy NTL and Telewest businesses. However, Fitch remains skeptical that Virgin's 4.3 million subscribers present a significant cross-selling opportunity to other NTL services, at least until the company achieves further penetration in the contract market. The acquisition price values Virgin Mobile at GBP962 million, and Fitch notes that the maximum cash element of the deal would total GBP607 million, consisting of GBP193 million to refinance Virgin Mobile debt plus up to GBP414 million for cash equity purchases, as Richard Branson's Virgin Group has elected to take a combination of shares and cash for its 71.2% stake in Virgin Mobile. With Virgin Mobile generating annualized EBITDA of GBP108 million, pro-forma EBITDA of the combined group would total GBP1.3 billion and the deal would leave NTL's pro forma net leverage position unchanged at 4.7x. Fitch notes that if Virgin Mobile expensed all subscriber acquisition costs upon connection, its annualized EBITDA would be reduced to an estimated GBP76 million and pro- forma NTL leverage after the acquisition would increase by less than 0.2x on that basis. NTL INVESTMENT: Fitch Affirms GBP3.3 Bln Credit at BB+/RR1 ---------------------------------------------------------- Fitch Ratings affirmed NTL Investment Holdings Limited's GBP3.3 billion senior secured credit facilities at BB+/RR1. The agency is maintaining Rating Watch Evolving on NTL Cable PLC's debt, pending the final funding structure of the recently completed merger with Telewest. a) GBP375 million 9.75% senior notes due 2014: B+/RR4 Rating Watch Evolving; b) USD425 million 8.75% senior notes due 2014: B+/RR4 Rating Watch Evolving; and c) EUR225 million 8.75% senior notes due 2014: B+/RR4 Rating Watch Evolving. NTL has commented that the mobile business would continue to be run separately from the cable business initially, which should help the company to avoid integration issues with Virgin Mobile while at the same time combining the legacy NTL and Telewest businesses. On March 3, NTL completed the long-awaited merger with Telewest, creating a national cable operator passing 12.4 million homes or 51% of UK TV households. With approximately 5 million on-net customers, representing 39.9% penetration of homes marketed, the group represents a strong competitor to BSkyB and BT Group, each of which is endeavoring to expand its service offering to include the triple-play bundle of telephony, broadband and multi-channel TV. PHOENIX MEDICAL: Administrators from Tenon Recovery Enter Firm -------------------------------------------------------------- Ian William Kings of Tenon Recovery was appointed administrator of Phoenix Medical Group Limited (Company Number 04839852) on March 21. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Phoenix Medical Group Limited operates a nursing agency. Its trading name is Phoenix Nursing Agency. PRIMAC SUNCROSS: Halts Operations & Appoints Liquidator ------------------------------------------------------- Primac Suncross Press Limited is liquidating its assets after members found out that the company could no longer continue its operations due to financial liabilities. Peter John William Stanger, of Ward Williams Limited, was appointed Liquidator. Primac Suncross Press Limited can be contacted at: Unit 8 Worton Hall Industrial Estate Worton Road Isleworth Middlesex TW7 6ER Tel: 020 8568 4077 Fax: 020 8568 1070 RICHAPRINT LIMITED: Taps Baker Tilly to Administer Assets --------------------------------------------------------- Adrian David Allen and Alec David Pillmoor of Baker Tilly were appointed joint administrators of Richaprint Limited (Company Number 01269047) on March 16. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Richaprint Ltd can be reached at: Priory Road Freiston Boston PE22 0JZ Lincolnshire Tel: 01205 760774 Fax: 01205 761084 RIVERSTONE LIMITED: Members Agree to Winding Up Operations ---------------------------------------------------------- Members of Riverstone (UK) Limited decided to wind up the company during an extraordinary general meeting on Feb. 23. M.C. Bowker, of Unity Corporate Recovery & Insolvency, was appointed Liquidator. Riverstone (UK) Limited can be reached at: Park Road Padiham Burnley Lancashire BB12 7AN Tel: 01282 680 121 Fax: 01282 680 123 T-COMPUTERS PLC: Creditors' Meeting Slated for April 13 ------------------------------------------------------- Creditors of T-Computers Plc (Company Number 02133500) will meet at 11 a.m., on April 13, at: PKF (UK) LLP Farringdon Place 20 Farringdon Road London EC1M 3AP 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 12 to: S. P. Holgate, Joint Administrator PKF (UK) LLP Farringdon Place 20 Farringdon Road London EC1M 3AP PKF (UK) LLP -- http://www.pkf.co.uk-- provides accounting services including assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. T-Computers Plc was formerly named Tulip Computers (UK) PLC and can be reached at: Unit 6 Satellite Business Village Crawley, West Sussex RH10 9NE Tel: 01293 420200 Fax: 01293 553307 E-mail: info@tulip.co.uk TASC INTERIORS: Creditors' Meeting Slated for April 10 ------------------------------------------------------ Creditors of TASC Interiors Limited (Company Number 02833644) will meet at 11 a.m., on April 10 at: Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU 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 9 to: D. Elliott Joint Administrator Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its UK network comprises over 1,400 partners and staff. Tasc Interiors Ltd can be reached at 01892 549273. TCLG REALISATIONS: Lloyds TSB Taps E&Y Admin Receivers ------------------------------------------------------ Lloyds TSB Bank Plc