/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060427.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 27, 2006, Vol. 7, No. 83 Headlines A U S T R I A HARALD AIGNER: Vienna Court Closes Bankruptcy Proceedings SIGA SICHERHEITSTECHNIK: Court Dismisses Bankruptcy Case F R A N C E EUROTUNNEL S.A.: Creditors Grant Third Waiver Through July 12 * AlixPartners Opens New Office in Paris G E R M A N Y ELEKTRO VOLLINGS: Creditors' Meeting Slated for May 5 H.+K. MASCHINENBAU: Claims Registration Ends April 30 IPD INDUSTRIELLE: Claims Registration Ends April 28 JUMA TORE: Claims Registration Ends April 28 K & R GMBH: Claims Registration Ends April 28 OHL SCHUHMARKT: Claims Registration Ends April 28 QUAST & KLAMT: Claims Registration Ends April 28 RINOL AG: Sells Bremen Concrete Works to Possehl Spezialbau S & W SANITAR: Claims Registration Ends April 28 SCHONDORFER BAU: Creditors' Meeting Slated for May 3 UWT - UNTERWASSER: Claims Registration Ends April 28 H U N G A R Y AES CORP: Sells 7.6% Stake in AES Gener for US$123 Million I R E L A N D DEPFA BANK: Moody's Downgrades FSR to B- Due to Inactivity K A Z A K H S T A N ARIADNA: Creditors Must Submit Claims by May 5 ALMATY-TEPLO-HLADOVENT-SENTR: Creditors' Claims Due May 5 DAULET: Creditors Must Submit Claims by May 5 GIZ PIRAMIDA: Creditors Must Submit Claims by May 5 HALYK BANK: Fitch Rates Dutch Unit's Upcoming Bond Issue at BB+ INTER-ENERGO-SERVICE: Creditors Must Submit Claims by May 5 TURKISTAN: Creditors Must Submit Claims by May 5 SALIHA: Creditors Must Submit Claims by May 5 PROGRESS-KANEO: Creditors Must Submit Claims by May 5 STROI KOMERS LTD: Creditors Must Submit Claims by May 5 N E T H E R L A N D S ASML HOLDING: Moody's Lifts Ba3 Ratings to Ba2 HSBK B.V.: Fitch Rates Expected BB+ on Upcoming Eurobond R U S S I A CONFECTIONARY IRKUTSKAYA: Bankruptcy Hearing Slated for May 4 DOROZHNIK: Claims Filing Period Ends May 4 ELDORADO GROUP: Appoints S. Kovalev Insolvency Manager KATLASINSKIY FACTORY: Court Begins Bankruptcy Proceedings LENA-STROY-SERVICE: Bankruptcy Supervision Procedure Begins NORTH BUILDING: Court Names Egorov Interim Insolvency Manager OMSK-LEATHER: Omsk Court Begins Bankruptcy Supervision Procedure SEL-KHOZ-TEKHNIKA: Deadline for Proofs of Claim Set for May 4 STARINSKOYE: Appoints I. Glazkova Interim Insolvency Manager TALITSKIY TIMBER: Proof of Claim Deadline Slated for May 4 U K R A I N E AGORA-PLUS: Kyiv Court Starts Bankruptcy Supervision DNIPROHIMREMONT: Court Names O. Kotenko to Liquidate Assets DNIPROPETROVSK REPAIR: Court Names Oleksandr Selishev Liquidator GELEOS: Lugansk Court Names Litsoyev Dmitro Insolvency Manager KORINF: Court Appoints Mikita Nikitenko Insolvency Manager KRONA: Lviv Court Begins Bankruptcy Proceedings OBLREMPOBUTTEHNIKA: Lugansk Court Starts Bankruptcy Supervision PROSTOR-AGRO: Donetsk Court Commences Bankruptcy Process SHPOLA' SUGAR: Court Names Viktor Osipchuk to Liquidate Assets SILGOSPPOSTACH: Court Names O. Pasternak to Liquidate Assets SUNRISE-INVESTMENTS: Kyiv Court Starts Bankruptcy Process U N I T E D K I N G D O M ADVANCED NETWORK: Creditors Pass Winding Up Resolution DESIGNED FOR LIFE: Creditors Agree to Wind Up Operations ELEGANCE DRY: Brings In Joint Liquidators to Oversee Business GRAFIX DIGITAL: Creditors Confirm Voluntary Liquidation IMPEX CORPORATION: Financial Woes Trigger Voluntary Liquidation INDUSTRIAL MANUFACTURING: Winds Up Operations & Names Liquidator KNOWSLEY PIPE: Appoints Gary Corbett as Liquidator LONDON AIR: Begins Voluntary Liquidation LYNN BALL: Creditors Resolve to Wind Up Operations MULTI BASE: Claims Filing Period Ends June 1 MISYS PLC: Buys Back 750,000 & Cancels 2 Mln Shares in Treasury MISYS PLC: Transfers 2,747 Shares to Scheme Participants REFCO INC: Creditors File US$1.3 Billion Suit Against BAWAG ********* ============= A U S T R I A ============= HARALD AIGNER: Vienna Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Court of Vienna closed the bankruptcy case of Harald Aigner Keg (FN 233208d) on April 7, following the Debtor's final distribution to its creditors. Headquartered in Vienna, Austria, Harald Aigner Keg was declared bankrupt on March 10 (Bankr. Case No. 4 S 46/06a). SIGA SICHERHEITSTECHNIK: Court Dismisses Bankruptcy Case -------------------------------------------------------- The Land Court of Innsbruck dismissed on April 3, the bankruptcy case of LLC Siga Sicherheitstechnik Vertrieb (FN 157557b) under Section 166 of the Austrian Bankruptcy Code after it determined that the Debtor is administratively insolvent. This means that the Debtor doesn't have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Innsbruck, Austria, LLC Siga Sicherheitstechnik Vertrieb (FN 157557b) filed for bankruptcy on March 7, 2005 (Bankr. Case No. 19 S 25/05g). Dr.Mag. Andreas Grabenweger served as the court-appointed property manager in the bankruptcy case. =========== F R A N C E =========== EUROTUNNEL S.A.: Creditors Grant Third Waiver Through July 12 ------------------------------------------------------------- Eurotunnel S.A. obtained an extension until July 12, of a new waiver period from its creditors. 84.09% of the senior creditors and 67.52% of the co-financiers voted in favor to the new waiver. As reported in TCR-Europe on April 13, Eurotunnel sought an extension to a waiver to its credit agreements to pursue negotiations with all creditors. Eurotunnel and the Ad Hoc Committee of creditors, which represents more than 50% of the Group's debt, signed a Memorandum of Understanding on Jan. 31. A second waiver period, which expired March 31, was put in place to allow the presentation of the outline framework of the restructuring agreed between the Group and the Ad Hoc Committee, to non-signatory creditors. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel S.A. -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * AlixPartners Opens New Office in Paris ---------------------------------------- International consulting firm AlixPartners opens its new French branch in Paris. Already present in London, Milan, Munich and Dusseldorf, AlixPartners now opens in Paris, with a team of 15 people, managed by Yahya Daraaoui, Eric Bernardini and Laurent Petizon. "AlixPartners has the right competencies to manage these radical changes, with very good industry and technical expertise, combined with a detailed understanding of all financing tools and techniques. In other words, the professionals of AlixPartners are much concerned with their clients' balance sheet and income statements," Mr. Daraaoui said. In France, AlixPartners is currently well positioned in four key business sectors: -- Automotive, aeronautics, defense; -- Manufacturing industry and process industry, high-tech; -- Retail and FMCG; and -- Media, communications and entertainment The objective of AlixPartners France is to develop in all industries. AlixPartners clients typically include: -- large and middle market companies, national and international groups; -- banks and financial institutions; and -- investment funds. "Unlike most consulting firms, AlixPartners projects are led by small teams of two to four experienced professionals. AlixPartners offers quick and high returns on investments to its clients, as well as unique, operational excellence with long- lasting and significant cash flows," continues Mr. Bernardini. France Lead Team Yahya Daraaoui, Managing Director Mr. Daraaoui is a seasoned professional with extensive experience in corporate and business unit strategy, mergers and acquisitions, operational effectiveness and restructuring, and profit and working capital improvements. His industry expertise includes communications, media and advertising, automotive, retail, and business-to-business distribution. Mr. Daraaoui works both for corporate clients and the portfolio companies of private equity funds where he has been involved in the design and implementation of several transformation programs aimed at comprehensive increases of shareholder value. Prior to joining AlixPartners, he was the managing director of the Paris office of A.T. Kearney and a founding member of the private equity consulting practice. Before that, he was a partner and vice president in the Milan office of Bain & Co. Mr. Daraaoui holds a degree from the HEC Graduate School of Management in marketing and industrial economics. He is a member of the board of the Centre d'Etude et de Prospective Strategigue. Eric Bernardini, Managing Director Mr. Bernardini has 12 years of strong international operational industry experience and a solid track record in results-oriented management consulting for the last 10 years. He has extensive experience in aerospace and defense, but also substantive experience in manufacturing, high tech, and automotive industries. Prior to joining AlixPartners, Mr. Bernardini was the vice president in charge of the European Aerospace and Defense practice with A.T. Kearney in Paris. He has led several key aerospace OEMs and suppliers through strategic and operational transitions. He assisted executive management teams in restructuring their organizations and operations, assessing merger synergies, managing risks and profit optimization on large development programs, developing supply chain and operational effectiveness plans, managing R&D portfolio and innovation, organizing worldwide customer support strategies, completing due diligence, optimizing global footprints, and aligning IT systems with business strategy. Mr. Bernardini holds a business degree from EDHEC Graduate School of Management in international marketing and entrepreneurship. About the Firm Founded in the United States in 1981, AlixPartners has almost 500 professionals, with 12 offices across the world, in the United States, Asia and Europe, and covers all industries. ============= G E R M A N Y ============= ELEKTRO VOLLINGS: Creditors' Meeting Slated for May 5 ----------------------------------------------------- Court-appointed provisional administrator for Elektro Vollings GmbH, Dr. Wolf-R von der Fecht, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:11 a.m., on May 5. The meeting of creditors and other interested parties will be held at: The District Court of Krefeld Sitzungssaal H 131 1. Etage Nordwall 131 47798 Krefeld, Germany The Court will also verify the claims set out in the administrator's report at 10:01 a.m., on June 30, at the same venue. Creditors have until April 30, to register their claims with the court-appointed provisional administrator. The District Court of Krefeld opened bankruptcy proceedings against Elektro Vollings GmbH on Feb. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektro Vollings GmbH Attn: Monika Pauline Vollings, Manager Vorster Str. 37 47918 Tonisvorst, Germany The administrator can be reached at: Dr. Wolf-R. von der Fecht Rheinort 1 40213 Duesseldorf, Germany H.+K. MASCHINENBAU: Claims Registration Ends April 30 ----------------------------------------------------- Creditors of H.+K. Maschinenbau GmbH have until April 30, to register their claims with court-appointed provisional administrator Dr. Lucas Flother. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Heidelberg Saal 12 Kurfuerstenanlage 21 69115 Heidelberg, 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 Heidelberg opened bankruptcy proceedings against H.+K. Maschinenbau GmbH on March 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: H.+K. Maschinenbau GmbH Attn: Hans Herzog, Manager Kappisweg 41/22 74915 Waibstadt, Germany The administrator can be contacted at: Dr. Lucas Flother Handelweg 1 68794 Oberhausen-Rheinhausen, Germany Tel: 07254/928518 Fax: 07254/928520 IPD INDUSTRIELLE: Claims Registration Ends April 28 --------------------------------------------------- Creditors of ipd industrielle personaldienstleistungen GmbH have until April 28, to register their claims with court-appointed provisional administrator Heinrich Stellmach. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 18, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muenster Sitzungssaal 101 B 1. Etage Gerichtsstr. 2-6 48149 Muenster, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee or opt to appoint a new insolvency manager. The District Court of Muenster opened bankruptcy proceedings against ipd industrielle personaldienstleistungen GmbH on March 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ipd industrielle personaldienstleistungen GmbH Schlavenhorst 82 46395 Bocholt Attn: Heike Schroder, Manager Herderstrasse 1 46397 Bocholt, Germany The administrator can be contacted at: Heinrich Stellmach Salierstrasse 4 46395 Bocholt, Germany JUMA TORE: Claims Registration Ends April 28 -------------------------------------------- Creditors of JUMA Tore & und Service GmbH have until April 28, to register their claims with court-appointed provisional administrator Johannes Klefisch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 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 Aachen Sitzungssaal 14 1. Etage Augustastrasse 78-80 52070 Aachen, 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 Aachen opened bankruptcy proceedings against JUMA Tore & und Service GmbH on March 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: JUMA Tore & und Service GmbH Mirweilerweg 14 52349 Dueren Attn: Dr. Armin Stromberg, Manager Nikolausstr. 