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/raid1/www/Hosts/bankrupt/TCREUR_Public/060410.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, April 10, 2006, Vol. 7, No. 71 Headlines F R A N C E ALCATEL SA: Thales to Buy Satellite Units in Stock & Cash Deal ALCATEL S.A.: Earns EUR971 Million in Year Ended 2005 G E R M A N Y AUTOHAUS HANKENSBUETTEL: Claims Registration Ends April 13 BERNHARD PICKER: Creditors' Meeting Slated for May 4 DUESSELDORFER HYPOTHEKENBANK: Fitch Affirms Individual C Rating ERGE GMBH: Claims Registration Ends April 13 FLUGBORSE M.G.: Claims Registration Ends April 13 HERMANN FELDMANN: Claims Registration Ends April 13 HOFMANN-LICHT: Creditors' Meeting Slated for May 4 LOGISTIK TRANSPORTE: Claims Registration Ends April 13 MURAT INDUSTRIEMONTAGEN: Claims Registration Ends April 13 PFLEIDERER AG: Plans to Raise EUR205.4 Million in Equity Sale PFLEIDERER AG: Confirms Positive Outlook for 2006 TEAM TEC: Creditors' Meeting Slated for April 13 VITONA CHEMIEHANDEL: Claims Registration Ends April 13 I T A L Y BANCA NAZIONALE: BNP Completes Equity Deal with 50.4% Stake IT HOLDING: Group Posts EUR18.7 Million Net Loss PARMALAT SPA: Board Approves Draft 2005 Financial Statements K A Z A K H S T A N AKBOTA: Creditors Must File Claims by April 16 ASEM: Creditors Must File Claims by April 16 BAYKALENERGOMARKET: Creditors Must File Claims by April 16 BIG'S: Creditors Must File Claims by April 16 DOSTYK: Ost Kazakhstan Court Opens Bankruptcy Proceedings GAGSA OIL: Atyrau Court Opens Bankruptcy Proceedings IRTYSH-LTD 2030: Creditors Must File Claims by April 16 JUSTAS: Creditors Must File Claims by April 16 NOOK: Creditors Must File Claims by April 16 SARY SUU: Akmola Court Opens Bankruptcy Proceedings N E T H E R L A N D S KONINKLIJKE AHOLD: Argentina Nixes Disco's US$350-Mln Tax Claims NEW SKIES: Moody's Upgrades Sr. Unsecured Bond at B1 From B3 SENSATA TECHNOLOGIES: Moody's Assigns B2 Corporate Family Rating P O L A N D NETIA SA: Supervisory Board Names Jon Eastick CFO R U S S I A ASTASHKOVSKIY MEAT: Tver Court Begins Bankruptcy Process BELGOROD-SEL-KHOZ-ENERGO: Declared Insolvent by Belgorod Court BELOVSKIY SUGAR: Bankruptcy Hearing Set for June 21 KARABANOVSKIY TEXTILE: Court Names G. Rabina Insolvency Manager KURILOVSKOYE: Bankruptcy Hearing Set for June 20 LADYINO: Court Appoints O. Akinshin Insolvency Manager MAGISTRAL: Bankruptcy Hearing Set for April 18 ROSNEFT: Names Ex-Morgan Stanley's Peter O'Brien as Finance Head ROSNEFT: Sets Up New Drilling Company to Consolidate Units SEL-KHOZ-KHIMIYA: Claims Filing Period Ends April 27 SOBOLEVSKOYE: Proofs of Claim Slated for April 27 ZAVIDOVO-FELT: Deadline for Proofs of Claim Set for April 27 U K R A I N E AGROPROGRES: Sumi Court Opens Bankruptcy Proceedings AGROTEH: Lugansk Court Opens Bankruptcy Proceedings CHUGUYIV' FUEL: Harkiv Court Opens Bankruptcy Proceedings KALINIVKA' MACHINE: Vinnitsya Court Opens Bankruptcy Proceedings LOTASH: Court Appoints Ludmila Buchinska to Liquidate Assets STALPROM: Dnipropetrovsk Court Opens Bankruptcy Proceedings TERRA-UKRAINA: Kyiv Court Opens Bankruptcy Proceedings UKRAGROREZERV: Vinnitsya Court Opens Bankruptcy Proceedings VOLODIMIRETSKIJ RAJAGROHIM: Court Opens Bankruptcy Proceedings U N I T E D K I N G D O M A A ELECTROPLATERS: Members Pass Winding Up Resolution A G MODELS: Creditors Confirm Voluntary Liquidation AUTOTECH LIMITED: Taps Nedim Ailyan to Liquidate Assets BATH & GLASSWORKS: Members Resolve to Wind Up Operations BIFROST INVESTMENTS: Fitch Cuts EUR75MM Class 10D Rating to BB+ BOOTSTRAP ENTERPRISES: Taps Peter Gotham to Liquidate Assets CAPITAL EVENT: Creditors Affirm Voluntary Liquidation CRAEGMOOR FUNDING: Fitch Downgrades GBP42.2 Million FRNs at BB- D GARSIDE: Winds Up Operatins & Appoints Liquidator GOODYEAR TIRE: Closing UK Tire Factory to Cut Global Costs TYNEMOUTH WINDOWS: Members Agree to Liquidation WARSHIP PRESERVATION: Financial Woes Prompt Winding Up Process WHITTAKER COACHBUILDERS: Joint Liquidators Take Over Operations ********* =========== F R A N C E =========== ALCATEL SA: Thales to Buy Satellite Units in Stock & Cash Deal -------------------------------------------------------------- The Board of Thales SA approved the acquisition in principle of Alcatel SA's satellite subsidiaries, its railway signaling business and its integration and services activities for mission-critical systems. This transaction would primarily consist of the contribution of assets and would give way to: -- an issuance of 26.67 million Thales shares in favor of Alcatel, subject to the vote of Thales' Shareholders General Meeting; -- a cash payment of EUR673 million payable by Thales to Alcatel upon closing of the transaction. Alcatel would strengthen its position as the reference shareholder of Thales, with a 21.6% stake, while Groupe Industriel Marcel Dassault would keep its 5% share and the French state would remain the majority shareholder with 27.1%. With this transaction, the industrial and commercial partnership between Alcatel and Thales would be strengthened. The transaction primarily consists of the contribution of these assets: a) In the Space sector -- Alcatel's 67% stake in the capital of Alcatel Alenia Space, a worldwide leader in the construction of satellites for both civil and military use, particularly for communications satellite operators, the armed forces and institutional European bodies such as ESA, the CNES and ASI. This Joint Venture company, created in 2005, is the result of the grouping together of Alcatel's and Finmeccanica's relevant assets, the latter holding 33% stake. -- Alcatel's 33% share in the capital of Telespazio, worldwide leader in satellite services, jointly held at 67% by Finmeccanica. b) In the Critical Security systems domains -- The Transport Systems activities, a worldwide leader in signaling solutions for rail transport and urban metros. -- Systems Integration activities not dedicated to telecoms operators, and covering mainly the transport and energy sectors. The total revenues of these activities, based on 2005 results, amounted to EUR2 billion. The workforce represents approximately 11,000 people, mainly in France, Germany, Italy and Canada. An additional fee could be paid by Thales at the beginning of 2009 on the basis of the value of the 67% share in Alcatel Alenia Space as determined by a mandated expert. This project is subject to the approval of Alcatel's Board of directors within the framework of its proposed merger with Lucent Technologies, Inc., as well as the approval of its partner in satellite activities, Finmeccanica. The transaction will be further subjected to regulatory approvals. The closing of this transaction is scheduled for the second half of 2006. About Thales Established in France more than a century ago, Thales SA is a global electronics company serving Aerospace, Defence, and Security & Services markets worldwide. With operations in more than 30 countries and 60,000 employees, the Thales Group generated EUR10.3 billion in revenues in 2004. About Alcatel Headquartered in Paris, France, Alcatel -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user- centric broadband world. With sales of EUR13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in the Troubled Company Reporter-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'B' long-term corporate credit rating on U.S.-based Lucent Technologies Inc. on CreditWatch with positive implications. Standard & Poor's affirmed its 'B' short-term corporate credit rating on Alcatel and its 'B-1' short-term corporate credit rating on Lucent. ALCATEL S.A.: Earns EUR971 Million in Year Ended 2005 ----------------------------------------------------- Alcatel S.A., delivered its financial results for the fiscal year ended Dec. 31, 2005, under Form 20-F to the U.S. Securities and Exchange Commission on March 31, 2006. Alcatel reported a EUR971 million net income on EUR4.63 billion in gross profit for the 12-month ended Dec.31, 2005, compared to a EUR645 million net income on a EUR4.61 billion gross profit in 2004. At Dec. 31, 2005, Alcatel's balance sheet showed EUR21.11 billion in total assets, EUR14.4 billion in total liabilities and EUR6.71 billion in shareholders' equity. Highlights of Transactions for 2005 On March 17,2005, Alcatel completed the acquisition of Native Networks, Inc., a provider of optical Ethernet transport solutions, for US$55 million in cash. On March 16, the company sold their shareholding in Nexans, representing 15.1% of Nexan's share capital, through a private placement. On March 15, 2005, the company amended the existing syndicated revolving EUR1.3 billion credit facility by extending the maturity date from June 2007 to June 2009, with a possible extension until 2011, eliminating one of the two financial covenants, reducing the cost of the facility and reducing the overall amount to EUR1 billion. Alcatel completed the sale of their electrical power business to Ripplewood, a US private equity firm, on Jan. 26, 2005. On April 11, 2005, Moody's upgraded to Bal from Ba3 the ratings for Alcatel's long-term debt on the basis of cost savings achieved by the company and their balance sheet strength. On July 1, 2005, Alcatel completed the merger of their space activities with those of Finmeccanica, S.p.A., an Italian aerospace and defense company, through the creation of two sister companies. Alcatel owns approximately 33%, and Alenia Spazio, a unit of Finmeccanica, owns approximately 33%, of the first company, Alcatel Alenia Space, that combines their respective industrial space activities. Finmecca owns approximately 67%, and Alcatel own approximately 33%, of the second company, Telespazio Holding, which combines their respective satellite operations and service activities. In July 2005, Alcatel exchanged 45% shareholding in their joint venture with TCL Communication Technology Holdings Limited for shares of TCL Communication, which resulted in TCL Communication owning all of the joint venture company and Alcatel owning 141,375,000 shares of TCL Communication. A full-text copy of Alcatel SA's 2005 Annual Report is available at no charge at http://ResearchArchives.com/t/s?7a6 About Alcatel Headquartered in Paris, France, Alcatel -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user- centric broadband world. With sales of EURO 13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in the Troubled Company Reporter-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'B' long-term corporate credit rating on U.S.-based Lucent Technologies Inc. on CreditWatch with positive implications. Standard & Poor's affirmed its 'B' short-term corporate credit rating on Alcatel and its 'B-1' short-term corporate credit rating on Lucent. ============= G E R M A N Y ============= AUTOHAUS HANKENSBUETTEL: Claims Registration Ends April 13 ---------------------------------------------------------- Creditors of Autohaus Hankensbuettel GmbH i.G. have until April 13, to register their claims with court-appointed provisional administrator Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 8, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Saal 114 Schlossgarten 4 38518 Gifhorn Germany 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 Gifhorn opened bankruptcy proceedings against Autohaus Hankensbuettel GmbH i.G. on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Hankensbuettel GmbH i.G. Schmiedestr. 4 29386 Hankensbuettel Attn: Klaus Becker, Manager Heubergerstr. 27 22145 Hamburg Heinz Carsten Meyer, Manager Wittinger Str. 10 29392 Wesendorf Germany The administrator can be contacted at: Torsten Gutmann Zum blauen See 5 31275 Lehrte Germany BERNHARD PICKER: Creditors' Meeting Slated for May 4 ---------------------------------------------------- Court-appointed provisional administrator for Bernhard Picker Bauunternehmung GmbH, Dirk Hammes, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m., on May 4. The meeting of creditors and other interested parties will be held at: The District Court of Kleve Sitzungssaal C 58 Schlossberg 1 47533 Kleve Germany 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 13, to register claims with the court-appointed provisional administrator. The District Court of Kleve opened bankruptcy proceedings against Bernhard Picker Bauunternehmung GmbH on March 13. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Bernhard Picker Bauunternehmung GmbH Attn: Bernhard Picker, Manager Antoniterstr. 76 47551 Bedburg-Hau Germany The administrator can be reached at: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany DUESSELDORFER HYPOTHEKENBANK: Fitch Affirms Individual C Rating --------------------------------------------------------------- Fitch Ratings affirmed Germany's Duesseldorfer Hypothekenbank AG's ratings at Issuer Default BBB+, Short-term F2, Support 5 and Individual C. The Outlook remains Stable. DHB's public sector Pfandbriefe are rated AAA. The rating action follows the announcement that DHB and Bankhaus Bauer AG will merge their operations. "There are moderate synergies to be gained from combining the banks' secondary market public sector finance businesses and fixed-income investments, where Bank Bauer could benefit from DHB's size and experience in this area and its lean cost structure," disclosed Sabine Bauer in Fitch's Financial Institutions team. On a pro-forma basis, total risk weighted assets of the combined entity would be around EUR3 billion at end-2005, of which 90% relates to DHB. DHB's credit risk profile has been gradually increasing due to its small, albeit growing, real estate loan book and a shift into higher foreign sovereign risks. Fitch will monitor the combined entity's credit risk profile. Nevertheless, the affirmation reflects Fitch's view that the transaction shall not materially increase DHB's risk profile while the regulatory capital ratios of the new entity are expected to be stronger. Based on end- 2005 figures, Fitch estimates the Tier 1 ratio at 9.2% and after adjusting for the EUR20 million capital increase at DHB in Q106, the ratio would be around 10%. The transaction will strengthen DHB's influence and outreach to Bank Bauer, and Fitch expects DHB's management board to retain sufficient independence despite the 100% private ownership. Fitch notes the main challenge in integrating Bank Bauer's private banking and wealth management operations is the retention of Bank Bauer's affluent clients. The transaction is subject to the approval by the banks' extraordinary general meetings within the next weeks. It will become effective retrospectively from Jan. 1, 2006. DHB will transfer its 33% stake in Bank Bauer at book value to a holding company of the Schuppli Group, which owns the remaining 67% in Bank Bauer. This will be followed by a transfer of operations of Bank Bauer to DHB. DHB is a privately owned Pfandbriefbank and subject to the restrictions of the Pfandbrief legislation. It has focused on secondary markets public sector lending from its inception and employed 47 staff as at end-2005. The improved operating return on equity at 12.3% in 2005 reflects lower write-offs on Argentinean debt; these positions have materially burdened DHB's profitability since 2001. The Schuppli family founded DHB in 1997. Bank Bauer was founded in 1931 and has been 100%-owned by the Schuppli group since 2001. The bank focuses on private banking and wealth management. Its loan book, which is mostly residential mortgage lending, amounted to EUR90 million at end- 2005 while assets under management stood at EUR700 million at end-2005. Market risk appears to be low with a VaR of 5% of equity at end-2005. It employed 53 staff at end-2005. ERGE GMBH: Claims Registration Ends April 13 -------------------------------------------- Creditors of ERGE GmbH Elektromaschinen und -aggregatebau have until April 13, to register their claims with court-appointed provisional administrator Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 4, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Sitzungssaal C 58 Schlossberg 1 47533 Kleve Germany 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 Kleve opened bankruptcy proceedings against ERGE GmbH Elektromaschinen und -aggregatebau on March 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ERGE GmbH Elektromaschinen und -aggregatebau Eichenstr. 30 47665 Sonsbeck Attn: Dr. Hans-Juergen Sieber, Manager Bienenweg 33 35764 Sinn Germany The administrator can be contacted at: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany FLUGBORSE M.G.: Claims Registration Ends April 13 ------------------------------------------------- Creditors of FLUGBORSE M.G. REISEN GmbH have until April 13, to register their claims with court-appointed provisional administrator Hartmut Wiesinger. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 11, 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 Detmold Saal 12 Gerichtsstr. 6 32756 Detmold Germany 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 Detmold opened bankruptcy proceedings against FLUGBORSE M.G. REISEN GmbH on March 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Flugborse M.G. Reisen GmbH Attn: Manfred Gerke, Manager Meierstr. 19 32756 Detmold Germany The administrator can be contacted at: Hartmut Wiesinger Gerichtsstr. 12 32791 Lage Tel: 05232/9540-0 Fax: 05232/9540-40 Germany HERMANN FELDMANN: Claims Registration Ends April 13 --------------------------------------------------- Creditors of Hermann Feldmann Bauunternehmung GmbH have until April 13, to register claims with court-appointed provisional administrator Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 15, 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 Detmold Saal 12 Gerichtsstr. 6 32756 Detmold Germany 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 Detmold opened bankruptcy proceedings against Hermann Feldmann Bauunternehmung GmbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hermann Feldmann Bauunternehmung GmbH Industriestr. 46 33818 Leopoldshohe Germany The administrator can be contacted at: Klaus Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany Tel: 0521 / 96623000 Fax: 0521 / 96623310 HOFMANN-LICHT: Creditors' Meeting Slated for May 4 -------------------------------------------------- Court-appointed provisional administrator for Hofmann-Licht GmbH, Diana Aurich, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 9:05 a.m., on May 4. The meeting of creditors and other interested parties will be held at: The District Court of Offenbach am Main Saal 166N 1. OG Kaiserstrasse 16-18 63065 Offenbach am Main Germany 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 13, to register their claims with the court-appointed provisional administrator. The District Court of Offenbach am Main opened bankruptcy proceedings against Hofmann-Licht GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Hofmann-Licht GmbH Darmstadter Str. 23 63225 Langen Attn: Heinz Hofmann, Manager Weissdornweg 38 63225 Langen Germany The administrator can be reached at: Diana Aurich Josef-Schmitt-Str. 10 97922 Lauda-Konigshofen Tel: 09343/2065 Fax: 09343/3833 Germany LOGISTIK TRANSPORTE: Claims Registration Ends April 13 ------------------------------------------------------ Creditors of Logistik Transporte Dortmund GmbH have until April 13, to register their claims with court-appointed provisional administrator Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on May 8, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Saal 3.201 II. Etage Gerichtsplatz 1 44135 Dortmund Germany 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 Dortmund opened bankruptcy proceedings against Logistik Transporte Dortmund GmbH on Feb. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Logistik Transporte Dortmund GmbH Mooskamp 20 44359 Dortmund Attn: Barbel Babst, Manager Varziner Strasse 96 44369 Dortmund Michael Latuseck, Manager Stengelweg 3 44265 Dortmund Germany The administrator can be contacted at: Dr. Christoph Schulte-Kaubruegger Rheinlanddamm 199 44139 Dortmund Tel: 0231-2255370 Fax: 0231-2255373 MURAT INDUSTRIEMONTAGEN: Claims Registration Ends April 13 ---------------------------------------------------------- Creditors of Murat Industriemontagen GmbH have until April 13, to register their claims with court-appointed provisional administrator Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Muenster Sitzungssaal Saal 101 B Gerichtsstr. 2-6 48149 Muenster Germany 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 Muenster opened bankruptcy proceedings against Murat Industriemontagen GmbH on March 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Murat Industriemontagen GmbH Dast 1 49545 Tecklenburg Attn: Murat Feyruz, Manager Raiffeisenstr. 7 49525 Lengerich Germany The administrator can be contacted at: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Germany PFLEIDERER AG: Plans to Raise EUR205.4 Million in Equity Sale ------------------------------------------------------------- The Board of Management of Pfleiderer AG resolved on March 27, to increase the subscribed capital of Pfleiderer AG by a total of EUR27,241,216, divided into 10,641,100 no-par value shares. The shareholders of Pfleiderer AG will be offered the new shares at a ratio of 4 to 1. For every four old shares, shareholders of Pfleiderer AG are entitled to subscribe to one new share with dividend rights as of fiscal 2005. The subscription price is EUR19.30. The subscription offer was published on March 28. The two-week subscription period started on March 29, and is expected to end on Tuesday, April 11. The Company expects gross proceeds of EUR205.4 million as a result of the capital increase. The Joint Lead Managers are HVB Corporates & Markets (Global coordinator and sole bookrunner) and Berenberg Bank. The new shares will be included into the existing quotation on April 12. The Joint Lead Managers have contractually committed themselves to subscribe to and fully underwrite the capital increase at usual market conditions. The Company intends to use the capital increase to improve its equity base and financial structure, enabling it to further expand its international activities and giving it greater flexibility to extend its operations. Headquartered in Neumarkt, Germany, Pfleiderer AG manufactures engineered woods and infrastructure products through its subsidiaries. The Company produces wood-based panels for furniture and interior fittings, track systems for urban and intercity rail networks, and a range of poles and towers for energy and commercial infrastructures. * * * As reported in the Troubled Company Reporter-Europe on March 16, Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer Default Rating at BB and Short-term rating at B. Fitch said the Outlook is Stable. PFLEIDERER AG: Confirms Positive Outlook for 2006 ------------------------------------------------- The Board of Management of MDAX-listed Pfleiderer AG confirmed growth goals for fiscal 2006. The 2005 targets have been greatly exceeded, following a highly successful year of business for the Group. Including sales revenues from the Kunz Group -- first consolidated in December - - Group revenues rose to EUR830.5 million. That puts revenues well up compared to EUR766.9 million euros in 2004. The EBITDA result (earnings before interest, taxes, depreciation and amortization) reflects the sustained growth in the engineered wood markets, on which the Pfleiderer Group is now concentrating exclusively. Compared to the previous year, EBITDA rose by 31.2% to EUR100.6 million, putting it well above target. The EBITDA margin for the Group rose correspondingly to 12.1%. Pre-tax earnings for continuing operations vastly improved, rising by 70.6% to EUR31.9 million. This result underlines the Group's strengthened earnings power. In line with this, the EBT margin for continuing operations rose from 2.4% to 3.8%. Net indebtedness for the Pfleiderer Group came to EUR627.5 million for fiscal 2005. Due to the acquisition of the Kunz Group on Dec. 1, 2005, this figure, as planned, was higher at balance sheet closing date on Dec. 31, 2005, than in 2004's EUR177.0 million euros. At the shareholders' meeting on June 13, 2006, the Board of Management and the Supervisory Board will be proposing that the Company pay a dividend of 0.15 euros per share. The Pfleiderer Group has now virtually completed its process of strategic realignment, turning it into a focused major manufacturer of engineered wood producers operating internationally. With production sites in Western Europe and the dynamically growing markets of North America and Eastern Europe, the Group is looking forward to further positive growth in business in 2006. Bearing in mind how the engineered wood markets in Eastern Europe and North America are expected to develop, and given the increased production capacity available, management expects the Pfleiderer Group to improve its revenue and earnings positions overall during fiscal 2006. Consolidation of the Business Unit Kunz for the full 12 months for the first time, with its operations in Germany and North America, will make a major contribution to the Pfleiderer Group developing positively. In view of this, the Board of Management of Pfleiderer AG is confirming its goals for the full fiscal 2006, with revenues expected to come to around EUR1.4 billion and EBITDA to reach at least EUR200 million. An average EBITDA margin of 14.3% is also being targeted. Headquartered in Neumarkt, Germany, Pfleiderer AG manufactures engineered woods and infrastructure products through its subsidiaries. The Company produces wood-based panels for furniture and interior fittings, track systems for urban and intercity rail networks, and a range of poles and towers for energy and commercial infrastructures. * * * As reported in the Troubled Company Reporter-Europe on March 16, Fitch Ratings affirmed Germany-based Pfleiderer AG's Issuer Default Rating at BB and Short-term rating at B. Fitch said the Outlook is Stable. TEAM TEC: Creditors' Meeting Slated for April 13 ------------------------------------------------ Court-appointed provisional administrator for Team Tec GbR, Dr. Bjorn Gehde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:05 a.m., on April 13. 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 Germany The Court will also verify the claims set out in the administrator's report at 10:05 a.m., on July 20, at the same venue. Creditors have until May 24, to register claims with the court- appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Team Tec GbR on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Team Tec GbR Kiefholzstr. 393 12435 Berlin Germany The administrator can be reached at: Dr. Bjorn Gehde Goethestr. 85 10623 Berlin Germany E-mail: gehde@hilgers-partner.de VITONA CHEMIEHANDEL: Claims Registration Ends April 13 ------------------------------------------------------ Creditors of VITONA Chemiehandel GmbH have until April 13, to register their claims with court-appointed provisional administrator Jens-Soren Schroder. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 11, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Saal B 405 4. Etage Sievekingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against VITONA Chemiehandel GmbH on Feb. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: VITONA Chemiehandel GmbH Attn: Hans-Dieter Boegel, Manager Kronprinzenstrasse 54 22587 Hamburg Germany E-mail: vitona@aol.com The administrator can be contacted at: Jens-Soren Schroder Raboisen 38 20095 Hamburg Germany Tel: 334460 Fax: 33446111 ========= I T A L Y ========= BANCA NAZIONALE: BNP Completes Equity Deal with 50.4% Stake ----------------------------------------------------------- BNP Paribas acquired on April 5, 4.93% of Banca Nazionale del Lavoro SpA's share capital, which takes its stake in BNL to 50.4%. This acquisition completes the transaction entered into on Feb. 2, with a group of BNL's shareholders. About BNP Paribas BNP Paribas is one of the largest foreign banks in Italy, with a leading and longstanding presence in retail financial services, a well-established position in asset management and services, and the status of a top tier player in corporate and investment banking. It employs more than 3,700 people and generates revenues in excess of EUR750 million. About BNL Banca Nazionale del Lavoro is the sixth largest Italian bank in terms of deposits and loans. Its network offers nation-wide coverage via approximately 800 branches covering all major urban areas. It serves around 3 million retail customers, 39,000 corporate clients, and 16,000 public entities. * * * Fitch Ratings recently upgraded Banca Nazionale del Lavoro's (BNL) Individual rating to 'C' from 'C/D' following the announcement on the planned merger with BNP Paribas. IT HOLDING: Group Posts EUR18.7 Million Net Loss ------------------------------------------------ IT Holding S.p.A.'s Board of Directors approved the consolidated and separate financial statements ending Dec. 31, 2005. IT Holding Group posted consolidated net revenues of EUR676 million from EUR709.9 million of net revenues in 2004. The Group's net loss rose to EUR18.7 million from an EUR11.2 recorded net loss in 2004. EBITDA at EUR110.1 million, saw over 1% increase from EUR106 million EBITDA in 2004. This increase is primarily due to the disposal of the eyewear business in October 2004. On a like- for-like basis, consolidated EBITDA for 2005, as a percentage of revenues, remained substantially in line with the result recorded in the previous year and confirms the focus the Group is progressively placing on its owned brands. Net financial debt decreased to EUR307.4 million ending 2005 from EUR324.3 million in 2004. At Dec. 31, 2005, IT Holding Group's balance sheet showed EUR698.70 million in total assets, EUR568.40 million in total liabilities and EUR130.3 million in shareholders equity. Parent Co.'s Financials The Board of Directors also approved the financial statements of the parent company, IT Holding S.p.A. The parent company's activities consist primarily in strategy setting and coordinating activities for the Group. IT Holding S.p.A. recorded revenues amounting to EUR8.7 million at Dec. 31, 2005, from EUR8.8 million in Dec. 31, 2004 and a net loss amounting to EUR33.8 million from the EUR7 million net loss in 2004. No dividends are expected to be distributed. At Dec. 31, 2005, IT Holding S.p.A.'s balance sheet showed EUR306.6 million in total assets, EUR230.6 million in total liabilities and EUR76 million in net equity. Chairman and Chief Executive Officer of IT Holding S.p.A., Tonino Perna disclosed, "The results for the year 2005 and the first indications for 2006 confirm the validity of our strategy to focus on the development and enhancement of two brands such as Ferre and Malo, which will permit us to further strengthen our position within the production and distribution of luxury apparel and accessories." "The signs of growth coming from the major Western economies, the constant growth of emerging markets, in which our Group is present, together with the continued increase in notoriety of our brands permits us to be optimistic about the future. In 2006 we estimate the increase in revenues will be in the order of 4% and expect to further improve both profitability and cashflows," he concluded. Full-text copies of IT Holding's financial statements for the year ended Dec. 31, 2005, are available at no charge at: http://ResearchArchives.com/t/s?7a4 Headquartered in Italy, IT Holding S.p.A. -- http://www.itholding.it/-- is one of the leading players in the luxury goods sector, and controls a group of companies that design, produce and distribute high-quality products under owned brands - Ferre, Malo, Exte - as well as under license agreements - D&G, Versus, Versace Jeans Couture, Just Cavalli, C'N'C Costume National. Worldwide distributing network includes 29 directly operated stores, 111 other mono-brand stores and over 4,000 highly-selected department and specialty stores. IT Holding has over 1,700 employees. It went public on November 1997 and its shares are traded on Milan Stock Exchange. * * * Earlier, Standard & Poor's Ratings Services said its B- long- term corporate credit rating on Italian fashion company IT Holding S.p.A. remains on CreditWatch with negative implications, where it was placed on July 28, 2005. At the same time, Standard & Poor's lowered its rating on the senior secured debt issued by IT Holding Finance S.A. and guaranteed by ITH to CCC+ from B-, reflecting an increase in prior-ranking debt in ITH's capital structure. The rating also remains on CreditWatch with negative implications, where it was placed on July 28, 2005. PARMALAT SPA: Board Approves Draft 2005 Financial Statements ------------------------------------------------------------ The Board of Directors of Parmalat S.p.A. examined and approved the Draft Consolidated Financial Statements of the Group and the Company's Draft Financial Statements for the 2005 fiscal year. Throughout 2005, the Group continued to develop its activities in accordance with the strategic plan aimed at both growth in business volumes and at cost control, particularly concentrating its product portfolio on the "milk and derivates" and "fruit drinks" markets, focusing on products with high added value and strong innovative content, such as the "functional" ones. Parmalat's 2005 pro-forma results showed a consolidated net profit of EUR45.3 million on EUR3.876 billion of revenues, a marked contrast to its 2004 unaudited figures of EUR173.2 million in consolidated net loss on EUR3.732 billion of net sales. The group's net financial debt also fell from EUR541.9 million in 2004 to EUR369.3 million in 2005. Parmalat said that in the absence of "extraordinary non- recurring events, of changes in the group's structure or fluctuations in foreign exchange rates," it foresees an improved EBITDA and net profit. The group added, "Considering the performance registered during the first two months of the current year, such improvement could be significant." Parmalat S.p.A.'s 2005 pro-forma results can be viewed at http://researcharchives.com/t/s?79e Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on December 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. (Parmalat Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service, Inc., 215/945-7000). =================== K A Z A K H S T A N =================== AKBOTA: Creditors Must File Claims by April 16 ---------------------------------------------- LLP Akbota has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Kokshetau, Factory 2 Akmola Region Kazakhstan Tel: 8 (3172) 25-64-72 ASEM: Creditors Must File Claims by April 16 -------------------------------------------- LLP Asem has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Otegen batyr, Kalinina Str. 6 Iliiskyi District 483331 Almaty Region Kazakhstan Tel: 8 (252) 2-23-52 BAYKALENERGOMARKET: Creditors Must File Claims by April 16 ---------------------------------------------------------- LLP Baykalenergomarket has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Molodegnya Str. 2a, Office 204 Almaty Kazakhstan BIG'S: Creditors Must File Claims by April 16 --------------------------------------------- LLP Big's has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Otegen batyr, Kalinina Str. 6 Iliiskyi District 483331 Almaty Region Kazakhstan Tel: 8 (252) 2-23-52 DOSTYK: Ost Kazakhstan Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Ost Kazakhstan Region commenced bankruptcy proceeding against LLP Dostyk on Feb. 3, 2006. GAGSA OIL: Atyrau Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region commenced bankruptcy proceeding against LLP Gagsa Oil. IRTYSH-LTD 2030: Creditors Must File Claims by April 16 ------------------------------------------------------- LLP Baykalenergomarket has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Kenesary Str. 48 Astana Kazakhstan JUSTAS: Creditors Must File Claims by April 16 ---------------------------------------------- LLP Justas has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Energeticheskyi, Lenina Str. 30 Iliiskyi District Almaty Region Kazakhstan Tel: 8 (252) 2-23-52 NOOK: Creditors Must File Claims by April 16 -------------------------------------------- LLP Nook has declared insolvency. Creditors have until April 16, to submit written proofs of claim to: Otegen batyr, Kalinina Str. 6 Iliiskyi District 483331 Almaty Region Kazakhstan Tel: 8 (252) 2-23-52 SARY SUU: Akmola Court Opens Bankruptcy Proceedings --------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola Region commenced bankruptcy proceedings against LLP Sary Suu on Feb. 2, 2006. CONTACT: LLP Sary Suu Kokshetau, Mirzojana str. 58-104 Akmola Region Kazakhstan ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Argentina Nixes Disco's US$350-Mln Tax Claims ---------------------------------------------------------------- The Argentine tax authorities agreed to withdraw both a firm and a preliminary tax claim against Disco S.A., a wholly owned subsidiary of Koninklijke Ahold NV, for taxes allegedly owed in connection with Disco bond issues in 1998 in the aggregate of US$350 million. These claims were mentioned in Ahold's 2004 Annual Report. The tax assessments, including penalties and interest, totaled approximately EUR210 million (ARP753 million) at year-end 2005. As a result, the Administracion Federal de Ingresos Publicos submitted a request to the Argentine Tax Court to withdraw litigation pending against Disco S.A. It is also in the process of withdrawing its preliminary tax assessment and releasing attachments on Disco's real estate. Under the terms of a share purchase agreement signed on March 5, 2004, with Cencosud on the sale of Disco shares, Ahold was to indemnify Cencosud and Disco for the outcome of these tax assessment claims. On July 17, 2003, the AFIP served Disco with a formal assessment notice for taxes allegedly owed in connection with: -- a US$100 million Disco bond issue in 1998 due May 2003, which was repaid at maturity; and -- a US$250 million Disco bond issue in 1998 due May 2008, which was redeemed in July 2003. The AFIP alleged that Disco improperly failed to pay Value Added Tax on both bond issues and failed to withhold tax on the interest paid to foreign holders of its allegedly non-public bonds. Disco has always maintained that the bonds were placed through a public offer and that taxes have been withheld and paid in compliance with applicable Argentine laws and regulations. Consequently, Ahold has never taken a provision in connection with these claims. The withdrawal of the tax assessment claims needs in part to be ratified by the Argentine Tax Court. It was made under the condition that each party agrees to bear its own legal costs related to the defense of the matter. About Disco Headquartered in Buenos Aires, Argentina, Disco SA -- http://www.disco.com.ar-- is one of the leading food retailers in Argentina, operating 109 supermarkets under the Disco, Elefante and La Gran Provision names. The main business of these stores include the purchase, sale, import, export, consignment, distribution and retail packaging of food, beverages, home appliances, apparel, household goods, health and beauty aids and any other activity related to the supermarket business. In April 1996 the company made its initial public offering and its shares became listed on the New York and Buenos Aires Stock Exchanges. Disco is the sole supermarket chain in Argentina that is listed on the New York Stock Exchange. About Ahold Headquartered in Amsterdam, 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. * * * 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. NEW SKIES: Moody's Upgrades Sr. Unsecured Bond at B1 From B3 ------------------------------------------------------------ Moody's Investors Service has withdrawn the ratings of New Skies Satellites, BV senior secured credit facilities, following the completion of the acquisition by SES Global of New Skies' parent, New Skies Satellite Holdings, Inc. In addition, New Skies' corporate family rating is upgraded to B1, the rating on senior unsecured floating rate notes is upgraded to B1, and the rating on senior subordinated notes is upgraded to B2. The outlook is changed to stable. The upgrade in the corporate family rating reflects Moody's view on the synergy benefits and the importance of NSE's five satellites to SES' growth plans and the resulting uplift of being assimilated into a larger and stronger rated entity, although SES has not, nor is expected to issue any additional explicit direct support of New Skies' remaining debt issues. Although the senior secured credit facilities were repaid at closing of the acquisition, via the inter-company loan from SES, the corporate family rating is tempered somewhat by the overall debt obligations which remain unchanged in the aggregate, including about US$206 million in other inter-company loans among various NSE entities. The upgrades of the senior unsecured notes and the senior subordinated notes reflect their improved position in the overall NSE capital structure following the repayment of the senior secured debt. The change in the outlook from positive to stable reflects the previous anticipation of an upgrade as part of the announced SES acquisition. Upgrades: Issuer: New Skies Satellites, BV -- Corporate Family Rating, Upgraded to B1 from B2; -- Senior Subordinated Regular Bond/Debenture, Upgraded to B2 from Caa1; and -- Senior Unsecured Regular Bond/Debenture, Upgraded to B1 from B3 Withdrawals: Issuer: New Skies Satellites, BV -- Issuer Rating, Withdrawn, previously rated B3; and -- Senior Secured Bank Credit Facility, Withdrawn, previously rated B1 NSE, headquartered in The Hague, The Netherlands, is a global provider of satellite services. It owns and operates five fixed service satellites and generated US$241 million in revenue in 2005. SES Global SA is a leading international provider of satellite communications services, based in Luxembourg. SES Global has a corporate family rating of Baa2 with a stable outlook. SENSATA TECHNOLOGIES: Moody's Assigns B2 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service assigned a first time corporate family rating of B2 to Sensata Technologies B.V. in connection with its pending acquisition by an affiliate of Bain Capital, LLC. Moody's also assigned ratings to the preliminary tranching of the proposed US$2.25 billion in debt financing as: -- B1 to Sensata's proposed US$1.35 billion senior secured credit facilities, expected to be split between U.S. and Euro tranches; -- B2 to its proposed US$450 million senior unsecured notes and Caa1 to its proposed US$450 million of senior subordinated notes. Moody's assigned a SGL-2 liquidity rating, reflecting good liquidity and expected covenant compliance. The rating outlook is stable. The ratings are subject to confirmation of the final tranching and financing documentation. Sensata is the former Sensors & Controls Business of Texas Instruments Incorporated. On January 9, 2006, Bain entered into an agreement to purchase Sensata from TI for US$3 billion in cash, excluding fees and expenses. The aggregate debt proceeds of US$2.1 billion combined with a US$985 million cash equity contribution from Bain will be used to finance the acquisition. The ratings reflect Sensata's: -- high debt leverage (debt to EBITDA and debt to revenue); -- low interest coverage; -- relatively low free cash flow generation relative to debt levels; -- limited tangible asset protection; and -- the potential reduction in financial and operating flexibility resulting from operating for the first time as a stand-alone company with a highly leveraged capital structure. The primary factors supporting Sensata's ratings are: -- its track record of stable cash flow generation and margin expansion; -- Sensata's long standing customer relationships; -- the significant barriers to entry in Sensata's core markets; -- its above-average revenue visibility and -- significant enterprise value support, reflected in part in Bain's sizeable equity investment. These first time ratings were assigned: -- Corporate Family Rating: B2; -- US$150 million multicurrency revolving credit facility, due 2012: B1; -- US$1,200 million in aggregate senior secured term loan Bs, due 2013: B1; -- US$450 million in aggregate principal amount of Dollar- denominated and Euro-denominated senior unsecured notes, due 2016: B2; -- US$450 million of U.S. senior subordinated notes, due 2016: Caa1; -- Speculative Grade Liquidity rating of SGL-2. The rating outlook is stable. Sensata Technologies B.V., incorporated under the laws of The Netherlands and headquartered in Attleboro, Massachusetts, designs and manufactures sensors and electrical and electronic controls and operates in many countries around the world with manufacturing operations in the Americas, Europe and Asia. Revenues for the year ended Dec. 31, 2005 totaled approximately US$1.1 billion. =========== P O L A N D =========== NETIA SA: Supervisory Board Names Jon Eastick CFO ------------------------------------------------- The Supervisory Board of Netia SA (WSE: NET) unanimously appointed Alicja Kornasiewicz as its chairperson. The Board also appointed Jon Eastick as chief financial officer and as a member of the management board with Tom Ruhan. Headquartered in Warsaw, Poland, Netia SA (B+/Stable/--) -- http://netia.pl/-- is the leading alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. =========== R U S S I A =========== ASTASHKOVSKIY MEAT: Tver Court Begins Bankruptcy Process -------------------------------------------------------- The Arbitration Court of Tver Region commenced bankruptcy proceedings against the Astashkovskiy Meat Combine (TIN 6913005641) after finding the open joint stock company insolvent. The case is docketed as A66-14758/2005. Mr. O. Akinshin has been appointed insolvency manager. The Debtor can be reached at: Astashkovskiy Meat Combine Ostashkov, Bonnskiy Per. 2 172730, Tver Region, Russia The insolvency manager can be reached at: O. Akinshin Post Office 100, Post User Box 444 170100, Tver Region, Russia BELGOROD-SEL-KHOZ-ENERGO: Declared Insolvent by Belgorod Court -------------------------------------------------------------- The Arbitration Court of Belgorod Region commenced bankruptcy proceedings against Belgorod-Sel-Khoz-Energo after finding the open joint stock company insolvent. The case is docketed as A08-8763/05-2 "B". Mr. E. Feoktistov has been appointed insolvency manager. The Debtor can be reached at: Belgorod-Sel-Khoz-Energo Voroshilova Str. 2A Belgorod Region, Russia The insolvency manager can be reached at: E. Feoktistov Post User Box 36 308002, Belgorod Region, Russia BELOVSKIY SUGAR: Bankruptcy Hearing Set for June 21 --------------------------------------------------- The Arbitration Court of Kursk Region will convene at 10:40 a.m., on June 21, to hear the bankruptcy supervision procedure of Belovskiy Sugar. The case is docketed as A35-1080/06 "g". Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. P. Naumenko at: Room 304, K. Marksa Str. 62 305029, Kursk Region, Russia The Debtor can be reached at: Belovskiy Sugar Belovskiy Region, Russia KARABANOVSKIY TEXTILE: Court Names G. Rabina Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Vladimir Region appointed Ms. G. Rabina as insolvency manager for Karabanovskiy Textile. The Court commenced bankruptcy proceedings against the open joint stock company after finding it insolvent. The case is docketed as A11-37/2005-K1-18B. The Debtor can be reached at: Karabanovskiy Textile Karabanovo, Lenina Square, 1 Vladimir Region, Aleksandrovskiy Region Russia The insolvency manager can be reached at: G. Rabina Karabanovo, Lenina Square, 1 Vladimir Region, Aleksandrovskiy Region Russia KURILOVSKOYE: Bankruptcy Hearing Set for June 20 ------------------------------------------------ The Arbitration Court of Saratov Region will convene at 2:30 p.m., on June 20, to hear the bankruptcy supervision procedure of close joint stock company Kurilovskoye at: The Arbitration Court of Saratov Region Babushkin Vvoz, 1 Saratov Region, Russia The case is docketed as A-57-420B/05-23. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. A. Khromov at: Barnaulskaya Str. 34 410049, Saratov Region, Russia The Debtor can be reached at: Kurilovskoye Kurilovska, Novouzenskiy Region Saratov Region, Russia LADYINO: Court Appoints O. Akinshin Insolvency Manager ------------------------------------------------------ The Arbitration Court of Tver Region appointed Mr. O. Akinshin insolvency manager of Ladyino (TIN 6943005247). The Court has commenced bankruptcy supervision procedure on the close joint stock company with the case docketed as A66- 7930/2005. The Debtor can be reached at: Ladyino Torzhokskiy Region, Ladyino 172031, Tver Region, Russia The insolvency manager can be reached at: O. Akinshin Post Office - 100, Post User Box 444 170100, Tver Region, Russia MAGISTRAL: Bankruptcy Hearing Set for April 18 ---------------------------------------------- The Arbitration Court of Volgograd Region will convene on April 18, to hear the bankruptcy supervision procedure on open joint stock company Magistral. The case is docketed as A12- 34544/05-s48. Mr. V. Golovanov has been appointed temporary insolvency manager and can be reached at: V. Golovanov Post User Box 251 400005, Volgograd Region, Russia The Debtor can be reached at: Magistral Srednyaya Akhtuba, Kuznetskaya Str. 36 Volgograd Region, Russia ROSNEFT: Names Ex-Morgan Stanley's Peter O'Brien as Finance Head ---------------------------------------------------------------- OJSC Rosneft appoints Peter O'Brien as Vice President and Head of the recently established Group of Financial Advisers to the President of the Company. He will be responsible for strategic investment projects, debt and equity raising, business planning and monitoring. Mr. O'Brien, 36, has an MBA with distinction from Columbia University and a BA (Russian Studies) from Duke University. He served as co-head of Morgan Stanley's investment banking effort in Russia since 2005. He is a fluent Russian speaker with 11 years experience in the financial services sector, including the last six at Morgan Stanley focused on investment banking for oil and gas companies in Europe and the former Soviet Union. During this period he advised on multiple strategic and capital market transactions of note, including NOVATEK's IPO, the purchase of 10.73% of Gazprom by the Russian Federation, the formation of TNK-BP and Statoil's IPO. Mr. O'Brien will assume his new role at Rosneft from April 3. He is expected to be elected to Rosneft's Management Board at the next meeting of the Board of Directors, and also serve as First Deputy Chairman of Rosneft's Investment Committee. Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/ -- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. ROSNEFT: Sets Up New Drilling Company to Consolidate Units ---------------------------------------------------------- Rosneft has established a new integrated service drilling subsidiary, RN-Burenie. The new company has been created on the basis of Rosneft's existing service enterprises to optimize the structure of management of core drilling assets and as part of the process of consolidation of the company's main subsidiaries. At the initial stage, RN-Burenie will combine the service companies owned by Rosneft's subsidiaries: -- Purneftegaz-Burenie, owned by Rosneft-Purneftegaz; -- Krasnodarneftegaz-Burenie; and -- Krasnodarneftegaz-Sibir, owned by Rosneft- Krasnodarneftegaz. The new company will also comprise the service facilities of the Nogliki Drilling Works Department of Rosneft- Sakhalinmorneftegaz. In the future, it is planned that the drilling subdivisions of Grozneftegaz, Rosneft-Dagneft and Dagneftegaz will also become part of the structure of RN- Burenie. The first phase of the restructuring of Rosneft's service assets should be complete by the end of June this year. An integrated employee incentive system, which will at the very least retain in full the social guarantees provided to company employees in their previous jobs, is currently being created within RN- Burenie. It is planned that RN-Burenie will render up to 50% of the services required by Rosneft. The company's share of Russia's drilling services market will comprise roughly 6%, making Rosneft-Burenie one of Russia's largest service companies. Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.ru/ -- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. SEL-KHOZ-KHIMIYA: Claims Filing Period Ends April 27 ---------------------------------------------------- Creditors of Sel-Khoz-Khimiya have until April 27, to file their proofs of claim to the court-appointed insolvency manager Mr. V. Nyukhtilin at: Post User Box 4608 432063, Ulyanovsk Region, Russia The Arbitration Court of Ulyanovsk Region commenced bankruptcy proceedings against the chemical company with the case docketed as A72-7121/05-17/41-b. The Debtor can be reached at: Sel-Khoz-Khimiya Tsilninskiy Region, B. Nagatkino Ulyanovsk Region, Russia SOBOLEVSKOYE: Proofs of Claim Slated for April 27 ------------------------------------------------- Creditors of Sobolevskoye have until April 27, to submit their written proofs of claim to the court-appointed insolvency manager Mr. V. Gorbunov at: Gaya Str. 23A 460000, Orenburg Region, Russia Tel: (3532) 78-38-44 The Arbitration Court of Orenburg Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A47-2863/2005-14GK. The Debtor can be reached at: Sobolevskoye Pervomayskiy Region, Sobolevo 461982, Orenburg Region, Russia ZAVIDOVO-FELT: Deadline for Proofs of Claim Set for April 27 ------------------------------------------------------------ Creditors of Zavidovo-Felt (TIN 6911001271) have until April 27, to submit their proofs of claim to court-appointed insolvency manager Ms. O. Abasheeva at: Post Office #1, Post User Box 1125 170001, Tver Region, Russia The Arbitration Court of Tver Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A66-7649/2005. The Debtor can be reached at: Zavidovo-Felt Novozavidovskiy, Fabrichnaya Str. 1 171271, Tver Region, Konakovskiy Region, Russia ============= U K R A I N E ============= AGROPROGRES: Sumi Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Economic Court of Sumi Region declared LLC Agroprogres (code EDRPOU 31835855) on Jan. 4, bankrupt after finding the company insolvent. The case is docketed as 12/125-05. Mr. I. Ponomaryov has been appointed Liquidator/Insolvency Manager. CONTACT: Agroprogres Konotop, Sumska Str. 17 Ukraine, Sumi Region Mr. I. Ponomaryov Liquidator/Insolvency Manager Konotop, Lazarevskij Str. 15/2 41615, Ukraine, Sumi Region Economic Court of Sumi Region Shevchenko Avenue 18/1 40030, Ukraine, Sumi Region AGROTEH: Lugansk Court Opens Bankruptcy Proceedings --------------------------------------------------- The Economic Court of Lugansk Region declared Enterprise Agroteh (code EDRPOU 25369396) on Feb. 3, bankrupt after finding the company insolvent. The case is docketed as 20/2 b. Mr. Rachok Roman has been appointed Liquidator/Insolvency Manager. CONTACT: Agroteh Ukraine, Lugansk Region Shevchenko quarter, 38-A Mr. Rachok Roman Liquidator/Insolvency Manager Oboronna Str. 24 91033, Ukraine, Lugansk Region Economic Court of Lugansk Region Geroiv VVV square, 3a 91000, Ukraine, Lugansk Region CHUGUYIV' FUEL: Harkiv Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Harkiv Region declared OJSC Chuguyiv' Fuel Equipment (code EDRPOU 00235938) on Feb. 15, after finding the company insolvent. The case is docketed as B 39/38-05. Mr. Yevgen Chipizhenko has been appointed Liquidator/Insolvency Manager. CONTACT: Chuguyiv' Fuel Equipment 63503, Ukraine, Harkiv Region Chuguyiv, Michurin Str. 8 Mr. Yevgen Chipizhenko Liquidator/Insolvency Manager Sumska Str. 82, Office 17 61002, Ukraine, Harkiv Region Economic Court Of Harkiv Region Svobodi Square 5, Derzhprom, 8th Entrance 61022, Ukraine, Harkiv Region KALINIVKA' MACHINE: Vinnitsya Court Opens Bankruptcy Proceedings ---------------------------------------------------------------- The Economic Court of Vinnitsya Region declared OJSC Kalinivka' Machine Building Plant (code EDRPOU 14309592) on Jan. 31, after finding the company insolvent. The case is docketed as 10/244-03. Mr. N. Voznyakevich has been appointed Liquidator/Insolvency Manager. CONTACT: Kalinivka' Machine Building Plant Kalinivka, Lenin Str. 67 Ukraine, Vinnitsya Region Mr. N. Voznyakevich Liquidator/Insolvency Manager Hmelnitske Shose Str. 7, Room 1303 Ukraine, Vinnitsya Region Economic Court Of Vinnitsya Region Hmelnitske Shose, 7 21100, Ukraine, Vinnitsya Region LOTASH: Court Appoints Ludmila Buchinska to Liquidate Assets ------------------------------------------------------------ The Economic Court of Lviv Region appointed Ludmila Buchinska has been Liquidator/Insolvency Manager for LLC Lotash (code EDRPOU 23268981). The Court commenced bankruptcy proceedings against the company after finding it insolvent with the case docketed as 6/139- 4/110. CONTACT: Lotash Lipki Str. 39/227 Ukraine, Lviv Region Ms. Ludmila Buchinska Liquidator/Insolvency Manager Varshavska Str. 94 79000, Ukraine, Lviv Region Economic Court of Lviv Region Lichakivska Str. 81 79010, Ukraine, Lviv Region STALPROM: Dnipropetrovsk Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy proceedings against LLC Production Firm Stalprom (code EDRPOU 32540986) on Feb. 3, after finding the company insolvent. The case is docketed as B 24/13/06. Mr. Leonid Talan has been appointed Liquidator/Insolvency Manager. CONTACT: Stalprom Stolyarova Str. 3a 49038, Ukraine, Dnipropetrovsk Region Mr. Leonid Talan Liquidator/Insolvency Manager 49000, Ukraine, Dnipropetrovsk Region a/b 158 Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region TERRA-UKRAINA: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Kyiv Region declared LLC Terra-Ukraina (code EDRPOU 21663845) bankrupt after finding it insolvent. The case is docketed as 15/617-b. Ukrnaftogazkomplekt has been appointed Liquidator. CONTACT: Terra-Ukraina Glibov Str. 4/10-36 Ukraine, Kyiv Region Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region UKRAGROREZERV: Vinnitsya Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy proceedings against LLC Ukragrorezerv (code EDRPOU 30808836) on after finding the company insolvent. The case is docketed as 5/12-06. Mr. A. Murahovskij has been appointed Liquidator/Insolvency Manager. CONTACT: Ukragrorezerv Chechelnitskij District, Olgopil Ukraine, Vinnitsya Region Economic Court of Vinnitsya Region Hmelnitske Shose, 7 21100, Ukraine, Vinnitsya Region VOLODIMIRETSKIJ RAJAGROHIM: Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Economic Court of Rivne Region declared OJSC Volodimiretskij Rajagrohim (code EDRPOU 05490472) bankrupt after finding the company insolvent. The case is docketed as 4/43. Mr. Andij Nadlonok has been appointed Liquidator/Insolvency Manager. CONTACT: Volodimiretskij Rajagrohim Yavornitskij Str. 59 33001, Ukraine, Rivne Region Mr. Andij Nadlonok Liquidator/Insolvency Manager Zubrivksa Str. 25 a/33 79066, Ukraine, Lviv Region Economic Court Of Rivne Region Yavornitski Str. 59 33001, Ukraine, Rivne Region =========================== U N I T E D K I N G D O M =========================== A A ELECTROPLATERS: Members Pass Winding Up Resolution ------------------------------------------------------ Members of A.A. Electroplaters & Anodisers Limited passed a resolution to wind up the company's operations on Feb. 22. Subsequently, they appointed James Paul Shaw as Liquidator. A.A. Electroplaters & Anodisers Limited can be contacted at: 20 Caxton Way Watford WD18 8RB Tel: 01923 226 662 Fax: 01923 223 088 A G MODELS: Creditors Confirm Voluntary Liquidation --------------------------------------------------- Creditors of A.G. Models Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company's operations on Feb. 27. Creditors also ratified the appointment of Nigel Price and Mark Elijah Thomas Bowen, of Moore Stephens LLP, as Joint Liquidators. A G Models Limited can be reached at: Unit 27 Mucklow Hill Forge Trading Estate Halesowen West Midlands B62 8TP Tel: 0121 585 8833 Fax: 0121 585 8835 Web: http://www.agmodels.co.uk/ AUTOTECH LIMITED: Taps Nedim Ailyan to Liquidate Assets ------------------------------------------------------- Nedim Ailyan, of Abbott Fielding, was appointed Liquidator of Autotech (Kent) Limited after members decided to liquidate the company's assets on March 3. Chairman J.A. Cohen revealed the company could no longer continue its operations due to financial liabilities. Autotech (Kent) Limited can be reached at: Dewlands Estate London Road Stone Dartford Kent DA2 6AS Tel: 01322 280 294 Fax: 01322 280 594 Web: http://www.autotechkent.co.uk/ BATH & GLASSWORKS: Members Resolve to Wind Up Operations -------------------------------------------------------- Bath & Glassworks Limited is liquidating its assets after members resolved to wind up the company on Feb. 7. Andrew Andronikou and Ladislav Hornan, both of St Alphage House, will jointly administer the winding up proceedings. Bath & Glassworks Limited can be reached at: 128 High Street Hurstpierpoint Hassocks West Sussex BN6 9PX Tel: 01273 831 846 Fax: 01273 831 847 Web: http://www.bathandglass.com/ BIFROST INVESTMENTS: Fitch Cuts EUR75MM Class 10D Rating to BB+ --------------------------------------------------------------- Fitch Ratings lowered Bifrost Investments Limited - Series 13's most junior unfunded mezzanine swaps, upgraded five tranches and affirmed the rest as follows: -- EUR160 Mln Class 5A Series 13 due July 2008: affirmed at AAA; -- EUR115 Mln Class 5B Series 13 due July 2008: upgraded to AAA from AA; -- EUR75 Mln Class 5C Series 13 due July 2008: upgraded to AA from A; -- EUR50 Mln Class 5D Series 13 due July 2008: affirmed at BBB; -- EUR160 Mln Class 7A Series 13 due July 2010: affirmed at AAA; -- EUR130 Mln Class 7B Series 13 due July 2010: upgraded to AAA from AA; -- EUR75 Mln Class 7C Series 13 due July 2010: upgraded to A+ from A; -- EUR62.5 Mln Class 7D Series 13 due July 2010: affirmed at BBB; -- EUR195 Mln Class 10A Series 13 due July 2013: affirmed at AAA; -- EUR135 Mln Class 10B Series 13 due July 2013: upgraded to AA+ from AA; -- EUR100 Mln Class 10C Series 13 due July 2013: affirmed at A; and -- EUR75 Mln Class 10D Series 13 due July 2013: downgraded to BB+ from BBB. Classes 5D, 7D, 10C and 10D were removed from Rating Watch Negative. Except for Class 10 D, other Classes were affirmed to reflect better-than-expected recovery on the Delphi Corporation credit event in October 2005. Final recovery on Delphi was 55.5% compared to the expected 5% when the ratings were put on RWN. The relative stability of the portfolio, combined with the effect of seasoning, especially in the shorter-term transactions, has led to the upgrades indicated above. The portfolio currently has a weighted-average Fitch factor of 3.47, which is equivalent to a BBB rating, compared to 2.81 at closing. It has seen some credit deterioration since the issue in August 2003: it now contains four speculative-grade corporate entities, compared to all investment-grade at close. At closing, Bifrost, a special purpose vehicle incorporated under the laws of Ireland, entered into 12 mezzanine credit default swaps with BNP Paribas, under which it provides notional protection on a reference portfolio of 100 corporate entities with a total notional value of EUR5 billion. The mezzanine swaps for each series relate to the same reference portfolio of 100 corporate entities, although the swaps have different loss thresholds and different maturity dates. Due to a credit events on Parmalat SpA called in December 2003 and Delphi Corporation in October 2005 the total value of the portfolio has decreased to EUR4.9 billionn and it currently references 98 entities. The agency will closely monitor any changes to the existing portfolio and will take further action as required. BOOTSTRAP ENTERPRISES: Taps Peter Gotham to Liquidate Assets ------------------------------------------------------------ Members of Bootstrap Enterprises Limited decided to wind up the company's operations during an extraordinary general meeting on March 1. They authorized Peter Gotham, of Begbies Traynor, to liquidate the company's assets. Bootstrap Enterprises Limited 35 Railway Road Blackburn BB1 1EZ Tel: 01254 680 367 CAPITAL EVENT: Creditors Affirm Voluntary Liquidation ----------------------------------------------------- Creditors of Capital Event Marketing Limited affirmed company's voluntary liquidation after members decided to wind up its operations on Feb. 27. Creditors also confirmed the appointment of Carl Stuart Jackson and Nigel Ian Fox, of Tenon Recovery, as Joint Liquidators. Capital Event Marketing Limited can be contacted at: Capital House Guildford Street Downside Chertsey Surrey KT16 9DS Tel: 01932 561 562 Fax: 01932 561 563 Web: http://www.capitaleventmarketing.com/ CRAEGMOOR FUNDING: Fitch Downgrades GBP42.2 Million FRNs at BB- --------------------------------------------------------------- Fitch Ratings disclosed the downgrades on Craegmoor Funding No.2 Limited were a result of significant concerns surrounding the liquidity position of the borrower, the continued poor performance of the transaction as well as the potential implications of the restructuring. The ratings of the notes issued by Craegmoor are as follows: a) Class A1 GBP46.9 million secured FRNs: AAA; b) Class A2 GBP100 million secured 5.321% FRNs: AAA; c) Class M GBP30 million secured fixed-rate notes: BBB-; remain on Rating Watch Negative; d) Class B1 GBP15 million secured FRNs: BB-; remain on Rating Watch Negative; and e) Class B2 GBP42.2 million secured 7.782% fixed-rate notes: BB-; remain on Rating Watch Negative. The Class A1 and A2 notes benefit from an unconditional and irrevocable guarantee from MBIA Assurance S.A. The underlying rating of A is also on RWN. D GARSIDE: Winds Up Operatins & Appoints Liquidator --------------------------------------------------- D. Garside Joinery Limited is winding up its operations after members decided to liquidate the company's assets on March 2. J.N. Bleazard, of XL Business Solutions Ltd, was appointed Liquidator. Chairman J. Garside claimed the company could no longer continue its operations due to mounting debts. D Garside Joinery Limited can be contacted at: 16 New Street Kirkheaton Huddersfield HD5 0DG Tel: 01484 429 550 GOODYEAR TIRE: Closing UK Tire Factory to Cut Global Costs ---------------------------------------------------------- The Goodyear Tire & Rubber Company will close a high-cost tire plant in the United Kingdom as part of its strategy to reduce costs in its worldwide operations. The company initiated a process to close its Goodyear Dunlop Tyres UK passenger tire factory in Washington, where it has begun consultation with union representatives. The closure is expected to result in annual savings of approximately US$20 million and charges of between US$75 million and US$85 million. The cash portion of this charge is estimated to be US$35 million to US$40 million. Goodyear will also cease production of bicycle tires and inner tubes at its Debica, Poland, facility. In addition, the Company will undertake cost reduction measures in logistics, retail and administration in its European Union, Asia Pacific and Engineered Products business units. In total, the actions are expected to eliminate about 1,500 positions, create annual savings of between $40 million and $50 million and result in a charge of between $105 million and $115 million. Of the total charge, approximately $55 million will be recognized in the first and second quarters of 2006. The cash portion of these charges is estimated to be between $60 million and $65 million. About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing operations in almost every country around the world. Goodyear employs more than 80,000 people worldwide. * * * Goodyear's 9% Senior Notes due 2015 carry Moody's Investor Service's B3 rating, Standard & Poor's B- rating, and Fitch Ratings' CCC+ rating. TYNEMOUTH WINDOWS: Members Agree to Liquidation ----------------------------------------------- Members of Tynemouth Windows Limited agreed to liquidate the company's assets during an extraordinary general meeting on Feb. 24. Greg Whitehead will liquidate the company's assets. Tynemouth Windows Limited can be reached at: 17-21 St. Ronans Road Whitley Bay Tyne and Wear NE25 8AX Tel: 0191 291 2440 WARSHIP PRESERVATION: Financial Woes Prompt Winding Up Process -------------------------------------------------------------- The Warship Preservation Trust Limited is voluntarily winding up its operations after members established the company could no longer continue its business due to financial liabilities. Paul J. Fleming, of Parkin S. Booth & Co, was appointed Liquidator. The Warship Preservation Trust Limited can be reached at: Historic Warships East Float Dock Road Birkenhead Merseyside CH41 1DJ Tel: 0151 650 1573 Fax: 0151 650 1473 WHITTAKER COACHBUILDERS: Joint Liquidators Take Over Operations --------------------------------------------------------------- Allan Cooper and John Russell, of The P&A Partnership, were appointed Joint Liquidators of Whittaker Coachbuilders Limited after members passed a resolution to wind up the company on Feb. 24. Chairman Y. Whittaker claimed the company could no longer continue its business due to mounting debts. Whittaker Coach Builders Limited can be contacted at: Gamston Airfield Gamston Retford Nottinghamshire DN22 0QL Tel: 01777 839 086 Fax: 01777 839 170 Web: http://www.whittakers.com/ ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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