appointed R. Bailey and M. Mills of Ernst & Young joint administrative receivers of TCLG Realisations Limited (Company Number 01132151) on March 17. Ernst & Young -- http://www.ey.com/-- provides clients with a broad array of services relating to audit and risk-related services, tax, and transactions. TCLG Realisations Limited was formerly named TCL Granby Limited and Alpine Acoustics Limited. The company is engaged in building installation and facilities management. TECHNO LIGHT: Members Resolve to Wind Up Operations --------------------------------------------------- Techno Light Supplies Limited is winding up its operations after members decided to liquidate the company's assets on Feb. 23. G. Mummery and P. Atkinson, both of Vantis Redhead French, will jointly administer the winding up proceedings. Techno Light Supplies Limited can be contacted at: Unit 18 Leeside Road Mowlem Trading Estate London N17 0QJ Tel: 020 8801 7077 Fax: 020 8801 2229 Web: http://www.technolight.co.uk/ TTSL REALISATIONS: Lloyds TSB Bank Taps E&Y as Admin Receiver ------------------------------------------------------------- Lloyds TSB Bank Plc appointed R. Bailey and M. Mills of Ernst & Young LLP joint administrative receivers of TTSL Realisations LIMITED (Company Number 04164056) on March 22. Ernst & Young -- http://www.ey.com/-- provides clients with a broad array of services relating to audit and risk-related services, tax, and transactions. TTSL Realisations Limited was formerly named Task Systems Limited and WH Systems Limited. It provides a full range of professional services to support the office furniture selection process right through to installation and after sales service. UNIQUE ASSIST: Joint Liquidators Take Over Operations ----------------------------------------------------- Gary E. Blackburn and Paul A. Whitwam, both of BWC Business Solutions Limited, were appointed Joint Liquidators of Unique Assist Limited after members decided to liquidate the company's assets on Feb. 28. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its financial liabilities. Unique Assist Limited can be contacted at: 10 Doals Gate Bacup Lancashire OL13 8JN Tel: 0161 926 8926 VIRGIN MOBILE: Inks EUR962.4-Million Merger Deal with NTL Inc. -------------------------------------------------------------- NTL Incorporated and the Independent Board of Virgin Mobile Holdings (UK) plc reached agreement on the terms of a recommended cash offer to be made by ntl Investment Holdings Limited, a wholly owned subsidiary of ntl, with a recommended share alternative offer to be made by ntl, and a recommended share and cash alternative offer to be made by ntl and the Cash Offeror, to acquire the entire issued and to be issued share capital of Virgin Mobile. The Offer will be implemented by way of a scheme of arrangement under section 425 of the Companies Act 1985, as amended. Both companies have satisfied or waived each of the pre- conditions set out in the pre-conditional possible offer announcement made on Jan. 16. Terms of the Offer Pursuant to the terms of the Offer, Virgin Mobile Shareholders can elect for: (1) the Cash Offer of 372 pence in cash per Scheme Share held; or (2) the Share Offer of 0.23245 ntl Shares per Scheme Share held, valued at 389 pence per Scheme Share based on ntl's closing price and the US$/GBP exchange rate at April 3, 2006; or (3) the Share and Cash Offer by ntl and the Cash Offeror of 0.18596 ntl Shares and 67 pence in cash per Scheme Share held, valued at 311 pence per Scheme Share based on ntl's closing price and the US$/GBP exchange rate at April 3, 2006 plus 67 pence in cash. The above terms have been restated from those set out in ntl's announcement of a potential offer for Virgin Mobile on Jan. 16, as a result of the subsequent closing of the merger of ntl and Telewest and the consequent change in the identity of the ultimate parent company of the ntl Group. This has required the number of ntl shares to be offered for each Virgin Mobile Share under the Share Offer and the Share and Cash Offer to be adjusted as set out in this announcement. The Cash Offer values the existing issued share capital of Virgin Mobile at approximately GBP962.4 million. The Cash Offer represents a premium of 19.6% to the Virgin Mobile Share price on Dec. 2, 2005, the last business day prior to the commencement of the offer period; premia of 18.9%, 26.2%, and 47.9% to the average Virgin Mobile Share price over the one, three and twelve month periods prior to Dec. 5, 2005, respectively; and a 86.0% premium to Virgin Mobile's IPO offer price on July 21, 2004 when it was listed on the London Stock Exchange. ntl has entered into a 30-year exclusive brand license with Virgin Enterprises Limited for the use of the Virgin brand for ntl's consumer business. Closely following the merger of ntl and Telewest to create the UK's leading triple-play cable provider, ntl's combination with Virgin Mobile and the proposed re-branding of its combined consumer businesses with the Virgin brand represents an important milestone in ntl's history. ntl believes that the combination with Virgin Mobile and the re-branding of its combined consumer operations with the Virgin brand will deliver wide-ranging strategic and financial benefits to shareholders. In particular, ntl believes that the transactions will: -- help transform it from the UK's leading triple-play cable provider into a national entertainment and communications company, harnessing the powerful Virgin consumer champion brand; -- enhance ntl as a scale competitor in the UK, enabling ntl to compete more effectively with the large incumbents in the UK telecommunications market. In addition, the extension of ntl's product suite to include mobility will, ntl believes, provide a strong platform for innovation and development of converged products, such as converged fixed and mobile telephony devices, and video and voice services; -- appeal to existing and new consumers by offering a wide range of high quality communications services from a single provider, with the unique flavor and customer focus of the Virgin brand; -- allow it to extend its expertise in bundling and cross- selling communications products to mobile telephony; and -- provide potential for revenue synergies by: * increasing penetration and reducing customer churn by providing an appealing product suite under the Virgin brand; and * increasing average revenue per user through the effective cross-selling of mobile services into customer homes serviced by ntl, and triple-play services to Virgin Mobile subscribers. ntl believes that the Offer will not materially affect its current leverage. Other potential benefits anticipated include savings on some of the re-branding costs it may have incurred had it re-branded under a newly created brand, and the use of certain existing capital allowances to offset Virgin Mobile taxable income. Virgin Mobile will retain its existing brand and will continue to be based in the United Kingdom. Virgin Mobile's operating business will continue to be led by members of Virgin Mobile's current management team, and it is intended that a marketing director from Virgin will join ntl, bringing Virgin's brand expertise to the ntl management team. Independent Board Recommendation The Independent Board, who have been so advised by Morgan Stanley & Co. Limited, consider the terms of the Cash Offer, the Share Offer and the Share and Cash Offer to be fair and reasonable. In providing advice to the Independent Board, Morgan Stanley & Co. Limited has taken into account the commercial assessments of the Independent Board. The Independent Board has indicated to ntl that it intends unanimously to recommend that Virgin Mobile Shareholders vote in favor of the Scheme at the appropriate meetings, as the Independent Directors have undertaken to do in respect of all their own beneficial holdings of 1,338,534 Virgin Mobile Shares, representing as at the date of this announcement, in aggregate, approximately 0.52% of the existing issued share capital of Virgin Mobile. Virgin Mobile Shareholders considering making an election for the Share Offer or for the Share and Cash Offer are referred to the investment considerations which will be set out in the Scheme Document. The decision as to whether Virgin Mobile Shareholders make an election for the Share Offer or for the Share and Cash Offer will depend on their individual circumstances. If Virgin Mobile Shareholders are in any doubt as to the action they should take, they should seek their own financial advice from an independent financial adviser. ntl and the Cash Offeror have received irrevocable undertakings to vote in favor of a scheme of arrangement to implement the Offer from Virgin Mobile Shareholders representing approximately 72.0% of the existing issued share capital of Virgin Mobile. The Virgin Group which, taken together, holds approximately 71.2% of the existing issued share capital of Virgin Mobile, has undertaken, irrespective of whether any higher competing bid is made, to vote in favor of a scheme of arrangement to implement the Offer and to elect in full for the Cash and Share Offer. Commenting on the Offer, James Mooney, Executive Chairman of ntl, said: "We are delighted to announce the recommended Offer and the brand licensing with Virgin today, which not only delivers mobile capability to our product bundle but also gives us access to a leading consumer brand. It truly is a step- change transaction not only for ntl but for the media sector as an whole in the UK. "Central to [yester]day's announcement is our strong belief that offering a quad-play underpins true media convergence, and offering high quality communications services will, we believe, appeal to existing subscribers of the enlarged business as well as new customers. There is a natural appeal for mobile, telephony, broadband and television content and ntl is now truly unique in its mass market product offering." Commenting on the Offer, Charles Gurassa, Chairman of Virgin Mobile, said, "After careful consideration, the Independent Directors of Virgin Mobile intend to recommend ntl's Offer to shareholders. This Offer reflects the strong operational and financial performance of Virgin Mobile and represents an excellent opportunity for Virgin Mobile shareholders to realize the significant increase in shareholder value since flotation. We believe this Offer is in the best interests of Virgin Mobile's shareholders, customers and employees." NTL Inc. -- http://www.ntl.com/-- is the UK's largest cable operator and a leading provider of broadband, digital television, telephony, content and communications services to homes, businesses and public sector organizations. For the year ending Dec. 31, 2005, the company's pro-forma revenues were approximately GBP3.5 million. Headquartered in Trowbridge, West Wiltshire, Virgin Mobile -- http://www.virginmobile.com/-- is a major provider of mobile communications services within the UK, with more than four million customers. Virgin Mobile launched its operations as a mobile virtual network operator (MVNO) in November 1999. At Sept. 30, 2005, Virgin Mobile's balance sheet showed a GBP222.1 million stockholders' deficit, compared to a GBP269.1 million at Sept. 30, 2004. ********* 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. 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