/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060413.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 13, 2006, Vol. 7, No. 74 Headlines F I N L A N D BENEFON OYJ: Registers 3.17% Share Capital Increase F R A N C E ALCATEL S.A.: Names Members of Executive Committee EUROTUNNEL S.A.: Seeks to Extend Waiver to Pursue Creditor Talks G E R M A N Y AKZENTE GMBH: Claims Registration Ends April 15 ARUGA WERTSTOFF: Creditors' Meeting Slated for May 8 BRUNE VOLLHOLZ: Creditors' Meeting Slated for May 4 IHR PLATZ: Names Management Team Following Successful Turnaround ITAW GMBH: Creditors' Meeting Slated for May 9 KABEL DEUTSCHLAND: Fitch Rates EUR1.35-Bln Facilities at BB+ KARSTADTQUELLE AG: Enters French Mail Order Market SPUMAX GESELLSCHAFT: Claims Registration Ends April 18 STAUDINGER GMBH: Creditors' Meeting Slated on May 9 T.B. AUTOMOBILE: Claims Registration Ends April 18 TEKAL GESELLSCHAFT: Claims Registration Ends April 18 ULRICH FIEBENITZ: Claims Registration Ends April 18 W.F.-COLOR: Claims Registration Ends April 15 H U N G A R Y PANNONPLAST RT: Sells 62.22% Stake in TU-Plast to Hoffman Neopac I T A L Y BANCA NAZIONALE: Fitch Keeps Individual Rating at C IMPREGILO SPA: Amends Directors' Report on 2005 Financials K A Z A K H S T A N AKVAPROEKT: Creditors Must File Claims by April 21 ARIADNA-PV: Creditors Must File Claims by April 21 MAUC.RU: Creditors Must File Claims by April 21 MUNAIREMBYTSERVICE: Creditors Must File Claims by April 21 ORAL-PRESS: Creditors Must File Claims by April 21 SATURN-ABS: Creditors Must File Claims by April 21 SERVIS LUXE: Creditors Must File Claims by April 21 SMAK NEW: Creditors Must File Claims by April 21 SULTAN-M CO: Creditors Must File Claims by April 21 TURMYS: Jambyl Court Starts Bankruptcy Proceedings K Y R G Y Z S T A N AITI-KUT: Creditors Must File Claims by May 27 ARCHA: Creditors Must File Claims by May 27 L U X E M B O U R G NORTEL NETWORKS: Names Dietmar Wendt to Lead Global Services N E T H E R L A N D S CHIQUITA BRANDS: Names James Thompson SVP & Compliance Chief R U S S I A CHERNOERKOVSKAYA: Creditors Proofs of Claims Slated for April 27 EAR: Claims Filing Period Ends April 27 ECO-PRODUCT: Deadline for Proofs of Claim Slated for April 27 LESNOYE: Creditors Have Until April 27 to File Claims NELIDOVSKIY MEAT: Deadline for Proofs of Claim Set for April 27 OMSK VODOKANAL: Moody's Junks Corporate Family Rating PROKOPYEVSKIY PORCELAIN: E. Sheyko Named Insolvency Manager REGION-NEFTE-KHIM: Proofs of Claim Deadline Set for April 27 SEL-KHOZ-KHIMYA: Deadline for Proofs of Claim Set for April 27 SEVERTRANSPORT: Undergoes Bankruptcy Supervision Procedure SILICON: Appoints O. Khaliullina Insolvency Manager SOUTHERN TELECOMS: Pays Third Coupon Under 03-Series Bond Issue YUKOS OIL: Moscow Court to Hear Bankruptcy Appeal on April 18 U K R A I N E DZVINKOVE: Kyiv Court Starts Bankruptcy Supervision FLAX-CONTRACT-CREDIT: Court Names Cherevatij Lubomir Liquidator FREGAT-K: Kyiv Court Opens Bankruptcy Proceedings PROMTEHNIKA: Court Name Marina Rotach to Liquidate Assets STOROZHINETS' CHEESE: Court Begins Bankruptcy Supervision UKRAGROPTICYA: Kyiv Court Opens Bankruptcy Proceedings UKRINDUSTRIYA: Donetsk Court Opens Bankruptcy Proceedings ZNAMYANSKE: Court Names V. Cherevyak Insolvency Manager U N I T E D K I N G D O M AK CONSTRUCTION: Financial Woes Prompt Liquidation ANGELIM LIMITED: Members Pass Winding Up Resolution ANNABELLE CHARLES: Creditors Confirm Voluntary Liquidation AUGUST HOMES: Claims Filing Period Ends April 14 BLACKBURN TOOL: Claims Registration Ends May 27 BRANNIGAN WEST: Taps Asher Miller to Liquidate Assets CABLE & WIRELESS: Employee Share Trustees Sell 148,925 Shares CROWN PAINTERS: Members Agree to Liquidation DUO DIGITAL: Appoints J.N. Bleazard as Liquidator EFFECTIVE FINANCIAL: Winds Up Operations & Appoints Liquidator EWOOD COMPUTERS: Hires Joint Liquidators from Valentine & Co RANK GROUP: Buys Back 700,00 Ordinary Shares for Cancellation ********* ============= F I N L A N D ============= BENEFON OYJ: Registers 3.17% Share Capital Increase --------------------------------------------------- Benefon Oyj registered its share capital increase by EUR67,827 from EUR2,137,933 to EUR2,205,760 in the trade register on April 4. The share capital increase is based on the conversion in part of bonds issued in the convertible bond loan Benefon 2004A, registered on April 5, 2004, into 6,782,713 new S-shares of the Company with book parity value of EUR0.01 euros each. The said share capital increase is approximately 3.17% of the share capital of the Company prior to the increase. After the increase, the total registered share capital of the Company is EUR2,205,760 and the number of shares 220,576,060 of which all are publicly quoted investment series shares. The new shares is listed for public trading on the I-list of Helsinki Exchanges aside with the old investment series shares of the Company approximately on April 5. The new shares are equal of their rights with the old investment series shares and entitle to full dividend from fiscal period begun on Jan. 1, 2005, and from any subsequent periods. Headquartered in Salo, Finland, Benefon Oyj -- http://www.benefon.com/-- provides mobile telematics solutions for saving lives, securing assets and improving field management. At Dec. 31, 2005, Benefon Oyj's balance sheet showed EUR4.97 million in total assets and EUR7.30 million in total liabilities, resulting in a EUR2.33 million stockholders' deficit. =========== F R A N C E =========== ALCATEL S.A.: Names Members of Executive Committee -------------------------------------------------- Alcatel S.A. disclosed appointments to the company's Executive Committee. Etienne Fouques, EVP, was appointed President of Europe and South. He was previously President of Alcatel's mobile communications activities. He started his career at ITT France, and then Thomson. He joined the Group in 1990 as Director of customer services at Alcatel CIT, before managing mobile radio activities. Between 1998 and 2003, he held various management positions in fixed networking activities. Marc Rouanne was appointed EVP and President of the mobile communications activities. He was previously the COO of these activities. He joined Alcatel in 1998 as VP, Operations for mobile networks. Before joining Alcatel, he was at Matra Communications and Nortel Matra Cellular. Hubert de Pesquidoux was appointed EVP and President of Alcatel activities in North America. Mr. de Pesquidoux joined Alcatel in 1991 as Corporate Treasurer. In 1998, he was appointed CFO for Alcatel in the USA. Subsequently, he was appointed COO for Alcatel North America and chief executive officer of Alcatel Canada. Michel Rahier was appointed EVP and President of the fixed communications activities. Before this he was chief operating officer for this segment. He joined Alcatel in 1980 in the Alcatel Bell Research Center in Belgium after which he held several worldwide technical management positions for enterprise and fixed networks. From 1997 to 2001, he managed the mobile networking business of the Group. Olivier Picard, President of Alcatel's activities in France, Middle East, Africa, and South Asia, also joined the Executive Committee. He was appointed VP for South East Asia in 1999 and EVP for France in 2001. He joined Alcatel in 1997 as Director in charge of space international relations. Before joining Alcatel, he held several positions at the French Ministry of Defense and at Thomson CSF. In conjunction with these appointments, Jacques Dunogue, Executive Vice President EVP, President of Europe and South, and member of the Executive Committee is leaving the company to pursue other opportunities. 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. EUROTUNNEL S.A.: Seeks to Extend Waiver to Pursue Creditor Talks ---------------------------------------------------------------- Eurotunnel S.A. is seeking an extension to a waiver to its credit agreements to pursue negotiations with all creditors. Eurotunnel and the Ad Hoc Committee of creditors, which represents more than 50% of the Group's debt, signed a Memorandum of Understanding on Jan. 31, 2006. A second waiver period, which expired March 31, was put in place to allow the presentation of the outline framework of the restructuring agreed between the Group and the Ad Hoc Committee, to non-signatory creditors. This period also allowed the junior and subordinated creditors to group themselves into a single committee representing a large part of those particular categories of debt. The Joint Board considered that the conditions were right to enter into a third period of negotiation -- which will enable all of the creditors to come together for the first time, in order to reach a consensual financial restructuring plan. In order to achieve this, the Joint Board has decided to request the opening of a new waiver period, until July 12, with a review planned in mid May 2006. Joint Board Extends Reporting Deadline As previously disclosed, Eurotunnel will not be able to meet its contractual obligations in the first half of 2007, given the planned end of the Minimum Usage Charge mechanism, defined in the contract with the Railways and the forthcoming significant capital repayments of the debt. In this context, the Group reiterates that the Credit Agreements provide: -- a cash facility to a maximum amount of GBP50 million; and -- recourse, in event of default, to a contractual "Standstill", of limited duration, which would permit Group to continue to operate normally while allowing negotiations on a financial restructuring plan to take place. This standstill could be interrupted by a qualified majority of creditors. This situation led the auditors, as required under French law, to initiate an alert procedure concerning the continuity of operations in 2007. Until the result of the negotiations, which are about to commence, is known, the Joint Board considers that it is unable to give an opinion on the continuity of operations. It has therefore extended the reporting deadline. As a consequence, only provisional operating figures are presented. The Joint Board fixed the date of Eurotunnel's Annual General Meeting on June 30, 2006 at 2:30 p.m., in Coquelles, France. Unaudited Operating Figures Provisional unaudited operating figures for 2005 show encouraging first results from the operational reorganization: -- Revenue stable: GBP541 million +1%; -- First improvement in Shuttle Services revenue since 2002: +4%, to GBP295 million; and -- Improvement of 4% in operating margin, to 55% of turnover. In 2005, Eurotunnel implemented a major operational reorganization, in line with the Group's new economic model that seeks to improve the productivity and profitability of its core business, the truck and passenger shuttle services. This is clearly seen in the new commercial approach, a better matching of transport capacity to demand, a new pricing structure, tighter cost control and a significant reduction in staffing levels. This strategy has led to the improved results for 2005. Despite a market that showed very little growth, the good results derive from a combination of improved revenue from Shuttle Services and a reduction in operating costs. Eurotunnel thereby improved profitability with an operating margin on turnover of 55%. Based on the valuation of assets at the end of 2004, the trading profit would be GBP153 million. 2005 should be considered a year of transition, which saw a new dynamism, brought to the Group. The operational reorganization, which was put in place during the second half of the year, will not produce its full effect until 2006. The substantial improvement expected in operating results will, however, still fall short of the level required to meet the debt repayment schedule from the beginning of 2007. "Eurotunnel is undergoing a profound reorganization which is generating a substantial improvement in operational performance," Eurotunnel chairman Jacques Gounon said. "But beyond this positive new dynamism, we cannot guarantee the future of the Group in 2007, unless there is a global financial restructuring. The new waiver which we have just requested should allow us to advance towards that goal. I know that all parties concerned in this negotiation are very aware of its importance," Mr. Gounon added. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel S.A. -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. ============= G E R M A N Y ============= AKZENTE GMBH: Claims Registration Ends April 15 ----------------------------------------------- Creditors of Akzente GmbH Gesellschaft fuer Make up, Hair Styling und Wellness have until April 15, to register their claims with court-appointed provisional administrator Dr. Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Koln Saal 142 1. Etage Luxemburger Strasse 101 50939 Koln, 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 Koln opened bankruptcy proceedings against Akzente GmbH Gesellschaft fuer Make up, Hair Styling und Wellness on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Akzente GmbH Gesellschaft fuer Make up Hair Styling und Wellness Attn: Lanny Brandt, Manager Weichserhof 7 50678 Koln, Germany The administrator can be contacted at: Dr. Christian Frystatzki Sankt Augustiner Str. 94 a 53225 Bonn, Germany Tel: 0228/40094-90 Fax: +49228/4009499 ARUGA WERTSTOFF: Creditors' Meeting Slated for May 8 ---------------------------------------------------- Court-appointed provisional administrator for Aruga Wertstoff- Recycling GmbH, Christian Plail, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m., on May 8. The meeting of creditors and other interested parties will be held at: The District Court of Augsburg Sitzungssaal 162 Justizgebaude Einlass 1 86150 Augsburg, 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 18, to register their claims with the court-appointed provisional administrator. The District Court of Augsburg opened bankruptcy proceedings against Aruga Wertstoff-Recycling GmbH on Feb. 13. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Aruga Wertstoff-Recycling GmbH Attn: Kurt Rauchbart, Manager Steinerne Furt 56 86167 Augsburg, Germany The administrator can be reached at: Christian Plail c/o SKP Partnerschaftsgesellschaft Eserwallstr. 1-3 86150 Augsburg, Germany BRUNE VOLLHOLZ: Creditors' Meeting Slated for May 4 --------------------------------------------------- Court-appointed provisional administrator for Brune Vollholz GmbH, Thomas Erdmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m., on May 4. The meeting of creditors and other interested parties will be held at: The District Court of Celle Saal 014 Muehlenstrasse 4 29221 Celle, 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 18, to register their claims with the court-appointed provisional administrator. The District Court of Celle opened bankruptcy proceedings against Brune Vollholz GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Brune Vollholz GmbH Steinbecker Strasse 61-63 29646 Bispingen, Germany Attn: Ruediger Sildatke, Manager Pferdekamp 3 32689 Kalletal, Germany The administrator can be reached at: Thomas Erdmann Blumenstr. 8-10 29614 Soltau, Germany Tel: 05191/96730 Fax: 05191/967320 IHR PLATZ: Names Management Team Following Successful Turnaround ---------------------------------------------------------------- Ihr Platz has set up a permanent management team after completing a turnaround program in January. The retail chain with its 733 shops will be managed by: -- Michael Wilmes (Sales and Purchasing), -- Thomas Helmreich (Finance and Administration), and -- Thomas Mussler (Logistics and Replenishment). "We have successfully completed the restructuring of Ihr Platz, and we are glad that we can hand over the company to a competent new management team," Sankar Krishnan said. Mr. Krishnan is serving as chief executive officer of the drugstore chain since March 2005. "We were able to complete the initial turnaround plan after only eight months and emerge from insolvency in mid-January. With the succession now in place, Ihr Platz is opening a new chapter in its more than 100-year-old history, with expansion and profitable growth as top priorities. We foresee a smooth transition of responsibilities to the new management team during the next several weeks," Mr. Krishnan added. The new top manager in charge of sales and purchasing, Michael Wilmes (44) joins Ihr Platz from Plus Warenhandelsgesellschaft where he was managing director Sales and HR for Germany. New chief financial officer Thomas Helmreich, 41, was up to now head of internal Audit at Italian clothing retail chain Gruppo Coin and is a Certified Public Accountant. Thomas Mussler, 43, the new managing director for Logistics and Replenishment is currently serving as director of Sales for Ihr Platz. The permanent management team replaces restructuring professionals Sankar Krishnan and Dr. Michael Keppel of Alvarez & Marsal and Thomas Fox of Modalis. Ihr Platz' owner, Goldman Sachs, supported and financed a fundamental restructuring of Ihr Platz with the assistance of the restructuring experts. The new management can rely on ongoing support from Goldman Sachs. The turnaround of Ihr Platz was achieved through an insolvency process under self-administration, similar to a chapter 11 proceeding in the United States. This process was completed in less than eight months, with Ihr Platz evolving as a streamlined, efficient and consumer-focused drugstore chain that caters for approximately two million loyal customers a week. "We have already started to open new stores in prime locations, and the new team will expand Ihr Platz further and will be able to build upon the excellent brand image and the most loyal customer base in this segment," Mr. Krishnan said. CONTACT: IHR PLATZ GMBH + CO. KG CardService Postfach 3740 49027 Osnabruck Phone: (0800) 50 35 131 Web site: http://www.ihrplatz.de/ ITAW GMBH: Creditors' Meeting Slated for May 9 ---------------------------------------------- Court-appointed provisional administrator for itaw GmbH, Dr. Udo Delp, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:50 a.m., on May 9. The meeting of creditors and other interested parties will be held at: The District Court of Koln Saal 14 2. Etage Luxemburger Strasse 101 50939 Koln, 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 18, to register their claims with the court-appointed provisional administrator. The District Court of Koln opened bankruptcy proceedings against itaw GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: itaw GmbH Heisenbergstr. 2 50169 Kerpen, Germany Attn: Oliver Wand, Manager Kerpener Str. 79 50170 Kerpen, Germany The administrator can be reached at: Dr. Udo Michalsky Hauptstr. 49 50126 Bergheim, Germany Tel: 02271/47150 Fax: +492271471525 KABEL DEUTSCHLAND: Fitch Rates EUR1.35-Bln Facilities at BB+ ------------------------------------------------------------ Fitch Ratings affirmed Kabel Deutschland Vertrieb und Service GmbH & Co's Issuer Default Rating at BB- with Stable Outlook. The agency assigned KDS's recently signed EUR1.35 billion senior secured bank facilities ratings of BB+. The BB+ rating of the bank facilities signed in March 2004, which have been refinanced, is withdrawn. At the same time, Fitch upgraded holding company, Kabel Deutschland GmbH's senior notes at BB- from B+, in line with the agency's methodology of the recently launched recovery ratings. The IDR reflects KDS's well established and stable subscriber base, low but predictable ARPU, and well contained operating cost base. The rating also takes into account that despite the company's strong and consistent cash flow generation, its high debt burden has led to significant cash interest charges and a balance sheet that is unlikely to de-leverage quickly. Capital expenditure associated with the digital rollout and investments in high-speed internet and telephony services further affect free cash flows. The expectation that leverage will remain relatively high over the next two to three years has led Fitch to assign a Stable rather than Positive Outlook. Director in Fitch's European TMT group, Stuart Reid disclosed, "The recent signing of the company's new bank facilities has given us the opportunity to review Kabel Deutschland's digital upgrade and bundled service strategy." "While this strategy is likely to depress free cash flows over the next year or so, we believe the steps being taken now will help secure greater value in the business over the medium-to- longer term," he added. The attractiveness of the digital product should boost core TV revenues, while helping to consolidate customer loyalty to the cable product. Competitively price high speed internet and telephony services are expected to add an important complementary revenue stream and have the potential to generate significant value for KDG's stakeholders. KDG continues to perform in line with Fitch's expectations. In the 9 months to December 2005 the company generated EUR309 million of EBITDA, representing year-on-year growth of 2.3%. An EBITDA margin of 41% for the period remains strong and compares with 40.3% recorded in the prior year period. Free cash flow for the period amounted to a healthy EUR150 million. Recently announced figures suggest good momentum for the company's new services. With approximately 9.6 million basic customers, the company's Kabel Digital subscribers had reached 479,000 by March 2006, an increase of 255,000 in the year, while Kabel Highspeed customers reached 60,700 for the same period, and Kabel Phone, 40,500. As at December 2005 all of the company's network had been upgraded to support digital services, while approximately 3.8 million Level 3 homes passed had been upgraded for high speed internet and telephony. While the company's business plan anticipates a moderate amount of risk investment in continuing to upgrade the Level 3 network, Fitch sees good demand for these services and that the downside risk to this investment is therefore limited. In addition to the EUR1.15 billion senior secured debt outstanding, senior notes amounting to EUR756 million maturing in 2014 are issued at the KDG holding company level. The notes benefit from a second ranking share pledge. Although Fitch's recovery analysis anticipates fully drawn senior leverage of 4.0x in a distressed scenario, it considers the business could be sold at a higher multiple than this, and therefore that average recoveries for the senior notes can be assumed. The EUR400 million payment-in-kind notes issued by Kabel Deutschland Holding GmbH are regarded as being outside the KDG financing group given their structural subordination and non- cash pay nature. Based on EBITDA in the 12 months to December 2005, senior leverage was 2.77x and total cash pay leverage 4.59x. KARSTADTQUELLE AG: Enters French Mail Order Market -------------------------------------------------- The specialist mail order company "Happy Size", a subsidiary of Quelle/Neckermann Spezialversand GmbH, which is part of the KarstadtQuelle Group, will assume responsibility for the big sizes range, successfully developed by Neckermann France, from the start of 2007. Happy Size, the market leader in specialty mail order for large sizes in Germany, will thus also be present on the French market from 2007. Operations will continue at the mail order center in Strasbourg, which the specialty mail order companies of KarstadtQuelle AG will use as a "platform" for opening up the French market in the future. Several specialty mail order companies are already successfully supported in fulfillment via Neckermann S.A.S. in Strasbourg, where the combined sales volume will increase to around EUR70 million by 2008. In the course of restructuring, the logistics center in Schiltigheim will be closed and administration reduced. Around 100 employees will be affected by this measure. Headquartered in Essen, Germany, KarstadtQuelle AG -- http://www.karstadtquelle.com/-- is the country's largest department store and mail order group. It has annual sales of EUR13.5 billion and employs around 90,000. The retailer has been suffering from sluggish consumption and high unemployment rate in Germany. KarstadtQuelle posted an EBITDA of -EUR428 million in 2004. The group is currently restructuring operations by selling off non-core assets and implementing cost- saving measures. The group achieved and exceeded its targets for the 2005 financial year. Group sales, adjusted for the strong impact of the realignment, were EUR15.45 billion, compared to EUR16.14 billion in the previous year, down 4.2 percent. Adjusted EBITDA improved by 5.1 percent to EUR544m, compared to EUR518m in the previous year. In 2005, net financial liabilities were reduced by a third to EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion in the previous year. SPUMAX GESELLSCHAFT: Claims Registration Ends April 18 ------------------------------------------------------ Creditors of Spumax GmbH have until April 18, to register their claims with court-appointed provisional administrator Dr. Gideon Bohm. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 23, 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 Reinbek Parkallee 6 Amtsgericht 21465 Reinbek 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 Reinbek opened bankruptcy proceedings against Spumax GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Spumax GmbH Attn: Ulf Harders, Manager Fasanenweg 31 22964 Steinburg, Germany The administrator can be contacted at: Dr. Gideon Bohm Bachstr. 85 a 22083 Hamburg, Germany STAUDINGER GMBH: Creditors' Meeting Slated on May 9 --------------------------------------------------- Court-appointed provisional administrator for Staudinger GmbH Asphaltbau u. Estriche, Hans-Jorg Derra, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m., on May 9. The meeting of creditors and other interested parties will be held at: The District Court of Goppingen Saal 0.24 Pfarrstrasse 25 73033 Goppingen, 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 18, to register their claims with the court-appointed provisional administrator. The District Court of Goppingen opened bankruptcy proceedings against Staudinger GmbH Asphaltbau u. Estriche on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Staudinger GmbH Asphaltbau u. Estriche Attn: Rolf Kellermann, Manager Bleichedreistrasse 50 73066 Uhingen, Germany The administrator can be reached at: Hans-Jorg Derra c/o Derra, Meyer & Partner Frauenstrasse 14 89073 Ulm, Germany Tel: 0731/922880 T.B. AUTOMOBILE: Claims Registration Ends April 18 -------------------------------------------------- Creditors of T.B. Automobile GmbH have until April 18, to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on May 23, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt Saal 401 Muellroser Chaussee 55 15236 Frankfurt (Oder), 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 Frankfurt opened bankruptcy proceedings against T.B. Automobile GmbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: T.B. Automobile GmbH Berliner Allee 65 16303 Schwedt/Oder, Germany The administrator can be contacted at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin, Germany TEKAL GESELLSCHAFT: Claims Registration Ends April 18 ----------------------------------------------------- Creditors of TEKAL Gesellschaft zur Herstellung und zum Vertrieb von Genuss- un Nahrungsmitteln mit beschrankter Haftung have until April 18, to register their claims with court-appointed provisional administrator Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 Koln Saal 142 1. Etage Luxemburger Strasse 101 50939 Koln, 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 Koln opened bankruptcy proceedings against TEKAL Gesellschaft zur Herstellung und zum Vertrieb von Genuss- un Nahrungsmitteln mit beschrankter Haftung on Feb. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TEKAL Gesellschaft zur Herstellung und zum Vertrieb von Genuss- un Nahrungsmitteln mit beschrankter Haftung Marktstr. 10 50968 Koln, Germany Attn: Aydin Yardimci, Manager Judenpfad 10 50996 Koln The administrator can be contacted at: Dr. Christoph Niering Brabanter Str. 2 50674 Koln, Germany Tel: 992230-0 Fax: +4922199223035 ULRICH FIEBENITZ: Claims Registration Ends April 18 --------------------------------------------------- Creditors of Ulrich Fiebenitz Bauunternehmen GmbH have until April 18, to register their claims with court-appointed provisional administrator Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 23, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt Saal 401 Muellroser Chaussee 55 15236 Frankfurt (Oder), 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 Frankfurt opened bankruptcy proceedings against Ulrich Fiebenitz Bauunternehmen GmbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ulrich Fiebenitz Bauunternehmen GmbH Attn: Axel Wenzlaff, Manager Bollensdorfer Allee 67 15370 Fredersdorf, Germany The administrator can be contacted at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin, Germany W.F.-COLOR: Claims Registration Ends April 15 --------------------------------------------- Creditors of w.f.-color GmbH Farben & technische Produkte have until April 15, to register their claims with court-appointed provisional administrator Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 22, 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 Koln Raum 1240 12. Etage Luxemburger Strasse 101 50939 Koln, 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 Koln opened bankruptcy proceedings against w.f.-color GmbH Farben & technische Produkte on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: w.f.-color GmbH Farben & technische Produkte Attn: Wilhelm Filipp, Manager Eilerstr. 50 - 52 51145 Koln, Germany The administrator can be contacted at: Jana Dettmer Weyerstr. 54 50676 Koln, Germany Tel: 0221/921217-0 Fax: +4922192121720 ============= H U N G A R Y ============= PANNONPLAST RT: Sells 62.22% Stake in TU-Plast to Hoffman Neopac ---------------------------------------------------------------- Pannonplast Rt. concluded a sales agreement with Hoffmann Neopac AG regarding the sale of its 62.22% business share in TU-Plast Kft. Pannonplast Rt. had a goodwill-based assessment of business share in TU-Plast Kft. done recently. In the course of this procedure, several investors from the profession showed interest in purchasing the business share. Hoffmann Neopac's offer led to the most advantageous terms for the company, where the purchase price well exceeded the results of the assessment originally initiated by Pannonplast. Having considered the offer, the Board of Directors of Pannonplast Rt. resolved to spin off tube production from the packaging division and sell the Tu-Plast business share. The transaction will be closed on expiration of the period during which the pre-emption right of the parties concerned is open (15 days). This sale will contribute approximately HUF1 billion (approximately HUF 250/share) in accounting profit to Pannonplast Group's consolidated profit for the second quarter 2006. Headquartered in Budapest, Hungary, Pannonplast Muanyagipari Rt. -- http://www.pannonplast.hu/-- manufactures a wide range of plastic-finished Products. It trimmed its annual losses drastically to HUF216 million in 2005 from HUF1.6 billion in 2004 despite booking a 17% decline in revenues. CEO Balazs Szabo, which took over in September 2004, has been cutting costs and selling units to restore the company's profitability. ========= I T A L Y ========= BANCA NAZIONALE: Fitch Keeps Individual Rating at C --------------------------------------------------- Fitch Ratings upgraded Italy-based Banca Nazionale del Lavoro's ratings to Issuer Default A+ from A-, Short-term F1 from F2 and Support 1 from 2. The ratings are removed from Rating Watch Positive. A Positive Outlook is assigned to the IDR. At the same time, the agency affirmed the bank's Individual rating at C. The removal of RWP follows the acquisition by BNP Paribas of a controlling 50.4% stake in BNL, including approximately 48% from Unipol Assicurazioni and associated parties, and the possible acquisition of all or most of the remaining shares, following the launch of an obligatory takeover bid. Fitch considers that it is highly likely that BNPP will receive a large level of acceptances. As a result of discussions held with BNPP's management, Fitch has upgraded BNL's Issuer Default Rating to A+. This rating reflects what Fitch considers to be an extremely high probability of support for BNL, should it ever be required, from its new controlling shareholder. BNPP regards Italy as its second "home market" and is fully committed to integrating BNL into its group. As further integration occurs and additional operational benefits accrue to BNL under new ownership, Fitch may upgrade the bank's IDR further to AA- or equalize it with BNPP's IDR AA. In 2005, BNL reported EUR533 million of net income, EUR5.03 billion of equity and a Tier 1 ratio of 6.7%. It was the sixth largest bank in Italy by loans at end-2005 and has around 800 branches. In 2005, BNPP reported EUR6.29 billion of net income and over EUR35 billion of common equity. It is the second largest French bank and the fifth largest in Europe by equity. Its market share of sight deposits in France is 9.6%. The mandatory offer is still subject to the approval by CONSOB, the Italian authority for listed companies, expected to be received by end-April. IMPREGILO SPA: Amends Directors' Report on 2005 Financials ---------------------------------------------------------- Impregilo S.p.A. opted to amend the directors' report to its 2005 financial statements in the interests of full disclosure. The decision was made as a result of recent events concerning the MSW projects in the region of Campania -- which took place after the approval by the Impregilo Board of Directors on March 24, on its 2005 draft financial statements. The events in question relate to the publication in Italy's Official Gazette of March 31, on its latest calls for tenders for the selection of new waste disposal service providers in the Region of Campania and to developments in the current dispute with the Extraordinary Government Commissioner over the waste emergency. The amendment will be inserted after the section entitled "Evoluzione prevedibile della gestione" in the annual report. Headquartered in Milan, Italy Impregilo S.p.A. -- http://www.impregilo.it/-- is a leading engineering group in Italy that has existed since 1906. It generates more than EUR2 billion in annual revenue and employs more than 11,703 people. Impregilo posted consolidated net sales of EUR2.4 billion, compared to EUR2.9 billion in 2004. It attributed the decrease to a general downturn in sales volumes, the de-consolidation of some operations and the absence of extraordinary items recognized in 2004. The Group posted a consolidated operating loss of EUR254.4 million. A significant factor in the result was the aggregate operating loss (EUR260 million) of the non- core businesses (Building & Services, Campania MSW Project, Imprepar in liquidation), which are being sold/retired or are in liquidation. Net debt at Dec. 31, 2005 was EUR489.3 million (not including net debt on discontinued operations), and was down by EUR672 million from Dec. 31 2004. During the year, share capital was increased by EUR651.9 million. Shareholders' equity at Dec. 31, 2005, amounted to EUR516.7 million, an increase of EUR305 million from Dec. 31, 2004. Impregilo is optimistic it could achieve its profit forecast and debt-to-equity ratio of 0.5 in 2007. Corporate restructuring specialist Lazard Freres & Co. LLC is advising Impregilo. =================== K A Z A K H S T A N =================== AKVAPROEKT: Creditors Must File Claims by April 21 -------------------------------------------------- LLP akvaproekt has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Burova Str. 25/2-35 Ust-Kamenogorsk East Kazakhstan Region ARIADNA-PV: Creditors Must File Claims by April 21 -------------------------------------------------- LLP Ariadna-PV has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Pavla Vasilyeva Str. 2 140000, Pavlodar Region, Kazakhstan MAUC.RU: Creditors Must File Claims by April 21 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Mauc.Ru insolvent on Jan. 25, 2006. Creditors have until April 21, to submit written proofs of claims. The company can be contacted at: 8 (3292) 50-40-61 MUNAIREMBYTSERVICE: Creditors Must File Claims by April 21 ---------------------------------------------------------------- LLP Munairembytservice filed for bankruptcy the Specialized Inter-Regional Economic Court of Aktube Region. Creditors have until April 21, to submit written proofs of claims to: Altynsarina Str. 31 Aktobe, Kazakhstan Tel: 8 (3132) 21-30-32 ORAL-PRESS: Creditors Must File Claims by April 21 -------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region commenced bankruptcy proceeding against LLP Oral-Press on Feb. 16, 2006. A hearing will take place on April 21, at: Seifullina Str. 37. Uralsk at which time creditors must submit their written proofs of claims. SATURN-ABS: Creditors Must File Claims by April 21 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Saturn-Abs insolvent on Jan. 25, 2006. Creditors have until April 21, to submit written proofs of claims. The company can be contacted at: 8 (3292) 41-20-13 SERVIS LUXE: Creditors Must File Claims by April 21 --------------------------------------------------- LLP Servis Luxe has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Dostyk Ave. 42-50 Almaty Tel: 8 (3272) 43-66-55 SMAK NEW: Creditors Must File Claims by April 21 ------------------------------------------------ LLP Smak New has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Lisakovsk, Industry Zone Kostanai Region Tel: 8 (31433) 2-70-90 SULTAN-M CO: Creditors Must File Claims by April 21 --------------------------------------------------- LLP Sultan-M Co has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Petrovskogo Str. 101 Uralsk Tel: 8 (31122) 51-73-72 TURMYS: Jambyl Court Starts Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region has commenced bankruptcy proceeding against OJSC Turmys on Feb. 6, 2006. =================== K Y R G Y Z S T A N =================== AITI-KUT: Creditors Must File Claims by May 27 ---------------------------------------------- Credit Organization Aiti-Kut has declared insolvency. The proofs of claim will be accepted until May 30, 2006. The company can be contacted at (+996 3736) 2-27-44 or 2-26-52. ARCHA: Creditors Must File Claims by May 27 ------------------------------------------- OJSC Archa has declared insolvency. Creditors have until May 27, to submit written proofs of claim to: Jibek-Jolu Ave. 2 Bishkek =================== L U X E M B O U R G =================== NORTEL NETWORKS: Names Dietmar Wendt to Lead Global Services ------------------------------------------------------------ Dietmar Wendt will join Nortel Networks [NYSE: NT, TSX: NT] as president of Global Services effective May 1, 2006. Mr. Wendt, 46, will report directly to Mike Zafirovski, president and chief executive officer of Nortel. He will be responsible for Nortel's Global Services business, including its financial performance, portfolio development and go-to-market strategies. Nortel recently reinforced its commitment to growth in this business with a sweeping simplification of its integrated services and a series of new commercial services offerings. "Dietmar knows what it takes to create and maintain a razor- sharp business focus on services, one of the areas we have identified as key to driving momentum and growth for Nortel," Mr. Zafirovski said. "He has managed multi-billion dollar services and technology businesses. He has built and nurtured global customer relationships. His leadership and experience will be critical as we target growth in our revenue mix from services." "Network-based services and solutions will be a key driver for future economic growth and innovation across all industries around the world," Mr. Wendt said. "These services and solutions have to be seamlessly connected and integrated with clients' existing IT and telecommunications infrastructures. Nortel is ideally positioned to address this need, and I'm excited to be leading the dedicated team of Nortel professionals focused on making that happen." Mr. Wendt will join Nortel from IBM in Shanghai, China, where he is currently vice president, Asia Pacific Information Technology Services Transformation. Prior to that, Mr. Wendt was vice president, Integrated Technology Services for IBM in Central Europe and Russia. He has also held a variety of executive positions internationally with IBM in sales and product management. Born and educated in Germany, Mr. Wendt speaks fluent German and English. He will be based at Nortel's headquarters in Toronto. Nortel's Global Services include a full range of integrated services for design, deployment, management and maintenance of end-to-end multi-vendor network solutions, including seamless migration to next generation technologies. Headquartered in Ontario, Canada, Nortel Networks Corporation -- http://www.nortel.com/-- is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges. Nortel does business in more than 150 countries. * * * As reported in the Troubled Company Reporter on March 15, Standard & Poor's Ratings Services placed its ratings on Nortel Networks Ltd., including the 'B-' long-term corporate credit rating, on CreditWatch with negative implications, after: * Nortel's announced restatement of financial results for: -- 2003, -- 2004, and -- first nine months of 2005; and * a delay in meeting its filing requirements for 2005. The financial restatements are limited in scope and are expected to be modest in comparison with Nortel's previous restatement activities. In addition, Nortel expects to complete its restatements, as well as file its 2005 annual report by the end of April 2006. Nevertheless, Nortel will not be in compliance with its various regulatory filing requirements as of March 16, 2006, and as a result will be in breach of covenants under its recently completed US$1.3 billion credit facility, as well as the EDC support facility. It will subsequently (as of April 1) be in breach of covenants under its public indentures. ===================== N E T H E R L A N D S ===================== CHIQUITA BRANDS: Names James Thompson SVP & Compliance Chief ------------------------------------------------------------ Chiquita Brands International, Inc. (NYSE: CQB) disclosed that Robert W. Olson, 60, senior vice president, general counsel and secretary, has decided to retire from the company at year end after more than 10 years of service. James E. Thompson, 45, has joined Chiquita as senior vice president and chief compliance officer, where he will serve on the company's management committee and be responsible for the day-to-day operation of the company's compliance and ethics program. On July 1, Mr. Thompson will succeed Olson as general counsel and secretary with responsibility for Chiquita's global law department. "Bob has provided exceptional service and leadership to the company through a period of significant change, including a successful financial restructuring and major acquisitions and divestitures," said Fernando Aguirre, chairman and chief executive officer. "Bob has provided outstanding business expertise and legal counsel over the years, and his professionalism will be missed. Fortunately, Bob has agreed to stay on with the company through the end of the year to help James make a smooth and seamless transition to general counsel." Mr. Thompson served most recently as group vice president, general counsel and secretary at McLeodUSA, Inc., one of the nation's largest independent competitive telecommunications service providers with operations in 25 U.S. states. In that role, he led McLeodUSA's legal department and implemented corporate governance initiatives, such as Sarbanes-Oxley Act compliance. He was also responsible for regulatory compliance, including federal and state public policy and advocacy. "James' experience managing corporate legal teams, designing and implementing effective compliance and governance programs as well as specific expertise in antitrust and trade regulation in U.S. and international environments will be invaluable as we continue to build a high-performance organization at Chiquita," Mr. Aguirre said. "Chiquita is a great company with an already strong legal team," Mr. Thompson said. "I am looking forward to adding my skills and experience to maintain and enhance the company's commitment to the highest standards of legal and ethical compliance." Prior to McLeodUSA, Mr. Thompson was director and associate general counsel for the international legal department at Alticor, Inc., and served as chief legal officer for its innovations business unit. In these roles, he managed legal support for Alticor's international affiliates around the world, including the entry of the company into new global markets. Mr. Thompson also has legal experience at Jones, Day, Reavis & Pogue, including five years in the firm's Brussels office, where his principal practice area was complex corporate transactions with international components, including antitrust and trade regulation. Mr. Thompson earned his juris doctor degree from the University of Michigan Law School and received his bachelor's degree in history from the University of Michigan. In addition, he was the first American selected as a law clerk stagiaire at the European Court of Justice in Luxembourg. Mr. Thompson is a member of the Bar in the State of Illinois and the District of Columbia. Chiquita Brands International, Inc. -- http://www.chiquita.com/ -- is a leading international marketer and distributor of high- quality fresh and value-added produce, which is sold under the Chiquita(R) premium brand, Fresh Express(R) and other related trademarks. The company is one of the largest banana producers in the world and a major supplier of bananas in Europe and North America. In June 2005, Chiquita acquired Fresh Express, the U.S. market leader in value-added salads, a fast-growing food category for grocery retailers, foodservice providers and quick- service restaurants. * * * Chiquita Brands' $250 million 7-1/2 notes due Nov. 1, 2014, carry Moody's Investors Service's and Standard & Poor's single-B ratings. =========== R U S S I A =========== CHERNOERKOVSKAYA: Creditors Proofs of Claims Slated for April 27 ---------------------------------------------------------------- Creditors of Chernoerkovskaya have until April 27, to submit their proofs of claim to court-appointed insolvency manager Mr. D. Khomutov at: Post User Box 3477 350001, Krasnodar Region, Russia The Arbitration Court of Krasnodar Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A-32-31831/2005-1/445-B. The Debtor can be reached at: Chernoerkovskaya Slavyanskiy Region, Petrovskaya St. Melioratorov Str. 2 353579, Krasnodar Region, Russia EAR: Claims Filing Period Ends April 27 --------------------------------------- Creditors of Ear (TIN 2112003204) have until April 27, to file their proofs of claim to court-appointed insolvency manager Mr. A. Fominykh at: Room 100, Cheboksary, Elmenya Str. 13 428023, Chuvashiya Republic, Russia The Arbitration Court of Chuvashiya Republic commenced bankruptcy proceedings against the close joint stock company with the case docketed as A79-7819/2005. The Debtor can be reached at: Ear Morgaushskiy Region, Shatrakasy 429542, Chuvashiya Republic, Russia ECO-PRODUCT: Deadline for Proofs of Claim Slated for April 27 ------------------------------------------------------------- Creditors of Eco-Product have until April 27, to submit their proofs of claim to court-appointed insolvency manager Mr. A. Rubashanov at: Barnaul, Post User Box 841 653052, Altay Region, Russia The Arbitration Court of Altay Region will convene at 9:30 a.m., on June 19, to hear the bankruptcy supervision procedure of the limited liability company with the case docketed as A03- 23992/05-B. The Debtor can be reached at: Eco-Product Burlinskiy Region, Burla Zheleznodorozhnaya Str. 17 658810, Altay Region, Russia LESNOYE: Creditors Have Until April 27 to File Claims ----------------------------------------------------- Creditors of Lesnoye have until April 27, to file their proofs of claim to court-appointed insolvency manager Mr. A. Shiyanov at: Kochenevo, Pushkina Str. 18 "B" 632640, Novosibirsk Region, Russia The Arbitration Court of Novosibirsk Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A45-3982/03-SB/173. The Debtor can be reached at: Lesnoye Kochenevskiy Region, Krutologovo 632633, Novosibirsk Region, Russia NELIDOVSKIY MEAT: Deadline for Proofs of Claim Set for April 27 --------------------------------------------------------------- Creditors of Nelidovskiy Meat Combine (OGRN 1026901775713) have until April 27, to submit their proofs of claim to court- appointed insolvency manager Mr. G. Aristov at: Gilyarovskogo Str. 31 107996, Moscow Region, Russia The Arbitration Court of Tver Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A66-5493/05. The Debtor can be reached at: Nelidovskiy Meat Combine Nelidovo, Belskoye Shosse, 1 Tver Region, Russia OMSK VODOKANAL: Moody's Junks Corporate Family Rating ----------------------------------------------------- Moody's Investors Service has assigned a Caa1 global scale corporate family rating with stable outlook to JSC Omsk Vodokanal. At the same time, Moody's Interfax Rating Agency, which is majority owned by Moody's, assigned a Ba3.ru long-term national scale rating to Vodokanal. According to Moody's and Moody's Interfax, the Caa1 global scale rating reflects Vodokanal's global default and loss expectation, while the Ba3.ru NSR reflects the standing of its credit quality relative to its domestic peers. Rating Rationale The Caa1 corporate family rating and the Ba3.ru NSR reflect the following positive factors: -- Omsk Vodokanal's operating environment in the regulated water industry, which benefits from relatively low cyclicality and growing demand; -- its monopolistic position in providing its services in the city of Omsk, the major industrial center of Omsk oblast (Aa3.ru NSR), a large and rather rapidly developing region in Russia's Siberian Federal District; -- Vodokanal's management by Eurasian Water Partnership Ltd. (EWP), a private entity engaged in restructuring a few Russian regional water utilities, whose management has some experience in the international water business; and -- Vodokanal's projected acceptable financial profile, though the company's ability to establish and keep it is still to be tested. However, the ratings are constrained by these challenges: -- Vodokanal's position as a small start-up company that has been formed recently as a private entity taking on lease its infrastructure assets from the municipality of Omsk, with no track record or audited financial statements; -- the new Russian regulatory and legal framework for water and wastewater utilities such as Vodokanal employing a business model that is untested in the country; -- Russia's vulnerable economic, regulatory and legal environment, which heightens the risks associated with new untested legal frameworks being introduced in the country; -- Vodokanal's reliance on ambitious tariff increases and restructuring measures as the main prerequisites for its business development and financial sustainability, although the execution risk of such socially and politically sensitive steps remains very high; -- limited ability to improve collection of payments from households under a tariff increase; -- the implementation risk associated with Vodokanal's investment program driven by the lack of know-how and technical expertise at Vodokanal despite the support provided by EWP; and -- low shareholder transparency; (viii) the lack of a defined dividend policy and uncertainties surrounding further equity contributions; and (ix) lack of ownership of key assets. Vodokanal operates within the regulated water and wastewater sector, which is generally regarded by Moody's as associated with low business risk. However, this advantage is outweighed by high risks facing the small start-up company operating within Russia's new and untested legal and regulatory framework for this kind of business. Although legal arrangements for Vodokanal's business are in place, the enforceability of its rights under the signed lease and investment contracts with the local and regional authorities needs to be proved, given the underdeveloped state of the country's legal system and the lack of a relevant track record at local and higher-level courts. At this stage Vodokanal remains a pilot project being operated for Russia's state-controlled water and wastewater sector as it seeks new effective means of development. Moody's considers that very high execution risk is associated with the implementation of large tariff increases for domestic households and restructuring measures, which are incorporated in Vodokanal's projected acceptable financial profile. These unpopular steps could change the regional authorities' initial support for tariff increases and heighten the risks of privatizing the water business. Payment collection from households may also deteriorate under much higher tariffs. Moody's also notes that Vodokanal has limited ability to guarantee higher quality of water and hence justify higher tariff as it is not responsible for the house pipe system, the poor condition of which undermines the quality of water and water services. Moody's is concerned at the lack of know-how and technical expertise at Vodokanal necessary for the implementation of its investment programme. The management of Vodokanal is employed by EWP, a company established in Moscow in 2004 to implement public private partnership projects for water and wastewater in Russia. Omsk Vodokanal is EWP's pilot project, with other projects located in other Russian regions and managed separately. EWP has a management service contract with Vodokanal, controls its transactions and restructuring process and provides its management with expertise and training. However, the two companies are somewhat geographically distant from each other, with additional cultural differences, which makes their co-operation challenging. Moody's notes that the materialization of the projected financial profile of Vodokanal depends on the implementation of tariff increases, which pose a high level of risk, as mentioned, and requires equity contributions from shareholders. Any significant increase in debt, even under relatively attractive terms, including a long maturity, availability of a grace period and relatively low interest, will provide a challenge to the company, if not timely supported by equity contributions. Private companies, which beneficial owners are physical persons, control Vodokanal. The shareholder structure is not transparent. Neither the long-term strategy for Vodokanal nor an approved dividend policy has been disclosed. The planning horizon remains limited by five years. Under the circumstances, Moody's considers that the shareholders' commitment to this project and their ability and readiness to finance Vodokanal's investment programme have yet to be tested. Given the challenges facing Vodokanal and yet relatively low predictability of developments in its projected financial profile, Moody's considers it positioned at the low end of its rating category. Rating Outlook The stable outlook reflects Moody's expectation that the beneficial implications of Omsk Vodokanal's management by EWP will balance the challenges posed by its restructuring efforts and medium-term investment program relative to progress in both tariff upgrades and payment collection, based on Vodokanal's monopolistic position in the city of Omsk. Should Vodokanal establish a track record in doing business in accordance with its financial projections, with tariff increases and cost control measures successfully implemented, this may have an upward impact on the ratings. Positive rating implications for Vodokanal could also materialize