15 52457 Aldenhoven, Germany The administrator can be contacted at: Johannes Klefisch Rotter Bruch 6 52068 Aachen, Germany K & R GMBH: Claims Registration Ends April 28 --------------------------------------------- Creditors of K & R GmbH Eisenflechten Abbruch have until April 28, to register their claims with court-appointed provisional administrator Heinrich C. Friedhoff. Creditors and other interested parties are encouraged to attend the meeting at 8:50 a.m. on May 22, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Sitzungssaal 14 1. Etage Augustastrasse 78-80 52070 Aachen, 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 Aachen opened bankruptcy proceedings against K & R GmbH Eisenflechten Abbruch on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: K & R GmbH Eisenflechten Abbruch Attn: Peter Georg Rau and Lorenz Walter Klas, Managers Breitestrasse 21 A 52156 Monschau, Germany The administrator can be contacted at: Heinrich C. Friedhoff Viktoriastrasse 73-75 52066 Aachen, Germany OHL SCHUHMARKT: Claims Registration Ends April 28 ------------------------------------------------- Creditors of Ohl Schuhmarkt GmbH have until April 28, to register their claims with court-appointed provisional administrator Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 31, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Zimmer 225 Marienring 13 76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy proceedings against Ohl Schuhmarkt GmbH on March 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ohl Schuhmarkt GmbH Attn: Franz Ohl, Manager Hauptstr. 22 76887 Bollenborn, Germany The administrator can be contacted at: Stephan Haspel Friedrich-Ebert-Str. 7 76829 Landau in der Pfalz, Germany Tel: 06341/51020 Fax: 06341/510229 QUAST & KLAMT: Claims Registration Ends April 28 ------------------------------------------------ Creditors of Quast & Klamt oHG have until April 28, to register their claims with court-appointed provisional administrator Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Hagen Raum 283 Etage 2 Heinitzstrasse 42 58097 Hagen, 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 Hagen opened bankruptcy proceedings against Quast & Klamt oHG on March 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Quast & Klamt oHG Schuetzenstr. 18 58339 Breckerfeld, Germany Attn: Carlo Quast, Manager Alten Luedenscheid 15 58515 Luedenscheid, Germany Mathias Klamt, Manager Breslauer Str. 35 58553 Halver, Germany The administrator can be contacted at: Rolf Rattunde Neumarktstr. 2c 58095 Hagen, Germany Tel: 02331-7887160 Fax: +4923317887162 RINOL AG: Sells Bremen Concrete Works to Possehl Spezialbau ----------------------------------------------------------- Rinol AG has sold its roller compacted concrete site in Bremen to Possehl Spezialbau, Borsen Zeitung says. Possehl acquired the site through its newly formed unit DFT Deutsche Flachentechnik Industrieboden. According to the report, Possehl intends resume the site's operation with 76 employees. Around 15 employees will be transferred to Rinol's Danish arm. As reported by Troubled Company Reporter Europe on April 12, Rinol started selling its operations after filing for insolvency proceedings in January. Insolvency trustee Rolf Friedrich is currently holding talks with potential investors for the company's floor coatings division. Rinol AG -- http://www.rinol.de/home_html.htm-- specializes in industrial flooring. The company is divided into subsidiaries and affiliated companies throughout Europe, Latin America and Asia. It was forced to apply for insolvency proceedings after its main creditors, Morgan Stanley and DB Zwirn, refused to provide any further financing. Its insolvency proceedings started on April 1, 2006. S & W SANITAR: Claims Registration Ends April 28 ------------------------------------------------ Creditors of S & W Sanitar- und Warmetechnik GmbH have until April 28, to register their claims with court-appointed provisional administrator Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 7, 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 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 S & W Sanitar- und Warmetechnik GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: S & W Sanitar- und Warmetechnik GmbH Attn: Harald Hinkfoth and Hans-Werner Huebner, Manager Hauptstrasse 3 18107 Elmenhorst, Germany The administrator can be contacted at: Ulrike Hoge-Peters Rosa-Luxemburg-Strasse 8 18055 Rostock, Germany SCHONDORFER BAU: Creditors' Meeting Slated for May 3 ---------------------------------------------------- Court-appointed provisional administrator for Schondorfer Bau- und Umwelttechnik GmbH, Dr. Martin Prager, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m., on May 3. The meeting of creditors and other interested parties will be held at: The District Court of Traunstein SS C 001 Herzog-Otto-Str. 1 83278 Traunstein, Germany The Court will also verify the claims set out in the administrator's report at 11:00 a.m., on May 31, at the same venue. Creditors have until April 28, to register their claims with the court-appointed provisional administrator. The District Court of Traunstein opened bankruptcy proceedings against Schondorfer Bau- und Umwelttechnik GmbH on Feb. 23. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Schondorfer Bau- und Umwelttechnik GmbH Thumseestr. 44 8 3435 Bad Reichenhall, Germany The administrator can be reached at: Dr. Martin Prager Barthstr. 16 80339 Muenchen, Germany Tel: 089/8589633 Fax: 089/85896350 UWT - UNTERWASSER: Claims Registration Ends April 28 ---------------------------------------------------- Creditors of UWT - Unterwasser - Technik GmbH have until April 28, to register their claims with court-appointed provisional administrator Dr. Andreas Ropke. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on May 22, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg C407 IV. Etage Kardinal-Galen-Strasse 124-130 47058 Duisburg, 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 Duisburg opened bankruptcy proceedings against UWT - Unterwasser - Technik GmbH on March 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: UWT - Unterwasser - Technik GmbH Florastr. 37 47119 Duisburg, Germany Attn: Klaus Spieler, Manager Asbergstr. 95 47228 Duisburg, Germany The administrator can be contacted at: Dr. Andreas Ropke Dammstr. 26 47119 Duisburg, Germany ============= H U N G A R Y ============= AES CORP: Sells 7.6% Stake in AES Gener for US$123 Million ---------------------------------------------------------- The AES Corporation (NYSE:AES) completed the sale of approximately 7.6% of its shares in AES Gener, the second largest power generation company in Chile to a group of Chilean and international institutional investors for approximately US$123 million. AES Gener has a market capitalization of US$1.6 billion. After accounting for this transaction, AES remains the largest shareholder of AES Gener, with a 91% interest held through its Chilean holding company. Proceeds from the sale will be used by AES Corporation for debt retirement and to fund growth investments in its global business portfolio and other corporate purposes. "AES Gener is an important part of our business and will continue to play a key role in our growth strategy going forward," said AES President and Chief Executive Officer Paul Hanrahan. "Selling a portion of our investment provides us with greater financial flexibility and, with broader public ownership, better access to capital markets to support future growth projects in Chile." "The positive market reception to this share offering and recent upgrade of AES Gener to investment grade reflect its good performance and strong growth prospects," said Andres Gluski, President of AES Latin America. "AES Gener has a solid financial structure and is an efficient, diversified and responsible generation company." In Chile, AES Gener is constructing a 120 MW power plant and is planning to build two coal-fired power plants totaling 450 MW. The company is the second largest electric generation company in Chile with installed capacity of 2,428 MW, composed of 271 MW of hydroelectric and 2,157 MW of thermoelectric generating capacity, which includes coal, natural gas, diesel and cogeneration capacity. In 2005, AES Gener recorded operating income of US$219 million and net income of US$84 million. About the Company AES Corporation -- http://www.aes.com/-- is a global power company. The Company operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the Company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for nearly ten years, since it acquired three power plants in Hungary in 1996. Today, AES has two distribution companies in Ukraine which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37 percent of the nation's total renewable generation in 2004. * * * As reported in the Troubled Company Reporter on March 31, Standard & Poor's Ratings Services raised its corporate credit rating on diversified energy company The AES Corp. to 'BB-' from 'B+'. S&P said the outlook is stable. As reported in the Troubled Company Reporter on Jan. 11, Moody's affirmed the ratings of The AES Corporation, including its Ba3 Corporate Family Rating and the B1 rating on its senior unsecured debt. Moody's said the rating outlook remains stable. ============= I R E L A N D ============= DEPFA BANK: Moody's Downgrades FSR to B- Due to Inactivity ---------------------------------------------------------- Moody's Investors Service downgrades to B- from B the bank financial strength rating (FSR) of DEPFA Bank Europe and places it under review for downgrade. At the same time the Aa3 deposit rating of DEPFA Bank Europe plc is placed under review for downgrade. The rating action aligns the ratings of DEPFA Bank Europe with the Aa3 debt and deposit ratings and the B- FSR ratings of its parent company DEPFA Bank plc. The Aa3 debt ratings of DEPFA Bank Europe and all of the long-term ratings of DEPFA Bank plc were placed on review for downgrade in December 2005 and remain under review. Depfa Bank Europe is a small subsidiary in Ireland, wholly owned by DEPFA Bank plc. Prior to the restructuring of the group in 2001 Depfa Bank Europe was active in public sector lending outside of Germany. Since then it has not been doing any new business and is gradually being wound up. Rating as downgraded and placed under review for downgrade: -- DEPFA Bank Europe Plc: the bank financial strength rating to B- from B Rating placed under review for possible downgrade: -- DEPFA Bank Europe plc: the rating for long-term deposits of Aa3 Rating remains under review for possible downgrade: -- DEPFA Bank Europe plc: the senior unsecured long-term debt ratings of Aa3 =================== K A Z A K H S T A N =================== ARIADNA: Creditors Must Submit Claims by May 5 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Ariadna insolvent on Dec. 19, 2005. Creditors have until May 5, to submit written proofs of claim to: Furmanova Str. 174 b Almaty Tel: 8 (3272) 67-11-94 ALMATY-TEPLO-HLADOVENT-SENTR: Creditors' Claims Due May 5 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Almaty-Teplo-Hladovent-Sentr insolvent on Nov. 25, 2005. Creditors have until May 5, to submit written proofs of claim to: Saina Str. 8-94 Almaty Tel: 8 (3272) 56-75-46 DAULET: Creditors Must Submit Claims by May 5 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Daulet insolvent on Oct. 31, 2005. Creditors have until May 5, to submit written proofs of claim to: Furmanova Str. 174 b Almaty Kazakhstan Tel: 8 (3272) 67-11-94 GIZ PIRAMIDA: Creditors Must Submit Claims by May 5 --------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP Giz Piramida insolvent on Aug. 18, 2005. Creditors have until May 5, to submit written proofs of claim to: G. Ilyaeva Str. 24 Shymkent South Kazakhstan Region Kazakhstan HALYK BANK: Fitch Rates Dutch Unit's Upcoming Bond Issue at BB+ --------------------------------------------------------------- Fitch Ratings assigned HSBK (Europe) B.V.'s upcoming USD denominated issue of unsecured senior notes an expected Long- term BB+ rating. The final rating is contingent on receipt of final documents conforming to information already received. Proceeds from the issue of the notes will be deposited with Kazakhstan's JSC Halyk Bank. Halyk will unconditionally and irrevocably guarantee the timely and full repayment of the notes in the trust deed between Halyk, HSBK B.V. and the trustee, J.P. Morgan Corporate Trustee Services Ltd. HSBK B.V. is a Netherlands-domiciled subsidiary of Halyk, which is rated Foreign Currency Issuer Default BB+, Local Currency Issuer Default BBB-, Foreign Currency Short-term B, Local Currency Short-term F3, Individual C/D, and Support 3. The Outlook on the Issuer Default Ratings is Stable. The terms and conditions of the notes specify that they will rank at least pari passu with the claims of other unsecured and unsubordinated creditors of the issuer and that the obligations of Halyk under the guarantee will rank at least pari passu with claims of other unsecured and unsubordinated creditors of Halyk, save those preferred by relevant laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-December 2005, retail deposits accounted for around 27% of Halyk's total liabilities, according to the bank's audited IFRS financial statements. Covenants limit Halyk's common stock dividend payments to 50% of net income in any particular year and also specify that the terms of all transactions of more than US$5 million must be concluded on a market basis. The expected issue is subject to a cross default clause, which becomes applicable should an aggregate principal amount of overdue financial debt or guarantee exceed US$10 million. Halyk is the third largest bank in Kazakhstan holding 12% of the system's assets at end-2005. The bank operates the largest branch network in the country of 546 branches, reflecting its roots as the former state savings bank and also acts as a non- exclusive pension and social security payment and settlement agent. The bank is ultimately majority-owned by a son-in-law of President Nazarbayev. INTER-ENERGO-SERVICE: Creditors Must Submit Claims by May 5 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP Inter-Energo-Service insolvent on Sept. 16, 2005. Creditors have until May 5, to submit written proofs of claim to: G. Ilyaeva Str. 24 Shymkent South Kazakhstan Region Kazakhstan TURKISTAN: Creditors Must Submit Claims by May 5 ------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP Turkistan insolvent on Aug. 24, 2005. Creditors have until May 5, to submit written proofs of claim to: G. Ilyaeva Str. 24 Shymkent South Kazakhstan Region Kazakhstan SALIHA: Creditors Must Submit Claims by May 5 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Saliha insolvent on Dec. 26, 2005. Creditors have until May 5, to submit written proofs of claim to: Furmanova Str. 174 b Almaty Tel: 8 (3272) 67-11-94 Kazakhstan PROGRESS-KANEO: Creditors Must Submit Claims by May 5 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared Progress-Kaneo insolvent on Sept. 2, 2005. Creditors have until May 5, to submit written proofs of claim to: Saina Str. 8-94 Almaty Tel: 8 (3272) 56-75-46 Kazakhstan STROI KOMERS LTD: Creditors Must Submit Claims by May 5 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP Stroi Komers Ltd insolvent on Sept. 16, 2005. Creditors have until May 5, to submit written proofs of claim to: G. Ilyaeva Str. 24 Shymkent, South Kazakhstan Region Kazakhstan ===================== N E T H E R L A N D S ===================== ASML HOLDING: Moody's Lifts Ba3 Ratings to Ba2 ---------------------------------------------- Moody's Investors Service upgraded ASML Holding N.V.'s corporate family rating to Ba2 from Ba3. Concurrently the company's convertible subordinated notes due 2006 were upgraded to B1 from B2. The outlook on all ratings is stable. ASML's ratings upgrade reflects: -- market share gains to above 50% supported by leading edge technology; -- the progress achieved on increasing operating flexibility and making the business more resilient to the wide swings in orders commonly experienced in the industry; -- a lowered break-even revenue point as evidenced by strong profitability at 13% EBIT margin in 3Q 2005, which is seen as a recent revenue low point and free cash generation of EUR630 million in 2005, which we consider a modestly weak year in the semiconductor investment cycle; and -- the company's strong and liquid capital structure which is expected to be maintained at a gross cash position of at least EUR 1.0 billion (EUR1.7 billion at 2 April, 2006), well exceeding financial debt. The stable ratings outlook reflects Moody's view, that ASML's favorable financial metrics mitigate the elevated business risk of the company emanating from the product concentration, technology risk and volatile order inflow. The ratings expect ASML to stay within the 5-20% operating margin range that management targets and to maintain its balance sheet in a net cash position. Should ASML's earnings momentum continue on a positive trend then period average ratios would further improve providing comfort for Moody's to consider a positive outlook for the company. Ratings affected are as follows: -- Corporate family rating to Ba2 from Ba3; -- US$575 million 5.75% convertible subordinated notes due October 2006 to B1 from B2. The outlook for all ratings is stable. The last rating action for ASML was the upgrade to Ba3 for the corporate family rating and to B2 for the bond rating on 28 June 2004. ASML is the world's leading provider of lithography systems for the semiconductor industry, manufacturing complex machines that are critical to the production of integrated circuits or chips. Headquartered in Veldhoven, the Netherlands, ASML generated EUR2.5 billion revenues. HSBK B.V.: Fitch Rates Expected BB+ on Upcoming Eurobond -------------------------------------------------------- Fitch Ratings assigned HSBK (Europe) B.V.'s upcoming USD denominated issue of unsecured senior notes an expected Long- term BB+ rating. The final rating is contingent on receipt of final documents conforming to information already received. Proceeds from the issue of the notes will be deposited with Kazakhstan's JSC Halyk Bank. Halyk will unconditionally and irrevocably guarantee the timely and full repayment of the notes in the trust deed between Halyk, HSBK B.V. and the trustee, J.P. Morgan Corporate Trustee Services Ltd. HSBK B.V. is a Netherlands-domiciled subsidiary of Halyk, which is rated Foreign Currency Issuer Default BB+, Local Currency Issuer Default BBB-, Foreign Currency Short-term B, Local Currency Short-term F3, Individual C/D, and Support 3. The Outlook on the Issuer Default Ratings is Stable. The terms and conditions of the notes specify that they will rank at least pari passu with the claims of other unsecured and unsubordinated creditors of the issuer and that the obligations of Halyk under the guarantee will rank at least pari passu with claims of other unsecured and unsubordinated creditors of Halyk, save those preferred by relevant laws. Under Kazakh law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-December 2005, retail deposits accounted for around 27% of Halyk's total liabilities, according to the bank's audited IFRS financial statements. Covenants limit Halyk's common stock dividend payments to 50% of net income in any particular year and also specify that the terms of all transactions of more than US$5 million must be concluded on a market basis. The expected issue is subject to a cross default clause, which becomes applicable should an aggregate principal amount of overdue financial debt or guarantee exceed US$10 million. Halyk is the third largest bank in Kazakhstan holding 12% of the system's assets at end-2005. The bank operates the largest branch network in the country of 546 branches, reflecting its roots as the former state savings bank and also acts as a non- exclusive pension and social security payment and settlement agent. The bank is ultimately majority-owned by a son-in-law of President Nazarbayev. =========== R U S S I A =========== CONFECTIONARY IRKUTSKAYA: Bankruptcy Hearing Slated for May 4 ------------------------------------------------------------- The Arbitration Court of Irkutsk Region will convene on May 25, to hear the bankruptcy supervision procedure on close joint stock company Confectionary Irkutskaya. The case is docketed as A19-37560/05-38. Mr. S. Ivasyuk has been appointed temporary insolvency manager and can be reached at: S. Ivasyuk Dekabrskikh Sobytiy Str. 55-414 664007, Irkutsk Region, Russia The Debtor can be reached at: Confectionary Irkutskaya Partizanskaya Str. 36 Irkutsk Region, Russia DOROZHNIK: Claims Filing Period Ends May 4 ------------------------------------------ Creditors of Dorozhnik have until May 4, to file their proofs of claim to court-appointed insolvency manager Mr. E. Putalov at: Barnaul-15, Post User Box 848 656015, Altay Region, Russia The Arbitration Court of Altay Region commenced bankruptcy proceedings against the open joint stock company with the case docketed as A03-10 633/05-B. The Debtor can be reached at: Dorozhnik Rubtsovsk, Veseloyarskiy Trukt Str. 21 658210, Altay Region, Russia ELDORADO GROUP: Appoints S. Kovalev Insolvency Manager ------------------------------------------------------ The Arbitration Court of St-Petersburg and the Leningrad Region appointed Mr. S. Kovalev insolvency manager of Eldorado Group Ltd. Mr. Kovalev can be reached at: Office 1305, Building 1, 16th Liniya, 7 199034, St-Petersburg, V.O., Russia The Court commenced bankruptcy proceedings against the close joint stock company with the case docketed as A56-43727/05. The Debtor can be reached at: Eldorado Group Ltd Grecheskiy Pr. 31 191036, St-Petersburg Region, Russia KATLASINSKIY FACTORY: Court Begins Bankruptcy Proceedings --------------------------------------------------------- The Arbitration Court of Bashkortostan Republic commenced bankruptcy proceedings against Katlasinskiy Factory after finding the limited liability company insolvent. The case is docketed as A07-14423/05-G-PAV. Ms. Y. Chernikova has been appointed insolvency manager and can be reached at: Y. Chernikova M. Ekaterininskaya Str. 17/21 129110, Moscow Region, Russia The Debtor can be reached at: Katlasinskiy Factory Katlasy, Traktovaya Str. 22 Bashkortostan Republic, Russia LENA-STROY-SERVICE: Bankruptcy Supervision Procedure Begins ----------------------------------------------------------- The Arbitration Court of Sakha Republic - Yakutiya has commenced bankruptcy supervision procedure on close joint stock company Lena-Stroy-Service. The case is docketed as A5 8-9320/05. Mr. N. Mamrukov has been appointed temporary insolvency manager and can be reached at: N. Mamrukov Krupskoy Str. 35 670007, Sakha Republic - Yakutiya, Yakutsk, Russia The Debtor can be reached at: Lena-Stroy-Service Apartment 28, Dzerzhinskogo Str. 22/5, 677007, Sakha Republic - Yakutiya, Yakutsk, Russia NORTH BUILDING: Court Names Egorov Interim Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Sakha Republic - Yakutiya appointed Mr. P. Egorov as temporary insolvency manager for LLP North Building. Mr. Egorov can be reached at: P. Egorov Krupskoy Str. 35 677007, Sakha Republic - Yakutiya, Yakutsk, Russia The Court has commenced bankruptcy supervision procedure on the limited liability company. The case is docketed as A58- 5757/2005. The Debtor can be reached at: North Building Chernyshevskogo Str. 103 677000, Sakha Republic - Yakutiya, Yakutsk, Russia OMSK-LEATHER: Omsk Court Begins Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Omsk Region has commenced bankruptcy supervision procedure on close joint stock company Omsk-Leather (TIN 5507009384). The case is docketed as K/E-387/05. Mr. A. Budelev has been appointed temporary insolvency manager and can be reached at: A. Budelev 5th Kordnaya Str. 656 644044, Omsk Region, Russia The Debtor can be reached at: Omsk-Leather Perova Str. 43 644036, Omsk Region, Russia SEL-KHOZ-TEKHNIKA: Deadline for Proofs of Claim Set for May 4 ------------------------------------------------------------- Creditors of Sel-Khoz-Tekhnika (TIN/KPP 2623014686/262301001) have until May 4, to submit their proofs of claim to court- appointed insolvency manager Mr. Y. Belyaev at: Aleksandrovskiy Region, Kruglolesskoye Sovetskata Str. 43 356300, Stavropol Region, Russia The Arbitration Court of Stavropol Region commenced bankruptcy proceedings against the limited liability company with the case docketed as A63-2466/2005-S5. The Debtor can be reached at: Sel-Khoz-Tekhnika Mikhaylovsk, Kollektivnaya Str. 1 Stavropol Region, Russia STARINSKOYE: Appoints I. Glazkova Interim Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Omsk Region appointed Ms. I. Glazkova temporary insolvency manager of close joint stock company Starinskoye. Ms. Glazkova can be reached at: I. Glazkova Post User Box 7797 644021, Omsk Region, Russia The case is docketed as K/E-338/05. The Debtor can be reached at: Starinskoye Nazyvaevskiy Region, Starinka Omsk Region, Russia TALITSKIY TIMBER: Proof of Claim Deadline Slated for May 4 ---------------------------------------------------------- Creditors of Talitskiy Timber Industry Combine (OGRN 1026602232403) have until May 4, to file their proofs of claim to Mr. R. Arnold at: Post User Box 225 620072, Ekaterinburg, Russia The Arbitration Court of Sverdlovsk Region will convene on May 4 to hear the bankruptcy proceedings against the open joint stock company at: Lenina Pr. 34 620075, Ekaterinburg, Russia The case is docketed as A60-9844/05-S2. The Debtor can be reached at: Talitskiy Timber Industry Combine Talitsa, Lunacharskogo Str. 75 623640, Sverdlovsk Region, Russia ============= U K R A I N E ============= AGORA-PLUS: Kyiv Court Starts Bankruptcy Supervision ---------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Commercial Center Agora-Plus (code EDRPOU 23527313). The case is docketed as 15/72-b. Yevgen Solovyov has been appointed temporary insolvency manager and can be reached at: Chapayev Str. 4, Office 12 01030 Ukraine, Kyiv Region The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Ukraine, Kyiv Region The Debtor is headquartered in: Agora-Plus Bastionna Str. 15/55 01014 Ukraine, Kyiv Region DNIPROHIMREMONT: Court Names O. Kotenko to Liquidate Assets ----------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Oleksandr Kotenko as Liquidator/Insolvency Manager for OJSC Dniprohimremont (code EDRPOU 04609608). Mr. Kotenko can be reached at: Oleksandr Kotenko Liquidator/Insolvency Manager 49098 Ukraine, Dnipropetrovsk Region a/b 4950 The Court commenced bankruptcy proceedings against the company on Feb. 14, after finding it insolvent. The case is docketed as B 40/51/05. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Ukraine, Dnipropetrovsk Region The Debtor is headquartered in: Dniprohimremont 51931 Ukraine, Dnipropetrovsk Region Dniprodzerzhinsk, Gorobtsya Str. 196 DNIPROPETROVSK REPAIR: Court Names Oleksandr Selishev Liquidator ---------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Oleksandr Selishev as Liquidator/Insolvency Manager for Dnipropetrovsk Repair-Building Department-1 (code EDRPOU 05445126). Mr. Selishev can be reached at: Oleksandr Selishev Liquidator/Insolvency Manager 49017 Ukraine, Dnipropetrovsk Region a/b 1140 The Court commenced bankruptcy proceedings against the company on March 2, after finding it insolvent. The case is docketed as B 24/28/06. The Court is located at: Economic Court of Dnipropetrovsk Region Kujbishev Str. 1a 49600 Ukraine, Dnipropetrovsk Region The Debtor is headquartered in: Dnipropetrovsk Repair-Building Department-1 Vishneva Str. 51 49021 Ukraine, Dnipropetrovsk Region GELEOS: Lugansk Court Names Litsoyev Dmitro Insolvency Manager -------------------------------------------------------------- The Economic Court of Lugansk Region appointed Litsoyev Dmitro as Liquidator/Insolvency Manager for LLC Geleos (code EDRPOU 30714371). Mr. Dmitro can be reached at: Serov Str. 111 91000 Ukraine, Lugansk Region The Court commenced bankruptcy proceedings against the company (code EDRPOU 30714371) on Feb. 10, after finding it insolvent. The case is docketed as 22/22 b. The Court is located at: Economic Court of Lugansk Region Geroiv VVV Square 3a 91000 Ukraine, Lugansk Region The Debtor is headquartered in: Geleos Bilolutsk, Kujbishev Str. 1 Novopskovskij District Ukraine, Lugansk Region KORINF: Court Appoints Mikita Nikitenko Insolvency Manager ---------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Nikitenko Mikita as Liquidator/Insolvency Manager for LLC Production- Commercial Firm Korinf (code EDRPOU 30546022). Mr. Mikita can be reached at: Marshal Chujkov Str. 27-A/32 69096 Ukraine, Zaporizhya Region The Court commenced bankruptcy proceedings against the company on March 3, 2006, after finding it insolvent. The case is docketed as 21/56/06. The Court is located at: Economic Court Of Zaporizhya Region Shaumyana Str. 4 69001 Ukraine, Zaporizhya Region The Debtor is headquartered in: KORINF Mayakovskij Avenue 11 Ukraine, Zaporizhya Region KRONA: Lviv Court Begins Bankruptcy Proceedings ----------------------------------------------- The Economic Court of Lviv Region commenced bankruptcy proceedings against LLC Production Enterprise Krona (code EDRPOU 32282622) on Dec. 7, 2005 after finding it insolvent. The case is docketed as 6/269-5/213. Sergij Lipskij has been appointed Liquidator/Insolvency Manager and can be reached at: 79013 Ukraine Lviv Region a/b 4389 The Court is located at: Economic Court of Lviv Region Lichakivska Str. 81 The Debtor is headquartered in: Krona Grabovets, Lopatinskij Str. 141 Strijskij District Ukraine, Lviv Region OBLREMPOBUTTEHNIKA: Lugansk Court Starts Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy supervision procedure on OJSC Oblrempobuttehnika (code EDRPOU 03052434) on Feb. 3. The case is docketed as 20/9 b. Oleksandr Bohan has been appointed temporary insolvency manager and can be reached at: Teplogorsk, Yunosti Str. 11 Ukraine, Lugansk Region The Court is located at: Economic Court of Lugansk Region Geroiv VVV Square 3a 91000 Ukraine, Lugansk Region The Debtor is headquartered in: Oblrempobuttehnika Kotelnikov Str. 14 91055 Ukraine, Lugansk Region PROSTOR-AGRO: Donetsk Court Commences Bankruptcy Process -------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy proceedings against LLC Prostor-Agro (code EDRPOU 31445557) on Feb. 23, 2006, after finding it insolvent. The case is docketed as 42/41 B. Piskurskij Vasil has been appointed Liquidator/Insolvency Manager. CONTACT: Prostor-Agro Leninskij Avenue 118/50 83000 Ukraine, Donetsk Region Piskurskij Vasil Liquidator/Insolvency Manager V. Tereshkova Str. 10/49 Ukraine, Donetsk Region Economic Court Of Donetsk Region Artema Str. 157 83048 Ukraine, Donetsk Region SHPOLA' SUGAR: Court Names Viktor Osipchuk to Liquidate Assets -------------------------------------------------------------- The Economic Court of Cherkassy Region appointed Viktor Osipchuk as Liquidator/Insolvency Manager for OJSC Shpola' Sugar Plant (code EDRPOU 00373439). The Court commenced bankruptcy proceedings against the company on Feb. 2, 2006, after finding it insolvent. The case is docketed as 01/3563. CONTACT: Shpola' Sugar Plant Shpola, Slobidska Str. 108 Ukraine, Cherkassy Region Viktor Osipchuk Liquidator/Insolvency Manager Ukraine, Cherkassy Region Smilyanska Str. 113/2-41 Economic Court Of Cherkassy Region Shevchenko Avenue 307 18005 Ukraine, Cherkassy Region SILGOSPPOSTACH: Court Names O. Pasternak to Liquidate Assets ------------------------------------------------------------ The Economic Court of Kyiv Region appointed O. Pasternak as Liquidator/Insolvency Manager for LLC Silgosppostach (code EDRPOU 32914768). The Court commenced bankruptcy proceedings against the company on Feb. 9, 2006, after finding it insolvent. The case is docketed as 43/29. CONTACT: Silgosppostach Kondratuk Str. 4A Ukraine, Kyiv Region O. Pasternak Liquidator/Insolvency Manager Kondratuk Str. 4A Ukraine, Kyiv Region Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030 Ukraine, Kyiv Region SUNRISE-INVESTMENTS: Kyiv Court Starts Bankruptcy Process --------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC SUNRISE-INVESTMENTS (code EDRPOU 23514606). The case is docketed as 43/110. O. Sherban has been appointed temporary insolvency manager. CONTACT: Sunrise-Investments 40-richya Zhovtnya Avenue 116-A 03127 Ukraine, Kyiv Region O. Sherban Temporary Insolvency Manager 01030 Ukraine, Kyiv Region, a/b 157 Economic Court of Kyiv Region B. Hmelnitskij Boulevard 44-B 01030 Ukraine, Kyiv Region =========================== U N I T E D K I N G D O M =========================== ADVANCED NETWORK: Creditors Pass Winding Up Resolution ------------------------------------------------------ Creditors of Advanced Network Cabling Limited passed a resolution to wind up the company during an extraordinary general meeting on March 8. Subsequently, they appointed John Phillip Walter Harlow, of HKM LLP, as Liquidator. The company can be reached at: Advanced Network Cabling Limited Rovert House Station Road Hucknall Nottingham NG15 7UD Tel: 0115 955 9944 DESIGNED FOR LIFE: Creditors Agree to Wind Up Operations -------------------------------------------------------- Designed for Life Limited is liquidating its assets after creditors agreed to wind up the company's operations on March 7. Michael James Gregson, of Bulley Davey, was appointed Liquidator. Director P.J. Richards disclosed that the company could no longer continue its business due to mounting debts. The company can be contacted at: Designed For Life Limited 16-17 Hereward Cross Peterborough Cambridgeshire PE1 1TB Tel: 01733 564 040 Fax: 01733 560 663 Web: http://www.designed-for-life.co.uk/ ELEGANCE DRY: Brings In Joint Liquidators to Oversee Business ------------------------------------------------------------- Mark Elijah Thomas Bowen and Nigel Price were appointed Joint Liquidators after members of Elegance Dry Cleaners Limited found out that the company could no longer continue its operations due to financial liabilities. The company can be reached at: Elegance Dry Cleaners Limited 1 Halesowen Road Halesowen West Midlands B62 9AA Tel: 0121 421 7744 Fax: 0121 421 5200 GRAFIX DIGITAL: Creditors Confirm Voluntary Liquidation ------------------------------------------------------- Creditors of Grafix Digital Limited confirmed the company's voluntary liquidation after a resolution to wind up the company's operations was passed on March 9. Creditors also ratified the appointment of Richard Rones as Liquidator. The company can be reached at: Grafix Digital Limited Old Coal Yard Belmont Road Whitstable Kent CT5 1QP Tel: 01227 263 074 IMPEX CORPORATION: Financial Woes Trigger Voluntary Liquidation --------------------------------------------------------------- Creditors of Impex Corporation Limited resolved to voluntarily liquidate the company's assets after learning that the company could no longer continue its business due to mounting debts. Subsequently, they appointed Arif Anwar as Liquidator. The company can be reached at: Impex Corporation Limited Impex House 14 Cavendish Road Croydon Surrey CR0 3LB Tel: 020 8688 6160 Fax: 020 8688 6338 Web: http://www.impex-corp.co.uk/ INDUSTRIAL MANUFACTURING: Winds Up Operations & Names Liquidator ---------------------------------------------------------------- Industrial Manufacturing Limited is winding up its business after creditors decided to liquidate the company's assets on Feb. 23. Gagen Dulari Sharma was named Liquidator. The company can be reached at: Industrial Manufacturing Limited 99 North Street Cannock Staffordshire WS11 0AZ Tel: 01543 573 735 KNOWSLEY PIPE: Appoints Gary Corbett as Liquidator -------------------------------------------------- Gary Corbett, of Milner Boardman & Partners, was appointed Liquidator of Knowsley Pipe & Fabrication Limited after creditors resolved to liquidate the company's assets on March 9. Director D. Mortimer expressed that the company could no longer continue its operations due to financial liabilities. The company can be reached at: Knowsley Pipe & Fabrication Limited Charleywood Road Knowsley Ind Park Liverpool Merseyside L33 7SG Tel: 0151 546 0846 Fax: 0151 546 2021 LONDON AIR: Begins Voluntary Liquidation ---------------------------------------- London Air Travel Plc is voluntarily liquidating its assets after creditors passed a resolution to wind up the company's operation on March 10. Andreas Georgiou Kakouris was appointed Liquidator. The company can be reached at: London Air Travel Plc 17-19 Albert Street Slough SL1 2BE Tel: 0870 055 6655 LYNN BALL: Creditors Resolve to Wind Up Operations -------------------------------------------------- Creditors of Lynn Ball Limited resolved to wind up the company's operations during an extraordinary general meeting of members on March 8. Jonathan M. Timmis of J.M. Marriott & Co will liquidate the company's assets. The voluntary liquidation came as a result of the Debtor's inability to continue its business due to its liabilities. The company can be contacted at: Lynn Ball Limited Gateway Inn Crook Road Kendal Cumbria LA8 8LX Tel: 01539 724 187 Fax: 01539 720 581 MULTI BASE: Claims Filing Period Ends June 1 -------------------------------------------- Creditors of Multi Base Systems (UK) Limited have until June 1, to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator Daniel Paul Hennessy. The company can be contacted at: Multi Base Systems (UK) Limited 116 Moss Side Industrial Estate Clydesdale Place Leyland Lancashire PR26 7QS Tel: 01772 426 077 MISYS PLC: Buys Back 750,000 & Cancels 2 Mln Shares in Treasury --------------------------------------------------------------- Misys plc purchased 750,000 of its own ordinary shares on April 25, at a price of 209.57 pence per share from JPMorgan Cazenove Limited. The Company intends to hold these shares in Treasury. In addition, the Company also cancelled 2,000,000 shares held in Treasury, on the same date. Following the purchase and cancellation of the shares the Company holds a total of 53,923,643 of its shares in Treasury and has 501,803,393 shares in issue (excluding Treasury shares). Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the UK general insurance industry. MISYS PLC: Transfers 2,747 Shares to Scheme Participants -------------------------------------------------------- Misys plc transferred 2,747 ordinary shares on April 25, to participants in its employee share schemes at prices between 40 and 189 pence per share. The shares were all formerly held as treasury shares. Following the above transfer of shares out of Treasury, Misys plc holds a total of 55,173,820 ordinary shares in Treasury. The total number of ordinary shares in issue (excluding Treasury shares) is 502,553,393. Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the UK general insurance industry. At Nov. 30, 2005, the company reported GBP155.6 million in total stockholders' deficit. REFCO INC: Creditors File US$1.3 Billion Suit Against BAWAG ------------------------------------------------------------ The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York entered an order freezing BAWAG P.S.K. Group's US$1.3 billion in U.S. assets, the Wall Street Journal reports. The order blocks BAWAG from utilizing the assets for any use other than ordinary business purposes. The Court is currently overseeing the disposal of Refco's assets and repayment of its creditors. Refco creditors are seeking more than US$1.3 billion from Austrian bank BAWAG for allegedly abetting its collapse, WSJ relates. According to the report, the creditors accused BAWAG of aiding a five-year fraud orchestrated by former Refco Chief Executive Phillip Bennett that drove the group into bankruptcy. The creditors said BAWAG continued to assist Mr. Bennett in "consummating the transactions as a means of accomplishing BAWAG's own payday" despite being "fully aware of the harm that Bennett was inflicting" on Refco. Mr. Bennett allegedly hid hundreds of millions of dollars in losses off the books, thus guising the group's true financial state prior to its IPO in August 2005. Refco filed for bankruptcy on Oct. 17, just eight days after it declared a shortfall in its books. The creditors also accuses BAWAG of once owning a stake in Refco several times larger than the 10% disclosed in the group's prospectus filed before it went public in August 2005, WSJ relates. According to the creditors' complaint, the one-time stake was valued at around US$1.3 billion. BAWAG, formally known as Bank Fuer Arbeit und Wirtschaft AG, already filed a suit in November against Refco and Mr. Bennett, for fraud, unjust enrichment and deception in an attempt to recover EUR350 million in credit. BAWAG claimed Mr. Bennet, who is awaiting trial on criminal securities fraud charges, misled and victimized the bank. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. ********* 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. 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