/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060530.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, May 30, 2006, Vol. 7, No. 106 Headlines A U S T R I A EUCONSULT: Vienna Court Closes Bankruptcy Proceedings IMAGO SIEBDRUCK: Court to Close Bankruptcy After Confirmation IS4B: Court Closes Bankruptcy Case Following Final Claim Payment KELLER: Insufficient Funds Prompt Court to Dismiss Bankr. Case OSTAB: Court to Close Bankruptcy Case Following Claims Payment G E R M A N Y ADVANCED MICRO: Plans US$2.5-Bln Expansion Projects in Germany AUTOZENTRUM LUTHER: Claims Registration Ends June 13 BEWO GASTRONOMIE: Creditors' Meeting Slated for June 13 DIVEMASTER BONN: Claims Filing Period Ends June 13 ETIENNE AUTOMOBILE: Claims Filing Period Ends June 13 GASTRO INTERNATIONAL: Claims Registration Ends June 7 HOBBYFANT BASTEL: Meeting of Creditors Set for May 31 METALL ART: Claims Filing Period Ends June 13 OKO-EXPRESS: Claims Registration Ends June 9 VELA WERBEARTIKEL: Claims Registration Ends June 15 WERBE-PARTNER: Claims Registration Ends June 16 H U N G A R Y BORSODCHEM RT: Firthlion Hikes Equity Stake to 22.69% I R E L A N D ELAN CORPORATION: William Rohn Joins Board of Directors K A Z A K H S T A N BASK-COMPANY: Creditors Must File Claims by June 9 ESKIZ-SHIELI: Creditors Must File Claims by June 9 KARAGANDINSKAYA REGIONAL: Creditors' Claims Due June 9 KUNARLYLYK: Creditors Must File Claims by June 9 MARTEK: Creditors Must File Claims by June 9 MEDISINA AKB: Creditors Must File Claims by June 9 PS-110: Proof of Claim Deadline Slated for June 9 SEVKAZENERGO: Proof of Claim Deadline Slated for June 9 SMIRNOVSKY AVTOTRANS: Claims Registration Ends June 9 ZYRIANOVSKNEFTEPRODUKT: Claims Registration Ends June 9 K Y R G Y Z S T A N BICKON TRADING: Creditors Must File Claims by July 18 KEY INDUSTRY: Proof of Claim Deadline Slated for July 18 PROMORGTEHSERVIS: Creditors' Claims Due July 17 TABAK-TREIDING: Claims Registration Ends July 17 L I T H U A N I A MAZEIKIU NAFTA: Yukos Sells 53.7% Stake to PKN for US$1.49 Bln MAZEIKIU NAFTA: Fitch Assigns B+ Issuer Default Rating N E T H E R L A N D S VNU N.V.: Moody's Cuts Sr. Unsecured Ratings to B1 R U S S I A ANTNYA-AGRO-KHIM-SERVICE: I. Lapytov to Manage Insolvency Assets EAR: Voronezh Court N. Mamontova to Manage Insolvency Assets ISKITIMSKIY BAKERY: Novosibirsk Court Starts Bankruptcy Process IZHEVSKOYE ICE-CREAM: Udmurtiya Court Begins Bankruptcy Process KRASNOUSOLSKIY GLASS: Court Taps F. Yunusov Insolvency Manager OAO SEVERSTAL: Moody's Might Raise All Ratings on Takeover Plan OAO SEVERSTAL: Fitch Puts BB- on Issuer Default Rating OAO SEVERSTAL: Arcelor Merger Spurs S&P's CreditWatch Positive QUANTUM: Primorye Court Launches Bankruptcy Proceedings REM-STROY-SERVICE: Court Names N. Valitov as Insolvency Manager SEL-KHOZ-TEKHNIKA: Ulyanovsk Court Starts Bankruptcy Process VILYUYSKOYE ENTERPRISE 1: Bankrupcy Hearing Slated for Oct. 9 VIMPELCOM: Hosting First Quarter Conference Call on June 1 S P A I N IM PASTOR: S&P Rates Class D Mortgage-Backed Notes at BB T U R K E Y TURKCELL A.S.: Fitch Raises Local Currency IDR to BB+ U K R A I N E BLAGOVEST: District Tax Agency to Liquidate Assets INTERAGROPROM: Oleksandr Dashko to Manage Bankruptcy Assets MERCURY: Donetsk Court Orders Debt Moratorium POLLAKS: Kyiv Court Names I. Gusar as Liquidator POLYANKA' PORCELAIN: Court Begins Bankruptcy Supervision PROMIN: Vinnitsya Court Commences Bankruptcy Supervision PROMTEH: Court Names Local Tax Agency as Liquidator SCIENTIFIC-EXPERIMENTAL: Court Begins Bankruptcy Proceedings UKRINTERATIMPEKS: Court Appoints Oleksandr Dashko Liquidator U N I T E D K I N G D O M ARCHITECTURE STRUCTURE: Creditors Pass Winding Up Resolution BLACKLEYS (MIDLANDS): Creditors Resolve to Liquidation BLUE BLUE: Creditors Confirm Voluntary Liquidation BOHLIN INSTRUMENTS: Hires Joint Liquidators from Tenon Recovery BUSINESS MACHINE: Taps Philip Michael Lyon to Liquidate Assets CABLE & WIRELESS: Posts GBP175 Million Year-End Profit CAMBRIDGESHIRE INDUSTRIAL: Meeting of Creditors Set for June 7 DOVEDALE FINANCE: Moody's Rates Class C Notes at (P)Ba2 DOVEDALE FINANCE: S&P Assigns BB Rating to Two Notes Classes DOLLARGRAND PROMOTIONS: Names M.S.E. Solomons as Liquidator DPP CARPETS: Financial Woes Trigger Liquidation FCE BANK: S&P Places BB- Long-Term Rating on Watch Developing FOOD MATTERS: Creditors' Meeting Slated for June 8 HERITABLE BANK: Fitch Upgrades Individual Rating to C INEOS VINYLS: New Ownership Structure Spurs S&P's Watch Positive INTERNEXUS GROUP: Brings In Grant Thornton Administrators INXPRESSION LIMITED: Claims Filing Period Ends June 23 ONLINE DESIGN: Joint Liquidators Take Over Operations QUESTOR INTERNATIONAL: Brings In Liquidator from Piper Thompson RICHARD T.: Taps Begbies Traynor to Administer Assets SANCTUARY GROUP: Frank Presland Replaces Andy Taylor as CEO SUPANET LIMITED: Appoints Grant Thornton Administrators SWIFTSEAL MASTIC: Brings In Gordon Craig to Administer Assets TALISMAN-1: Fitch Affirms EUR7.7 Million Class G Notes at BB THOMAS NORMAN: Appoints Joint Administrators from Chantrey TN LOGISTICS: Menzies Joint Administrators Take Helm TURRELL CONSTRUCTION: Mazars Administrators Take Over Operations V. AND J.: Appoints Marriotts LLP Joint Liquidators * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= EUCONSULT: Vienna Court Closes Bankruptcy Proceedings ----------------------------------------------------- The Trade Court of Vienna entered an order closing the bankruptcy case of LLC Euconsult (FN 74259f) on May 2. Under the confirmed compulsory compensation payment scheme, creditors owed money by the Debtor will recover 20% of their claim to be paid in four installments: (a) 5% within 14 days after confirmation of the payment scheme but not until the Debtor's bankruptcy case closing; (b) 5% within 8, 16, and 24 months after adoption of the payment scheme. The Debtor will pay creditors' claims until Jan. 26, 2008. Headquartered in Vienna, Austria, LLC Euconsult declared bankruptcy on Sept. 6, 2005 (Bankr. Case No. 2 S 113/05p). Richard Proksch served as the court-appointed property manager. Edmund Roehlich represented Mr. Proksch in the bankruptcy proceedings. IMAGO SIEBDRUCK: Court to Close Bankruptcy After Confirmation ------------------------------------------------------------- The Land Court of Graz will close the bankruptcy proceedings of KG IMAGO Siebdruck Tepesch (FN 175224h) after confirmation of the Debtor's adopted project by compulsory compensation payment. Under the terms of the payment scheme, creditors will recover 20% of their claim in three installments: (a) 10% to be paid by the insolvency manager within 14 days after bankruptcy closing; (b) 5% within six months following confirmation; and (c) 5% within a year after confirmation of the scheme. Headquartered in Graz, Austria, the Debtor declared bankruptcy on Sept. 15, 2005 (Bankr. Case No. 25 S 95/05s). LLC Scherbaum/Seebacher Rechtsanwalte served as the court-appointed property manager for the bankrupt estate. IS4B: Court Closes Bankruptcy Case Following Final Claim Payment ---------------------------------------------------------------- The Trade Court of Vienna entered an order closing the bankruptcy case of JSC IS4B (FN 174052i) on May 2. Court-appointed property-manager Schirl Karl distributed 5.5% in final claims payment to creditors. Headquartered in Vienna, Austria, JSC IS4B declared bankruptcy on April 30, 2001 (Bankr. Case No. 2 S 217/01a). KELLER: Insufficient Funds Prompt Court to Dismiss Bankr. Case -------------------------------------------------------------- The Land Court of Wiener Neustadt dismissed the bankruptcy case of Construction LLC Keller (FN 221809s) on May 2 after proving that the Debtor is administratively insolvent. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Wiener Neustadt, the Debtor declared bankruptcy on Oct. 3, 2003 (Bankr. Case No. 11 S 326/03g). Kientzl Helmut served as the court-appointed property manager for the bankrupt estate. Jagerndorfer Michael represented Mr. Helmut in the case. OSTAB: Court to Close Bankruptcy Case Following Claims Payment -------------------------------------------------------------- The Court of Vienna will close the bankruptcy case of LLC Ostab (FN 89442h) after the Debtor's final distribution to creditors. On Dec. 9, 2005, court-appointed property manager Richard Proksch said that the Debtor's estate is insufficient to pay off creditors in full. In March, the Court confirmed Mr. Proksch's final allocation document which calls for a partial payment of the creditors' claims. Headquartered in Vienna, Austria, LLC Ostab declared bankruptcy on Aug. 10, 2005 (Bankr. Case No. 6 S 90/05k). Edmund Roehlich represented Mr. Proksch in the case. ============= G E R M A N Y ============= ADVANCED MICRO: Plans US$2.5-Bln Expansion Projects in Germany -------------------------------------------------------------- Advanced Micro Devices, Inc., plans to expand its microprocessor manufacturing capacity over the next three years by adding additional 300-millimeter wafer production capabilities in Dresden, Germany, through the implementation of three new projects. AMD's newest fabrication facility will come online through a major transformation of the company's existing Fab 30, which will be named Fab 38. The transition from 200mm to 300mm allows for more than twice as many processors on a wafer. In addition, AMD will also expand Fab 36's existing 300mm capacity and build a new clean room facility to handle the site's growing Bump and Test requirements, which is one of the final stages of the manufacturing process where wafers are prepared to be shipped for packaging. With plans to invest a total of US$2.5 billion in the Dresden expansion projects, AMD continues to aggressively scale its innovative manufacturing processes to meet growing customer needs. "As global demand continues to rise for AMD products, we are scaling our manufacturing capacity intelligently to meet our customers' growing needs," said Hector Ruiz, chairman of the board and chief executive officer of AMD. "To achieve this, we are pursuing an aggressive path to invest in and expand our top- rated manufacturing capabilities in Dresden. These strategic investments highlight how significant Germany and Europe are to the future of AMD competitiveness. We expect that AMD's momentum and demand for our products will continue to increase, fueled by our technology leadership, our commitment to customer- centric innovation and the continuing global antitrust scrutiny that will ensure truly competitive markets." AMD will ramp down 200mm manufacturing in the second half of 2007, with preparation already underway for the ramp of 300mm wafers on 65nm process technology at Fab 38 by the end of 2007. Through the combination of leading-edge equipment, Automated Precision Manufacturing and the great people of Dresden, the plant will produce the latest generations of AMD microprocessors, reaching full capacity by the end of 2008. The majority of the investment will go into new equipment in the Fab 38 facility. AMD will also build a new clean room facility on its Dresden campus for Bump and Test requirements, which will support both fabrication facilities. Previously the clean room facilities for Bump and Test activities were located within Fab 30 and Fab 36. By moving them into a new facility in 2007, AMD has the ability to maximize production space at both Fab 36 and Fab 38, providing increased output and capacity. These three projects have the potential to increase Dresden-based manufacturing to a full capacity of 45,000 300mm wafer starts per month by the end of 2008. "With the addition of Fab 36, AMD took a major step forward in increasing output and scale for its global manufacturing and with this announcement we raise the bar even further," Daryl Ostrander, senior vice president, logic technology and manufacturing, Microprocessor Solutions Sector, said. "As we look ahead to aggressive process technology transitions to 45nm and beyond, the ability to continue delivering these technologies with world-class yields will provide customers with incredibly sophisticated and agile manufacturing capabilities, whereby we can continue to accommodate the increasing demand for AMD products." About the Company Based in Sunnyvale, California, Advanced Micro Devices Inc. -- http://www.amd.com/-- is a leading global provider of innovative microprocessor solutions for computing, communications and consumer electronics markets. Founded in 1969, AMD is dedicated to delivering superior computing solutions based on customer needs that empower users worldwide. * * * As reported in the Troubled Company Reporter on Jan. 31, 2006, Standard & Poor's Ratings Services raised its ratings on Sunnyvale, California-based Advanced Micro Devices Inc., including its corporate credit rating, to 'B+' from 'B'. In addition, the ratings on the microprocessor manufacturer were removed from CreditWatch with positive implications, where they were placed on Jan. 24, 2006. S&P says the ratings outlook is stable. In addition, Fitch Ratings revised Advanced Micro Devices Inc.'s Rating Outlook to Positive from Stable and affirmed the company's 'B' issuer default rating. AMD's 'B/RR4' senior unsecured debt and 'BB/RR1' senior secured bank credit facility are also affirmed. Fitch's action affected approximately $1.2 billion of total debt. At the same time, Moody's Investors Service raised the corporate family rating of Advanced Micro Devices, Inc., two notches to Ba3, with a stable outlook. AUTOZENTRUM LUTHER: Claims Registration Ends June 13 ---------------------------------------------------- Creditors of Autozentrum Luther GmbH & Co. KG have until June 13 to register their claims with court-appointed provisional administrator Thomas Linse. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 4, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Coburg Meeting Room K I. Stock Coburg, 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 Coburg opened bankruptcy proceedings against Autozentrum Luther GmbH & Co. KG on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autozentrum Luther GmbH & Co. KG Coburger Road 6 96489 Niederfuellbach, Germany The administrator can be contacted at: Thomas Linse Rosenauer Road 22 96450 Coburg, Germany Tel: 09561/80340 Fax: 09561/803434 BEWO GASTRONOMIE: Creditors' Meeting Slated for June 13 ------------------------------------------------------- The court-appointed provisional administrator for BEWO Gastronomie Betriebsgesellschaft mbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m., on June 13. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II Stock Hal1 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:30 a.m. on Sept. 26 at the same venue. Creditors have until July 30 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against BEWO Gastronomie Betriebsgesellschaft mbH on April 27. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: BEWO Gastronomie Betriebsgesellschaft mbH Tauentzienstr. 9-12 10789 Berlin, Germany The administrator can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin, Germany DIVEMASTER BONN: Claims Filing Period Ends June 13 -------------------------------------------------- Creditors of divemaster Bonn Tauchsport GmbH have until June 13 to register their claims with court-appointed provisional administrator Dr. Andreas Schulte-Beckhausen. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on July 21, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 2. Stock William Route 21 53111 Bonn, 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 Bonn opened bankruptcy proceedings against "divemaster Bonn Tauchsport GmbH" on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: divemaster Bonn Tauchsport GmbH Romerstr. 71 53111 Bonn, Germany Attn: Uwe Kohler, Manager Rose Valley 32 53111 Bonn, Germany The administrator can be contacted at: Dr. Andreas Schulte-Beckhausen Oxfordstr. 2 53111 Bonn, Germany Tel: 0228 / 985210 Fax: 0228 / 9852122 ETIENNE AUTOMOBILE: Claims Filing Period Ends June 13 ----------------------------------------------------- Creditors of Etienne Automobile Ltd. & Co. Deutschland KG have until June 13 to register their claims with court-appointed provisional administrator Nikolaus Gaede. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on July 5, 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 Augsburg Meeting Room 162 Alten Einlass 1 86150 Augsburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Augsburg opened bankruptcy proceedings against Etienne Automobile Ltd. & Co. Deutschland KG on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Etienne Automobile Ltd. & Co. Deutschland KG Unterkreuthweg 3 86444 Affing, Germany Attn: Rahn Rudolf, Manager Lipper Hellweg 42 33604 Bielefeld The administrator can be contacted at: Nikolaus Gaede Buerkleinstr. 6 80538 Munich, Germany GASTRO INTERNATIONAL: Claims Registration Ends June 7 ----------------------------------------------------- Creditors of Gastro International GmbH have until June 7 to register their claims with court-appointed provisional administrator Barbara Fritzer. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 17, at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D 132 Olbrichtplatz 1 01099 Dresden, 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 Dresden opened bankruptcy proceedings against Gastro International GmbH on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gastro International GmbH Heinrich-Heine-Str. 19 01917 Kamenz, Germany The administrator can be contacted at: Barbara Fritzer Louis-Braille-Str. 1 01099 Dresden, Germany Web: http://www.ra-fritzer.de/ HOBBYFANT BASTEL: Meeting of Creditors Set for May 31 ----------------------------------------------------- The court-appointed provisional administrator for Hobbyfant Bastel- und Geschenkartikel GmbH, Volker Dick, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m., on Wednesday, May 31. The meeting of creditors and other interested parties will be held at: The District Court of Bonn Room W 1.30A 1. Stock William Route 21 53111 Bonn, Germany The Court will also verify the claims set out in the administrator's report at 9:50 a.m. on July 10 at: Insolvency Court of Bonn Hall S 2.18 Wilhelmstr. 21 53111 Bonn, Germany Creditors have until June 12 to register their claims with the court-appointed provisional administrator. The District Court of Bonn opened bankruptcy proceedings against Hobbyfant Bastel- und Geschenkartikel GmbH on May 10. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Hobbyfant Bastel- und Geschenkartikel GmbH Market 44 53757 Sankt Augustin, Germany Attn: Norbert Schiffers, Manager Hasselterstr. 53a 52511 Geilenkirchen, Germany The administrator can be reached at: Volker Dick Cologne Route 135 53757 Sankt Augustin, Germany Tel: 02241/90600 and 21041 Fax: 02241/21048 METALL ART: Claims Filing Period Ends June 13 --------------------------------------------- Creditors of Metall Art GmbH Schlosserei und Stahlbau have until June 13 to register their claims with court-appointed provisional administrator Steffi Radack - Mueller. Creditors and other interested parties are encouraged to attend the meeting at 11:25 a.m. on July 18, 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 Frankfurt Hall 401 Muellroser Chaussee 55 15236 Frankfurt, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Frankfurt opened bankruptcy proceedings against Metall Art GmbH Schlosserei und Stahlbau on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Metall Art GmbH Schlosserei und Stahlbau Locknitzstrasse 37 15537 Erkner, Germany The administrator can be contacted at: Steffi Radack - Mueller French Road 9-12 10117 Berlin, Germany OKO-EXPRESS: Claims Registration Ends June 9 -------------------------------------------- Creditors of Oko-Express GmbH have until June 9 to register their claims with court-appointed provisional administrator Achim Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on June 30, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 II. Floor Court Place 1 44135 Dortmund, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dortmund opened bankruptcy proceedings against Oko-Express GmbH on May 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Oko-Express GmbH Attn: Juergen Hueser, Manager Borker Str. 45 b 44534 Luenen, Germany The administrator can be contacted at: Achim Thomas Thiele Bronnerstrasse 7 44141 Dortmund, Germany Tel: 54110 Fax: 5411266 VELA WERBEARTIKEL: Claims Registration Ends June 15 --------------------------------------------------- Creditors of Vela Werbeartikel Produktion und Service GmbH & Co. KG have until June 15 to register their claims with court- appointed provisional administrator Hans-Achim Ernst. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 14, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Hall 12 Auxiliary Building Gerichtsstr. 6 32756 Detmold, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Detmold opened bankruptcy proceedings against Vela Werbeartikel Produktion und Service GmbH & Co. KG on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Vela Werbeartikel Produktion und Service GmbH & Co. KG Attn: Uwe Ellermann and Peter Schlinkheider, Managers Pappelweg 1 32107 Bad Salzuflen, Germany The administrator can be contacted at: Hans-Achim Ernst Bunsenstr. 3 32052 Herford, Germany Tel: 05221/6930732 Fax: 05221/6930691 WERBE-PARTNER: Claims Registration Ends June 16 ----------------------------------------------- Creditors of Werbe-Partner Gesellschaft fuer Verkaufsforderung und Werbung mbH have until June 16 to register their claims with court-appointed provisional administrator Dr. Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 16, 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 Krefeld Meeting Room H 131 1. Floor North barrier 131 47798 Krefeld, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Aug. 18 at the same venue. The District Court of Krefeld opened bankruptcy proceedings against Werbe-Partner Gesellschaft fuer Verkaufsforderung und Werbung mbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Werbe-Partner Gesellschaft fuer Verkaufsforderung und Werbung mbH Attn: Reiner Stratmanns, Manager Bahnstr. 7 47929 Grefrath, Germany The administrator can be contacted at: Dr. Wolf-R. von der Fecht Rheinort 1 40213 Duesseldorf, Germany ============= H U N G A R Y ============= BORSODCHEM RT: Firthlion Hikes Equity Stake to 22.69% ----------------------------------------------------- Firthlion Limited, as a company indirectly controlled by Timur Rahimkulov, a member of BorsodChem Rt.'s Board of Directors, has acquired 806,387 ordinary shares of BorsodChem Rt. at an average price of HUF2.271. As a result of the transaction Firthlion Limited holds 18,485,564 BorsodChem Rt. shares representing a total of 22.69% direct shareholding in Borsodchem Rt. Considering the 1,767,432 pieces of BorsodChem shares held by Altalanos Ertekforgalmi Bank Rt. controlled by Kafijat Kereskedelmi es Consulting Kft., the shares constitute a 24.86%- os indirect control in BorsodChem Rt by KAFIJAT Kereskedelmi es Consulting Kft., a 76% owner of FIRTHLION LIMITED. In consideration of the 126,295 BorsodChem Rt. ordinary shares directly owned by Timur Rahimkulov, as well as the 119,675 BorsodChem Rt. ordinary shares owned by Ruszlan Rahimkulov, the shares constitute: -- a 25.16% indirect control in BorsodChem Rt. by Megdet Rahimkulov; -- a 71.72% owner of KAFIJAT Kft. and thereby resulting in a 25.16% direct and indirect control in BorsodChem Rt. by Messrs. Rahimkulov and Ruszlan Rahimkulov, each possessing 14.14% ownership in KAFIJAT Kft. and by Megdet Rahimkulov and their close relatives. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ============= I R E L A N D ============= ELAN CORPORATION: William Rohn Joins Board of Directors ------------------------------------------------------- Elan Corporation plc appointed William R. Rohn to the company's Board of Directors. "The Board is extremely pleased to announce the appointment of Bill. His extensive experience in the pharmaceutical and biotech industries, together with his personal qualities, will make him an excellent addition to the Board and we all look forward to working with him," Kyran McLaughlin, Elan's chairman, said. Kelly Martin, Elan's president and chief executive officer, added, "I look forward to working with Bill and benefiting from the experience he brings with him." Mr. Rohn, 62, is an experienced biotech and pharmaceutical industry executive. He is currently Vice Chairman of Raven Biotechnologies, Inc., and a Director of Metabasis Therapeutics, Inc., Cerus Corp and Pharmacyclics, Inc. Previously he was Chief Operating Officer of Biogen Idec until January 2005 and prior thereto President and Chief Operating Officer of Idec Pharmaceutical Corporation from 1993. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Moody's Investors Service rates Elan's long-term corporate family rating at Ba3. The company's long-term foreign issuer credit rating and long-term local issuer credit rating carry Standard & Poor's single-B rating. As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri(TM). Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. =================== K A Z A K H S T A N =================== BASK-COMPANY: Creditors Must File Claims by June 9 -------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Bask-Company insolvent on March 20. Bankruptcy proceedings were introduced at the company. Creditors have until June 9 to submit written proofs of claim to: Molodejnoye M. Jumabayeva District North Kazakhstan Region Kazakhstan ESKIZ-SHIELI: Creditors Must File Claims by June 9 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Eskiz-Shieli insolvent on March 15. Bankruptcy proceedings were introduced at the company. Creditors have until June 9 to submit written proofs of claim to: Hangeldina Str. 50 Kyzylorda, Kazakhstan Tel: 8 (3242) 23-37-56 8 (7059) 50 24-27 KARAGANDINSKAYA REGIONAL: Creditors' Claims Due June 9 ------------------------------------------------------ CJSC Karagandinskaya Regional Organization of the Scientific and Engineering Unions has declared insolvency. Creditors have until June 9 to submit written proofs of claim to: Stroiteley Ave. 28 100026 Karaganda, Kazakhstan KUNARLYLYK: Creditors Must File Claims by June 9 ------------------------------------------------ OJSC Kunarlylyk has declared insolvency. Creditors have until June 9 to submit written proofs of claim to: Mayakovskogo Str. 116 Kordai Kordai District Kazakhstan Tel: 8 (32347) 2-10-53 MARTEK: Creditors Must File Claims by June 9 -------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared LLP Martek insolvent. Creditors have until June 9 to submit written proofs of claim to the insolvency manager at: Altynsarina Str. 31 Aktobe Aktube Region Kazakhstan MEDISINA AKB: Creditors Must File Claims by June 9 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared CJSC Medisina AKB insolvent. Creditors have until June 9 to submit written proofs of claim to the insolvency manager at: Altynsarina Str. 31 Aktobe Aktube Region Kazakhstan PS-110: Proof of Claim Deadline Slated for June 9 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared LLP PS-110 insolvent. Creditors have until June 9 to submit written proofs of claim to the insolvency manager at: Altynsarina Str. 31 Aktobe Aktube Region Kazakhstan SEVKAZENERGO: Proof of Claim Deadline Slated for June 9 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Sevkazenergo insolvent. Bankruptcy proceedings were introduced at the company. Creditors have until June 9 to submit written proofs of claim to: Molodejnoye M. Jumabayeva District North Kazakhstan Region Kazakhstan SMIRNOVSKY AVTOTRANS: Claims Registration Ends June 9 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared OJSC Smirnovsky Avtotrans insolvent on March 2. Bankruptcy proceedings were introduced at the company. Creditors have until June 9 to submit written proofs of claim to: Molodejnoye M. Jumabayeva District North Kazakhstan Region Kazakhstan ZYRIANOVSKNEFTEPRODUKT: Claims Registration Ends June 9 ------------------------------------------------------- JSC Zyrianovsknefteprodukt has declared insolvency. Creditors have until June 9 to submit written proofs of claim to: Zubovsk Zyrianovsky District East Kazakhstan Region Kazakhstan Tel: 8 (235) 2-38-08 =================== K Y R G Y Z S T A N =================== BICKON TRADING: Creditors Must File Claims by July 18 ----------------------------------------------------- Branch of the Bickon Trading Limited in Osh Region has declared insolvency. Creditors have until July 18 to submit written proofs of claim to: Privokzalnaya Str. 101a Osh Region Kyrgyzstan Tel: 8 (3222) 5-72-85 KEY INDUSTRY: Proof of Claim Deadline Slated for July 18 -------------------------------------------------------- Joint Kyrgyz-American LLC Key Industry Engineering Ltd. has declared insolvency. Creditors have until July 18 to submit written proofs of claim to: Kalinina Str. 145 Bishkek, Kyrgyzstan PROMORGTEHSERVIS: Creditors' Claims Due July 17 ----------------------------------------------- LLC Promorgtehservis has declared insolvency. Creditors have until July 17 to submit written proofs of claim to: Room 313 Shabdan Baatyr Str. 4a Bishkek, Kyrgyzstan Tel: (+996 312) 53-00-67 TABAK-TREIDING: Claims Registration Ends July 17 ------------------------------------------------ LLC Tabak-Treiding Ltd. has declared insolvency. Creditors have until July 17 to submit written proofs of claim to: Kashkina Str. 1 Djalalabad Region Kyrgyzstan Tel: (0-502) 83-37-73 ================= L I T H U A N I A ================= MAZEIKIU NAFTA: Yukos Sells 53.7% Stake to PKN for US$1.49 Bln -------------------------------------------------------------- Yukos Oil is selling its 53.7% stake in Mazeikiu Nafta AB to PKN Orlen S.A., Poland's largest oil refiner, for US$1.49 billion. The parties signed a Share Sale and Purchase Agreement Friday, May 26, a day after the U.S. Bankruptcy Court for the Southern District of New York lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. At the same time, PKN Orlen will purchase the Lithuanian government's 30.66% stake in Mazeikiu. "After 10 months of effort, intensive negotiations, and talks held with both the Lithuanian Government and Yukos International UK BV, the acquisition of Mazeikiu Nafta has become a fact," PKN Orlen said in its press release. "This largest foreign investment in Poland's history leads towards the creation of the biggest concern in Central Europe measured by the amount of oil processed and revenues. The transaction is also a great success for Lithuania, because it finalizes a long and difficult privatization process. The Lithuanian Government's decision allows MN to gain a credible and stable investor." The Lithuanian government has already launched procedures that would allow it, with Parliament's approval, to countersign the agreement. Terms of the Agreement According to the agreements, Lithuania will keep a 10% stake in Mazeikiu and will have a five-year option to put those shares to PKN Orlen, where the offered price for the projects is to decrease from US$284 million to US$278 million after three years. Immediately after signing the agreement with Yukos, PKN Orlen will submit the application to the European Commission seeking consent for the transactions. At the same time, the fuel concern will seek the consent of the Government of Lithuania for the transaction with Yukos. The Agreement will be presented to the government, which will have 30 days from delivery of the Agreement to exercise its right of first refusal. From the initial agreement it seems that the Government will not exercise this right. Once the closing conditions are satisfied, the simultaneous closing of both transactions is expected in the first quarter of 2007. The next step will be the calling by PKN Orlen for a mandatory tender offer for 5.76% shares of Mazeikiu Nafta, which is quoted on the Vilnius Stock Exchange. Transaction Details PKN Orlen will purchase from Yukos International UK B.V. 379,918,411 shares of the company, constituting 53.7% of all assets, at US$3.927 per share. The sales price is not adjusted at the closing. Basing on the sales agreement signed by PKN Orlen on May 19, the Group agreed to buy from the government of the Republic of Lithuania 216,915,941 shares of the company, constituting 30.66% of all the company's shares for a total amount of US$852 million. Similarly to the case of transaction with Yukos, the sale price is fixed and is not adjusted at closing. The share sale agreement, including the put option agreement, agreement among shareholders and deed of termination and release of all parties' obligations, were signed by PKN Orlen on May 19 and deposited with the Government of Lithuania after approval from the Lithuanian Parliament for the conclusion of the transaction. Implementation of the transaction on the basis of the share sale agreement with Yukos International is dependent on the meeting of several conditions. These include: -- obtaining approval of the European Commission; -- obtaining by PKN ORLEN certainty that the transaction conditions are not harmful for creditors of Yukos International; and -- non-performance by the Lithuanian Government of the pre- emption right: * obtaining the consent from the Government of the Republic of Lithuania for PKN ORLEN to take over Yukos' right ensuing from privatization agreements of 1992 and 2002 and also the binding agreement of the shareholders; and * conclusion of the agreement to sell 30.66% of the company shares between PKN Orlen; -- the Government of the Republic of Lithuania. In addition, the transaction with the Government of the Republic of Lithuania will depend on meeting specified conditions. They include: -- being granted consent from the European Commission; -- closure of the transaction of purchase of 53.7% of Mazeikiu Nafta share from Yukos; -- entering into a new agreement by shareholders as well as the deed of termination and release of all parties' obligations concerning the privatization agreements of 1999 and 2002; and -- the binding shareholders' agreement. The new agreement between shareholders and the Lithuanian government assumes that if the Parliament consents to the transaction with PKN Orlen, the shareholder agreement in force will be substituted by a new agreement wherein PKN Orlen gains full operational control over Mazeikiu. In line with provisions of the new agreement, the Lithuanian Government will have the right to appoint one member of the Supervisory Board and one member of the Management Board in Mazeikiu Nafta. Moreover the Lithuania government will have the right to demand the repeal of decisions made by the governing bodies of Mazeikiu, if those decisions might threaten the national security or energy security of Lithuania. The Lithuanian Government will have the right to demand from PKN Orlen the sale of all shares in Mazeikiu Nafta in the following cases: (a) if Mozejki records a loss for five years in a row; (b) components of the assets of Mazeikiu Nafta with the value exceeding US$200 million will be taken over due to enforcement measures; or (c) in the case when the right to exercise over 50% of the voting rights at the general Assembly of PKN Orlen will be gained by an entity, which in the reasonable opinion of the Government of the Republic of Lithuania constitutes a threat to national security of Lithuania. Moreover the provisions of the new agreement state that the sale of shares in Mazeikiu Nafta by PKN Orlen or the Government of the Republic of Lithuania is covered by the pre-emption right of the other party. Financing PKN Orlen will use its own funds, existing credit lines and new indebtedness to finance the transaction. The main sources of funding are: loans, subsequently refinanced from the issuance of bonds on the Polish and European markets, and a new bank loan. Based on internal analyses and the opinions of external advisors, PKN Orlen is aware of the increase in indebtedness related to the financing of the transaction, and it will make it the top policy priority in this respect to gradually lower indebtedness. The management is determined to gradually reduce indebtedness measures to the level of 1.5 x consolidated EBITDA with a view to maintaining the investment rating. To this end, PKN Orlen announced a new dividend policy based on FCFE. The Group is also continuing with the sale of assets unrelated to its main line of business and the optimization of investment outlays. The sale agreement bested three other oil firms eyeing to take over Mazeikiu: -- Russia's Lukoil and TNK-BP; and -- Kazakhstan's KazMunaiGas. Headquartered in Moscow, Russia, Yukos Oil -- http://yukos.com/ -- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days after, the Government sold its main production unit Yugansk, 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. On March 10, a 14-bank consortium led by Societe Generale filed bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state-owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (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. Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta -- http://nafta.it/en-- is an integrated downstream oil company that comprises in one complex pipeline operations, oil refining, marine terminal operations, and logistics of crude oil and refined products. * * * Mazeikiu Nafta carries Fitch Ratings' short-term B and B+ senior unsecured debt with stable outlook since 2005. MAZEIKIU NAFTA: Fitch Assigns B+ Issuer Default Rating ------------------------------------------------------ Fitch Ratings placed Lithuania's refining company Mazeikiu Nafta AB's Issuer Default Rating of B+ on Rating Watch Positive. This follows PKN Orlen S.A.'s announcement that it reached an agreement with Yukos International U.K. B.V. to acquire its 53.7% stake in MN for US$1.492 billion. PKN also aimed to purchase a 30.66% stake in MN from the Lithuanian government for US$0.852 billion, subject to approval by the Lithuanian parliament. MN's Short-term rating of B was affirmed. PKN's Issuer Default rating of BBB and Short term F3 were placed on Rating Watch Negative in connection with the announcements. The Watch Positive status will be resolved upon the completion of the transactions, expected in the second half of 2006. The RWP reflects Fitch's opinion that the arrival of a higher- rated new investor, PKN, is likely to improve MN's financial flexibility and enable it to purchase crude oil on more favorable terms, i.e. without considerable cash deposits. It will also enable the company to commence its approximately US$1 billion modernization program, which should increase MN's refining depth and lower its break-even crack margins in the next three to four years. This should result in a stronger business profile, enabling it to operate profitably in times of lower refining margins, which was not the case in 2001-2002. The capital expenditure program is primarily targeted at a reduction of bottom-of-the barrel products and construction of petrochemical facilities. The B+ rating partly reflects that most of the surplus cash generated by the refinery in 2004-2005 is held in restricted accounts as collateral for banks issuing letters of credit for payments of crude oil purchased by MN. This is due to MN's current majority shareholder Yukos' distressed financial situation. MN reported record profits in 2005, capitalizing on favorable market conditions, in particular high refining margins and widened Brent-to-Ural differential. In 2005, MN's EBITDA increased 16% to US$419 million. ===================== N E T H E R L A N D S ===================== VNU N.V.: Moody's Cuts Sr. Unsecured Ratings to B1 -------------------------------------------------- Moody's Investors Service said that it had downgraded VNU N.V.'S Corporate Family Rating to B1 (from Ba1). The company's senior unsecured debt instruments were also downgraded to B1 (from Ba1) following today's clarification by Valcon Acquisitions B.V. as to which of VNU's long-term bonds it does not want to retain as part of the new VNU group's future capital structure and for which Valcon Acquisitions has therefore launched a tender offer. Valcon Acquisitions is a vehicle owned by a group of financial investors whose offer to acquire VNU's equity for around EUR7.6 billion was declared unconditional on May 22. Moody's said that the new CFR reflects the significant debt element in the acquisition. Moody's acknowledges that Valcon Acquisitions has launched a tender offer for certain of VNU's bonds. For these bonds, the B1 rating reflects Moody's assessment of the credit risk for any bonds that are not tendered. All of VNU's debt ratings remain under review for possible further downgrade. VNU ratings downgraded to B1 (from Ba1) that remain under review for further downgrade include: -- Corporate Family Rating; -- floating rate Euro MT Notes due 2012; -- 6.75% Euro MT Notes due 2012; -- 2.5% Yen MT Notes due 2011; -- floating rate Euro MT Notes due 2010; -- 5.625% GBP MT Notes due 2010/17; -- 5.5% Eurobonds due 2008; -- 6.75% Eurobonds due 2008; -- 6.625% Eurobonds due 2007; -- Euro MTN program; and -- Nielsen Media Research Inc.'s 7.6% Noted due 2009 (guaranteed by VNU) The ongoing review of the new B1 Corporate Family rating and the B1 bond ratings will focus on establishing Valcon Acquisition's plans for the final leverage level and capital structure of the new VNU group. The review will also clarify the ranking of rated bonds that remain outstanding within the new capital structure. Given the lack of indenture protection for VNU N.V.'s rated bonds those that remain outstanding could be notched down from VNU's Corporate Family Rating. VNU N.V. is an international media and information company based in Haarlem, The Netherlands. =========== R U S S I A =========== ANTNYA-AGRO-KHIM-SERVICE: I. Lapytov to Manage Insolvency Assets ---------------------------------------------------------------- The Arbitration Court of Tatarstan Republic appointed Mr. I. Lapytov as insolvency manager for OJSC Antnya-Agro-Khim-Service (Case No. A65-24410/2005-SG4-16). He can be reached at: Post User Box 582 Zelenodolsk 422540 Tatarstan Republic, Russia The Court has commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at: OJSC Antnya-Agro-Khim-Service Bolshaya Atnya Tatarstan Republic, Russia EAR: Voronezh Court N. Mamontova to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Voronezh Region appointed Ms. N. Mamontova as insolvency manager for OJSC EAR (Case No. A14- 13625/2005/135/20b). He can be reached at: Apt. 1 Blanskaya Str. 2 Borisoglebsk 397160 Voronezh Region, Russia The Court has commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at: OJSC Ear Elizavetino Buturlinskiy Region Voronezh Region, Russia ISKITIMSKIY BAKERY: Novosibirsk Court Starts Bankruptcy Process --------------------------------------------------------------- The Arbitration Court of Novosibirsk Region has commenced bankruptcy proceedings against OJSC Iskitimskiy Bakery (Case No. A45-17531/05-10/291) after finding it insolvent. Mr. S. Zhukov has been appointed insolvency manager and can be reached at: Post User Box 116 630087 Novosibirsk Region, Russia The Debtor can be reached at: OJSC Iskitimskiy Bakery Yubileynyj Per. 5a Iskitim 633210 Novosibirsk Region, Russia IZHEVSKOYE ICE-CREAM: Udmurtiya Court Begins Bankruptcy Process --------------------------------------------------------------- The Arbitration Court of Udmurtiya Republic has commenced bankruptcy proceedings against LLC Izhevskoye Ice-Cream (Case No. A71-154/2005-G2) after finding it insolvent. Mr. O. Klemeshev has been appointed insolvency manager and can be reached at: Post User Box 174 630077 Novosibirsk Region, Russia The Debtor can be reached at: LLC Izhevskoye Ice-Cream K. Marksa Str. 440-64 Izhevsk Udmurtiya Republic, Russia KRASNOUSOLSKIY GLASS: Court Taps F. Yunusov Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed Mr. F. Yunusov as insolvency manager for OJSC Krasnousolskiy Glass Factory (TIN 0219005320). He can be reached at: Room 22. Br. Kadomtsevykh Str. 6 Ufa 450059 Bashkortostan Republic, Russia The Court has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-18132/05-KhRM. The Debtor can be reached at: OJSC Krasnousolskiy Glass Factory Krasnousolsk Gafurinskiy Region Bashkortostan Republic, Russia OAO SEVERSTAL: Moody's Might Raise All Ratings on Takeover Plan ---------------------------------------------------------------- Moody's Investors Service placed the corporate family rating of B1 and the senior unsecured rating of B2 of Severstal on review for possible upgrade following the intention of Severstal's majority owner to merge Severstal and its mining assets with Arcelor (currently rated Baa2, on review for possible downgrade). Several factors will influence the degree of convergence of the ratings of Severstal and Arcelor. These include notably: -- the degree of integration of Severstal into the new enlarged group; -- the future legal structure, strategy and governance of the enlarged group; and -- its cash flow and debt profile. If the shareholders of Arcelor do not approve the transaction, the ratings of Severstal will most likely be confirmed with a positive outlook. On Feb. 13, Moody's has changed the outlook of Severstal's ratings from stable to positive, following the company's announcement of the acquisition of a majority interest in mining assets currently held by affiliated parties outside the borrowing group. OAO Severstal is the second largest -- measured by production volume -- steel producer in Russia, with a subsidiary in the U.S. Its steel production capacity is 13.8 tons/year. At the end of Financial Year 2005, the company reported Net Revenues of US$7.5 billion. OAO SEVERSTAL: Fitch Puts BB- on Issuer Default Rating ------------------------------------------------------ Fitch Ratings placed OAO Severstal's ratings of Issuer Default BB-, Senior Unsecured BB-, Short-term B and National Long-term A+ on Rating Watch Positive, following OAO'a agreement to merge with the Luxembourg-based Arcelor. Under the proposed transaction Arcelor will receive a 89.6% interest in Severstal, mining and foreign steel assets, and a cash payment of EUR1.25 billion from Alexey Mordashov, currently the controlling shareholder in Severstal. In exchange Mr. Mordashov will receive 295 million Arcelor shares valued at EUR44 per share, equivalent to a 32.2 shareholding in the enlarged Arcelor group. Existing Arcelor shareholders will hold a 67.8% interest. Fitch will resolve the RWP following meetings with Severstal's management and the closure of the transaction expected in mid- July 2006. A combined Arcelor and Severstal would be the world's largest steelmaker, with annual crude steel production of approximately 70 million metric tons. Fitch notes that the enlarged Arcelor will have increased geographic diversification, low production costs and good levels of self-sufficiency in coal and iron-ore. The new entity will have a net debt/EBITDA ratio of 1.7x and net debt/equity of 55%, which Fitch notes is consistent with an investment-grade financial profile. Completion of the transaction is subject to anti-trust approvals in the EU, Russia and North America, and a vote by existing Arcelor shareholders. The agreement between Arcelor and Severstal would be terminated if greater than 50% of Arcelor's shareholders oppose the transaction. The transaction would also be unwound in the event that Mittal Steel acquires more than 50% of Arcelor's diluted share capital. Despite the material size of the transaction, the combined entity will only account for around 6% of global steel output, which will have a limited impact on addressing the fragmented nature of the steel industry given its inherent cyclicality. Nevertheless, the deal continues to highlight Fitch's view that the steel industry is undergoing a shake-up, marked by continuous M&A activity over the last two years. It remains likely, therefore, that the transformation of the sector is far from complete yet. Severstal is the world's 13th largest steelmaker and specialises in flat steel products. OAO SEVERSTAL: Arcelor Merger Spurs S&P's CreditWatch Positive -------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Russia-based integrated steel maker OAO Severstal on CreditWatch with positive implications, following the announcement of an agreed merger with Luxembourg steelmaker Arcelor S.A. At the same time, the 'BBB' long-term corporate credit rating on Arcelor was kept on CreditWatch with developing implications and the 'A-2' short-term corporate credit rating on Arcelor was kept on CreditWatch with negative implications. The 'BBB+' long-term corporate credit rating on Dutch steel group Mittal Steel Co. N.V. also remains on CreditWatch with negative implications. The ratings on Arcelor and Mittal were placed on CreditWatch on Jan. 27 following Mittal's unsolicited takeover bid for Arcelor. The CreditWatch placement on Severstal reflects the potential significant upside for the company from a merger with a higher rated entity. In addition, the business risk profile of the enlarged group might improve compared with that of Arcelor or Severstal on a standalone basis, due to increased geographic diversity, greater scale, and potential operational synergies. S&P notes, however, an increase in exposure for Arcelor to revenues and assets located in emerging markets if the merger was successful. The merger transaction is planned as a share swap. Controlling stakes in Severstal and resource subsidiaries, currently owned by Mr. Alexey Mordashov, will be exchanged for 295 million of newly issued Arcelor shares, representing about 32% of the enlarged Arcelor group. Mr. Mordashov is also expected to pay EUR1.25 billion in cash from his own holdings to Arcelor. No special dividend or other cash contribution from Severstal is expected according to the current proposed terms. Should the transaction be completed, the rating on Severstal would most likely be raised by several notches but would depend on the eventual relationship between itself and Arcelor. The proposed Severstal transaction comes at a time when Arcelor itself remains subject to Mittal's unsolicited takeover bid. This adds to the uncertainty surrounding the outcome of these competing transactions, which are subject to regulatory and shareholder approval, and appear on current terms to be mutually exclusive. Uncertainties include: -- How Mittal might respond to the proposed Severstal/Arcelor merger; -- The level and timing of substantial planned cash distributions by Arcelor, which S&P note have increased to EUR7.6 billion in the merger announcement; -- The future financial policy and business risk profile of an enlarged group (for either transaction); and -- Political risks in Russia concerning the proposed Severstal merger. QUANTUM: Primorye Court Launches Bankruptcy Proceedings ------------------------------------------------------- The Arbitration Court of Primorye Region has commenced bankruptcy proceedings against CJSC Quantum (Case No. A51- 14860/2005 21-225b) after finding it insolvent. Mr. S. Pak has been appointed insolvency manager and can be reached at: Post User Box 46 Nakhodka-3 692903 Primorye Region, Russia The Debtor can be reached at: CJSC Quantum Leninskaya Str. 2-A Nakhodka Primorye Region, Russia REM-STROY-SERVICE: Court Names N. Valitov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tatarstan Republic appointed Mr. N. Valitov as insolvency manager for CJSC Rem-Stroy-Service (Case No. A65-38682/2005-SG4-16). He can be reached at: Post User Box 112 Kazan 420036 Tatarstan Republic, Russia The Court has commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at: CJSC Rem-Stroy-Service Kazan Tatarstan Republic, Russia SEL-KHOZ-TEKHNIKA: Ulyanovsk Court Starts Bankruptcy Process ------------------------------------------------------------ The Arbitration Court of Ulyanovsk Region has commenced bankruptcy proceedings against Municipal Enterprise Sel-Khoz- Tekhnika (Case No. A72-9715/04-21/39-B) after finding it insolvent. Ms. L. Karikh has been appointed insolvency manager and can be reached at: Post User Box 4601 432063 Ulyanovsk Region, Russia The Debtor can be reached at: Municipal Enterprise Sel-Khoz-Tekhnika Selkhoztekhniki Str. 3 Novospasskiy Region 433871 Ulyanovsk Region, Russia VILYUYSKOYE ENTERPRISE 1: Bankrupcy Hearing Slated for Oct. 9 ------------------------------------------------------------- The Arbitration Court of Sakha Republic- Yakutiya will convene on Oct. 9 at 10:00 a.m. to hear the bankruptcy proceedings against OJSC Vilyuyskoye Enterprise 1 (Case No. A58-5815/05) after finding it insolvent. Mr. A. Lebedev has been appointed insolvency manager and can be reached at: 8th Marta Str. 65 Yakutsk 677015 Sakha Republic- Yakutiya, Russia The Debtor can be reached at: OJSC Vilyuyskoye Enterprise 1 Amosova Str. 14 Vilyuysk Sakha Republic- Yakutiya, Russia VIMPELCOM: Hosting First Quarter Conference Call on June 1 ---------------------------------------------------------- Open Joint Stock Company Vimpel-Communications (NYSE: VIP) will Web-cast its conference call on its first quarter 2006 financial and operating results on Thursday, June 1, at 6:30 p.m. Moscow time (10:30 a.m. ET). Alexander Izosimov, Chief Executive Officer, will host the conference call. He will be joined by: -- Elena Shmatova, Chief Financial Officer; -- Nikolay Pryanishnikov, Executive Vice President General Director, Regions; -- Kent McNeley, Chief Marketing Officer; and -- Valery Goldin, Vice President of International and Investor Relations. The Company's management will discuss its first quarter 2006 results during a conference call and slide presentation. 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 US$5 billion in VimpelCom common registered shares plus assumed debt. ========= S P A I N ========= IM PASTOR: S&P Rates Class D Mortgage-Backed Notes at BB -------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR925 million mortgage-backed floating- rate notes to be issued by IM PASTOR 4, Fondo de Titulizaci�n de Activos, an SPE. The originator is Banco Pastor, S.A., which is ranked among the top 20 banks in Spain. It enjoys an outstanding regional presence in its original home market, Galicia, and this is one of its main business strengths. Its primary business is SME lending and retail banking. With this transaction, Banco Pastor will securitize part of its growing residential mortgage-lending book. The loans, originated across Spain, feature a first-ranking security and are for the purpose of property acquisition. This is the sixth RMBS securitization of Banco Pastor's mortgage loans, and the 10th securitization for the bank. This transaction is very similar to previous IM PASTOR transactions, both in terms of the structure and the characteristics of the collateral backing the notes. As in other Spanish transactions, interest and principal are combined into a single priority of payments, with triggers in the payment of the interest of subordinated notes to protect the senior class. Ratings List IM PASTOR 4, Fondo De Titulizacion de Activos EUR925 Million Mortgage-Backed Floating-Rate Notes Class Prelim. Prelim. rating amount ----- ------- ------- A AAA EUR890.8 Mln B AA- EUR18 Mln C BBB+ EUR9.3 Mln D BB EUR6.9 Mln =========== T U R K E Y =========== TURKCELL A.S.: Fitch Raises Local Currency IDR to BB+ ----------------------------------------------------- Fitch Ratings raised Turkey-based Turkcell A.S.'s local currency Issuer Default Rating to BB+ from BB. The foreign currency IDR, which is capped by the Country Ceiling, is affirmed at BB- with Positive Outlook. The Outlooks remain Positive. Turkcell has no bond issues outstanding as of May 2006. The upgrade of the local currency IDR reflects the solid performance of Turkcell's Turkish mobile operations on the back of its leading market position despite rising competition. Positive macroeconomic trends and a stronger Turkish lira also contributed to the good performance. The Positive Outlook reflects Fitch's expectation that Turkcell will maintain a low financial leverage and continue to grow its earnings. While Turkcell is expected to face increased competition in its core Turkish market, Fitch views that the expected development of the Turkish economy will support strong growth in the local telecommunications industry. Even after allowing for some market share loss, the Turkcell business is likely to benefit from a further growth of revenues and earnings, although margins may decline somewhat. Turkcell's ratings are supported by the company's impressive operating performance in 2005 and Q106, good long-term growth prospects in the domestic market, its strong cash generation capability and favorable credit profile compared to its European peers. Average revenue per user increased in 2005, mainly due to the stronger lira, a 4% yoy increase in minutes of use, two consecutive price rises and improving consumer sentiment. Turkcell faces potential regulatory and competitive challenges: -- the passage of the Electronic Communications Draft law that will grant more power to the Telecommunications Authority; -- the completion of Turk Telekom's privatization to a consortium of Oger Telecom and Telecom Italia; -- Telsim's sale to Vodafone; and -- the potential introduction of mobile number portability by 2007 the latest and new technologies such as MVNOs and 3G. Fitch notes that Turkcell's market share in the local market may dip below the 60% threshold in the next three years. However, the company management focuses on the core strategy of maintaining new subscriber acquisition market share. Thanks to its cash generation capability, Turkcell was able to maintain US$808 million cash liquid balances at FY05 despite significant capital expenditures and cash dividend payments. Consequently, gross debt to operating EBITDA was only modest at 0.4x, which is strong for the rating level. Historically, Turkcell's shareholders have supported the growth of the business and it is Fitch's opinion that the shareholders will continue to view this as an overriding priority. Most recently, the introduction of the third shareholder, Alfa Group, has led to a restructuring in the company's board of directors to reflect the new shareholding structure. The wrangling over the full control of Turkcell between major shareholders Cukurova Holding and Telia Sonera could be expected to persist in the short to medium term. Turkcell is the largest provider of GSM telephony services in Turkey with a market share of nearly 62.2% as of Q106. As of Q106, it had 28.7 million subscribers. Turkcell also has investments in mobile markets in the CIS through Fintur Holding. ============= U K R A I N E ============= BLAGOVEST: District Tax Agency to Liquidate Assets -------------------------------------------------- The Economic Court of Kyiv Region appointed State Tax Inspection of Kiyevo-Svyatoshinskij District as Liquidator for LLC BLAGOVEST (code EDRPOU 31495964). It can be reached at: Lomonosov Str. 34 Vishneve Kiyevo-Svyatoshinskij District 08132 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on Feb. 23. The case is docketed under Case No. 39/14 b-06. The Economic Court of Kyiv Region is located in: Komintern Str. 165 01032 Kyiv Region, Ukraine The Debtor can be reached at: LLC Blagovest Shkilna Str. 15 Bobritsya Kiyevo-Svyatoshinskij District 08132 Kyiv Region, Ukraine INTERAGROPROM: Oleksandr Dashko to Manage Bankruptcy Assets ----------------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. Dashko Oleksandr as Liquidator/Insolvency Manager for LLC Interagroprom (code EDRPOU 30372745). He can be reached at: Stalingradu Avenue 59/174 Geroiv 04213 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 14. The case is docketed under Case No. 15/685-b. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: LLC Interagroprom Institutska Str. 29-a Kyiv Region, Ukraine MERCURY: Donetsk Court Orders Debt Moratorium --------------------------------------------- The Economic Court of Donetsk Region entered an order freezing the payment of claims to the creditors of LLC Trade House Mercury (code EDRPOU 13512150). The Court commenced bankruptcy supervision procedure on the company on March 9. The case is docketed under Case No. 27/44 B. Ludmila Nesvit has been appointed temporary insolvency manager and can be reached at: M. Mametova Str. 8/2 Donetsk Region, Ukraine The Economic Court of Donetsk Region is located in: Artema Str. 157 83048 Donetsk Region, Ukraine The Debtor can be reached at: LLC Trade House Mercury Voinska Str. 16 83096 Donetsk Region, Ukraine POLLAKS: Kyiv Court Names I. Gusar as Liquidator ------------------------------------------------ The Economic Court of Kyiv Region appointed Mr. I. Gusar as Liquidator/Insolvency Manager for LLC Trade House Pollaks (code EDRPOU 32378775). He can be reached at: a/b 29 01030 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 20. The case is docketed under Case No. 15/687-b. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: LLC Trade House Pollaks Alishera Navoi Str. 76 Kyiv Region, Ukraine POLYANKA' PORCELAIN: Court Begins Bankruptcy Supervision -------------------------------------------------------- The Economic Court of Zhitomir Region commenced bankruptcy supervision procedure on OJSC Polyanka' Porcelain Plant (code EDRPOU 5756932) on January 27. The case is docketed under Case No. 3/15 B. Volodimir Gudz has been appointed temporary insolvency manager and can be reached at: Kosmonavtiv Str. 56/1 10009 Zhitomir Region, Ukraine The Economic Court of Zhitomir Region is located in: Putyatinski Square 3/65 10002 Zhitomir Region, Ukraine The Debtor can be reached at: OJSC Polyanka' Porcelain Plant Kalinin Str. 1 Polyanka Baranivskij District 2742 Zhitomir Region, Ukraine PROMIN: Vinnitsya Court Commences Bankruptcy Supervision -------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on LLC Promin (code EDRPOU 30548449) on March 30. The case is docketed under Case No. 5/88-06. Vasil Glebov has been appointed temporary insolvency manager and can be reached at: Room 13 Hmelnitske Shose Str. 23 21036 Vinnitsya Region, Ukraine The Economic Court of Vinnitsya Region is located in: Hmelnitske Shose 7 Vinnitsya Region, Ukraine The Debtor can be reached at: LLC Promin Chernyahovskij Str. 11 Yampil 24500 Vinnitsya Region, Ukraine PROMTEH: Court Names Local Tax Agency as Liquidator --------------------------------------------------- The Economic Court of Kyiv Region appointed State Tax Inspection of Kiyevo-Svyatoshinskij District as Liquidator for LLC Promteh (code EDRPOU 30886411). It can be reached at: Lomonosov Str. 34 Vishneve Kiyevo-Svyatoshinskij District 08132 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 2. The case is docketed under Case No. 56/14 b-06. The Economic Court of Kyiv Region is located in: Komintern Str. 165 01032 Kyiv Region, Ukraine The Debtor can be reached at: LLC Promteh Promislova Str. 5 Vishneve Kiyevo-Svyatoshinskij District 08132 Kyiv Region, Ukraine SCIENTIFIC-EXPERIMENTAL: Court Begins Bankruptcy Proceedings ------------------------------------------------------------ The Economic Court of Odessa Region commenced bankruptcy supervision procedure on OJSC Scientific-Experimental Institute of the Special Ways of Casting (code EDRPOU 33058466) on March 16. The case is docketed under Case No. 32/55-06-2281. Yevgenij Grib has been appointed temporary insolvency manager and can be reached at: a/b 13 Academic Korolyov Str. 81/60 65122 Odessa Region, Ukraine The Economic Court of Odessa Region is located in: Shevchenko Avenue 4 65032 Odessa Region, Ukraine The Debtor can be reached at: OJSC Scientific-Experimental Institute of the Special Ways of Casting Himichna Str. 2 65031 Odessa Region, Ukraine UKRINTERATIMPEKS: Court Appoints Oleksandr Dashko Liquidator ------------------------------------------------------------ The Economic Court of Kyiv Region appointed Oleksandr Dashko as Liquidator/Insolvency Manager for LLC Production-Commercial Firm Ukrinteratimpeks (code EDRPOU 19026829). He can be reached at: Stalingradu Avenue 59/174 Geroiv 04213 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 14. The case is docketed under Case No. 15/686-b. The Economic Court of Kyiv Region is located in: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: LLC Production-Commercial Firm Ukrinteratimpeks Stelmah Str. 10-a Kyiv Region, Ukraine =========================== U N I T E D K I N G D O M =========================== ARCHITECTURE STRUCTURE: Creditors Pass Winding Up Resolution ------------------------------------------------------------ Creditors of Architecture Structure & Management Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on March 21. Roger Anthony Stanford Isaacs, of Milsted Langdon, was appointed Liquidator. The company can be reached at: Architecture Structure & Management Limited Old Rectory High Street Iron Acton Bristol BS379UQ United Kingdom Tel: 01454 228 994 BLACKLEYS (MIDLANDS): Creditors Resolve to Liquidation ------------------------------------------------------ Creditors of Blackleys (Midlands) Limited resolved to liquidate the company's assets during an extraordinary general meeting on March 20. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to its liabilities. C.H.I. Moore, of K.J. Watkin & Co., was appointed Liquidator. The company can be reached at: Blackleys (Midlands) Limited 1022 Chester Road Erdington Birmingham B24 0LL United Kingdom Tel: 0121 350 8655 BLUE BLUE: Creditors Confirm Voluntary Liquidation -------------------------------------------------- Creditors of Blue Blue Limited confirmed the company's voluntary liquidation during an extraordinary general meeting on March 24. Creditors also ratified the appointment of Tyrone Shaun Courtman and Jeremy Philip William Meadows, both of Cooper Parry LLP, as Joint Liquidators. The company can be reached at: Blue Blue Limited Tennax House Station Road Glenfield Leicester LE3 8BT United Kingdom Tel: 0116 287 0700 BOHLIN INSTRUMENTS: Hires Joint Liquidators from Tenon Recovery --------------------------------------------------------------- S.R. Thomas and T.J. Binyon, of Tenon Recovery, were appointed Joint Liquidators of Bohlin Instruments Limited after creditors passed a resolution to wind up the company on March 22. Chairman R. Stephens revealed the company could no longer continue its operations due to mounting debts. The company can be reached at: Bohlin Instruments Limited Enigma House Grovewood Road Malvern WR141GD United Kingdom Tel: 01285 644 407 Fax: 01285 644 314 BUSINESS MACHINE: Taps Philip Michael Lyon to Liquidate Assets -------------------------------------------------------------- Creditors of Limited agreed to liquidate the company's assets during an extraordinary general meeting on March 9. Philip Michael Lyon, of Mazars LLP, was appointed Liquidator. The company can be reached at: Business Machine Realisations Limited Northern Technical Centre Lowfields Business Park Elland HX5 9DE United Kingdom Tel: 01422 372 232 CABLE & WIRELESS: Posts GBP175 Million Year-End Profit ------------------------------------------------------ Cable & Wireless plc released its financial results for the year ended March 31, 2006. The Group reported GBP175 million in net profit on GBP3.23 billion in revenues, compared to GBP354 million in net profit on EUR2.95 billion in revenues for the same period in 2005. Consolidated operating loss amounted to GBP67 million for 2006, a decline from GBP131 million operating profit in the last annual review. At March 31, 2006, the Group had GBP4.7 billion in total assets, GBP2.78 billion in total liabilities and GBP1.93 billion in shareholders' equity. "The last year has been one of change and of progress in which we have taken significant steps to continue the turnaround of Cable & Wireless," Cable & Wireless Chairman Richard Lapthorne commented. "The acquisition of Energis and the separation of the business into two self-contained business units -- International and U.K. -- were particularly important." "In the last three years, we have removed substantial risks to the Group's financial security with exits from unsustainable markets. We have successfully rebalanced the International business towards the growth areas of broadband and mobile, whilst absorbing the impact of liberalization. The U.K. now has the tools to execute its strategy. "With our strategic repositioning complete, our priorities for the next three years are clear - delivery and execution. Our commitment is to deliver for our customers and our shareholders. "I am pleased to announce a final dividend of 3.1 pence per share. The total dividend for the year of 4.5 pence per share represents an increase of 18% over the prior year. The rise in the dividend reflects the increased visibility of the future prospects for the Group, which the move to the execution phase of our turnaround gives us," Mr. Lapthorne concluded. A full-text copy of Cable & Wireless' annual results is available at no charge at http://researcharchives.com/t/s?a0c Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. Fitch Ratings has affirmed Cable & Wireless' ratings at Long- term 'BB+' with Stable Outlook and Short-term 'B'. * * * As reported in the Troubled Company Reporter-Europe on March 3, Standard & Poor's Ratings Services said that the ratings and outlook on U.K.-based telecommunications operator Cable & Wireless PLC (C&W; BB-/Negative/B) were unchanged following the group's presentation of plans for further restructuring and refocusing of its U.K. business. C&W is replicating the broadly successful business model of Energis, the U.K. telecoms services company that it acquired in November 2005. It has announced a withdrawal from the low- margin U.K. small-to-midsized business market and a focus on large U.K. corporate customers. Given this streamlining of the customer and product base, employee numbers could reduce by up to 3,000, resulting in additional headcount reduction and lease exit costs. The group is to continue investing in Bulldog, its early stage, and largely residential, local-loop-access operation. CAMBRIDGESHIRE INDUSTRIAL: Meeting of Creditors Set for June 7 -------------------------------------------------------------- Creditors of Cambridgeshire Industrial Flooring Limited (Company Number 01593190) will meet at 10:30 a.m., on June 7 at: Best Western Quy Mill Hotel Church Road Stow-Cum-Quy Cambridge CB5 9AF United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on June 6 at: Graham Bushby Administrator Baker Tilly 5th Floor Exchange House 446 Midsummer Boulevard Central Milton Keynes MK9 2EA United Kingdom Tel: 01908 687 800 Fax: 01908 687 801 Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. DOVEDALE FINANCE: Moody's Rates Class C Notes at (P)Ba2 ------------------------------------------------------- Moody's Investors Service has assigned provisional long-term credit ratings to these classes of Notes issued by Dovedale Finance No.1 Plc: -- (P)A1 to the GBP Class A1 Notes due December 2038; -- (P)A1 to the EUR Class A2 Notes due December 2038; -- (P)Baa2 to the GBP Class B1 Notes due December 2038; -- (P)Baa2 to the EUR Class B2 Notes due December 2038; -- (P)Ba2 to the GBP Class C1 Notes due December 2038; and -- (P)Ba2 to the EUR Class C2 Notes due December 2038. The Class A Notes are expected to total GBP13,337,210; the Class B Notes are expected to total GBP36,677,329; and the Class C Notes are expected to total GBP53,348,842. The split within the A, B and C Note Classes has still to be finalized. Class A will represent 10%; Class B 27.5%; and Class C 40% and all are protected by threshold amount of 22.5%. The ratings assigned take into account the credit risk associated with the Credit Default Swap and the legal and structural integrity of the transaction. This is a synthetic transaction, where investors take the credit risk on the Issuer Reserve Funds on 7 underlying Leek transactions, which are securitization of U.K. non-conforming mortgage loans originated by: -- Platform Funding Limited, -- Kensington Mortgage Company Limited, -- Advance Home Loans Limited, -- Equfund (RTB) Limited, -- Genesis Home Loans PLC, -- Grosvenor Home Loans Limited, -- Flagship Homeloans Limited, -- Citibank International plc, -- The Money Store Limited, -- Southern Pacific Mortgage Limited, and -- Mortgage Agency Services Number One Limited. The servicing of the mortgages has been delegated to Western Mortgage Services Limited, a wholly owned subsidiary of Britannia Building Society (A2, Prime-1). Concurrently with the issuance of the Notes the Issuer will, on the Closing Date, enter into the CDS with Britannia Building Society in its role as Credit Default Swap Counterparty. In return for periodic payments of Swap Premium by the Credit Default Swap Counterparty, the Issuer will be liable to pay Credit Protection Payments to the Credit Default Swap Counterparty upon the occurrence of a Credit Event with respect to the underlying Leek Reserve Funds. A Credit Event will occur if on a final repayment date the total amount available to repay a subordinated loan of the underlying Leek transaction plus ultimate deferred consideration amount is less than the aggregate of the subordinated loan principal and the ultimate deferred consideration amount. The transaction benefits from the Threshold Amount, which is initially [22.5%] of the total reference pool of Leek subordinated loans and ultimate deferred consideration amounts. Upon the final repayment date of a Leek transaction the Threshold amount will decrease with the maximum of the Transaction Specific Threshold amount of that relevant transaction and the credit event amount, if any, subject to a minimum of zero. Unless and until a Credit Event Amount exceed the Threshold Amount, no Credit Protection Payments will be payable by the Issuer. The underlying transactions are: -- Leek Finance Number Ten PLC, -- Leek Finance Number Eleven PLC, -- Leek Finance Number Twelve PLC, -- Leek Finance Number Fourteen PLC, -- Leek Finance Number Fifteen PLC, -- Leek Finance Number Sixteen PLC, and -- Leek Finance Number Seventeen PLC. The ratings assigned to the Dovedale Notes may experience greater volatility than other U.K. Non-conforming RMBS as the assets backing the Dovedale transaction are first loss pieces. The underlying reserve funds are therefore exposed to any change in the performance of the collateral of the underlying transactions. However, the underlying transactions are currently performing in line with expectations and the pools benefit from significant amounts of seasoning. Britannia, the seller and originator of the underlying mortgage assets is currently rated A2/Prime-1. DOVEDALE FINANCE: S&P Assigns BB Rating to Two Notes Classes ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP103.3 million asset-backed floating- rate credit-linked notes to be issued by Dovedale Finance No. 1 PLC, an SPE. The purpose of the transaction is to transfer the credit risk associated with the reserve funds in seven Leek transactions from Britannia Building Society to third-party investors. Britannia originated the underlying Leek transactions between 2003 and 2006. On the closing date, the issuer will deposit the issuance proceeds of the notes as cash with Britannia, as transaction account bank. At the same time, it will enter into a CDS for GBP103 million with Britannia, under which the issuer will sell protection on the reserve funds of the U.K. RMBS transactions. The funds have a total value of GBP133 million. Britannia will retain an initial threshold amount of GBP30 million. Britannia, as protection buyer, will make quarterly premium payments to the issuer. In return, the issuer must make credit protection payments to Britannia if a credit event occurs, subject to certain conditions being met. If the issuer makes a credit protection payment to Britannia, the principal balance of the notes will be reduced by a corresponding amount. This is the first time that a nonconforming issuer has used various cash reserve funds in a synthetic CDS. Ratings List Dovedale Finance No. 1 PLC GBP103.3 Million Asset-Backed Floating-Rate Credit-Linked Notes Class Prelim. Prelim. rating amount ----- ------- ------- A1 A GBP13.3 Mln A2 A To be determined B1 BBB GBP36.7 Mln B2 BBB To be determined C1 BB GBP53.3 Mln C2 BB To be determined The class A notes will total GBP13.3 million, representing 10% of the reference portfolio. The class B notes will in aggregate equal GBP36.7 million, representing 27.5% of the reference portfolio. The class C notes will total GBP53.3 million, representing 40% of the reference portfolio. DOLLARGRAND PROMOTIONS: Names M.S.E. Solomons as Liquidator ----------------------------------------------------------- M.S.E. Solomons, of SPW Poppleton & Appleby, was appointed Liquidator of Dollargrand (Promotions) Limited after creditors decided to wind up the company during an extraordinary general meeting on March 22. The company can be reached at: Dollargrand (Promotions) Limited 14-16 Peterborough Road London SW6 3BN United Kingdom Tel: 020 7384 2662 020 7431 2756 0845 108 4455 Fax: 0845 108 4433 DPP CARPETS: Financial Woes Trigger Liquidation ----------------------------------------------- DPP Carpets Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. C.H.I. Moore, of K.J. Watkin & Co., was appointed Liquidator. The company can be reached at: DPP Carpets Limited Unit 10 Gilbert Enterprise Park Ashmore Lake Road Willenhall WV124LA United Kingdom Tel: 01902 601 222 FCE BANK: S&P Places BB- Long-Term Rating on Watch Developing ------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor Credit Co., and related entities -- except FCE Bank PLC -- on CreditWatch with negative implications. The 'BB-' long-term rating on FCE Bank PLC, Ford Credit's European bank, was placed on CreditWatch with developing implications, while its 'B-2' short-term rating was placed on CreditWatch with negative implications. The Ford CreditWatch placement reflects Standard & Poor's increasing concerns about Ford's performance in 2006 amid deteriorating product mix and market share in North America and persistently high commodity costs generally. Standard & Poor's currently plans to resolve both of these reviews by the end of June. "We will consider the effect of the continuing pressure on Ford's midsize SUVs, as well as prospects for the health of the crucial full-size pickup segment," said Standard & Poor's credit analyst Robert Schulz. "The remainder of Ford's automotive operations and Ford Credit are performing in line with our expectations and so are not central factors in this review. But, the performance of these units is not sufficient to offset the problems the company faces in its North American operations," he continued. The developing CreditWatch on FCE Bank PLC's long-term rating reflects Standard & Poor's intention to reassess the protections afforded FCE's creditors, given the regulation of FCE by the U.K. Financial Services Authority. Any rating differentiation of FCE's rating from that on Ford Motor Credit Co. would likely be limited to one notch, as is the case with several other captive finance subsidiaries of major European automotive groups. As part of this review, Standard & Poor's will assess Ford's sales performance for the remainder of 2006 and will meet with Ford's management to discuss the company's plans to address the heightened challenges it faces in North America. FOOD MATTERS: Creditors' Meeting Slated for June 8 -------------------------------------------------- Creditors of Food Matters Europe Limited (Company Number 03875384) will meet at 12:00 noon on June 8 at: 25 Harley Street London W1G 9BR United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on June 7 at: Bernard Hoffman and Ian Douglas Yerrill Joint Administrators Gerald Edelman Suite 2 Kent House Station Road Ashford Kent TN23 1PP United Kingdom Tel: 01233 666 280 Fax: 01233 666 281 Gerald Edelman -- http://www.geraldedelman.com/-- is registered to carry on audit work by the Institute of Chartered Accountants in England and Wales and is authorized and regulated by the Financial Services Authority. HERITABLE BANK: Fitch Upgrades Individual Rating to C ----------------------------------------------------- Fitch Ratings upgraded U.K.-based Heritable Bank Limited's Individual rating to C from C/D and affirmed the other ratings at Issuer Default A, Short-term F1 and Support 1. The Outlook is Stable. The Issuer Default rating, Short-term and Support ratings of Heritable are based on a guarantee of all its obligations from its parent, Landsbanki Islands of Iceland, which has an IDR A. The upgrade reflects Heritable's rapidly improving profitability, the growth in its balance sheet and the increasing diversification in its loan portfolio. However, it also reflects Fitch's concerns that asset quality may be expected to deteriorate slightly as the rapidly grown loan portfolio seasons. Heritable is a small U.K. bank, specializing in property finance, and has expanded rapidly in the last three years. Since 2003, the bank has grown its residential mortgage business, which now accounts for around half of the portfolio, with the remainder largely being commercial and residential developments. In April 2005, Heritable bought Key Business Finance Corporation, a provider of short-term working capital to professional, mainly law, firms. Heritable also set up an asset finance operation in 2005, which is growing well. These developments have helped diversify the loan portfolio and the bank is now fully self-funded. Heritable was established in 1877. It is a 100% subsidiary of Landsbanki and was acquired in 2000 as part of Landsbanki's strategy to diversify its business outside Iceland. INEOS VINYLS: New Ownership Structure Spurs S&P's Watch Positive ---------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with positive implications its 'B' long-term corporate credit rating on U.K.-based PVC producer, Ineos Vinyls Ltd. The 'CCC+' rating on the 2011 bonds guaranteed by Ineos Vinyls was also placed on CreditWatch positive. The CreditWatch placement reflects the announcement by Ineos Group Holdings PLC (Ineos Group; B+/Stable/--) that it will acquire 100% of Ineos Vinyls (from 0%) and subsequently will guarantee Ineos Vinyls' outstanding bond. Ineos Group intented to buy Ineos Chlor (not rated, and not owned by Ineos Group). These three sister companies are ultimately 100% owned by the same shareholders, and these acquisitions, if successful, will thus regroup the assets under one controlling entity, Ineos Group. Ineos Chlor and Vinyls are small compared with Ineos Group. The rating on the latter is unaffected by the announcement. Several commercial, project, and product links exist between these entities. The CreditWatch resolution will focus on: -- the finalization of the process, which depends notably on lenders' consent; and -- the finalization of the debt, legal structure, and documentation. "Standard & Poor's review, which should occur in the next few weeks, could result in Ineos Vinyl's ratings being equalized with the rating on Ineos Group," said Mr. Zitouni. The rating on Ineos Vinyls reflects the company's exposure to the low-margin, cyclical Western European PVC market, persisting operating challenges resulting in limited EBITDA generation, weak or nonexistent free operating cash flow (FOCF) capabilities, and a still-leveraged profile. These weaknesses are partially offset by adequate cash balances and support from the parent, INEOS. INTERNEXUS GROUP: Brings In Grant Thornton Administrators --------------------------------------------------------- Martin Ellis, Andrew Hosking and Leslie Ross of Grant Thornton U.K. LLP were appointed joint administrators of The Internexus Group Limited (Company Number 3376785) on May 5. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. Headquartered in Burnley, England, The Internexus Group Limited -- http://www.internexusgroup.co.uk/-- is a leading provider of Voice/Internet and E-Business solutions for a diverse range of customers from small businesses to large multi-nationals. INXPRESSION LIMITED: Claims Filing Period Ends June 23 ------------------------------------------------------ Creditors of Inxpression Limited have until June 23 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 Liquidator, M.H. Abdullah, of Moore Stephens. The company can be reached at: Inxpression Limited Repeat House Bright Road Eccles Manchester Lancashire M30 0WG United Kingdom Tel: 0161 789 8109 Fax: 0161 789 7392 ONLINE DESIGN: Joint Liquidators Take Over Operations ----------------------------------------------------- Neil Henry and Michael Simister, of Lines Henry, were appointed Joint Liquidators of Online Design Media Limited after creditors passed a resolution to wind up the company during an extraordinary general meeting on March 24. The company can be reached at: Online Design Media Limited Caversham House 4 Gosbrook Road Caversham Reading Berkshire RG4 8BS United Kingdom Tel: 0870 777 0802 0118 947 6644 Fax: 0118 947 6690 QUESTOR INTERNATIONAL: Brings In Liquidator from Piper Thompson --------------------------------------------------------------- Tony James Thompson, of Piper Thompson, was appointed Liquidator of Questor International Limited after creditors agreed to liquidate the company's assets on March 23. The company can be reached at: Questor International Limited Liberty House 222 Regent Street London W1B 5TR United Kingdom Tel: 020 7297 2001 RICHARD T.: Taps Begbies Traynor to Administer Assets ----------------------------------------------------- David Acland and Andrew Dick of Begbies Traynor were appointed joint administrators of Richard T. Cort (Holdings) Limited (Company Number 01883973) on May 5. 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. Headquartered in Bury, England, Richard T. Cort (Holdings) Limited sells motor vehicles. SANCTUARY GROUP: Frank Presland Replaces Andy Taylor as CEO ----------------------------------------------------------- The Board of Directors for The Sanctuary Group removed Group Chief Executive Andy Taylor as director of the company. Frank Presland, chief executive of Twenty-First Artists Management Limited, was appointed by the Board to be Chief Executive for the remainder of 2006, at which point the position will be reviewed. Mr. Presland, 62, is chief executive of Twenty-First Artists Management Limited, a music management company providing management services to acts. Sanctuary acquired Twenty-First Artists in 2005. The Board's decision to remove Mr. Taylor followed their conclusion that certain of the prior year adjustments made in the 2005 accounts should have been presented as a correction of fundamental errors and not as changes in accounting policy. The Board reached this conclusion in the context of its review of the 2005 financial statements in order to respond to questions raised by The Financial Reporting Review Panel. As a result of this review, the Board confirmed that the accounting policies adopted by the Company in the 2005 financial statements in respect of the items under review were appropriate and no adjustments are required to be made to the consolidated balance sheet of the Group as at Sept. 30, 2005 as a result of the review. The P&L account for the year to Sept. 30, 2005 may be adjusted as a result of certain exceptional items being recognized in prior years. Sanctuary Chairman Bob Ayling expressed, "I am delighted that Frank Presland has agreed to step up to the role of CEO. He is a hugely experienced and respected industry figure and knows the Group well. He will help drive the business to deliver appropriate levels of performance." About the Company Based in London, The Sanctuary Group PLC -- http://www.sanctuarygroup.com/-- is one of the world's leading developers of music intellectual property rights (IPR), with offices in New York, Berlin, Houston and Los Angeles. In 2004, Sanctuary recorded a turnover of GBP221 million and a group profit of GBP16.1 million. * * * On Sept. 21, 2005, due to a number of operational and trading problems, the company said it is likely to generate a loss at EBITDA level before exceptional items such as restructuring costs and provisions. The Group has also suffered from recent negative commentary as a result of poor trading in 2005 and this has had an adverse impact in particular in the Records division. It would be looking at disposals of a number of non-core businesses, following the completion of the sale of its Book Publishing division to Music Sales. SUPANET LIMITED: Appoints Grant Thornton Administrators ------------------------------------------------------- Martin Ellis, Andrew Hosking and Leslie Ross of Grant Thornton U.K. LLP were appointed joint administrators of Supanet Limited (Company Number 3995772) on May 5. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. Headquartered in Burnley, England, Supanet Limited is a virtual internet service provider. SWIFTSEAL MASTIC: Brings In Gordon Craig to Administer Assets ------------------------------------------------------------- Gordon Craig of Cresswall Associates Limited was appointed administrator of Swiftseal Mastic Services Limited (Company Number 4891338) on April 25. The administrator can be contacted at: Cresswall Associates Limited Maple View White Moss Business Park Skelmersdale WN8 9TG United Kingdom Headquartered in Chorley, England Swiftseal Mastic Services Limited is engaged in general construction services. TALISMAN-1: Fitch Affirms EUR7.7 Million Class G Notes at BB ------------------------------------------------------------ Fitch Ratings affirmed Talisman-1 Finance Plc's floating rate notes due 2014 as: -- EUR227.3 million Class A at AAA; -- EUR0.05 million Class X at AAA; -- EUR31.3 million Class B at AA; -- EUR31.3 million Class C at A; -- EUR30.1 million Class D at BBB; -- EUR3.4 million Class E at BBB-; -- EUR5.8 million Class F at BB; and -- EUR7.7 million Class G at BB. The affirmation follows a detailed review of the transaction. As of the April 2006 interest payment date, three of the original four loans remained, totaling EUR402.9 million. The AZL loan was prepaid after all 25 properties securing the loan had been sold, leading to an increase in credit enhancement. The remainders are secured on residential and retail properties in Berlin, Hamburg and North Rhine Westphalia, Germany. The weighted average interest and debt service coverage ratio in April 2006 were at 1.8x and 1.5x while the weighted average loan notes of the VVG and Prime Commercial loans. The ICR for the A notes remained stable around 2.4x; the respective LTV improved to 66% from 73% since closing in May 2005. The VVG loan experienced a sharp decline in ICR / DSCR in January 2006. This was due to three reasons: increased expenses, annual expense payments related to tenants and properties, and finally the annual amortization. The loan did not breach the ICR trigger. Due to the absence of scheduled amortization there is no DSCR trigger. No actual shortfall occurred. In April 2006, the loan returned to the previous ICR range of 1.7x. Around 48% of all leases will expire in 2012. The final legal maturity of the transaction is 2014. Despite the good performance and the increased credit enhancement, all ratings were affirmed rather than upgraded. The main reasons were the relatively short lease term and the increased concentration risk. Fitch will continue to monitor the performance of the transaction. THOMAS NORMAN: Appoints Joint Administrators from Chantrey ---------------------------------------------------------- Richard Howard Toone and Kenneth William Touhey of Chantrey Vellacott DFK were appointed joint administrators of Thomas Norman Limited (Company Number 00188274) on May 3. Headquartered in Hove, East Sussex, Chantrey Vellacott DFK -- http://www.cvdfk.com/-- is one of the oldest firms of chartered accountants in the United Kingdom. It provides accounting, taxation and related advisory services. Based in Kent, Thomas Norman Limited -- http://www.thomasnorman.co.uk/-- manufactures corrugated paper and paperboard and of containers of paper and paperboard. TN LOGISTICS: Menzies Joint Administrators Take Helm ---------------------------------------------------- Jason James Godefroy and Paul John Clark of Menzies Corporate Restructuring were appointed joint administrators of TN Logistics Limited (Company Number 05128224) on May 9. Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating from 628 offices in 92 countries. TN Logistics Limited can be reached at: Flat 14 Oyster Quay Port Way Port Solent Portsmouth PO6 4TE United Kingdom TURRELL CONSTRUCTION: Mazars Administrators Take Over Operations ---------------------------------------------------------------- Timothy Colin Hamilton Ball and Roderick John Weston of Mazars LLP were appointed joint administrators of Turrell Construction Limited (Company Number 04016867) on May 10. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Headquartered in Bracknell, England, Turrel Construction Limited constructs houses. V. AND J.: Appoints Marriotts LLP Joint Liquidators --------------------------------------------------- Kevin Thomas Brown and Anthony Harry Hyams of Marriotts LLP were appointed joint administrators of V. and J. Harbour Limited (Company Number 01266233) on April 28. The administrators can be reached at: Marriotts LLP Allan House 10 John Princes Street London W1G 0JW United Kingdom Tel: 020 7495 2348 Headquartered in Watford, England, V. and J. Harbour Limited provides telecommunications services. * 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 (214) 1,756 183 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) 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 (64) 104 (15) Schaltbau Hold SLTG (23) 144 (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) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 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 Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) 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 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 (16,942) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) 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 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 (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) 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) 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) Imperial Chemical Industries Plc ICI (835) 8,881 (49) 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 (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) 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) UK Coal Plc UKC (25) 865 (62) 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, Carmel Paderog, and Joy Agravante, 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 * * *