if shareholders demonstrate a commitment to the project via equity contributions, approval of a long-term development strategy and a dividend policy and improvements in shareholder transparency. Stability in the legal and regulatory environment, with no shifts caused by political interference, may also have a positive impact on the ratings. Should Vodokanal be unable to defend its reasonable claims within the current legal and regulatory framework, or see a delay in tariff adjustments and fail to implement its restructuring plan and investment program, this could exert downward pressure on the ratings. Political pressure on Vodokanal's business could also have a negative impact on the ratings. The ratings are sensitive to significant negative changes in the projected financial profile of Vodokanal. Should Vodokanal's debt increase significantly, shareholders' failure to make timely equity contributions may adversely affect the company's creditworthiness and trigger the ratings review for possible downgrade. About the Company JSC Omsk Vodokanal started operations on April 1, 2005. It took over the following functions and associated employees from the municipality-owned and -run water utility MUE Vodokanal of the city of Omsk: operation and maintenance of water and wastewater facilities, provision of water and wastewater. However, the assets of MUE Vodokanal were transferred to Omsk Municipality and then leased out to JSC Omsk Vodokanal. The projected 2006 turnover of Vodokanal is around RUR2.1 billion (EUR62 million). PROKOPYEVSKIY PORCELAIN: E. Sheyko Named Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. E. Sheyko insolvency manager for Prokopyevskiy Porcelain. The Court commenced bankruptcy proceedings against the limited liability company after finding it insolvent. The case is docketed as A27-32547/2005-4. The Debtor and insolvency manager can be reached at: Prokopyevsk, Gaydara Str. 50a 653047, Kemerovo Region, Russia REGION-NEFTE-KHIM: Proofs of Claim Deadline Set for April 27 ------------------------------------------------------------ Creditors of Region-Nefte-Khim (TIN 4348032256) have until April 27, to file their proofs of claim to court-appointed insolvency manager Ms. N. Ivshina at: Proletarskaya Str. 25 Kirov Region, Russia The Arbitration Court of Kirov Region commenced bankruptcy proceedings against the close joint stock company with the case docketed as A28-425/05-408/20. The Debtor can be reached at: Region-Nefte-Khim Kirov, Moskovskaya Str. 4 610000, Kirov Region, Russia SEL-KHOZ-KHIMYA: Deadline for Proofs of Claim Set for April 27 -------------------------------------------------------------- Creditors of Sel-Khoz-Khimya have until April 27, to file their proofs of claim to court-appointed insolvency manager Mr. A. Zamaraev at: Post User Box 18 160004, Vologda Region, Russia The Arbitration Court of Arkhangelsk Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A05-7575/05-8. The Debtor can be reached at: Sel-Khoz-Khimya Agrokhimikov Str. 1a Arkhangelsk Region, Russia SEVERTRANSPORT: Undergoes Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Sverdlovsk Region has commenced bankruptcy supervision procedure on open joint stock company Severtransport. The case is docketed as A60-3940/06-S11. Mr. D. Mazurovskiy has been appointed temporary insolvency manager and can be reached at: D. Mazurovskiy Post Office, Post User Box 106 620000, Ekaterinburg Region, Russia The Debtor can be reached at: Severtransport Severouralsk, Vatutina Str. 1a 624480, Sverdlovsk Region, Russia SILICON: Appoints O. Khaliullina Insolvency Manager --------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Ms. O. Khaliullina insolvency manager of close joint stock company Silicon. The case is docketed as A27-466/2006-4. The Debtor can be reached at: Silicon Novokuznetsk, Pionerskiy Pr. 20 654027, Kemerovo Region, Russia The insolvency manager can be reached at: O. Khaliullina Office 21, Moskovskiy Pr. 45A 650065, Kemerovo Region, Russia SOUTHERN TELECOMS: Pays Third Coupon Under 03-Series Bond Issue --------------------------------------------------------------- Southern Telecommunications Company (UTK) paid out in full the third coupon payment under the UTK series 03 bonds on April 10. Total amount of the third coupon yield to be paid under all UTK series 03 bonds made 12.3% annual rate or RUB215,845,000. The yield of RUB61.67 is payable on each bond of the third coupon. The list of persons eligible for the third coupon yield was composed as of March 29, 2006. Rosbank acted as UTK's Payment agent for 03-series bond issue. The Company's issue of 03-series non-convertible interest- bearing documentary pay-to-bearer bonds is for a total of RUR3.5 billion with maturity of 5 years, semi-annual coupon periods, and a buyback option every year and a half. The interest rate of 12.3% on the first, second and third coupons was fixed at the bond placement (Oct. 6, 2004, MICEX). The coupon rate for coupons 4-6 was set at 10.9% by the Company's Board of Directors. The coupon rate for coupons 7-10 is to be set by the Company no later than 10 business days prior to the redemption date of the sixth coupon. The state registration number is 4-07-00062-? dated Aug. 17, 2004. Arranger of series 03 bond issue is AKB Rosbank serves as the series 03 bond issue arranger, with Promsvyazbank as co-arranger. UTK-Finance Ltd. acts as UTK's underwriter. About the Company Headquartered in Krasnador, Russia, Southern Telecommunications Co. -- http://www.stcompany.ru/-- provides local, long- distance, and cellular telephone, paging and telegraph services. * * * Southern Telecommunications carries Moody's Investors' Service's Caa1 issuer rating and B3 long-term corporate family rating since 2004. Standard & Poor's also assigned junk ratings to the Company's issuer credit in 2005. YUKOS OIL: Moscow Court to Hear Bankruptcy Appeal on April 18 ------------------------------------------------------------- The Moscow Arbitration Court of Appeal No. 9 will rule April 18 on the legality of the bankruptcy proceedings commenced against the company, according to published reports. After hearing a complaint by 14 creditors, the Hon. Pavel Markov of the Arbitration Court of Moscow initiated bankruptcy proceedings against Yukos on March 9. The Court placed the embattled oil group under observation on March 28 until June 27, when a bankruptcy hearing is scheduled. The Court likewise named Eduard Rebgun temporary manager. The banks lent US$1 billion to Yukos in September 2003, of which US$482 million remained unpaid. Rosneft, which acquired Yukos' debt, served as a plaintiff. Headquartered in Moscow, Russia, Yukos Oil -- http://yukos.com/ -- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the Government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. ============= U K R A I N E ============= DZVINKOVE: Kyiv Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on OJSC Tribal Plant Dzvinkove (code EDRPOU 00857404). The case is docketed as 40/2 b-2006. Mr. O. Zolotverh has been appointed temporary insolvency manager. CONTACT: Dzvinkove Vasilkivskij District, Plesetske 08622, Ukraine, Kyiv Region Mr. O. Zolotverh Temporary Insolvency Manager Bila Tserkva, 50 Rokiv Peremogi Boulevard 125/135 Ukraine, Kyiv Region Economic Court of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region FLAX-CONTRACT-CREDIT: Court Names Cherevatij Lubomir Liquidator --------------------------------------------------------------- The Economic Court of Volinska Region appointed Cherevatij Lubomir as Liquidator/Insolvency Manager for LLC Flax-Contract- Credit (code EDRPOU 32964014). The Court commenced bankruptcy proceedings against the Company on Feb. 16, after finding it insolvent. The case is docketed as 7/120-B. CONTACT: Flax-Contract-Credit Lutsk, Krementeska Str. 38 43010, Ukraine, Volinska Region Mr. Cherevatij Lubomir Liquidator/Insolvency Manager Gorodotska Str. 277, a/b 10296 79022, Ukraine, Lviv Region Economic Court of Volinska Region Lutsk, Voli Avenue 54-a 43010, Ukraine, Volinska Region FREGAT-K: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy proceedings against LLC FREGAT-K (code EDRPOU 32981511) on March 1, after finding the company insolvent. The case is docketed as 43/107. Mr. E. Kondra has been appointed Liquidator/Insolvency Manager. CONTACT: Fregat-K Volodimirskij uzviz, 4-V Ukraine, Kyiv Region Mr. E. Kondra Liquidator/Insolvency Manager 01032, Ukraine, Kyiv Region, a/b 43 Economic Court Of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region PROMTEHNIKA: Court Name Marina Rotach to Liquidate Assets --------------------------------------------------------- The Economic Court of Donetsk Region appointed Marina Rotach as Liquidator/Insolvency Manager for LLC Promtehnika (code EDRPOU 32289785). The Court commenced bankruptcy proceedings against the Company on Feb. 16, after finding it insolvent. The case is docketed as 15/147 B. CONTACT: Promtehnika 83062, Ukraine, Donetsk Region Klinichna Str. 11 Ms. Marina Rotach Liquidator/Insolvency Manager Shors Str. 26a/33 83050, Ukraine, Donetsk Region Economic Court Of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region STOROZHINETS' CHEESE: Court Begins Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Chernivtsi Region commenced bankruptcy supervision procedure on OJSC Storozhinets' Cheese Plant (code EDRPOU 00447942). The case is docketed as 5/203/b. CONTACT: Storozhinets Cheese Plant Storozhinets, B. Hmelnitskij Str. 54 59000, Ukraine, Chernivtsi Region Economic Court of Chernivtsi Region O. Kobilyanska Str. 14 58000, Ukraine, Chernivtsi Region UKRAGROPTICYA: Kyiv Court Opens Bankruptcy Proceedings ------------------------------------------------------ The Economic Court of Kyiv Region commenced bankruptcy proceedings against enterprise with foreign investments Ukragropticya (code EDRPOU 25391993) on Feb. 16, after finding the company insolvent. The case is docketed as 15/75-b. Ukrgazvidobuvannya has been appointed Liquidator. CONTACT: Ukragropticya Nauki Avenue 61 03083, Ukraine, Kyiv Region Economic Court of Kyiv Region Komintern Str. 165 01032, Ukraine, Kyiv Region UKRINDUSTRIYA: Donetsk Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy proceedings against LLC Ukrindustriya (code EDRPOU 25326122) on Feb. 21, after finding the company insolvent. The case is docketed as 5/1 B. Ludmila Zayikina has been appointed Liquidator/Insolvency Manager. CONTACT: Ukrindustriya Batishev Str. 2 83004, Ukraine, Donetsk Region Ms. Ludmila Zayikina Liquidator/Insolvency Manager Volnovaska Str. 44 83018, Ukraine, Donetsk Region Economic Court Of Donetsk Region Artema Str. 157 83048, Ukraine, Donetsk Region ZNAMYANSKE: Court Names V. Cherevyak Insolvency Manager ------------------------------------------------------- The Economic Court of Chernigiv Region appointed Mr. V. Cherevyak Liquidator/Insolvency Manager for Agricultural LLC Znamyanske (code EDRPOU 03796465). The Court commenced bankruptcy proceedings against the Company on Feb. 7, after finding it insolvent. The case is docketed as 9/110 b. CONTACT: Znamyanske Priluki District, Znamyanka Ukraine, Chernigiv Region Economic Court of Chernigiv Region Miru Avenue 20 14000, Ukraine, Chernigiv Region =========================== U N I T E D K I N G D O M =========================== AK CONSTRUCTION: Financial Woes Prompt Liquidation -------------------------------------------------- AK Construction Limited is liquidating its assets after members found out that the company could no longer continue its operations due to mounting debts. Stephen M Rout, of Stephen M Rout & Company, was appointed Liquidator. AK Construction (EA) Limited can be contacted at: 21 California Woodbridge Suffolk IP12 4DE Tel: 01473 231 350 ANGELIM LIMITED: Members Pass Winding Up Resolution --------------------------------------------------- Members of Angelim Limited passed a resolution to wind up the company's operations after proving that the company could no longer continue its business due to financial liabilities. Subsequently, they authorized Graham Lindsay Down, of BN Jackson Norton, to liquidate the company's assets. Angelim Limited can be contacted at: 43 Fortescue Road Poole Dorset BH12 2LH Tel: 01202 723 128 Fax: 01202 749 394 ANNABELLE CHARLES: Creditors Confirm Voluntary Liquidation ---------------------------------------------------------- Creditors of Annabelle Charles Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company on March 2. Creditors also ratified the appointment of Ian William Kings, Tenon Recovery, as Liquidator. Annabelle Charles Limited can be reached at: 46A High Street Stokesley Middlesbrough Cleveland TS9 5DQ Tel: 01642 710 840 AUGUST HOMES: Claims Filing Period Ends April 14 ------------------------------------------------ August Homes Limited is liquidating its assets after members decided to wind up the company's operations on March 3. Appointed Liquidator, Antony Robert Fanshawe, of Fanshawe Lofts, required creditors to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) by tomorrow, April 14. August Homes Limited can be contacted at: Thomas Lewis House 236 Empress Road Southampton SO14 0JY Tel: 023 8067 9763 Fax: 01489 797 370 BLACKBURN TOOL: Claims Registration Ends May 27 ----------------------------------------------- Creditors of Blackburn Tool Hire Limited have until May 27, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator Daniel Paul Hennessy. Blackburn Tool Hire Limited can be contacted at: 189 Burnley Road Blackburn Lancashire BB1 3HN Tel: 01254 672 727 Fax: 01254 672 772 BRANNIGAN WEST: Taps Asher Miller to Liquidate Assets ----------------------------------------------------- Asher Miller, of David Rubin & Partners, was appointed Liquidator of Brannigan West Civils Limited after members passed a resolution to wind up the company on March 2. Chairman A. Conway claimed the company could no longer continue its business due to mounting debts. Brannigan West Civils Limited can be reached at: 111 East Street Epsom Surrey KT17 1EJ Tel: 01869 338 808 Fax: 01372 748 314 Web: http://www.branniganwest.com/ CABLE & WIRELESS: Employee Share Trustees Sell 148,925 Shares ------------------------------------------------------------- The Trustees of Cable and Wireless PLC Employee Share Ownership Trust disposed on April 7, 148,925 Ordinary Shares at a price of GPB1.05 per share. Following the disposal, 50,822,464 Ordinary Shares are held under the Trust. George Battersby, Charles Herlinger, Harris Jones, John Pluthero, Tony Rice and Rob Rowley (all being Directors of Cable and Wireless plc), in their capacity as members of the class of beneficiaries under the Trust, and Towers Perrin Share Plan Services (GSY) Limited, in their capacity as Trustees of the Trust, are deemed to have a non-beneficial interest in these Ordinary Shares. No Directors are disposing of any beneficial interests in the Company. About the Company Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- is one of the world's leading international communications companies. It provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. Fitch Ratings has affirmed Cable & Wireless' ratings at Long-term 'BB+' with Stable Outlook and Short-term 'B'. * * * As reported in the Troubled Company Reporter-Europe on March 3, Standard & Poor's Ratings Services said that the ratings and outlook on U.K.-based telecommunications operator Cable & Wireless PLC (C&W; BB-/Negative/B) were unchanged following the group's presentation of plans for further restructuring and refocusing of its U.K. business. C&W is replicating the broadly successful business model of Energis, the U.K. telecoms services company that it acquired in November 2005. It has announced a withdrawal from the low- margin U.K. small-to-midsized business market and a focus on large U.K. corporate customers. Given this streamlining of the customer and product base, employee numbers could reduce by up to 3,000, resulting in additional headcount reduction and lease exit costs. The group is to continue investing in Bulldog, its early stage, and largely residential, local-loop-access operation. This further retrenchment underlines the external and internal challenges that C&W still faces. The group's cash flow profile in the U.K. is likely to be more negative than previously anticipated, although material erosion of the gross cash position is not currently expected. CROWN PAINTERS: Members Agree to Liquidation -------------------------------------------- Members of Crown Painters & Decorators Limited agreed to liquidate the company's assets during an extraordinary general meeting on Feb. 28. Philip Barrington Wood, of Barringtons Limited, was appointed Liquidator. Crown Painters & Decorators Limited can be reached at: 46 Oakdene Avenue Newcastle Staffordshire ST5 8HE Tel: 01782 564 016 Fax: 01782 564 216 DUO DIGITAL: Appoints J.N. Bleazard as Liquidator ------------------------------------------------- J.N. Bleazard, of XL Business Solutions Ltd, was appointed Liquidator of Duo Digital Limited after members resolved 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 liabilities. Duo Digital Limited can be reached at: 11A St. Michaels Hall Bennett Road Leeds West Yorkshire LS6 3HN Tel: 0113 274 5444 Fax: 0113 230 2057 EFFECTIVE FINANCIAL: Winds Up Operations & Appoints Liquidator -------------------------------------------------------------- Effective Financial Planning Ltd is winding up its operations after members decided to liquidate the company's assets during an extraordinary general meeting on March 2. Vincent A. Simmons was appointed Liquidator. Effective Financial Planning Ltd can be reached at: 6 King Street Delph Oldham OL3 5DQ Tel: 01457 820 924 Fax: 01457 820 109 EWOOD COMPUTERS: Hires Joint Liquidators from Valentine & Co ------------------------------------------------------------ Members of Ewood Computers Limited passed a resolution to wind up the company's operations after they found out that the company could no longer continue its operations due to financial liabilities. They authorized Robert Valentine and Mark Reynolds, of Valentine & Co., to jointly liquidate the company's assets. Ewood Computers Limited can be reached at: 42 Fairclough Road Thornton-Cleveleys Lancashire FY5 2RN Tel: 01253 857 478 RANK GROUP: Buys Back 700,00 Ordinary Shares for Cancellation ------------------------------------------------------------- The Rank Group Plc repurchased 700,000 Ordinary shares on April 11 of 10 pence in the Company for cancellation at an average price of 232.26 pence per share. Headquartered in London, Rank Group plc -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the Troubled Company-Europe on March 8, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *