/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060418.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, April 18, 2006, Vol. 7, No. 76 Headlines D E N M A R K NORDIC TELEPHONE: TDC Takeover Spurs Moody's Rating Reassignment F I N L A N D RADNOR HOLDINGS: Can Access Up to US$185 Million in Loans G E R M A N Y BARTEL DACHBAU: Claims Registration Ends April 20 C'EST LA VIE: Claims Registration Ends April 19 CORNWALL PASTY: Creditors' Meeting Slated for April 20 EUROWELT GMBH: Claims Registration Ends April 20 F P AUTOMATION: Claims Registration Ends April 20 FENSTER-MOHRBACH: Creditors' Meeting Slated for April 19 FLIESEN BOLLMANN: Creditors' Meeting Slated for May 5 HILITE INT'L: Weak EBIT Margins Prompts Moody's Junk Ratings KAGAWA KABEL: Claims Registration Ends April 19 OTS OBERFLACHENTECHNIK: Claims Registration Ends April 19 SARO LANDMASCHINEN: Claims Registration Ends April 19 K A Z A K H S T A N ASTANA-TELEPORT: Creditors Must File Claims by April 21 ATYRAUSTROISNAB: Creditors Must File Claims by April 21 DIDAR-PAVLODAR: Creditors Must File Claims by April 21 FERRUM INC: Creditors Must File Claims by April 21 METALLINTERTREID: Creditors Must File Claims by April 21 NEFTEHIMSTROI: Creditors Must File Claims by April 21 PROMSNABRESURS: Creditors Must File Claims by April 21 RABIE: Creditors Must File Claims by April 21 TERMES: Creditors Must File Claims by April 21 VITALIYA: Creditors Must File Claims by April 21 L U X E M B O U R G MILLICOM INT'L: Adds Nearly 963,000 Subscribers in First Quarter MILLS CORP: Lenders Agree to Waive Defaults Through Dec. 31 N E T H E R L A N D S PYATEROCHKA HOLDING: Moody's Reviews Ba3 Corporate Family Rating R U S S I A BRYANSK-STROY-COM: Bankruptcy Hearing Slated for July 10 ELECTRO-SAN-TEKH-SBYT: Court Begins Bankruptcy Proceedings GONCHAROVSKOYE: Bankruptcy Hearing Slated for June 11 KRASNAYA ZARYA: Bankruptcy Hearing Set for July 19 MOSCOW BANK: Fitch Assigns Issuer Default Rating at B MUROM-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for April 25 NIKA: Sakhalin Court Begins Bankruptcy Proceedings PETRO-RESOURCE: Appoints N. Plaksin Insolvency Manager SELENGA: Undergoes Bankruptcy Supervision Procedure TASHLA-AGRO-SNAB: Bankruptcy Hearing Set for May 2 TATNEFT OAO: S&P Places B- Rating on CreditWatch Negative URALSVYAZINFORM: Posts Unaudited 2005 Financials & Taps Auditors VERKHNEVOLZHSKIY: Deadline for Proofs of Claim Set for April 27 VIMPELCOM: To Post 2005 Financial Report Today YUKOS OIL: US Bankruptcy Court's 10-Day Order Freezes Asset Sale S W E D E N CONCORDIA BUS: To Release Q4 & Full Year Report on April 25 U K R A I N E ALFIN: Court Appoints Yuliya Shindel to Liquidate Assets ENERGETIC: Sumi Court Opens Bankruptcy Proceedings INDEX-BANK UKRAINE: Moody's Assigns B2 Currency Deposit Ratings KINASHIVSKIJ: Vinnitsya Court Opens Bankruptcy Proceedings KOTLAS: Court Names Central Advertising as Liquidator MONOLIT: Sumi Court Starts Bankruptcy Supervision NAFTOSVIT: Volinska Court Orders Debt Moratorium POLISSYA: Sumi Court Starts Bankruptcy Supervision TRADE-INDUSTRIAL: Vinnitsya Court Opens Bankruptcy Proceedings SLAVUTICH: Court Names Olena Gerasimenko Insolvency Manager TSVETODIN: Harkiv Court Opens Bankruptcy Proceedings VIDRODZHENNYA: Court Begins Bankruptcy Supervision U N I T E D K I N G D O M GEOFF HARRIS: Appoints Begbies Traynor Administrator HOME PRODUCTS: Taps Joint Administrators from Rothman Pantall K. B. WOOD: Names Irwin & Company to Administer Assets LIQUID AUTOMATION: Creditors Confirm Voluntary Liquidation MANCHESTER WINDOW: Members Pass Winding Up Resolution MASON & CRANG: Brings In Steven Law to Administer Assets MOORPENNY LIMITED: Names Robert Keating as Liquidator MOTOR CARAVAN: Members Resolve to Liquidate Assets OMEGA PLASTICS: Tool Manufacturer Appoints Administrator PALMBURY LEISURE: Taps RE10 to Administer Assets PANTHER DISTRIBUTION: Brings In F A Simms as Administrator PCS REALISATION: Names Joint Administrators from Begbies Traynor PLASTXWORLD LIMITED: Appoints F A Simms & Partners Administrator PORTABLE WELDERS: Names P&A Partnership Administrator PRO-TECT UK: S. Franklin Leads Winding Up Operations PUBLISHERS BOOK: Retailer Appoints P&A Partnership Administrator RANK GROUP: Buys Back 1,000,000 Ordinary Shares for Cancellation RAZZMATAZZ INTERNATIONAL: Begins Winding Up Operations RENT WITH US: Members Agree to Liquidation ROSE & RAGS: Financial Woes Trigger Liquidation ROWAN FORRESTER: Appoints B N Jackson Norton Administrator SETT INNS: Taps Joint Administrators from BDO Stoy Hayward SODO DESIGN: Administrators from Tait Walker Move in TLC LEISURE: Calls in Joint Administrators from Herron Fisher TRANSPORT BODY: Appoints Administrator from Albert Goodman VEENA LEISURE: Appoints Liquidator from BBK Partnership VISION H.I.: Joint Administrators from Berg Kaprow Enter Helm WARWICK COMMUNITY: Joint Liquidators Take Over Operations WATTSON (SHOP FITTERS): Appoints Joint Administrators from Tenon * Large Companies with Insolvent Balance Sheets ********* ============= D E N M A R K ============= NORDIC TELEPHONE: TDC Takeover Spurs Moody's Rating Reassignment ---------------------------------------------------------------- Moody's Investors Service downgraded the corporate family rating of the Danish diversified telecommunications operator TDC A/S to Ba3 from Ba1 and re-assigned it to its 88.2% majority owner, Nordic Telephone Company Holding ApS. Moody's will subsequently withdraw the corporate family rating assigned to TDC. Moody's concurrently downgraded the senior unsecured debt ratings on the existing notes under the EMTN program not redeemed under a tender offer to Ba3 from Ba1 and withdrew the non-prime rating on commercial paper. Moody's also assigned a senior secured rating of Ba2 to the approximate EUR7.46 billion in senior secured credit facilities. This concludes the review for downgrade initiated on Oct. 6, 2005, following the announcement by TDC that a private equity consortium was in formal discussions to acquire the company. The outlook on the ratings is stable. The Ba3 Corporate Family Rating assigned to NTC reflects the combination of the consolidated group's strong business risk profile offset by the impact on the group's credit metrics from the substantial debt incurred to finance the leveraged buyout with some consideration given to the expectation that the group may continue to be managed with a somewhat aggressive financial profile under its current ownership structure. The group is a diversified European telecoms operator with leading market positions in the fixed, mobile, data and cable sectors in its core market in Denmark, strong market positions in various other mobile markets including Switzerland, Poland and select Baltic countries, relatively weaker market positions in other fixed and data segments in Switzerland, other Nordic markets and Hungary along with a reseller business in the highly competitive German mobile market. The group will be highly leveraged as a result of the debt incurred to finance the buyout. On a pro-forma 2005 basis, Total Debt to EBITDA, excluding the impact of approximately EUR1.75 billion in deeply subordinated Preferred Equity Certificates, will be approximately 5.9x. Moody's understands that the PECs will be issued outside the restricted group, which will be ring-fenced at the NTC level, and their rights will be limited to an equity claim on the restricted group. Moody's notes that there is a possibility that the PECs could be serviced by cash distributions from the restricted group subject to restricted payment limitations and the terms and conditions in the senior secured credit facilities. The Ba3 corporate family rating also takes into account the medium term pressure on the group's liquidity to meet sizeable debt maturities of over EUR380 million in 2008 and over EUR600 million in 2009 to repay maturing legacy EMTNs that were not tendered as well as scheduled senior loan amortizations. To re- deem the outstanding EMTNs, the group will be reliant upon future free cash flow generation and / or proceeds from asset sales. Moody's has taken into consideration the diversified nature of TDC's portfolio of businesses outside its core Danish market and recognizes that some of these could be candidates for disposal in the future. Under the terms of the group's senior secured facilities, proceeds from the asset sales -- other than in select situations where the leverage has been reduced to below 3.5x or the proceeds are substantial (in excess of EUR2 billion) -- would have to be deployed toward the reduction of the senior secured facilities or the redemption of the EMTNs. Moody's also expects the group to continue to be free cash flow generative despite the substantial increase in leverage but considers there to be limited headroom for deviation without asset sales in order to meet medium term scheduled debt amortizations. The Ba2 rating assigned to the senior secured credit facilities is one level above the corporate family rating. The Ba2 rating on the credit facilities takes into account their proximity to the company's operating assets, guarantees from TDC's operating subsidiaries and the benefits of the security package. The Ba3 rating assigned to TDC's senior unsecured debt (EMTNs) reflects the fact that the bonds are at the level of TDC which is the core holding company of the various operations and are structurally senior to over EUR2.03 billion of debt at the NTC level. The rating assignment though recognizes that TDC's unsecured debt is, nevertheless, effecitvely subordinated to the EUR7.46 billion in senior secured credit facilities. The stable outlook reflects Moody's expectation given the group's strong and diverse business profile that the company will be able to strengthen free cash flow generation supplemented possibly by non-core asset sales to meet medium term debt amortization, reduce overall debt levels and strengthen its credit metrics. It also takes into account Moody's expectations that the group's business and financial profile could evolve over time as a result of asset disposals. It also recognizes Moody's expectation that the group is likely to continue to be managed toward a leveraged financial profile over time. Moody's notes that the group's corporate family rating could be upgraded as a result of improvements in credit metrics such as Total Debt to EBITDA improving to below 5.0x concurrent with the group demonstrating the ability to generate sufficient cash either from free cash flow or asset disposals to meet debt amortizations through 2009. The ratings would be lowered if: (i) the group's cash flow weakens concurrent with not having successfully completed non-core asset sales, as a result of deterioration in operating margins or increased investments, such that credit metrics weaken or (ii) as a result of concerns developing over the ability of TDC to meet currently scheduled debt amortization. Nordic Telephone Company Holding ApS is a holding company of TDC A/S, the Danish diversified telecommunications operator with operations in Switzerland and in selected Northern and Central European markets. In 2005, TDC generated revenue of DKK46.58 billion (EUR6.24 billion) and EBITDA before special items of DKK13.0 billion (EUR1.74 billion). ============= F I N L A N D ============= RADNOR HOLDINGS: Can Access Up to US$185 Million in Loans --------------------------------------------------------- Radnor Holdings Corporation can borrow up to US$85 million from its bank lenders under its domestic revolving credit facility after they amended their Credit Agreement on April 4, 2006. The Revolver Amendment provides that the borrowing base may not exceed the sum of: (1) 85% of the eligible receivables of the Company and its domestic operating subsidiaries; plus (2) the lesser of: (a) 60% of the Borrowers' eligible inventory; or (b) US$40 million; less (3) outstanding letters of credit; less (4) outstanding swing loans; less (5) US$6.0 million. The Revolver Amendment took effect March 31, 2006. As of Sept. 30, 2005, the Company had US$62.4 million outstanding under its revolving credit facilities. After taking into account cash on hand of US$2.1 million, the Company has had the ability to draw up to an additional US$10.1 million under these facilities as of Sept. 30, 2005. Interest on the revolving loans increased and is payable at the domestic rate (equal to the greater of National City Bank's prime rate or the Fed Funds Rate plus .75%) or LIBOR loan rate plus, in each case, the applicable margin. The applicable margin for LIBOR rate loans will vary from 1.75% to 3.25% per annum and the applicable margin for domestic rate loans will vary from 0.00% to 1.50% per annum based on the Company's undrawn availability. The Revolver Amendment also increased the letter of credit fee payable to the lenders initially to 2.50% per annum of the face amount of all outstanding letters of credit. The letter of credit fee will subsequently be adjusted to between 1.75% and 3.25% based on the Company's undrawn availability. The Revolver Amendment also provides that the fixed charge coverage ratio requirement will not be applicable until the second fiscal quarter of 2006 and will only be tested if undrawn availability falls below US$10.0 million or upon the occurrence and continuation of a default. The Revolver Amendment decreased the limit on permitted capital expenditures for calendar year 2006 to US$17.5 million. The Revolver Amendment also includes an early termination fee. Bond Covenant Modified As reported in the Troubled Company Reporter on April 10, Radnor Holdings and some of its subsidiaries amended their indenture with Wachovia Bank, National Association, dated as of March 11, 2003, which governs the Company's 11% Senior Notes due 2010. The amendment allowed the Company to incur an additional US$25 million of indebtedness by expanding the definition of "Permitted Indebtedness." The Company's US$135 million of 11.0% Senior Notes due 2010 are fully and unconditionally jointly and severally guaranteed by substantially all of the Company's domestic subsidiaries, all of which are 100% owned. About Radnor Holdings Radnor Holdings Corporation -- http://www.radnorholdings.com/-- manufactures and distributes a broad line of disposable foodservice products in the United States and specialty chemical products worldwide. The Company operates 15 plants in North America and three in Europe and distributes its foodservice products from 10 distribution centers throughout the United States. At Sept. 30, 2005, Radnor Holdings' equity deficit widened to US$28,800,000 from a US$770,000 deficit at Dec. 31, 2004. Tardy 10-K Radnor's Annual Report on Form 10-K for the fiscal year ended Dec. 30, 2005, "could not be filed within the prescribed time period primarily due to the Company's continuing review of the impact of, and disclosures related to, certain financing transactions subsequent to fiscal year end," President and Chief Executive Officer Michael T. Kennedy told the SEC in a March 31 regulatory filing. "The Company is also continuing its review of certain income tax matters," Mr. Kennedy added. Radnor's results of operations for the fiscal year ended December 30, 2005, were negatively impacted by the Gulf Coast hurricanes, and the resulting volatility in the petrochemicals and energy markets. The impact of these events on the Company's pre-tax results of operations has been estimated between US$25 million and US$30 million, primarily in the fourth quarter. ============= G E R M A N Y ============= BARTEL DACHBAU: Claims Registration Ends April 20 ------------------------------------------------- Creditors of BARTEL DACHBAU GmbH have until April 20, to register their claims with court-appointed provisional administrator Dr. Juergen D. Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 24, 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 Potsdam Saal 301 Nebenstelle Lindenstrasse 6 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 Potsdam opened bankruptcy proceedings against BARTEL DACHBAU GmbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BARTEL DACHBAU GmbH Attn: Rudi Bartel, Manager Kastanienweg 1 14776 Brandenburg, Germany The administrator can be contacted at: Dr. Juergen D. Spliedt Uhlandstrasse 165/166 10719 Berlin, Germany C'EST LA VIE: Claims Registration Ends April 19 ----------------------------------------------- Creditors of C'est La Vie Elbe Textilhandelsgesellschaft mbH have until April 19, to register their claims with court- appointed provisional administrator Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on May 17, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 C'EST LA VIE Elbe Textilhandelsgesellschaft mbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: C'EST LA VIE Elbe Textilhandelsgesellschaft mbH Attn: Ralf Brunnecker, Manager Brahmhof 35 21224 Rosengarten, Germany The administrator can be contacted at: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg, Germany Tel: 8995615 Fax: 8995610 CORNWALL PASTY: Creditors' Meeting Slated for April 20 ------------------------------------------------------ Court-appointed provisional administrator for Cornwall Pasty Co. GmbH, Dr. Wolfgang Schroder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m., on April 20. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Saal 218 Amtsgerichtsplatz 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:50 a.m., on July 6, at the same venue. Creditors have until May 20, to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Cornwall Pasty Co. GmbH on Feb. 21. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Cornwall Pasty Co. GmbH Roscherstr. 5 10629 Berlin, Germany The administrator can be reached at: Dr. Wolfgang Schroder Genthiner Str. 48 10785 Berlin, Germany EUROWELT GMBH: Claims Registration Ends April 20 ------------------------------------------------ Creditors of Eurowelt GmbH have until April 20, to register their claims with court-appointed provisional administrator Thomas Troll. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.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 Rottweil Zimmer 0.05 Kornerstr. 29 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 Rottweil opened bankruptcy proceedings against Eurowelt GmbH on Feb. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Eurowelt GmbH Attn: Lydia Piel, Manager Welzenwiler Str. 5 72074 Tuebingen, Germany The administrator can be contacted at: Thomas Troll Hochstr. 1 88045 Friedrichshafen, Germany Tel: 07541/289670 F P AUTOMATION: Claims Registration Ends April 20 ------------------------------------------------- Creditors of F P Automation GmbH have until April 20, to register their claims with court-appointed provisional administrator Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Arnsberg EG, 328 Eichholzstrasse 4 59821 Arnsberg, 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 Arnsberg opened bankruptcy proceedings against F P Automation GmbH on March 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: F P Automation GmbH Attn: Christoph Wurm, Manager Heddinghauser Strasse 7 34431 Marsberg-Erlinghausen, Germany The administrator can be contacted at: Wilfried Pohle Bahnstrasse 1 34431 Marsberg, Germany Tel: 02992-973716 Fax: 02992-973771 FENSTER-MOHRBACH: Creditors' Meeting Slated for April 19 -------------------------------------------------------- Court-appointed provisional administrator for Fenster-Mohrbach GmbH, Thomas Besenbruch, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:30 p.m., on April 19. The meeting of creditors and other interested parties will be held at: The District Court of Zweibruecken Saal 3 Herzogstrasse 2 66482 Zweibruecken, Germany The Court will also verify the claims set out in the administrator's report at 2:15 p.m., on June 21, at the same venue. Creditors have until May 31, to register their claims with the court-appointed provisional administrator. The District Court of Zweibruecken opened bankruptcy proceedings against Fenster-Mohrbach GmbH on March 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fenster-Mohrbach GmbH Attn: Predrag Belca, Manager Sitz 66894 Bechhofen, Germany The administrator can be reached at: Thomas Besenbruch Schillerstr. 40 66482 Zweibruecken, Germany Tel: 06332/928624 Fax: 06332/928619 FLIESEN BOLLMANN: Creditors' Meeting Slated for May 5 ----------------------------------------------------- Court-appointed provisional administrator for Fliesen Bollmann GmbH, Walter Brohan, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m., on May 5. The meeting of creditors and other interested parties will be held at: The District Court of Eutin Saal D 1. Stock Jungfernstieg 3 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 20, to register their claims with the court-appointed provisional administrator. The District Court of Eutin opened bankruptcy proceedings against Fliesen Bollmann GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Fliesen Bollmann GmbH Attn: Dirk Bollmann, Manager Sierksdorfer Strasse 23 23730 Neustadt, Germany The administrator can be reached at: Walter Brohan Muehlenstrasse 56 23552 Luebeck, Germany HILITE INT'L: Weak EBIT Margins Prompts Moody's Junk Ratings ------------------------------------------------------------ Moody's Investors Service lowered the Corporate Family rating of Hilite International, Inc., to Caa1 from B2. The senior secured bank credit facilities' ratings of its U.S. subsidiary, Hilite Industries, Inc., and its European subsidiary, Hilite Germany GmbH & Co, KG have also been lowered to Caa1 from B2, and Hilite Industries' senior subordinated notes' rating has been lowered to Caa3 from Caa1. The rating outlook is Negative. The downgrade reflects Hilite's continued weakening EBIT margins and free cash flow as a result of the continuing difficult operating environment for automotive suppliers. Factors influencing the company's weak performance are its high concentration of domestic OEM customers, which have experienced lower production volumes in 2005, and an unfavorable sales mix shift that has resulted in revenue shortfalls relative to prior expectations. Moreover, the effects of continued negotiated price downs with OEMs, and higher raw material costs have adversely affected margins. Debt metrics have shown a commensurate deterioration with EBIT/Interest falling below 1 times and Debt/EBITDA exceeding 5 times. While the company has remained cash flow generative, Moody's notes that capital reinvestment has been at modest levels that may not be sustainable. Absent initiatives to improve earnings and cash flow generation, the company's credit metrics and operating trends are more consistent with a Caa rating under Moody's Auto Supplier Rating Methodology. The rating outlook remains negative. Overall industry trends for automotive suppliers remain under pressure, and with some revenue concentration with GM, Hilite remains subject to potential disruptions at key customers during the coming year. With limited balance sheet liquidity and modest headroom under financial covenants in debt agreements, Hilite has limited capacity to withstand adverse developments. Ratings downgraded: * Hilite International -- Corporate Family, Caa1 from B2 * Hilite Industries, Inc. -- US$60 million senior secured revolving credit and US$70 million senior secured term loan to Caa1 from B2 -- US$30 million senior subordinated notes to Caa3 from Caa1 * Hilite Germany GmbH & Co. KG -- US$50 million senior secured term loan to Caa1 from B2 Moody's last rating action for Hilite was on Aug. 25, 2005 when the ratings were lowered. Hilite, headquartered in Cleveland, Ohio, is a designer and manufacturer of highly engineered, valve-based components, assemblies, and systems used principally in powertrain applications for the automotive market. The company's annualized revenues approximate US$400 million. KAGAWA KABEL: Claims Registration Ends April 19 ----------------------------------------------- Creditors of KaGaWa Kabel-, Gasrohrbau und Wassertechnik GmbH Guestrow have until April 19, to register their claims with court-appointed provisional administrator Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on May 10, 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 Rostock Saal 330 Zochstrasse 18057 Rostock, 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 Rostock opened bankruptcy proceedings against KaGaWa Kabel-, Gasrohrbau und Wassertechnik GmbH Guestrow on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: KaGaWa Kabel-, Gasrohrbau und Wassertechnik GmbH Guestrow Attn: Ulf Schroter, Manager Augraben 1 18273 Guestrow, Germany The administrator can be contacted at: Ulrike Hoge-Peters Rosa-Luxemburg-Strasse 8 18055 Rostock, Germany OTS OBERFLACHENTECHNIK: Claims Registration Ends April 19 --------------------------------------------------------- Creditors of OTS Oberflachentechnik GmbH have until April 19, to register their claims with court-appointed provisional administrator Klaus Wrede. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 3, 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 Stendal Saal 411 Justizzentrum "Albrecht der Bar" Scharnhorststrasse 40 39576 Stendal, 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 Stendal opened bankruptcy proceedings against OTS Oberflachentechnik GmbH on March 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: OTS Oberflachentechnik GmbH Attn: Karsten Giebel, Manager Deich 3 39517 Schelldorf, Germany The administrator can be contacted at: Klaus Wrede Lennestrasse 10 39112 Magdeburg, Germany Tel: 0391/59733-0 Fax: 0391/5973333 SARO LANDMASCHINEN: Claims Registration Ends April 19 ----------------------------------------------------- Creditors of SARO Landmaschinen Reparatur und Handel GmbH have until April 19, to register their claims with court-appointed provisional administrator Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 2:06 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 Meppen Saal 1 Obergerichtsstrasse 20 49716 Meppen, 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 Meppen opened bankruptcy proceedings against SARO Landmaschinen Reparatur und Handel GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SARO Landmaschinen Reparatur und Handel GmbH Attn: Johannes Rolfes, Manager Howel 8 49740 Haseluenne, Germany The administrator can be contacted at: Andreas Sontopski Gnoiener Platz 1 48493 Wettringen, Germany Tel: 02557/93840 Fax: 02557/652 =================== K A Z A K H S T A N =================== ASTANA-TELEPORT: Creditors Must File Claims by April 21 ------------------------------------------------------- LLP Astana-Teleport has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Abylai han ave. 10-23 Astana, Kazakhstan ATYRAUSTROISNAB: Creditors Must File Claims by April 21 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region declared LLP Atyraustroisnab insolvent. Creditors have until April 21, to submit written proofs of claims to: Abay Str. 10a Atyrau, Kazakhstan DIDAR-PAVLODAR: Creditors Must File Claims by April 21 ------------------------------------------------------ LLP Didar-Pavlodar has declared insolvency. Written proofs of claim will be accepted until April 21. FERRUM INC: Creditors Must File Claims by April 21 -------------------------------------------------- LLP Ferrum Inc. has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Erubayeva Str. 52/2-4 Karaganda, Kazakhstan METALLINTERTREID: Creditors Must File Claims by April 21 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Metallintertreid insolvent on Dec. 6, 2005. Creditors have until April 21, to submit written proofs of claim to: Birjan Sal Str. 80-30 Taldykoran, Kazakhstan Tel: 8 (32822) 24-74-83 NEFTEHIMSTROI: Creditors Must File Claims by April 21 ----------------------------------------------------- CJSC Neftehimstroi has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Kalinina Str. 145-35 Pavlodar, Kazakhstan PROMSNABRESURS: Creditors Must File Claims by April 21 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar Region commenced insolvency proceedings of the LLP Promsnabresurs on Feb. 21. RABIE: Creditors Must File Claims by April 21 --------------------------------------------- LLP Rabie has declared insolvency. Creditors have until April 21, to submit written proofs of claims to: Karasai batyr Str. 76/13 Almaty, Kazakhstan Tel: 8 (3272) 63-21-53 TERMES: Creditors Must File Claims by April 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Termes insolvent on Dec. 14, 2005. Creditors have until April 21, to submit written proofs of claim to: Birjan Sal Str. 80-30 Taldykoran, Kazakhstan Tel: 8 (32822) 24-74-83 VITALIYA: Creditors Must File Claims by April 21 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Vitaliya insolvent on Feb. 6. Creditors have until April 21, to submit written proofs of claims to: Myzy Str. 2/1 until April 21, 2006. East Kazakhstan Region Ust-Kamenogorsk Tel: 8(3232) 24-06-50 =================== L U X E M B O U R G =================== MILLICOM INT'L: Adds Nearly 963,000 Subscribers in First Quarter ---------------------------------------------------------------- Millicom International Cellular S.A., added nearly 963,000 subscribers through organic growth across its operations in the first quarter of 2006, bringing the total for the Group to 9,891,692 as at March 30. These subscriber additions represent growth of 11% in total subscribers from the previous quarter and 52% from the first quarter of 2005, on a pro forma basis. "We have started the year very well in terms of subscriber growth, demonstrating the strength of our positions in rapidly growing emerging markets," Marc Beuls, Millicom President and Chief Executive Officer said. "The key growth drivers have been the launch of the Tigo brand, improved distribution networks and substantially increased capex to add extra capacity and coverage, which gives us a competitive advantage. We have continued to see the highest subscriber growth in Latin America, which is testament to the success of our Tigo brand. "This strong subscriber growth has been reflected in the top line. Underlying year-on-year pro forma revenue growth continues to accelerate and first quarter growth is stronger than the 36% revenue growth seen in fourth quarter 2005." Millicom International Cellular S.A. -- http://www.millicom.com/ -- is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 391 million people. * * * Millicom International's 10% senior notes due 2013 carry Moody's B3 rating and Standard & Poor's B- rating. MILLS CORP: Lenders Agree to Waive Defaults Through Dec. 31 ----------------------------------------------------------- The Mills Corporation disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission that on Apr. 5, 2006, The Mills Limited Partnership entered into an Amendment No. 3 and Waiver to its Second Amended and Restated Revolving Credit and Term Loan Agreement, dated as of Dec. 17, 2004, among Mills Limited, JPMorgan Chase Bank, N.A., as lender and administrative agent, and the other lenders. Default Waivers The agreement provides a conditional waiver through Dec. 31, 2006, of events of default under the facility that are associated, among other things, with: * the pending restatement of the financial statements of Mills Corporation and Mills Limited, and * the delay in the filing of the 2005 Form 10-K of Mills Corp. and Mills Limited. New Borrowings The agreement also permits the company, subject to conditions, to obtain new borrowings up to US$341 million, which constitutes the currently unused portion of the US$1.0 billion revolving commitment under the facility. The new borrowings are permitted in two stages, with: -- the first stage commencing immediately allowing for aggregate new borrowings up to US$50 million and -- the second stage commencing not earlier than June 30, 2006 allowing for new borrowings in excess of US$50 million. As a condition to the borrowings in either stage, unrestricted cash balances of Mills Limited and its wholly owned subsidiaries are not permitted to exceed US$20 million. Among other conditions, new borrowings will not be permitted after May 1, until such time as waivers or standstill agreements that are coterminous with the agreement are obtained with respect to defaults under four construction project loans in Pittsburgh, Cincinnati, St. Louis and Discover Mills, which are guarantied by Mills Limited. Security Interest In connection with the agreement, Mills Limited entered into a security agreement pursuant to which Mills Limited granted to the Lenders a security interest in substantially all of Mills Limited's pledgeable assets. The security interest secures new borrowings under the agreement on a first priority basis, with existing borrowings under the facility and under the company's existing term loan agreement with JPMorgan Chase Bank, N.A. secured on a second priority basis. The agreement also permits certain deficiency obligations under each of the four Guarantied Project Loan to become secured by the security agreement in the event the lenders under such Guarantied Project Loans agree to the waiver and standstill arrangements. In addition, Mills Limited is required to use commercially reasonable efforts to provide additional collateral by May 1, 2006. Budgeting Requirements The agreement also establishes a budget of projected sources and uses for Mills Limited and its consolidated subsidiaries through Dec. 31, 2006. The agreement requires that all expenditures and facility borrowings be made in accordance with that budget, and requires Mills Limited to certify compliance with the requirement on a bi-weekly basis. Any changes to the budget must have the approval of the Agent and a steering committee of the Facility Lenders. Financial Consultant The company says that the Lenders have retained a financial consultant for the purpose of, among other things, monitoring compliance with the budget and reviewing the budget projections. The company says that the financial consultant will be required to deliver a report to the steering committee by June 30, 2006. In the event the report indicates that the financial consultant's projections of necessary revolving loan borrowings under the facility as of Dec. 31, 2006 will exceed Mills Limited's budgeted estimate by more than US$50 million, the steering committee will have the authority to require termination of the agreement and the facility on Aug. 31, 2006, unless prior to Aug. 31 an acceptable agreement for a sale or merger transaction involving all or substantially all of the assets of the company, Mills Limited and their subsidiaries has been executed. New Dividend Restrictions The agreement also sets new limitations on dividends and distributions by the company and Mills Limited. The company says that with respect to dividends to be declared and paid in the second fiscal quarter of 2006: * the per share dividend paid to holders of common stock must not exceed 50% of the per share common dividend paid in the second quarter of 2005, and * the per share dividend paid to holders of preferred stock must not exceed 100% of the per share preferred dividend payable under each series of preferred stock. Dividends to be declared and paid in the third fiscal quarter of 2006 are subject to the same aggregate amount limitations, but are subject to these additional conditions: 1) If the steering committee elects to terminate the facility on Aug. 31, 2006 as a result of a financial consultant report, the company will not be permitted to pay a third quarter dividend. 2) If the company were to determine to declare and pay dividends for the third quarter, Mills Limited must certify to the Lenders that the company is engaged in negotiations with one or more bona fide purchasers for a merger or sale involving all or substantially all of the assets of the company, Mills Limited and their subsidiaries and that an agreement providing for a closing date no later than Dec. 31, 2006 is expected to be entered into on or before Aug. 31, 2006. In the event that a third quarter dividend is paid without a sale or merger agreement being entered into prior to Aug. 31, 2006, no further borrowings would be permitted after the date which is thirty days following Aug. 31, 2006, unless on or before the 30th day the steering committee approves an extension on the basis of information concerning an expected sale or merger transaction. Fourth quarter dividends are prohibited in all cases. Other Covenants The company reports that the agreement also sets new limitations on the incurrence of indebtedness, with new indebtedness permitted only for refinancing relating to the Sawgrass Mills, Madrid Xanadu and Vaughan Mills projects. Asset sales are also subject to new limitations, with permitted construction assets and dispositions being limited to transactions contemplated by the budget and sales of certain unimproved or unleased real property. Consent Fees The company says that the agreement also provides for a 10 basis point fee to the Lenders upon execution as well as a 15 basis point fee to the Lenders upon receipt of waivers from the lenders on the Guarantied Project. The fees are assessed on the aggregate term loan and revolving loan commitments of the Facility Lenders that consent to the agreement. Interest Rate Increase In addition, the agreement also increases the interest rate applicable to LIBOR based borrowings under the Facility from LIBOR plus 1.45% to LIBOR plus 2.25%. The Facility fee, assessed at a rate of .25% on the maximum amount of the Facility, remains unchanged by the Agreement. Upon the occurrence of an event of default, incremental default interest at a rate of 2% per annum will be due on all amounts that were outstanding under the Facility during the period in which the waivers under the Agreement were in effect. Mills Limited is also obligated to pay a US$1.0 million fee to J.P. Morgan Securities Inc., one half of which has already been paid. Amendment and Waiver to Term Loan Agreement The company also reported that on Apr. 5, 2006, Mills Limited entered into an Amendment No. 1 and Waiver to its Term Loan Agreement, dated as of Jan. 5, 2006, by and between Mills Limited and JPMorgan Chase Bank, N.A., as lender and administrative agent. The amendment and waiver prohibit further borrowings under the Term Loan, which has an outstanding balance of approximately US$65 million. In addition, the amendment and waiver increases the interest rate applicable to LIBOR borrowings under the Term Loan from LIBOR plus 2.0% to LIBOR plus 2.5%. Other terms and conditions of the amendment and waiver are substantially the same as those under "Amendment No. 3 and Waiver to Second Amended and Restated Revolving Credit and Term Loan Agreement." JPMorgan Chase Bank, N.A., which serves as the Agent and a Lender under the Facility, individually or through its affiliates, is the administrative agent and lender on the company's Term Loan. JPMorgan is also an agent or lender for certain other loans made in the ordinary course to Mills Limited and various operating subsidiaries of the company. Affiliates of JPMorgan Chase Bank, N.A. also perform investment banking and advisory services for the company and Mills Limited from time to time for which they receive customary fees and expenses, and are currently assisting the company in connection with its previously announced exploration of strategic alternatives. About The Mills Corporation Headquartered in Arlington, Virginia, The Mills Corporation -- http://www.themills.com/-- is a developer, owner and manager of a diversified global portfolio of retail destinations including regional shopping malls, market dominant retail and entertainment centers, and international retail and leisure destinations. It currently owns 42 properties in the U.S., Canada and Europe, totaling 51 million square feet. In addition, The Mills has various projects in development, redevelopment or under construction around the world. Its portfolio of real estate properties generated more than $8.7 billion in retail sales in 2004. The Mills is traded on the New York Stock Exchange under the MLS ticker. * * * Financial Restatements As reported in the Troubled Company Reporter on March 24, the Mills Corporation disclosed that the U.S. Securities and Exchange Commission has commenced a formal investigation. The SEC initiated an informal inquiry in January after the Company announced the restatement of its prior period financials. Mills is restating its financial results from 2000 through 2004 and its unaudited quarterly results for 2005 to correct accounting errors related primarily to certain investments by a wholly-owned taxable REIT subsidiary, Mills Enterprises, Inc., and changes in the accrual of the compensation expense related to its Long-Term Incentive Plan. ===================== N E T H E R L A N D S ===================== PYATEROCHKA HOLDING: Moody's Reviews Ba3 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service placed the Ba3 corporate family rating and the Aa3.ru national scale rating of Pyaterochka Holding N.V. under review for possible downgrade. The review has been prompted by the company's announcement that it has agreed to merge with Perekriostok Holdings Limited, Russia's leading supermarket chain. The transaction, which will be completed in mid-2006, is to occur in two stages: a) an acquisition of Perekriostok by Pyaterochka for US$1.36 billion to be paid by: -- US$300 million in cash (to be financed by bank borrowings); and -- an issue of approximately 15.8 million new shares; and b) Alfa Group, which currently controls Perekriostok, will then purchase additional stakes in Pyaterochka from the company's major shareholders for a total of US$1,178 million in cash and become the majority shareholder (with a 54.0%) in the newly combined entity. The Ba3 corporate family rating and the Aa3.ru for Pyaterochka, whilst assuming a moderate amount of bolt-on acquisitions, particularly with respect to regional franchise operations, did not incorporate any transformational transactions of the above mentioned type and incorporated an adjusted debt to EBITDAR ratio not to exceed a 3x level in the medium term. The ratings review reflects Moody's expectation that the transaction, whilst resulting in the establishment of the market leader in Russia's growing food retail market with a pro forma combined 2005 net sales of US$2.4 billion, will present a number of challenges for the enlarged entity, particularly given the different retail formats, Pyaterochka as a discount food retailer and Perekriostok as a supermarket chain, and the different strategies and financial policies that each chain has been pursuing separately until now. In addition, Moody's considers that the timing and materialization of advantages for the enlarged business and synergies mainly driven by economies of scale remain uncertain at the moment. With Pyaterochka expected to raise US$300 million in bank financing to complete the first stage of the transaction, Moody's believes that pro forma leverage for the combined entity may fall materially outside the 3x leverage currently embedded in Pyaterochka's Ba3/Aa3.ru ratings. Moody's review will focus mainly on the financial policy and long-term business and financial targets for the enlarged entity, execution risk of the financing plan, integration risks of the merger, the expected amount of synergies and timing of their implementation and the new major shareholder's commitment to the business.At this stage, Moody's expects that a potential ratings downgrade, if any, is likely to be limited to one notch for the corporate family rating and to two notches for the NSR. Headquartered in the Netherlands, Pyaterochka Holding N.V. is a leading Russian food retailer operating a large store network largely covering the Moscow region and St. Petersburg but also with a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. Pyaterochka's 2004 net revenues were US$1.1 billion. The company has reported unaudited net revenues of US$1.4 billion for 2005. =========== R U S S I A =========== BRYANSK-STROY-COM: Bankruptcy Hearing Slated for July 10 -------------------------------------------------------- The Arbitration Court of Bryansk Region will convene at 10 a.m., on July 10, to hear the bankruptcy supervision procedure on open joint stock company Bryansk-Stroy-Com at: The Arbitration Court of Bryansk Region Trudovoy Per. 6 Bryansk Region, Russia The case is docketed as A09-17093/05-27. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. E. Danilov at: Office 1, Saltykova-Shedrina Str. 23 248600, Kaluga Region, Russia The Debtor can be reached at: Bryansk-Stroy-Com Putevka, Bryansk Region, Russia ELECTRO-SAN-TEKH-SBYT: Court Begins Bankruptcy Proceedings ---------------------------------------------------------- The Arbitration Court of Vladimir Region commenced bankruptcy proceedings against Electro-San-Tekh-Sbyt after finding the close joint stock company insolvent. The case is docketed as A11-18611/2005-K1-116B. Ms. O. Zotova has been appointed insolvency manager and can be reached at: Ms. O. Zotova Apartment 42, V. Dubrova Str. 5 600022, Vladimir Region, Russia The Debtor can be reached at: Electro-San-Tekh-Sbyt Promyshlenny Proezd, 5 600005, Vladimir Region, Russia GONCHAROVSKOYE: Bankruptcy Hearing Slated for June 11 ----------------------------------------------------- The Arbitration Court of Omsk Region will convene at 2 p.m., on June 11, to hear the bankruptcy supervision procedure on close joint stock company Goncharovskoye. The case is docketed as K/E-448/05. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. S. Vinnik at: Post Office, Post User Box 2699 644099, Omsk Region, Russia Tel: (3812) 320-582 The Debtor can be reached at: Goncharovskoye Tavricheskiy Region, Lyubomirovka Omsk Region, Russia KRASNAYA ZARYA: Bankruptcy Hearing Set for July 19 -------------------------------------------------- The Arbitration Court of Ivanovo Region will convene at 9:30 a.m., on July 19, to hear the bankruptcy supervision procedure on open joint stock company Krasnaya Zarya. The case is docketed as A17-1341/06 14-B. Mr. A. Ryabov has been appointed temporary insolvency manager and can be reached at: A. Ryabov Office 307-608, 15 Proezd, 4 153006, Ivanovo Region, Russia Tel/Fax: (4932) 47-54-41 The Debtor can be reached at: Krasnaya Zarya Sadovaya Str. 49/39 153000, Ivanovo Region, Russia MOSCOW BANK: Fitch Assigns Issuer Default Rating at B ----------------------------------------------------- Fitch Ratings assigned an Issuer Default Rating of B to Russia- based Moscow Bank for Reconstruction and Development. The Outlook for the IDR is Stable. At the same time, the agency assigned Recovery Rating of RR4 to the US$150 million 8.625% issue of limited recourse loan participation notes due March 2008, and affirmed the notes at Long-term B. MBRD's other ratings are Short-term B, Support 4, Individual D/E and National Long-term BBB-/Stable Outlook. The IDR is based on limited potential support from Sistema Joint Stock Financial Corp., majority shareholder with an approximately 96% stake. MBRD provides a range of banking services to both Sistema and to parties closely connected with it. Sistema has a cross default clause in its eurobond offering circulars, in accordance with which the default of a principal subsidiary would represent an event of default in respect to Sistema's own bonds. While Fitch views this clause as providing a significant additional incentive for Sistema to prevent a default by MBRD, this has not been considered sufficient to equalize the IDRs of Sistema and MBRD. This is because a technical default by Sistema on its eurobonds would not entail a default on the company's other obligations. It is also possible for MBRD to cease to qualify as a principal subsidiary prior to its default, thus preventing the cross default clause being triggered. Furthermore, the possibility exists that, even if the cross default clause were triggered, Sistema might be able to receive waivers from its noteholders in order not to repay the bonds. The RR4 rating assigned to MBRD's eurobond reflects Fitch's view of average recovery prospects for bondholders in case of default. MBRD's balance sheet is dominated by related-party transactions, which, in Fitch's opinion, give, rise to additional risks for bondholders in a default scenario. Recoveries on loans issued to related parties are likely to be below average and the possibility exists that related-party liabilities could be repaid by the bank prior to default, effectively making them senior in respect to claims of other creditors. However, while Fitch sees these risks as substantial, they are not viewed as sufficient to assign a lower Recovery Rating. This is because Sistema guarantees a significant part of the loans issued to related parties, while Fitch's recovery analysis assumes that Sistema would not necessarily default were MBRD to default. Furthermore, Sistema's public profile and concerns about business reputation could, in Fitch's view, limit the risk of the sort of corporate governance practices that would reduce recoveries for MBRD's non-related creditors. Fitch will continue to monitor the level of MBRD's related-party business and assess its potential impact on recoveries for noteholders. The agency notes that any significant further increase in the level of such business could still lead to a rating action in respect to the Recovery and Long-term ratings of MBRD's Eurobond. MBRD was founded in 1993, and at end-2005 ranked among the 35 largest Russian banks by total assets. Its parent, Sistema, a financial industrial group, has subsidiaries in many sectors, although its primary area of focus is telecommunications. Fitch's Recovery Ratings, introduced in 2005, are a relative indicator of creditor recovery on a given obligation in the event of a default. MUROM-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for April 25 -------------------------------------------------------------- The Arbitration Court of Vladimir Region will convene on April 25, to hear the bankruptcy supervision procedure on open joint stock company Murom-Sel-Khoz-Khimiya. The case is docketed as A11-18382/2005-K1-105B. Creditors are requested to submit their proofs of claim to court-appointed insolvency manager Mr. V. Salkazanov at: Spas-Klepiki, Sovetskaya Str. 6 391030, Ryazan Region, Russia The Debtor can be reached at: Murom-Sel-Khoz-Khimiya Murom, Melenkovskoye Shosse, 21 602267, Vladimir Region, Russia NIKA: Sakhalin Court Begins Bankruptcy Proceedings -------------------------------------------------- The Arbitration Court of Sakhalin Region commenced bankruptcy proceedings against Nika after finding the joint stock company insolvent. The case is docketed as A59-5852/05-S4. Mr. G. Polenka has been appointed insolvency manager and can be reached at: G. Polenka Post User Box 36 693020, Yuzhno-Sakhalinsk Region, Russia The Debtor can be reached at: Nika Kholmsk, Portovaya Str. 4 Sakhalin Region, Russia PETRO-RESOURCE: Appoints N. Plaksin Insolvency Manager ------------------------------------------------------ The Arbitration Court of St-Petersburg and the Leningrad Region appointed Mr. N. Plaksin insolvency manager of close joint stock company Petro-Resource. The case is docketed as A56-42403/2005. The insolvency manager can be reached at: N. Plaksin Puskin, Uritskogo Str. 1 196605, St-Petersburg, Russia The Debtor can be reached at: Petro-Resource Letter A, Shpalernaya Str. 51 191015, St-Petersburg, Russia SELENGA: Undergoes Bankruptcy Supervision Procedure --------------------------------------------------- The Arbitration Court of Buryatiya Republic has commenced bankruptcy supervision procedure on open joint stock company Selenga. The case is docketed as A10-12639/05. Mr. S. Butyugov has been appointed temporary insolvency manager and can be reached at: Ulan-Ude, Main Post Office, 10753 670000, Buryatiya Republic, Russia The Debtor can be reached at: Selenga Buryatiya Republic, Russia TASHLA-AGRO-SNAB: Bankruptcy Hearing Set for May 2 -------------------------------------------------- The Arbitration Court of Orenburg Region will convene at 10 a.m., on May 20, to hear the bankruptcy supervision procedure on open joint stock company TASHLA-AGRO-SNAB. The case is docketed as A47-17302/05-14GK. Ms. T. Romanova has been appointed temporary insolvency manager and can be reached at: T. Romanova Turkestanskaya Str. 10A 460024, Orenburg Region, Russia The Debtor can be reached at: Tashla-Agro-Snab Tashla, Khlebnaya Str. 6 Orenburg Region, Russia TATNEFT OAO: S&P Places B- Rating on CreditWatch Negative --------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on Russia-based oil company Tatneft OAO on CreditWatch with negative implications, due to a continuing lack of consistent information on the company's financial position. "The CreditWatch placement reflects Tatneft's substantial delays in publishing audited accounts under U.S. GAAP for 2004 and subsequent delays in filing its annual report on Form 20-F for 2004 with the SEC," said Standard & Poor's credit analyst Tatiana Kordyukova. "It also takes into account a lack of reliable updated information on the company's interim performance and a lack of clarity regarding the company's major investments plans, as well as Tatneft's very weak reporting discipline and corporate governance practices." For the second year in a row, Tatneft has substantially delayed publication of its annual audited accounts and filing of its annual report with the SEC, this year it was explained by the first time application of certain accounting standards. Thus, the last audited accounts available are for full-year 2003, while interim financials are not audited and may be subject to material adjustments. Standard & Poor's notes that in the medium term the company might be involved in a multibillion dollar investment to construct an oil refinery in Tatarstan. Although this is likely to require financing from Tatneft, the company has made no clear statements regarding the terms and structure of these requirements. Despite announced intentions to improve its reporting practices and corporate governance system, Tatneft remains nontransparent in areas such as relationships with the government of Tatarstan, the company's main shareholder, and other government-related entities (related-parties transactions amounted to about 25% of the company's sales in the last audited accounts). Consolidation practices are also unclear, as revealed by a murky financial structure used in a failed attempt to acquire the Tupras refinery in Turkey. "We will seek to resolve the CreditWatch status within the next 90 days," said Ms. Kordyukova. "The rating could be lowered to factor in additional information risks, or withdrawn if we find that we do not have sufficient information to maintain the rating." The rating could be affirmed if all the information issues are fully resolved. URALSVYAZINFORM: Posts Unaudited 2005 Financials & Taps Auditors ---------------------------------------------------------------- Uralsvyazinform (RTS: URSI/URSIP, ADR: UVYZY/ UVYZYP) released its unaudited, unconsolidated financial and operating results prepared according to Russian accounting standards for the year ended Dec. 31, 2005. Following the completed restructuring of its mobile and data transmission subsidiaries on June 30, 2005, and through the consolidation of the parent company, Uralsvyazinform's financial statements prepared according to RAS, comprise of property, liabilities and operating results of the consolidated subsidiaries for the second half of 2005. Revenues increased by 28% over 2004. Further subscriber additions, both in fixed-line and GSM, increased local rates (monthly subscription fees for local services), revenue gains from new services (broadband internet, intelligent networks, cable TV) were the main growth drivers. OIBDA was up 22% on 2004. As of 2005, OIBDA margin was 34%. Operating margin declined to 25%. Revenue growth in the main business segments totaled: Local services 22% DLD/ILD 6% Mobile services 246% At year-end, overall subscriber base totaled 7.3 million, including 3.7 million in GSM. In the course of the year, the company placed two bond issues worth RUR4 billion (RUR 2 billion each). The coupon rates for these issues are 9.19% and 8.20% pa, respectively. On May 13, 2005, Uralsvyazinform started an NGN network development plan, based on Nortel network solutions. From this point on, the company will use this technology to develop its fixed-line networks. "We expect that our network will be fully triple-play capable (voice, data and video) by 2007," the Company said. On Sept. 1, 2005, the Federal Tariff Agency established new tariffs for local and long-distance services. As a result, monthly subscription fee for local lines increased by 22% for residents and by 16% for organizations, on average. Meanwhile, long-distance tariffs decreased by around 5% for all subscriber categories. On Oct. 20, 2005, Uralsvyazinform's Board of Directors approved the restyling concept for the company, according to which a single trademark for mobile and value-added services, including Internet, Utel, was introduced. "In general, we have performed well meeting the targets for the year," Chief Executive Officer Anatoly Ufimkin said. "2005 was a great success in a sense that we completed major business reorganization plan, the largest since the merger of Urals telecoms in 2002. Today, Uralsvyazinform is a truly single company that combines the whole scope of telecommunication businesses -- fixed-line, mobile, data transmission and new services. The launch of Utel, a single trademark for mobile and new services, has therefore been a logical outcome of that consolidation process. It is our mobile and internet businesses that have pushed the company's growth, and our intention is to maintain this tendency in 2006. From this perspective, our objective for this year is to attract up to 200 thousand xDSL customers and to add 750 thousand GSM subscribers." Mr. Ufimkin also emphasized that increased business efficiency should remain in the primary management focus in 2006. This year, the company is cutting the capital investment down to about US$200 million, as most of capital-intensive projects have been completed. For example, Uralsvyazinform has finished building the digital backbone network, and implemented over 16,000 kilometers of digital lines over the last three years thus, providing practically every city in the region with up-to- date digital lines. The company is also planning to reduce its staff numbers by around 10% as a result of upgrades to infrastructure and equipment, as well as outsourced sales and customer service. New Auditor The Company appointed Ernst & Young to audit its financial statements for the year-ended Dec. 31, 2005. Ernst & Young, provides a range of services, including accounting and auditing, tax reporting and operations, tax advisory, business risk services, technology and security risk services, transaction advisory and human capital services. Headquartered in Perm, Uralsvyazinform, offers data communications, radio and TV-program broadcasting as well as wireless and paging communications. * * * As reported in the Troubled Company Reporter on Dec. 6, 2005, Fitch Ratings has downgraded OAO Uralsvyazinform's ratings to Senior Unsecured 'B+' from 'BB-' and National Senior Unsecured 'A-(rus)' from 'A+(rus)'. Following the downgrade, the Outlook is now Negative, the company's two domestic bonds of RUB2 billion and RUB3 billion are also downgraded to 'A-(rus)' from 'A+(rus)'. The Short-term rating is affirmed at 'B'. VERKHNEVOLZHSKIY: Deadline for Proofs of Claim Set for April 27 --------------------------------------------------------------- Creditors of Verkhnevolzhskiy (TIN 6914007338) have until April 27, to submit their proofs of claim to the court-appointed insolvency manager Mr. M. Zolotarev at: Post Office, Post User Box 207 170100, Tver-100, Russia The Arbitration Court of Tver Region commenced bankruptcy proceedings against the limited liability company with the case docketed as A66-3646/2005. The Debtor can be reached at: Verkhnevolzhskiy Rzhev, Ostashkovskoye Shosse, 21 Tver Region, Russia VIMPELCOM: To Post 2005 Financial Report Today ---------------------------------------------- Vimpel-Communications disclosed that it will Web cast its conference call on its fourth quarter and annual 2005 financial and operating results today, April 18, at 6:30 p.m. Moscow time (10:30 a.m. ET). The conference call will be hosted by Alexander Izosimov, Chief Executive Officer. He will be joined by Elena Shmatova, Chief Financial Officer, Nikolay Pryanishnikov, Executive Vice President - General Director, Regions and Valery Goldin, Vice President of International and Investor Relations. The press release announcing the Company's fourth quarter and annual 2005 financial results will be available on the Company's Web site, located at http://www.vimpelcom.com/prior to the conference call. The Company's management will discuss its fourth quarter and annual 2005 results during a conference call and slide presentation. The call and slide presentation may be accessed via Web cast at the following URL address http://www.vimpelcom.com/ For those who will be unable to listen to the live slide presentation Web cast, it will be archived on the Company's Web site until May 18, 2006. VimpelCom is a leading international provider of mobile telecommunications services in Russia and Kazakhstan, with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The VimpelCom Group's license portfolio covers approximately 232 million people. Geographically it covers 78 regions in Russia (with 136.5 million people, representing 94% of Russia's population) as well as the entire territories of Kazakhstan, Ukraine, Tajikistan and Uzbekistan. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange. VimpelCom's ADSs are listed on the NYSE under the symbol "VIP". About VimpelCom Headquartered in Moscow, Russia, VimpelCom -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K-mobile' and 'EXCESS' brands in Kazakhstan. * * * As reported in TCR-Europe on Feb. 16, Standard & Poor's Ratings Services said that its ratings and outlook on Russian mobile telecommunications operator Vimpel-Communications (VimpelCom; BB/Positive/--) are unaffected by the company's announcement that it has launched a bid for Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM (BB-/Watch Positive/--) for a consideration of $5 billion in VimpelCom common registered shares plus assumed debt. YUKOS OIL: US Bankruptcy Court's 10-Day Order Freezes Asset Sale ---------------------------------------------------------------- Eduard K. Rebgun, in his capacity as foreign representative for Yukos Oil Company, sought and obtained a temporary restraining order from the U.S. Bankruptcy Court for the Southern District of New York prohibiting the company from selling its assets absent his prior consent. The TRO will remain in effect through Friday, April 21. Mr. Rebgun filed a chapter 15 petition in the Manhattan Court on April 13 (Bankr. S.D.N.Y. Case No. 06-10775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. Published reports suggest that the Company's stake may have a value at around US$1.2 billion to US$1.4 billion. As reported in TCR-Europe on March 31, the Moscow Arbitration Court banned Yukos from selling its assets worth more than RUB30 million without permission from court-appointed external manager Mr. Rebgun. The Hon. Pavel Markov placed the embattled oil giant under temporary supervision on March 28, and will consider formally declaring the company bankrupt at a hearing on June 27. The bankruptcy suit was brought to court on March 10, by a consortium of 14 bank lenders led by Societe Generale SA, in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. State-owned oil company Rosneft acquired the debt in December 2005 from the consortium -- which included Citigroup Inc., Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC and ING, among others. Rosneft replaced the bank group as petitioner in the bankruptcy filing following the assignment, which took place on March 14. The Arbitration Court also confirmed the claims of Rosneft against the Company and incorporated Rosneft's claims in the register of creditors' claims. Under Russian bankruptcy law, the petitioner, as interim receiver, is responsible for: (a) evaluating the Debtor's financial status; (b) preserving the Debtor's property and taking measures to secure the debtor's assets; (c) compiling a register of bankruptcy creditors' claims; (d) notifying creditors of the commencement of the bankruptcy proceedings; and (e) preparing for the first meeting of creditors. The commencement of a supervision proceeding significantly restricts the Debtor's dealings and is primarily aimed at allowing the interim receiver to organize the bankruptcy creditors and receive, process and register their claims while preserving the Debtor's financial standing. Howard Seife, Esq., counsel for Mr. Rebgun, argues that key managers are continuing their efforts to dispose of certain foreign assets in direct violation of the injunctive order. Mr. Seife cited news reports indicating that chief executive Steven Theede is engaged in active and on-going negotiations with the Lithuanian government regarding the sale of Mazeikiu Nafta and has reached an agreement in principle on a purchase price. Yukos Responds Mr. Theede advised Mr. Rebgun that the Company's management will not violate any requirements of Russian Law on Insolvency. The management said that it has trouble meeting the expectations of the interim receiver following the incarceration of the sole nominated executive of YUKOS Oil Company, Vasily Aleksanyan who was approved by the Board of Directors and the Company's President to undertake this role. "The shares of Mazeikiu Nafta do not belong to NK Yukos," Mr. Theede said in a statement. "Moreover OAO NK Yukos is not a nominal holder of the stated shares and does not have any legal authority which would allow it dispose of Mazeikiu Nafta shares. "Therefore, under the current legislation, the management of NK Yukos cannot take any actions violating the Ruling of the Arbitration Court of Moscow dated March 29 because the stated shares of Mazeikiu Nafta are not the property of the debtor, NK Yukos," Mr. Theede added. However, Mr. Rebgun dismissed Mr. Theede's contention that it can sold its ownership interest in Mazeikiu Nafta since it was owned by a foreign-registered subsidiary and did not appear in Yukos' accounts, the Wall Street Journal reports. According to Bloomberg News, Juodeikiai-based Mazeikiu accounts for about 20% of the economy in Lithuania, which joined the European Union in 2004, and is the only oil refinery in the Baltic region. Headquartered in Moscow, Russia, Yukos Oil Company -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in the energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, its main production unit Yugansk, was sold by the government to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. =========== S W E D E N =========== CONCORDIA BUS: To Release Q4 & Full Year Report on April 25 ----------------------------------------------------------- Concordia Bus AB will disclose announce its fourth quarter and full year results according to its financial calendar on Tuesday, April 25. Quarterly report and presentation will be available to download from our Web site http://www.concordiabus.com/after 12 a.m., (U.K. time) on April 25. This will be a combined meeting and call in London, and participants are welcome to attend the presentation. Interested participants can report at the BlueBay Asset Management at eva.hedberg@concordiabus.com on April 24, by 12 a.m. latest. The presentation will take place at: BlueBay Asset Management Ltd Times Place45 Pall Mall, London SW1Y 5JG * * * As reported in the Troubled Company Reporter-Europe on Feb. 15, Moody's Investors Service has upgraded the corporate family rating of Concordia Bus AB to B3 from Caa3. Concurrently the rating on the EUR130 million senior secured notes issued by Concordia Bus Nordic AB was upgraded to B3 from Caa1 and the rating on the EUR160 million senior subordinated notes issued by Concordia Bus was withdrawn. The ratings upgrade reflects Moody's view that the restructuring has substantially strengthened the company's financial position and that the current interest cost burden (estimated to be c. SEK170 million per annum) should be sustainable over the near term given the expected performance of the company. In addition, the upgrade reflects the progress to date that the company has made in exiting loss-making contracts and increasing the proportion of indexation relating to labor costs and diesel prices, as well as its success in winning new tenders despite the uncertainty surrounding the company during its restructuring. Moreover, Moody's notes that the company's move to the procurement of buses on a long-term, group-wide basis should positively impact margins going forwards. However, the rating continues to factor the company's high financial leverage and the severe operational challenges faced by the company, which are endemic across the Scandinavian bus industry. These include the fragmented, competitive markets in which the company operates in as well as the under-indexation of contract pricing which has destroyed margins on existing contracts. Whilst Moody's notes positively that pricing in Concordia Bus' main market of Sweden appears to have stabilized and that a recent contract awarded in Stockholm has factored in a quality assessment of the bidders -- in which Concordia Bus performed well -- as opposed to solely factoring in price, the rating reflects Moody's expectation that pricing in Norway and Finland will continue to decline. These ratings have been upgraded: -- Concordia Bus AB's corporate family rating has been upgraded to B3 (from Caa3); -- The rating on the EUR130 million 9.125% secured notes due 2009 issued by Concordia Bus Nordic AB has been upgraded to B3 from Caa1. Moody's said the outlook for all ratings is stable. Headquartered in Stockholm, Sweden, Concordia Bus AB -- http://www.concordiabus.com/-- is the largest private bus transportation company in the Nordic region with revenues for the six months period ended Aug. 31, 2005, of SEK2.3 billion. ============= U K R A I N E ============= ALFIN: Court Appoints Yuliya Shindel to Liquidate Assets -------------------------------------------------------- The Economic Court of Harkiv Region appointed Yuliya Shindel as Liquidator/Insolvency Manager for LLC Alfin (code EDRPOU 33121841). The Court commenced bankruptcy proceedings against the Company on Feb. 22, after finding it insolvent. The case is docketed as B-39/07-06. CONTACT: Alfin Darvin Str. 20 61002, Ukraine, Harkiv Region Ms. Yuliya Shindel Liquidator/Insolvency Manager Pushkinskij vyizd, 6/16 Ukraine, Harkiv Region Economic Court of Harkiv Region Svobodi Square 5, Derzhprom 8th Entrance 61022, Ukraine, Harkiv Region ENERGETIC: Sumi Court Opens Bankruptcy Proceedings -------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy proceedings against Energetic on Feb. 16, after finding the company insolvent. The case is docketed as 12/107-05. Mr. Yevgen Chuprun has been appointed Liquidator/Insolvency Manager. CONTACT: Energetic 41200, Ukraine, Sumi Region, Yampil Mr. Yevgen Chuprun Liquidator/Insolvency Manager Petropavlivska Str. 74, Room 49 A Ukraine, Sumi Region Economic Court of Sumi Region Shevchenko Avenue 18/1 40030, Ukraine, Sumi Region INDEX-BANK UKRAINE: Moody's Assigns B2 Currency Deposit Ratings --------------------------------------------------------------- Moody's Investors Service has assigned B2/Not-Prime long- and short-term global local currency deposit ratings to Ukrainian institution, Index-Bank. These ratings, which are based on the bank's fundamental credit strength, pertain only to local currency obligations. Moreover, the ratings do not reflect any transfer risk and are therefore neither constrained by the B2 foreign currency deposit ceiling for Ukraine, nor directly comparable with the published foreign currency ratings of other Ukrainian financial institutions. The bank's E+ financial strength rating as well as its long-term and short-term foreign currency deposit ratings of B2 / Not Prime are affirmed. Simultaneously, the rating agency has placed the bank's B2/Not- Prime global local currency ratings on review for possible upgrade. Moody's notes that the review is prompted by the recent announcement that Credit Agricole S.A., (rated Aa2 -- long-term Issuer Rating by Moody's), will acquire a 99% stake in the Ukrainian bank. The transaction is subject to regulatory approvals in Ukraine. According to Moody's, the review reflects an increased likelihood of support from the financially sound and experienced new controlling shareholder. Successful closing of the transaction may result in a substantial uplift of Index-Bank's global local currency deposit ratings (subject to the current Baa1 local currency deposit ceiling of Ukraine). Headquartered in Kyiv, Ukraine, Index-Bank reported (unaudited) total consolidated assets of UAH2.33 billion (US$461 million) as at Feb. 28, 2006. KINASHIVSKIJ: Vinnitsya Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy proceedings against Agricultural LLC Tribal Plant Kinashivskij (code EDRPOU 05435518) on Feb. 16, after finding the company insolvent. The case is docketed as 10/171-05. Mr. Vitalij Bolhovitin has been appointed Liquidator/Insolvency Manager. CONTACT: Kinashivskij Polyova Str. 15 Tulchinskij District, Kinashiv Ukraine, Vinnitsya Region Mr. Vitalij Bolhovitin Liquidator/Insolvency Manager Hmelnitske Shose, 2a/602 Ukraine, Vinnitsya Region Tel: (0432) 52-03-41 Economic Court of Vinnitsya Region Hmelnitske Shose, 7 21100, Ukraine, Vinnitsya Region KOTLAS: Court Names Central Advertising as Liquidator ----------------------------------------------------- The Economic Court of Kyiv Region appointed Central Advertising Department as Liquidator for LLC KOTLAS (code EDRPOU 31985672). The Court commenced bankruptcy proceedings against the Company after finding it the company insolvent. CONTACT: Kotlas Promislova Str. 4 01013, Ukraine, Kyiv Region Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030, Ukraine, Kyiv Region MONOLIT: Sumi Court Starts Bankruptcy Supervision ------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on Private Agricultural Enterprise Monolit (code EDRPOU 30902658) on Jan. 25, 2006. The case is docketed as 7/7-06. Ms. Olga Naumova has been appointed temporary insolvency manager. CONTACT: Monolit Gluhiv District, Bilokopitove, Radyanska Str. 17a 41400, Ukraine, Sumi Region Ms. Olga Naumova Temporary Insolvency Manager Harkivska Str. 122, 3-rd floor 40030, Ukraine, Sumi Region Economic Court of Sumi Region Shevchenko Avenue 18/1 40030, Ukraine, Sumi Region NAFTOSVIT: Volinska Court Orders Debt Moratorium ------------------------------------------------ The Economic Court of Volinska Region commenced bankruptcy supervision procedure on LLC Naftosvit (code EDRPOU 32269795) on Feb. 2, and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 7/44-B. Cherevatij Lubomir has been appointed temporary insolvency manager. CONTACT: Naftosvit Kremenetska Str. 38 43010, Ukraine, Lutsk Region Cherevatij Lubomir Temporary Insolvency Manager Gorodotska Str. 277 79022, Ukraine, Lviv Region Economic Court of Vinnitsya Region Hmelnitske Shose, 7 21100, Ukraine, Vinnitsya Region POLISSYA: Sumi Court Starts Bankruptcy Supervision -------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on LLC Agrofirm Polissya (code EDRPOU 30749048) on Jan. 24. The case is docketed as 12/9-06. Mr. Roman Udovenko has been appointed temporary insolvency manager. CONTACT: Polissya Yampil District, Marchihina Buda 41240, Ukraine, Sumi Region Economic Court Of Sumi Region Shevchenko Avenue 18/1 40030, Ukraine, Sumi Region TRADE-INDUSTRIAL: Vinnitsya Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy proceedings against Private Enterprise Trade-Industrial Center (code EDRPOU 25496158) after finding the company insolvent. The case is docketed as 5/276-05. Vinnitsya Regional Bankruptcy Questions Department has been appointed Liquidator. CONTACT: Trade-Industrial Center Trostyanets District, Ladizhin Budivelnikiv Str. 19/125 24320, Ukraine, Vinnitsya Region Economic Court of Vinnitsya Region Hmelnitske Shose, 7 21100, Ukraine, Vinnitsya Region SLAVUTICH: Court Names Olena Gerasimenko Insolvency Manager ----------------------------------------------------------- The Economic Court of Herson Region appointed Olena Gerasimenko has Liquidator/Insolvency Manager for Agricultural LLC Agrofirm Slavutich (code EDRPOU 30841920). The Court commenced bankruptcy proceedings against the Company on Feb. 8, after finding it the company insolvent. The case is docketed as 6/28-B. CONTACT: Slavutich Berislav, Pershogo Travnya Str. 115 74300, Ukraine, Herson Region Ms. Olena Gerasimenko Liquidator/Insolvency Manager Energodar, Skifska Str. 28/9 71500, Ukraine, Zaporizhya Region Tel: 8 (06139) 4-35-37 Economic Court of Herson Region Gorkij Str. 18 73000, Ukraine, Herson Region TSVETODIN: Harkiv Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy proceedings against LLC Tsvetodin (code EDRPOU 33224619) on Feb. 22, after finding the company insolvent. The case is docketed as B-24/97-05. Mr. Dyomin Oleg has been appointed Liquidator/Insolvency Manager. CONTACT: Tsvetodin Vovchansk, Rubizhanske Shose Str. 7 Ukraine, Harkiv Region Mr. Dyomin Oleg, Liquidator/Insolvency Manager V. Goncharivska Str. 3/1 Ukraine, Harkiv Region Economic Court of Harkiv Region Svobodi Square 5, Derzhprom 8th Entrance 61022, Ukraine, Harkiv Region VIDRODZHENNYA: Court Begins Bankruptcy Supervision -------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on Agricultural LLC Vidrodzhennya (code EDRPOU 30791629) on Feb. 6. The case is docketed as B 26/18/06. Mr. Oleksij Gula has been appointed temporary insolvency manager. CONTACT: Mr. Oleksij Gula Temporary Insolvency Manager Novomoskovsk, Radyanska Str. 43/134 51200, Ukraine, Dnipropetrovsk Region Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600, Ukraine, Dnipropetrovsk Region =========================== U N I T E D K I N G D O M =========================== GEOFF HARRIS: Appoints Begbies Traynor Administrator ---------------------------------------------------- Paul Finnity and Peter A. Blair of Begbies Traynor were appointed joint administrators of Geoff Harris Logistics Limited (Company Number 04290983) on March 29. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Geoff Harris Logistics Ltd can be reached at: Unit D, Fauld Industrial Estate Fauld Tutbury Burton on Trent Staffordshire, DE13 9HS Tel: 01283 520597 Fax: 01283812642 HOME PRODUCTS: Taps Joint Administrators from Rothman Pantall ------------------------------------------------------------- R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were appointed joint administrators of Home Products Ltd (Company Number 03153146) on March 24. Its registered office is at Joseph House, 59 Main Street, Shadwell, Leeds LS17 8HQ. Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was established in 1955 as a general accountancy practice, and has grown to its present 18 offices across the South of England. It is one of the largest independent firms of Chartered Accountants in the region, and rank in the top 40 in the United Kingdom. K. B. WOOD: Names Irwin & Company to Administer Assets ------------------------------------------------------ Gerald Irwin of Irwin & Company was appointed administrator of K. B. Wood Electrical Services Ltd (Company Number 02005810) on March 30. Its registered office is at 59 Kepler, Lichfield Road Industrial Estate, Tamworth, Staffordshire B79 7XE. The administrator can be reached at: Irwin & Company Station House Midland Drive Sutton Coldfield Birmingham West Midlands B72 1TU Tel: 08700 111812 Fax: 08700 111813 E-mail: mail@irwinuk.net K B Wood Electrical Services Ltd offers industrial-domestic installations service and can be reached at: 59 Kepler, Lichfield Road Industrial Esta Tamworth, Staffordshire B79 7XE Tel: 0182769425 LIQUID AUTOMATION: Creditors Confirm Voluntary Liquidation ---------------------------------------------------------- Creditors of Liquid Automation Systems Limited confirmed the company's voluntary liquidation after members passed a resolution to wind up the company on March 3. Creditors also ratified the appointment of Lisa Hogg and David Field, of Wilson Field, as Joint Liquidators. Liquid Automation Systems Limited can be reached at: Unit 8 Midland Court Nottingham NG7 3FH Tel: 0115 970 2823 MANCHESTER WINDOW: Members Pass Winding Up Resolution ----------------------------------------------------- Members of The Manchester Window Factory (UK) Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on March 2. Colin Burke and Darren Brookes, of Milner Boardman & Partners, will jointly liquidate the company's assets. The Manchester Window Factory (UK) Limited can be contacted at: 2 Long Wood Road Trafford Pk Manchester Lancashire M17 1PZ Tel: 0161 848 8417 Fax: 0161 848 8782 MASON & CRANG: Brings In Steven Law to Administer Assets -------------------------------------------------------- Steven Law of Ensors was appointed administrator of Mason & Crang Limited (Company Number 05386888) on March 28. Ensors -- http://www.ensors.co.uk/-- is the leading independent firm of chartered accountants in East Anglia, United Kingdom. It has branches in Bury St. Edmunds, Haverhill, Ipswich and Saxmundham. MOORPENNY LIMITED: Names Robert Keating as Liquidator ----------------------------------------------------- Moorpenny Limited is liquidating its assets after members decided to wind up the company on Feb. 28. Robert W. Keating, of R.W. Keating & Co, was appointed Liquidator. Moorpenny Limited can be contacted at: River Inn Georges Pierhead Merseyside L3 1DR Tel: 0151 236 6931 MOTOR CARAVAN: Members Resolve to Liquidate Assets -------------------------------------------------- Andrew David Rosler, of ICS Limited, was appointed Liquidator of Motor Caravan Conversions Limited after members resolved to voluntarily liquidate the company's assets on March 3. Chairman A. Taylor disclosed that the company could no longer continue its operations due to mounting debts. Motor Caravan Conversions Limited can be contacted at: Collingham Street Manchester M8 8RQ Tel: 0161 839 1855 Web: http://www.vwmotorhomes.co.uk/ OMEGA PLASTICS: Tool Manufacturer Appoints Administrator -------------------------------------------------------- Gordon S. Goldie and Allan David Kelly of Tait Walker were appointed administrator of Omega Plastics (UK) Limited (Company Number 03397370) on March 23. Tait Walker -- http://www.taitwalker.co.uk/-- have established core service lines to meet the ever growing complexity of our clients needs in a timely and efficient manner. Omega Plastics (UK) Ltd manufactures tools. PALMBURY LEISURE: Taps RE10 to Administer Assets ------------------------------------------------ Bijal Shah and Nimish Patel of RE10 were appointed joint administrators of Palmbury Leisure Limited (Company Number 3356687) on March 30. The joint administrators can be reached at: RE10 Trinity House, Heather Park Drive Wembley, Middlesex HA0 1SU Helpline: 870 787 2346 Palmbury Leisure Limited operates a bar and restaurant. PANTHER DISTRIBUTION: Brings In F A Simms as Administrator ---------------------------------------------------------- Richard Frank Simms of F A Simms & Partners Plc was appointed administrator of Panther Distribution Limited (Company Number 3423283) on May 19, 2005. Its registered office is at The Robbins Building, Albert Street, Rugby, Warwickshire CV21 2SD. The administrator can be reached at: F A Simms & Partners Plc Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Tel: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com Panther Distribution Ltd offers haulage services and can be reached at: Unit G Rugby CV21 1NT Tel: 01788-551677 PCS REALISATION: Names Joint Administrators from Begbies Traynor ---------------------------------------------------------------- Paul Michael Davis and Timothy John Edward Dolder of Begbies Traynor (South) LLP were appointed joint administrators of PCS Realisation Services Limited (Company Number 02163759) on March 31. Its registered office is at Enterprise House, 115 Edmund Street, Birmingham B3 2HJ. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. PCS Realisation Services Limited was previously named PCS Technical Services Limited. The company was founded in 1996 as a specialist field service provider for high-end printers and can be reached at: 70 Church Road Aston, Birmingham B6 5TY West Midlands Tel: 0121 212 1234 Fax: 0121 2121133 PLASTXWORLD LIMITED: Appoints F A Simms & Partners Administrator ---------------------------------------------------------------- R. F. Simms of F A Simms & Partners Plc was appointed administrator of Plastxworld Limited (Company Number 2520917) on May 27, 2005. Its registered office is at Crawley Crossing, Bedford Road, Husborne, Crawley, Bedfordshire MK43 0UT. The administrator can be reached at: F A Simms & Partners Plc Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP Tel: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com Headquartered in Bedfordshire, Plastxworld Limited -- http://www.plastxworld.com/-- offers plastic compounding service. PORTABLE WELDERS: Names P&A Partnership Administrator ----------------------------------------------------- Christopher Michael White and John Russell of The P&A Partnership were appointed joint administrators of Portable Welders Limited (Company Number 00591072) on March 27. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. As the partnership works only in the field of business rescue and insolvency, it can not only promise dedicated expertise, but can also assure its professional clients that it pose no competition to its own business base. Portable Welders Limited -- http://www.portablewelders.com/-- has been manufacturing high quality spot welding equipment for over 40 years. PRO-TECT UK: S. Franklin Leads Winding Up Operations ---------------------------------------------------- Members of Pro-Tect UK Contract Maintenance Services Limited passed a resolution to wind up the company's operations on March 3. They authorized S. Franklin, of Panos Eliades, to lead winding up operations. The Debtor can be reached at: Pro-Tect UK Contract Maintenance Services Limited 38 Downton Business Centre Downton Wiltshire SP5 3HU Tel: 01725 514 103 Fax: 01725 514 128 PUBLISHERS BOOK: Retailer Appoints P&A Partnership Administrator ---------------------------------------------------------------- Christopher Michael White and Allan Cooper of The P&A Partnership were appointed joint administrators of Publishers Book Clearance Limited (Company Number 02773250) on March 29. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. As the partnership works only in the field of business rescue and insolvency, it can not only promise dedicated expertise, but can also assure its professional clients that it pose no competition to its own business base. Publishers Book Clearance retails books and can be reached at: 26-27 Prince Street, Bridlington, North Humberside YO15 2NP Tel: 01262670530 RANK GROUP: Buys Back 1,000,000 Ordinary Shares for Cancellation ---------------------------------------------------------------- The Rank Group PLC purchased 1,000,000 ordinary shares of 10 pence in the Company on April 13, for cancellation at an average price of 224.25 pence per share. Headquartered in London, Rank Group PLC -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the Troubled Company-Europe on March 8, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). 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. RAZZMATAZZ INTERNATIONAL: Begins Winding Up Operations ------------------------------------------------------ Razzmatazz International Limited is winding up its operations after members opt to liquidate the company's assets on March 3. Malcolm Edward Fergusson, of Fergusson & Co Ltd, was appointed Liquidator. Razzmatazz International Limited can be contacted at: Unit A Lantsbery Drive Liverton Saltburn-By-The-Sea Cleveland TS13 4QZ Tel: 01287 643 333 Fax: 01287 644 433 Web: http://www.razzmatazz.co.uk/ RENT WITH US: Members Agree to Liquidation ------------------------------------------ Members of Rent With Us.Co.UK Limited agreed to liquidate the company's assets during an extraordinary general meeting on March 2. They appointed Vincent A. Simmons as Liquidator. Director D.E. Ellingworth disclosed the company could no longer continue its operations due to financial liabilities. Rent With Us.Co. UK Limited can be contacted at: 6 King Street Delph Oldham OL3 5DQ Tel: 01457 820 928 Fax: 01457 820 109 ROSE & RAGS: Financial Woes Trigger Liquidation ----------------------------------------------- Rose & Rags Distribution Limited is liquidating its assets after members found out that the company could no longer continue its business due to mounting debts. Stephen Robert Cork, of Smith & Williamson Limited, was appointed Liquidator. Rose & Rags Distribution Limited can be contacted at: Kings Exchange Tileyard Road London N7 9AH Tel: 020 7609 8383 Fax: 020 7609 8484 ROWAN FORRESTER: Appoints B N Jackson Norton Administrator ---------------------------------------------------------- Graham Lindsay Down of BN Jackson Norton was appointed administrator of Rowan Forrester Limited (Company Number 3702596) on April 5. Its registered office is at 135 Aztec West, Almondsbury, Bristol BS32 2UB. The administrator can be reached at: B N Jackson Norton 14 Orchard Street Bristol Avon BS1 5EH Tel: 0117 905 5110 Fax: 0117 905 5384 E-mail: gdown@bnjn.com Rowan Forrester Ltd offers advise for independent financials and can be reached at: Kidderminster Worcestershire DY10 2RQ Tel: 08456040297 Fax: 08456040298 SETT INNS: Taps Joint Administrators from BDO Stoy Hayward ---------------------------------------------------------- Andrew Howard Beckingham and Dermot Brendan Coakley of BDO Stoy Hayward LLP were appointed joint administrators of Sett Inns Limited (Company Number 04411408) on March 28. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. SODO DESIGN: Administrators from Tait Walker Move in ---------------------------------------------------- Gordon S. Goldie and Allan David Kelly of Tait Walker were appointed administrators of Sodo Design Limited (Company Number 05320622) on March 28. Tait Walker -- http://www.taitwalker.co.uk/-- have established core service lines to meet the ever growing complexity of our clients needs in a timely and efficient manner. Sodo Design Limited sells fashion accessories. TLC LEISURE: Calls in Joint Administrators from Herron Fisher ------------------------------------------------------------- Christopher Herron and Nicola Jayne Fisher of Herron Fisher were appointed joint administrators of TLC Leisure Ltd (Company Number 5045451) on March 31. Its registered office is at 13 Britten Grove, Old Farm Park, Milton Keynes, Buckinghamshire MK7 8PP. The joint administrators can be reached at: Herron Fisher Capital Business Centre 22 Carlton Road Croydon Surrey CR2 0BS Tel: 07956 640156 E-mail: chris.herron@begbies-traynor.com TLC Leisure Ltd operates a gym and can be reached at: 5 Chart Close Shortlands BR2 OEB TRANSPORT BODY: Appoints Administrator from Albert Goodman ---------------------------------------------------------- Laurence Russell of Albert Goodman was appointed administrator of Transport Body Materials Ltd (Company Number 03905416) on March 29. The administrator can be reached at: Albert Goodman Mary Street House Mary Street Taunton Somerset TA1 3NW Tel: 01823 286096 Fax: 01823 257319 Transport Body Materials Ltd -- http://www.transportbody.co.uk/ -- provides personal service to the builders and users of commercial vehicles and trailers not only as a stockist of materials but as a provider of technical support. VEENA LEISURE: Appoints Liquidator from BBK Partnership ------------------------------------------------------- Sabia Sahota, of BBK Partnership, was appointed Liquidator of Veena Leisure Limited after members found out that the company could no longer continue its operations due to financial liabilities. Veena Leisure Limited can be reached at: 91 High Street Milton Regis Sittingbourne Kent ME10 2AR Tel: 01795 431 881 VISION H.I.: Joint Administrators from Berg Kaprow Enter Helm ------------------------------------------------------------- Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP were appointed joint administrators of Vision H.I. Limited (Company Number 05145756) on March 29. The joint administrators can be reached at: Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW Tel: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 Vision Hi Ltd can be reached at: Fengate, Peterborough, Cambridgeshire, PE1 5PE Tel: 01733 560731 Fax: 01733567955 WARWICK COMMUNITY: Joint Liquidators Take Over Operations --------------------------------------------------------- Warwick Community Campus Limited is winding up its operations after members proved that the company could no longer continue its business due to financial liabilities. Matthew Colin Bowker and David Anthony Willis, were appointed Joint Liquidators. Warwick Community Campus Limited can be reached at: 93 Sycamore Avenue Knottingley West Yorkshire WF11 0PJ Tel: 01977 677 596 WATTSON (SHOP FITTERS): Appoints Joint Administrators from Tenon ---------------------------------------------------------------- Nigel Ian Fox and Carl Stuart Jackson of Tenon Recovery were appointed joint administrators from Wattson (Shop Fitters) Limited (Company Number 00844482) on March 30. Its registered office is at 4-6 Countess Wear Road, Countess Wear, Exeter EX2 6LG. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (421) 1,700 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) LVL Medical Group LVLM.PA (9) 105 (5) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (25) 178 (53) Schaltbau Hold SLTG (23) 122 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ DryShips Inc. DRYS (4) 184 (29) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Grandi Viaagi S.p.A. IGV.MI (31) 533 (140) Lazio S.p.A. LAZI (27) 426 (175) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 Numico N.V. NUMC (422) 1,982 376 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (321) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Avanzit S.A. AVZ.MC (117) 457 (247) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Avis Europe PLC AVE.L (24) 2,686 (420) Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (70) 489 2 Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Drax Group Limited DRX.L (832) 2,353 84 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gallaher Group GLH (421) 7,866 5 Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (1,613) 2,199 (463) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (405) 263 (161) Premier Foods Plc PFD.L (29) 1,059 20 Probus Estates Plc PBE.L (28) 113 (264) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,072) 3,382 (68) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Liv Arcipe, Julybien Atadero, and Carmel Paderog, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *