/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060614.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 Wednesday, June 14, 2006, Vol. 7, No. 117 Headlines F I N L A N D SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB F R A N C E AXLETECH INT'L: Moody's Holds Junk Rating on Senior Secured Loan G E R M A N Y AUTOHAUS BERGERHAUSEN: Claims Registration Ends June 29 CONWIND GMBH: Claims Registration Ends July 3 CSC CARGO: Creditors' Meeting Slated for June 29 ESSENTIAL PUBLIC: Fitch Rates EUR6.75-Mln Class E Notes at BB GEFATEC GESELLSCHAFT: Creditors' Meeting Slated for June 29 GERMAN MEDIA: Meeting of Creditors Set for June 29 HWG ALTWISMARSTRASSE: Claims Filing Period Ends July 3 KABEL BW: Moody's Places Junk Debt Ratings Under Review KILA-DRUCK: Claims Filing Period Ends June 28 KRUSE GESELLSCHAFT: Claims Filing Period Ends July 3 SCHWARZ & SOHN: Claims Registration Ends June 30 W. MOBES: Creditors' Meeting Slated for June 29 I R E L A N D EIRCOM GROUP: Deutsche Bank Holds 5.65% Notifiable Interest I T A L Y PARMALAT SPA: US Court Extends Prelim Injunction to Sept. 15 K A Z A K H S T A N BARS-PV: Creditors Must File Claims by June 23 DOSYA AZIA: East Kazakhstan Court Opens Bankruptcy Proceedings HOLDING KURYLYS: Almaty Court Begins Bankruptcy Proceedings KRONIKAL: Mangistau Court Starts Bankruptcy Process MAKSIMUM LTD: Creditors Must File Claims by June 23 NIKOS-PV: Proof of Claim Deadline Slated for June 23 ONIKS-OIL-PV: Claims Registration Ends June 23 PERIZAT EKIBASTUZ: Creditors' Claims Due June 23 K Y R G Y Z S T A N M.H. INTERNATIONAL: Creditors Must File Claims by Aug. 7 PROMENERGOSERVIS: Proof of Claim Deadline Slated for Aug. 8 ROOFING AND INSULATING: Claims Registration Ends Aug. 8 L U X E M B O U R G NORTEL NETWORKS: Files Unaudited First Quarter Financial Reports NORTEL NETWORKS: S&P Keeps B Credit Rating on Negative Watch P O L A N D NETIA SA: Subsidiaries Register Share Capital Increases PKBL SA: Asset SA Sells 84.51% of Equity Stake to Final Holding R U S S I A ENISEY BREAD: Court Starts Bankruptcy Supervision HIMPLAST: Bankruptcy Hearing Slated for August 23 NOVOTERENGULSKOYE: Court Starts Bankruptcy Proceedings PENZA-TEXTILE: Court Commences Bankruptcy Proceedings RESHOTINSKIY CHEMICAL: Court Begins Bankruptcy Supervision ROSNEFT OIL: Earns US$802 Million of Net Income in First Quarter SEVERSTAL: Reaffirms Arcelor's Recommendation on Merger Offer STREZHEVSKOYE BEER: Court Hearing Salted for July 13 TOPKINSKIY PIPE: Court Opens Bankruptcy Proceedings YUKOS OIL: Bankruptcy Hearing Slated for June 27 U K R A I N E AGROSERVICE: Court Begins Bankruptcy Supervision ATTIK: AR Krym Court Begins Bankruptcy Supervision ESKOM: Court Names Oleg Oprishko to Manage Insolvency Assets NOVA-ETEREY: Court Names L. Leonidov as Insolvency Manager REINFORCED METAL: Court Begins Bankruptcy Supervision Procedure RESURS-2005: Court Appoints M. Kozlov to Liquidate Assets RIVNEOBLAGROTEHSERVICE: Court Commences Bankruptcy Supervision SKIBIN: Court Names Terentij Davidyuk as Liquidator U N I T E D K I N G D O M 21ST CENTURY: Brings In Begbies Traynor as Administrators AUDIO MEDICAL: Creditors Pass Winding Up Resolution B.A.T. DESIGN: Claims Filing Period Ends June 30 BARKER INTERIORS: Appoints Moore Stephens as Administrators BEAVER SHOES: Financial Woes Prompt Liquidation BROOKS LANE: Creditors Resolve to Liquidation C & W PAVING: Brings In Joint Liquidators from Hawdon Bell & Co. CABLE & WIRELESS: Employee Share Trustees Shed 4,493 Shares CABLE & WIRELESS: FMR & Fidelity Hold 4.18% Equity Stake CAXTON PRINT: Names Joint Administrators from Harrisons CLASSIC BUILD: Appoints Administrators from Smith & Williamson CLEMENTS PRECISION: Taps Gerald Irwin to Liquidate Assets COMPLETE MEDIA: Names Greg Whitehead Liquidator DALE PIANOS: Hires Liquidator from Sale Smith & Co. Limited IGNITE FIRES: Creditors Confirm Voluntary Liquidation INVESTEC BANK: S&P Assigns BB Rating to Class D Notes KENT LAMINATORS: Hires SFP to Administer Assets LADYBUG LIMITED: Appoints P.D. Masters as Liquidator MIDLAND & NORTHERN: Names Roderick G. Butcher as Administrator MISYS PLC: Discloses 499,341,441 Shares In Issue PERMACELL FINESSE: Brings In Begbies Traynor as Administrator RANK GROUP: Cancels 850,000 Shares in Buy Back Program RETAIL GROUP: Appoints Joint Administrators from Vantis RON LEIGH: Names Joint Administrators from Milner Boardman WESTWING INVESTMENTS: Hires Rothman Pantall as Administrators ********* ============= F I N L A N D ============= SEA FORT: Fitch Rates EUR15 Million Class E Notes at BB ------------------------------------------------------- Fitch Ratings placed expected ratings to SEA FORT Securities PLC.'s EUR1 billion notes and senior credit-default swap due December 2014 as: -- EUR855 million SCDS: AAA; -- EUR41.5 million Class A notes: AAA; -- EUR22 million Class B notes: AA; -- EUR14.5 million Class C notes: A; -- EUR14.5 million Class D notes: BBB; and -- EUR15 million Class E notes: BB. This transaction is a securitization of EUR-denominated bank loans and drawn credit facilities to small-and medium-sized entities as well as large corporate entities and financial institutions incorporated in Finland and originated by Sampo Bank PLC. The final ratings are contingent on the receipt of final documents conforming to information already received. The expected ratings of the notes are based on the credit quality of the reference pool, the cash deposit as collateral, available credit enhancement, the origination and servicing capabilities of Sampo and the transaction's sound financial and legal structure. Credit enhancement for the SCDS totals 10.35% and is provided by the Class A notes, Class B, Class C, Class D, the Class E notes and Class F. In addition, credit enhancement will be available from synthetic excess spread to cover losses via a PDL mechanism. The issuer is a special-purpose vehicle incorporated in Ireland with limited liability. The SCDS and all the Classes of credit- linked notes will be backed by a credit default swap between the issuer and Sampo through which the issuer receives a premium one month in advance from the swap counterparty in exchange for loss protection on a reference portfolio. The net proceeds of the notes, together with the initial CDS payment, will be invested in Dexia Municipal Agency covered bonds, which serves as collateral for the notes. The notes assume the economic risk of the EUR1bn reference portfolio. As of the closing date, the reference portfolio will consist of 608 borrowers with their primary incorporation in Finland. All of the loans were performing at the time of inclusion. The transaction will have a replenishment period of three years with replenishment conditions in order to maintain the expected credit quality over the life of the transaction. The transaction will de-reference in 5.5 years on the final redemption date falling in December 2011. The rating of the notes addresses timely payment of interest on the adjusted principal balance of the notes and ultimate payment of principal on the initial balance of the notes in accordance to the terms and conditions of the notes. =========== F R A N C E =========== AXLETECH INT'L: Moody's Holds Junk Rating on Senior Secured Loan ---------------------------------------------------------------- Moody's Investors Service confirmed the ratings of AxleTech International Holdings, Inc. The action concludes a review for possible downgrade announced on April 10, 2006 following the company's request to its bank group for an extension to the delivery date of its audited financial statements for Dec. 31, 2005. The request was driven by complications associated with multiple stub accounting periods and purchase accounting following the acquisition in October 2005. The company received the requested waiver, completed its audit process, supplied required financial statements to its lenders and is current in its reporting requirements. While performance from the date of the acquisition through the first quarter of 2006 has been slightly below plan, prospectively it remains consistent with Moody's expectations at the time of the initial ratings assignment. One-time expenses and purchase accounting adjustments account for the bulk of variations from original expectations, although working capital needs and corresponding use of the revolving credit in the first quarter of 2006 exceeded anticipated amounts. The company was in compliance with its financial covenants at March 31 with ample headroom. Moody's anticipates AxleTech's prospective debt protection measures will continue in an acceptable range for the B2 Corporate Family rating category and support a stable outlook. Ratings Confirmed: * Corporate Family, B2 * Senior Secured First Lien bank debt, B2 * Senior Secured Second lien term loan, Caa1 AxleTech International Holdings, Inc., headquartered in Troy, Michigan, is a leading supplier of planetary axles, brakes and other drivertrain components and aftermarket for off-highway, military and specialty vehicles. The company has approximately 425 employees with significant operations in Oshkosh, Wisconsin, Belvidere, Illinois, St. Etienne, France, and Osasco, Brazil. ============= G E R M A N Y ============= AUTOHAUS BERGERHAUSEN: Claims Registration Ends June 29 ------------------------------------------------------- Creditors of Autohaus Bergerhausen GmbH have until June 29 to register their claims with court-appointed provisional administrator Dr. Martin Dreschers. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 18, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Room K5 3rd Floor Old Post Office Yard 1 52062 Aachen, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Aachen opened bankruptcy proceedings against Autohaus Bergerhausen GmbH on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Bergerhausen GmbH Boscheler Berg 4 b 52134 Herzogenrath, Germany Attn: Stephan Bergerhausen, Wiesengrund 1 52499 Baesweiler, Germany The administrator can be contacted at: Dr. Martin Dreschers Juelicher Road 116 52070 Aachen, Germany CONWIND GMBH: Claims Registration Ends July 3 --------------------------------------------- Creditors of ConWind GmbH have until July 3 to register their claims with court-appointed provisional administrator Dr. A. Kohler. Creditors and other interested parties are encouraged to attend the meeting at 9:28 a.m. on Aug. 7, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Montabaur Hall 106 1 Stock Law Courts Station Route 47 56410 Montabaur, 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 Montabaur opened bankruptcy proceedings against ConWind GmbH on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ConWind GmbH Robert-Bosch-Road 10/III 56410 Montabaur, Germany Attn: Ciro Capricano, Manager Parkstrasse 22 65582 Diez, Germany Heinz Weisenbach, Manager Emperor Maximilian Place 6 87629 Fuessen The administrator can be contacted at: Dr. A. Kohler William Route 42 65582 Diez, Germany Tel: 06432/64580 Fax: 06432/645820 CSC CARGO: Creditors' Meeting Slated for June 29 ------------------------------------------------ The court-appointed provisional administrator for CSC Cargo Schnell Courier Popp GmbH, Rolf Nacke, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:29 a.m., on June 29. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:55 a.m., on Sept. 14 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 CSC Cargo Schnell Courier Popp GmbH on April 27. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: CSC Cargo Schnell Courier Popp GmbH Mohnweg 37 12357 Berlin, Germany The administrator can be reached at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin, Germany ESSENTIAL PUBLIC: Fitch Rates EUR6.75-Mln Class E Notes at BB ------------------------------------------------------------- Fitch Ratings assigned Essential Public Infrastructure Capital II GmbH's EUR79 million Class A+, A, B, C, D and E credit-linked floating-rate notes expected ratings: -- EUR0.5 million Class A+: AAA; -- EUR45 million Class A: AAA; -- EUR9 million Class B: AA; -- EUR9 million Class C: A; -- EUR9 million Class D: BBB; and -- EUR6.75 million Class E: BB. The transaction is a securitization of an internationally diversified portfolio of loans, bonds and guarantees to public infrastructure projects in the transport, healthcare, schools and waste management sectors. EPIC II is a bankruptcy-remote, special-purpose vehicle incorporated in Germany. The structure follows the template introduced by the True Sale Initiative, whereby the SPV is jointly and equally owned by three German charitable trusts. At closing, DEPFA BANK plc will buy principal protection under a bank swap in respect of a EUR900 million reference portfolio, net of a threshold amount, from the German public agency KfW. KfW will hedge its exposure by issuing the credit-linked certificates of indebtedness to be purchased by Epic II using the note proceeds and by entering into a senior credit default swap with a senior swap provider. The preliminary reference portfolio at closing will total EUR718.054 million and may increase up to EUR900 million during the revolving period subject to Fitch confirming the inclusion of additional reference obligations. The expected ratings of the notes are based on the credit quality of the reference portfolio, the available credit enhancement in the form of subordination, DEPFA's origination and servicing capabilities, the transaction's financial and legal structure and the credit quality of the collateral issued by KfW. Credit enhancement for the Class A+ notes and the SCDS totals 10.5% and is provided by the Class A notes, Class B notes, the Class C notes, the Class D notes, the Class E notes and the threshold amount. In assigning the ratings and carrying out its analysis Fitch employed the use of its collateralized debt obligation group and its project finance team. The project finance group assigned the ratings, gave input on correlation assumptions and asset-by- asset recovery rates. In its analysis the CDO group utilized its Vector model, which has the capability to design bespoke correlation matrices and utilize short positions in order to reflect the unique characteristics of Public Private Partnership assets. GEFATEC GESELLSCHAFT: Creditors' Meeting Slated for June 29 ----------------------------------------------------------- The court-appointed provisional administrator for Gesellschaft fuer Fassaden-Technik mbH, Dr. Petra Hilgers, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m., on June 29. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:45 a.m., on Sept. 14 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 Gesellschaft fuer Fassaden-Technik mbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: Gesellschaft fuer Fassaden-Technik mbH Haderslebener Str. 26 A 12163 Berlin, Germany The administrator can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin, Germany GERMAN MEDIA: Meeting of Creditors Set for June 29 -------------------------------------------------- The court-appointed provisional administrator for German Media GmbH, Dr. Petra Hilgers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:10 a.m., on June 29. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:10 a.m., on Sept. 14 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 German Media GmbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: German Media GmbH Gubener Str. 44 10243 Berlin, Germany The administrator can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin, Germany HWG ALTWISMARSTRASSE: Claims Filing Period Ends July 3 ------------------------------------------------------ Creditors of HWG Altwismarstrasse GmbH have until July 3 to register their claims with court-appointed provisional administrator Reinhard Titz. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Aug. 2, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 4th Floor Sievekingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against HWG Altwismarstrasse GmbH on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HWG Altwismarstrasse GmbH Attn: Herbert Wenzel, Manager Apostelweg 2 22143 Hamburg, Germany The administrator can be contacted at: Reinhard Titz Speersort 4/6 20095 Hamburg, Germany Tel: 303010 Fax: 30301226 KABEL BW: Moody's Places Junk Debt Ratings Under Review ------------------------------------------------------- Moody's Investors Service put the ratings of Kabel BW Holdings GmbH on review for possible downgrade. The downgrade is initiated following the announcement of a secondary buy-out by EQT Partners and implementation of a new capital structure. Ratings affected: Kabel BW Holdings GmbH: -- Corporate Family rating at B2; and -- EUR170 million senior subordinated note due 2015 at Caa1. The review will focus on the new capital structure and its impact on the company's leverage profile. At the same time, Moody's notes the announcement of a tender offer dated June 2 for the outstanding bonds, which is valid until June 30. In the event all the bonds are tendered, the rating agency will withdraw the rating on the bonds. Headquartered in Germany, KBW is a Level 3 cable television provider in Germany located in the federal region of Baden- Wurttemberg. In Q1 2006, the company reported revenues of approximately EUR71.9 million. KILA-DRUCK: Claims Filing Period Ends June 28 --------------------------------------------- Creditors of kila-druck GmbH have until June 28 to register their claims with court-appointed provisional administrator Dr. Bernd Schneiderbanger. Creditors and other interested parties are encouraged to attend the meeting at 1:15 p.m. on July 25, 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 Hof Meeting Room 012 Ground Floor Berliner Place 1 95030 Yard, 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 Hof opened bankruptcy proceedings against kila-druck GmbH on April 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: kila-druck GmbH Schuetzenstr. 2-4 95158 Kirchenlamitz, Germany The administrator can be contacted at: Dr. Bernd Schneiderbanger Schillerstr. 2 95028 Hof, Germany Tel: 09281/71550 Fax: 09281/715555 KRUSE GESELLSCHAFT: Claims Filing Period Ends July 3 ---------------------------------------------------- Creditors of Kruse Gesellschaft fuer SystemTechnik mbH have until July 3 to register their claims with court-appointed provisional administrator Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 1, 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 Hanover Hall 226 2 Upper Floor Hamburg Avenue 26 30161 Hanover, 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 Kruse Gesellschaft fuer SystemTechnik mbH on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kruse Gesellschaft fuer SystemTechnik mbH Attn: Werner Kruse, Manager Merkurstr. 1a 30419 Hanover, Germany The administrator can be contacted at: Helge Wachsmuth Alexanderstr. 2 30159 Hanover, Germany Tel: 0511/325095 Fax: 0511/329934 SCHWARZ & SOHN: Claims Registration Ends June 30 ------------------------------------------------ Creditors of Schwarz & Sohn Bauausf�hrungen GmbH have until June 30 to register their claims with court-appointed provisional administrator Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 28, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 4th Floor Sievekingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dresden opened bankruptcy proceedings against Schwarz & Sohn Bauausf�hrungen GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Schwarz & Sohn Bauausf�hrungen GmbH Schnackenburgallee 22 22525 Hamburg, Germany Attn: Oswald Buechler, Manager Ehrenbergstrasse 60 22767 Hamburg, Germany The administrator can be contacted at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg, Germany Tel: 36968351 Fax: 36968383 W. MOBES: Creditors' Meeting Slated for June 29 ----------------------------------------------- The court-appointed provisional administrator for W. Mobes Nachf. GmbH, Dr. Petra Hilgers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m., on June 29. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:50 a.m., on Sept. 14 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 W. Mobes Nachf. GmbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed The Debtor can be reached at: W. Mobes Nachf. GmbH Bergiusstrasse 40 12057 Berlin, Germany The administrator can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin, Germany ============= I R E L A N D ============= EIRCOM GROUP: Deutsche Bank Holds 5.65% Notifiable Interest ----------------------------------------------------------- Deutsche Bank AG and its affiliates disclosed a 5.65% notifiable interest in 60,664,609 ordinary shares of eircom Group plc. Part of this holding may relate to hedging arrangements for customer transactions. Deutsche Bank AG is a corporation domiciled in Frankfurt, Germany, of which Deutsche Bank AG London is a branch. Headquartered in Dublin, Ireland, eircom Group plc -- http://eircom.net/-- is the principal provider of fixed-line telecommunications services in Ireland, as well as the leading Internet service provider and, following its acquisition of Meteor, the third largest mobile operator in Ireland. * * * As reported in the Troubled Company Reporter on March 3, Moody's Investors Service has assigned a Ba2 corporate family rating to eircom Group plc (eircom). Concurrently Moody's changed the rating outlook to negative from stable. ========= I T A L Y ========= PARMALAT SPA: US Court Extends Prelim Injunction to Sept. 15 ------------------------------------------------------------ The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York extends the Preliminary Injunction to Sept. 15, 2006, in the case of Parmalat S.p.A. and its debtor-affiliates. In the interim, creditors subject to the jurisdiction of the U.S. court are enjoined from, among others, commencing or continuing any action to collect a prepetition debt against the Foreign Debtors or any of their subsidiaries and affiliates, or Reorganized Parmalat. Permanent Injunction Hearing Set on Sept. 12 Judge Drain directs the Foreign Debtors to file, on or before July 14, 2006, a proposed form of permanent injunction order and supporting documents. The U.S. Bankruptcy Court will convene a hearing on Sept. 12, 2006, at 10:00 a.m., to consider entry of a permanent injunction. Any objection to the entry of the proposed permanent injunction must be filed and served on counsel for the Foreign Debtors by Aug. 14, 2006. Responses to the objections, if any, must be submitted by Sept. 5. Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. The U.S. Debtors filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. =================== K A Z A K H S T A N =================== BARS-PV: Creditors Must File Claims by June 23 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Bars-PV (Case No. 2-709/06) insolvent on March 30. Creditors have until June 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Katayeva Str. 24-8 Pavlodar, Kazakhstan Tel: 8 (3002) 28-47-28 DOSYA AZIA: East Kazakhstan Court Opens Bankruptcy Proceedings -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region commenced bankruptcy proceedings against LLP Financial Industrial Company Dosya Azia Grupp on March 23. HOLDING KURYLYS: Almaty Court Begins Bankruptcy Proceedings ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against OJSC Holding Kurylys Materialdary on April 14. The case is docketed under Case No. 1514. KRONIKAL: Mangistau Court Starts Bankruptcy Process --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region commenced bankruptcy proceedings against LLP Kronikal on April 21. The Specialized Inter-Regional Economic Court of Mangistau Region can be reached at: Micro District 27 Aktau, Kazakhstan Tel: 8 (3292) 41-22-37 MAKSIMUM LTD: Creditors Must File Claims by June 23 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Maksimum Ltd. insolvent on April 17 without introduction of the bankruptcy proceedings. Creditors have until June 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Mangistau Region Building of the Bus Station Micro District 28 Aktau Mangistau Region Kazakhstan Tel: 8 (3292) 41-14-58 Fax: 8 (3292) 41-14-58 NIKOS-PV: Proof of Claim Deadline Slated for June 23 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region LLP Nikos-Pv (Case No. 2-702/06) declared insolvent on March 29. Creditors have until June 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Katayeva Str. 24-8 Pavlodar, Kazakhstan Tel: 8 (3002) 28-47-28 ONIKS-OIL-PV: Claims Registration Ends June 23 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Oniks-Oil-Pv (Case No. 2-670/06) insolvent on March 29. Creditors have until June 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Katayeva Str. 24-8 Pavlodar, Kazakhstan Tel: 8 (3002) 28-47-28 PERIZAT EKIBASTUZ: Creditors' Claims Due June 23 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Perizat Ekibastuz (Case No. 2-320/2006) insolvent on March 28. Creditors have until June 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Katayeva Str. 24-8 Pavlodar, Kazakhstan Tel: 8 (3002) 28-47-28 =================== K Y R G Y Z S T A N =================== M.H. INTERNATIONAL: Creditors Must File Claims by Aug. 7 -------------------------------------------------------- LLC M.H. International has declared insolvency. Creditors have until Aug. 7 to submit written proofs of claim to: LLC M.H. International Izmailovsky Side Street 68 Bishkek, Kyrgyzstan Tel: (0-502) 32-62-20 PROMENERGOSERVIS: Proof of Claim Deadline Slated for Aug. 8 ----------------------------------------------------------- LLC Promenergoservis has declared insolvency. Creditors have until Aug. 8 to submit written proofs of claim to: LLC Promenergoservis Manasa Str. 28-110 Bishkek, Kyrgyzstan Tel: (+996 312) 21-99-83 (+996 312) 95-59-25 ROOFING AND INSULATING: Claims Registration Ends Aug. 8 ------------------------------------------------------- LLC Roofing and Insulating Materials has declared insolvency. Creditors have until Aug. 8 to submit written proofs of claim. The company can be contacted at (+996 312) 54-08-91 or 54-10-36. =================== L U X E M B O U R G =================== NORTEL NETWORKS: Files Unaudited First Quarter Financial Reports ---------------------------------------------------------------- Nortel Networks Corporation (NYSE:NT; TSX: NT) and its principal operating subsidiary Nortel Networks Limited have filed their unaudited financial statements for the first quarter of 2006 prepared in accordance with accounting principles generally accepted in the United States and related Quarterly Reports on Form 10-Q and corresponding Canadian filings. Revenues were US$2.38 billion for the first quarter of 2006, compared to US$2.39 billion for the first quarter of 2005 and US$3.0 billion for the fourth quarter of 2005. The Company reported a US$167 million net loss in the first quarter, compared to a US$104 million net loss in the first quarter of 2005 and a US$2.3 billion net loss in the fourth quarter of 2005. Net loss in the first quarter of 2006 included an income tax expense of approximately US$23 million, a shareholder litigation expense of US$19 million reflecting a mark-to-market adjustment of the share portion of the proposed class action settlement and a benefit of US$35 million in gains on the sale of businesses and assets. Net loss in the first quarter of 2005 included special charges of US$14 million related to restructuring activities. Net loss in the fourth quarter of 2005 included a litigation expense of US$2,474 million for the proposed class action settlement, a tax benefit of approximately US$140 million related to a liability release as a result of new information regarding transfer pricing issues, special charges of US$25 million related to restructuring activities and US$11 million of costs related to the sale of businesses and assets. "I am pleased to be current in our financial reporting," said Mike Zafirovski, president and chief executive officer, Nortel. "While our results reflect a challenging first quarter, we continue to expect good revenue and operating margin momentum commencing in the second quarter, in line with our previously communicated full year plan. We remain focused on our business transformation initiatives, integrity renewal and short term growth opportunities, while concurrently building the long-term foundation for the new Nortel." Breakdown of First Quarter 2006 Revenues Mobility and Converged Core Networks revenues were US$1.43 billion, a decrease of 4 percent compared with the year-ago quarter and a decrease of 23 percent sequentially. Enterprise Solutions and Packet Networks revenues were US$871 million, a decrease of 1 percent compared with the year-ago quarter and a decrease of 15 percent sequentially. Revenues in both segments were impacted by the timing of certain contracts as both deferred revenues and backlog increased at quarter end by US$140 million and US$275 million, respectively. Gross Margin Gross margin was 38 percent of revenue in the first quarter of 2006, primarily impacted by product mix, including the timing of certain contracts, and competitive pricing pressures, partially offset by improvements in our cost structure. Selling, General and Administrative (SG&A) SG&A expenses were US$595 million in the first quarter of 2006, which included a cost of US$43 million in relation to internal control remediation activities and investment in our finance organization. This compares to SG&A expenses of US$578 million for the first quarter of 2005, which included costs of US$60 million in relation to restatement activities and investment in the Company's finance organization and US$680 million for the fourth quarter of 2005, which included costs of approximately US$38 million related to executive recruitment and retirement and costs of US$50 million in relation to internal control remedial measures, investment in the Company's finance processes and our prior restatement related activities. Research and Development (R&D) R&D expenses were US$478 million in the first quarter of 2006, reflecting increased investment in targeted product areas and unfavorable foreign exchange. This compares to US$474 million for the first quarter of 2005 and US$451 million for the fourth quarter of 2005. Other Income (expense) - net Other income (expense) - net was net income of US$69 million for the first quarter of 2006, which primarily related to investment income of approximately US$29 million and a gain of US$26 million related to the sale of a note receivable from Bookham, Inc. Cash Cash balance at the end of the first quarter of 2006 was US$2.70 billion, down from US$2.95 billion at the end of 2005. This decrease in cash from the end of 2005 was primarily driven by a cash outflow from operations of US$174 million, which included US$91 million for pension funding and US$35 million for restructuring, and payments of US$99 million for plant and equipment, and net payments of US$98 million related to the acquisition of Tasman, partially offset by cash proceeds of US$87 million related to the sale of the Brampton facility. On June 1, 2006, US$575 million related to the proposed class action settlement, plus approximately US$5 million in interest (accrued since March 23, 2006), was placed in escrow pending satisfactory completion of all conditions to the settlement. Outlook "For the full year 2006, we continue to expect strong revenue momentum for the rest of 2006, resulting in high single digit growth for the full year 2006 compared to 2005, gross margin to be around 40% as a percentage of revenue and operating expenses to be flat to up slightly from 2005, with foreign exchange and growth related expenses offsetting productivity and efficiencies," Peter Currie, executive vice president and chief financial officer, Nortel, said "For the second quarter of 2006, we expect revenue, gross margin and operating expenses to support our full year guidance." Financial Reporting Obligations With the filing by the Company and NNL of their Quarterly Reports on Form 10-Q for the first quarter of 2006 and corresponding Canadian filings, the Company and NNL are now current with their financial reporting obligations. With the delivery of the filings to the New York and Toronto stock exchanges, and their subsequent delivery to shareholders, the Company and NNL will be in compliance with stock exchange listing requirements and their financial statement delivery obligations under applicable securities laws. Credit Facilities With the delivery of these filings to the indenture trustees, the Company and NNL will also be in compliance with their obligations under their public debt indentures. As previously announced, the Company and NNL have obtained waivers under Nortel's US$1.3 billion one-year credit facility and NNL has obtained a waiver from Export Development Canada (EDC) of all remaining defaults and breaches under the EDC performance-based support facility. With the delivery of the first quarter of 2006 filings, the Company and NNL are in compliance with their obligations under the credit and support facilities. Management Cease Trade Orders These announcements serve as a status update by the Company and NNL pursuant to the alternate information guidelines of the Ontario Securities Commission. The Company and NNL reported that there have been no material developments from prior status updates, with the exception of the matters described herein. As previously announced, the OSC issued an order prohibiting certain directors and officers and certain current and former employees of the Company and NNL from trading in securities of the Company and NNL. Two other Canadian securities commissions issued similar orders. Now that the Company and NNL are current in their financial reporting obligations for the first quarter of 2006, the Company and NNL will be applying to have the management cease trade orders revoked and will cease reporting under the OSC's alternate information guidelines. Headquartered in Ontario, Canada, Nortel Networks Corporation -- http://www.nortel.com/-- is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges. Nortel does business in more than 150 countries. NORTEL NETWORKS: S&P Keeps B Credit Rating on Negative Watch ------------------------------------------------------------ Standard & Poor's Ratings Services kept its ratings on Nortel Networks Limited, including its 'B-' long-term corporate credit rating, on CreditWatch with negative implications, where they were placed March 10, 2006. The ratings were placed on CreditWatch initially due to NNL's restatement activities announced in first-quarter 2006 and the associated delay in filing its 2005 annual financial statements, and the subsequent delay in filing its first-quarter 2006 interim financial statements. On June 5, 2006, NNL and its parent, Nortel Networks Corporation (NNC; collectively Nortel), filed first-quarter 2006 interim financial statements. Nortel is now in compliance with all of its filing requirements and has obtained all relevant waivers with respect to past breaches of covenants under its various financing facilities. "We had previously stated that we would likely affirm the 'B-' rating on the company with a positive outlook should Nortel complete its first-quarter 2006 filings as expected, and if there were no further negative consequences," said Standard & Poor's credit analyst Joe Morin. "But first-quarter 2006 operating results were somewhat weaker than expected due to competitive pricing pressures and an unfavorable revenue mix, which resulted in a 4 percentage point drop in gross margins as compared with first-quarter 2005," Mr. Morin added. In addition, SG&A expenses are not being reduced as quickly as had been previously expected, which, combined with lower gross margins, continue to dampen overall profitability. Standard & Poor's expects an improvement in operating results for the remainder of 2006, supported by modest top line growth. Nevertheless, the rating agency believes Nortel will be challenged to improve profitability in a meaningful way and, as a result, expect free operating cash flow (after capital expenditures) to remain negative for 2006. The ratings, therefore, will remain on CreditWatch pending a review, which is expected to be completed within two weeks. Standard & Poor's review will focus primarily on: * the near-to-medium term prospects for a return to operating profitability; and * near-to-medium term liquidity. At that time, Standard & Poor's expects to affirm the 'B-' rating with an outlook of either stable or positive. =========== P O L A N D =========== NETIA SA: Subsidiaries Register Share Capital Increases ------------------------------------------------------- Netia Mobile Sp. z o.o., a subsidiary of Netia SA (WSE: NET), received a decision of the register court, dated May 30, 2006, registering an increase in Netia Mobile's share capital. Following the registration, the share capital of Netia Mobile amounts to PLN9.18 million and consists of 18,360 shares, PLN500 par value per share, each giving right to one vote at Netia Mobile's general meeting of shareholders. Netia owns 100% of share capital of Netia Mobile. In addition, Netia announced that Netia WiMax II SA, its subsidiary, received a decision of the register court, dated May 31, 2006, registering an increase in Netia WiMax's share capital. Following the registration, the share capital of Netia WiMax amounts to PLN29.5 million and consists of 29,500,000 shares, PLN1 par value per share, each giving right to one vote at Netia WiMax's general meeting of shareholders. Netia owns 100% of share capital of Netia WiMax. Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. PKBL SA: Asset SA Sells 84.51% of Equity Stake to Final Holding --------------------------------------------------------------- Asset SA in liquidation, an indirect subsidiary of Bank BPH, sold 152,760 shares of PKBL SA in bankruptcy. The share's nominal value is PLN4 each. The shares sold represent 84.51% of the company's initial capital and entitle to 84.79% of votes at the General Shareholders Meeting. The above-mentioned assets were sold to the Final Holding Sp. z.o.o. -- the Bank's 100% subsidiary by virtue of the sale agreement. The total value of sold shares amounted to PLN1 and their value in books of Asset SA in liquidation as at day of share transfer was equal to PLN1. As a result, Asset SA in liquidation does not possess any shares of PKBL SA in bankruptcy. The purpose of the transaction was to complete a liquidation process of Asset SA and simultaneously keep the assets sold in the Bank's Group. Asset SA in liquidation as well as Final Holding Sp. z o.o. operates on the financial services market. The Management Board of PKBL SA filed a motion for bankruptcy declaration with the District Court of the Capital City of Warsaw on July 14, 2004. =========== R U S S I A =========== ENISEY BREAD: Court Starts Bankruptcy Supervision ------------------------------------------------- The Arbitration Court of Krasnoyarsk Region has commenced bankruptcy supervision procedure on OJSC Bread Baking Combine Enisey. The case is docketed under Case No. A33-30987/2005. The Temporary Insolvency Manager is: V. Emelyanov Post User Box 4357 660013, Krasnoyarsk Region, Russia The Debtor can be reached at: OJSC Bread Baking Combine Enisey Severnoye Shosse, 25 Krasnoyarsk, Russia HIMPLAST: Bankruptcy Hearing Slated for August 23 ------------------------------------------------- The Arbitration Court of Novosibirsk Region will convene on Aug. 23 to hear the bankruptcy supervision procedure on OJSC Himplast. The case is docketed under Case No. A45-6913/06- 10/20. The Temporary Insolvency Manager is: V. Fedchenko Post User Box 173. 630077, Novosibirsk-77, Russia The Debtor can be reached at: OJSC Himplast Fabrichnaya Str. 10. 630007, Novosibirsk Region, Russia NOVOTERENGULSKOYE: Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Arbitration Court of Novosibirsk Region commenced bankruptcy proceedings against OJSC Novoterengulskoye after finding it insolvent (Case no. A45-21225/05-27/300). The Temporary Insolvency Manager is: V. Makarov Office 404 Koroleva Str. 40 630015, Novosibirsk, Russia The Debtor can be reached at: OJSC Novoterengulskoye Terengul Baganskiy region 632793, Novosibirsk Region, Russia PENZA-TEXTILE: Court Commences Bankruptcy Proceedings ----------------------------------------------------- The Arbitration Court of Penza region commenced bankruptcy proceedings against CJSC Penza-Textile (Case no. A49-1166/2006- 140B/3) after finding it insolvent. The Temporary Insolvency Manager is: D. Pimenov Lunacharskogo Str. 53 440061, Penza, Russia The Debtor can be reached at: CJSC Penza-Textile Moskovskaya Str. 107-12 Penza, Russia RESHOTINSKIY CHEMICAL: Court Begins Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region has commenced bankruptcy supervision procedure on LLC Reshotinskiy Chemical Combine. The case is docketed under Case No. A33-4343/2006. The Temporary Insolvency Manager is: E. Dmitriev Post User Box 109. 663600, Kansk, Russia The Debtor can be reached at: LLC Reshotinskiy Chemical Combine Kanifolnyj Krasnoyarsk Region, Russia ROSNEFT OIL: Earns US$802 Million of Net Income in First Quarter ---------------------------------------------------------------- OAO Rosneft Oil Co. reported its consolidated financial results, in accordance with US GAAP, for the first three months of 2006, ending March 3. The company's total revenues for the period increased to US$7.52 billion, up from US$4.36 billion on the first quarter of 2005. First quarter net income increased to US$802 million from US$724 million in the same period last year. EBITDA increased by 24% to US$1.917 billion from US$1.545 billion. The Company was able to maintain its industry leading position with EBITDA margin at 25.5%, despite significantly increased mineral extraction tax and export duties, as well as real appreciation of the ruble by 8.7%. Return on average capital employed (ROACE), the key performance indicator of the Company's operations, increased from 19.7% to 22.9%. The Company's net debt remained practically unchanged at US$11.144 billion. At the same time, improvement in capital structure led to a reduction in gearing to 53%. In 2004, gearing was 79%. In the first quarter of 2006, the Company made significant progress in maximizing cash flows. The Company's cash flow from operations stood at US$1.413 billion, as opposed to US$(-52) million for the same period in 2005. Capital expenditures increased to USD 848 million from US$312 million in the first quarter of 2005. This increase was primarily the result of acquiring new licenses at a cost of USD 261 million, as well as intensified drilling activity in Yuganskneftegaz. In the first quarter of 2006, Rosneft acquired a 30.24% stake in OJSC Rosneft-Tuapsenefteprodukt, a strategically located transshipment terminal for oil and oil products on the Black Sea, increasing its ownership in this enterprise to 89.93% of ordinary shares. Despite the harsh weather conditions during the winter of 2006, Rosneft increased oil production in the first quarter of 2006 by 7%, delivering the strongest organic growth in the Russian oil industry. From January-March 2006, the Company produced 19.03 million tons of oil, up from 17.79 million tons for the same period last year. Severnaya Neft saw the greatest increase among the subsidiaries, increasing production by 28%. Yuganskneftegaz increased crude production by 7%. Headquartered in Moscow, OAO Rosneft -- http://www.rosneft.com/english-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. SEVERSTAL: Reaffirms Arcelor's Recommendation on Merger Offer ------------------------------------------------------------- As reported in TCR-Europe yesterday, the Board of Directors for Arcelor S.A. rejected Mittal Steel's EUR21.5 billion revised offer and recommended that shareholders support the proposed merger with OAO Severstal. Following a detailed review and analysis of: -- the revised terms of Mittal Steel's unsolicited offer of May 19, 2006 for all of the shares and convertible bonds of Arcelor; -- the Mittal Steel standalone business plan recently delivered to Arcelor; -- the letter sent to Arcelor by a minority of shareholders representing or claiming to represent some 30% of Arcelor capital; -- the consequences of various timing scenarios for the proposed self tender offer, and having consulted Morgan Stanley on the financial aspects of Mittal Steel's revised offer, the Board has unanimously concluded that: -- Mittal Steel's current offer is inadequate as it continues to undervalue Arcelor; and -- the Severstal transaction is a more attractive alternative from a strategic, financial and social point of view. Subsequently, the Board resolved to: -- reject Mittal Steel's current revised offer; -- recommend to Arcelor's shareholders and convertible bond holders not to tender into Mittal Steel's revised offer; -- recommend to Arcelor's shareholders to support the Severstal transaction at the general meeting scheduled for June 30, 2006; -- set the price per share of the self tender offer at EUR44; -- decide not to commence such self tender offer until after the day of the publication of Mittal Steel's offer results; and -- mandate that Arcelor's Group Management Board meets with Mittal Steel in order to review the improvements that Mittal Steel offered to make to its current offer. Severstal Statement "Severstal is very pleased with the strong, positive reaffirmation of our merger by the Arcelor Board of Directors. We particularly note the Board's statement of the compatibility of Severstal with Arcelor versus the incompatibility of Mittal Steel. This basic incompatibility of course cannot be remedied by Mittal Steel. "We regard the Board's authorization of Arcelor management to meet with Mittal concerning any future offers, as nothing more than a restatement of any board's fiduciary responsibility to review all offers." About Arcelor Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A. http://www.arcelor.com/-- is the number one steel company in the world with EUR32.6 billion in turnover in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labor relations and social responsibility. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of approximately EUR150 per ton. As at March 1, 2004, 82.75% of Severstals share capital was controlled directly or indirectly by Alexey Mordashov, Chairman of Severstals Board of Directors. Institutional investors held around 6.5% of Severstals shares while management and employees held the remaining 10.75%. As of Dec. 31, 2005, Severstal had US$10.75 billion in total assets, US$3.66 billion in total liabilities and US$7.09 billion in total shareholders' equity. * * * As reported in the TCR-Europe on May 30, 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. Moody's Investors Service also 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. 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. Fitch Ratings also 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 Severstal's agreement to merge with Arcelor. STREZHEVSKOYE BEER: Court Hearing Salted for July 13 ---------------------------------------------------- The Arbitration Court of Tomsk Region will convene on July 13 at 11:30 a.m. to hear the bankruptcy supervision procedure on LLC Strezhevskoye Beer. The case is docketed under Case No. A67- 1581/06. The Temporary Insolvency Manager is: K. Sysoev Post User Box 338. 630102, Novosibirsk Region, Russia The Debtor can be reached at: LLC Strezhevskoye Beer Strezhevoy, Molodyezhnaya Str. 26. Tomsk Region, Russia TOPKINSKIY PIPE: Court Opens Bankruptcy Proceedings --------------------------------------------------- The Arbitration Court of Kemerovo region commenced bankruptcy proceedings against CJSC Topkinskiy Pipe Factory after finding it insolvent. The case is docketed under Case no. A27- 26568/2005-4. The Temporary Insolvency Manager is: Y. Smirnov Office 203 Vesennyaya Str. 24A 650099, Kemerovo, Russia The Debtor can be reached at: CJSC Topkinskiy Pipe Factory Prom Area Topki 652300, Kemerovo Region YUKOS OIL: Bankruptcy Hearing Slated for June 27 ------------------------------------------------ The Arbitration Court of Moscow will convene on June 27 to hear the bankruptcy supervision procedure on OJSC Oil Company Yukos. The case is docketed under Case No. A40-11836/06-88-35 B. The Temporary Insolvency Manager is: E. Rebgun Zvenigorodskoye Shosse, 3. 123022, Moscow Region, Russia The Debtor can be reached at: OJSC Oil Company Yukos Dubinskaya Str. 31A 115054, Moscow Region, Russia Headquartered in Moscow, 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. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. ============= U K R A I N E ============= AGROSERVICE: Court Begins Bankruptcy Supervision ------------------------------------------------ The Economic Court of Ivano-Frankivsk Region commenced bankruptcy supervision procedure on LLC Agroservice (code EDRPOU 32841990) on March 15. The case is docketed under Case No. B-15/56. The Temporary Insolvency Manager is: M. Pidgiryanka Str. 28/1 78000, Ivano-Frankivsk Region, Ukraine The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 78000, Ivano-Frankivsk Region, Ukraine The Debtor can be reached at: LLC Agroservice Rogatin, Galitska Str. 125 77000, Ivano-Frankivsk Region, Ukraine ATTIK: AR Krym Court Begins Bankruptcy Supervision -------------------------------------------------- The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on CJSC Attik (code EDRPOU 30225688). The case is docketed under Case No. 2-8/14811-2005. The Temporary Insolvency Manager is: Oleksandr Sklyarenko Industrialne shose Str. 21/88 Kerch 98300, AR Krym Region, Ukraine The Economic Court of AR Krym Region is located at: Karl Marks Str. 18 Simferopol 95000, AR Krym Region, Ukraine The Debtor can be reached at: CJSC Attik Roza Luxenburg Str. 23 Kerch 98300, AR Krym Region, Ukraine ESKOM: Court Names Oleg Oprishko to Manage Insolvency Assets ------------------------------------------------------------ The Economic Court of Lviv Region appointed Oleg Oprishko as Liquidator/Insolvency Manager for LLC Eskom (code EDRPOU 22354589). He can be reached at: Oleg Oprishko Chinu Str. 7/2a Listopadovogo 79000 Lviv Region, Ukraine The Court commenced bankruptcy proceedings at the company after finding it insolvent. The case is docketed under Case No. 6/130-4/94. The Economic Court of Lviv Region is located at: Lichakivska Str. 81 79010 Lviv Region, Ukraine The Debtor can be reached at: LLC Eskom Shevchenko Str. 23a/6 Dublyani Lviv Region, Ukraine NOVA-ETEREY: Court Names L. Leonidov as Insolvency Manager ---------------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. L. Leonidov as Liquidator/Insolvency Manager for LLC Nova-Eterey (code EDRPOU 33497790). The Court commenced bankruptcy proceedings at the company after finding it insolvent on March 29. The case is docketed under Case No. 43/217. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: LLC Nova-Eterey Grushevskij Str. 28/2 02021 Kyiv Region, Ukraine REINFORCED METAL: Court Begins Bankruptcy Supervision Procedure --------------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on CJSC Production Association 'Reinforced Metal Products' (code EDRPOU 31746095) on March 23. The case is docketed under Case No. 43/61. The Temporary Insolvency Manager is: Sergij Nesterenko Gagarin Str. 27/193 Brovari Kyiv Region, Ukraine The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030, Kyiv Region, Ukraine The Debtor can be reached at: CJSC Production Association Reinforced Metal Products 40-richya Zhovtnya Avenue 120 03127, Kyiv Region, Ukraine RESURS-2005: Court Appoints M. Kozlov to Liquidate Assets --------------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. M. Kozlov as Liquidator/Insolvency Manager for LLC Resurs-2005 (code EDRPOU 33229140). He can be reached: M. Kozlov Bratislavska Str. 14-b 02156 Kyiv Region, Ukraine The Court commenced bankruptcy proceedings at the company after finding it insolvent on March 29. The case is docketed under Case No. 43/218. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region, Ukraine The Debtor can be reached at: LLC Resurs-2005 Bratislavska Str. 14-b 02156 Kyiv Region, Ukraine RIVNEOBLAGROTEHSERVICE: Court Commences Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of Rivne Region commenced bankruptcy supervision procedure on OJSC Rivneoblagrotehservice (code EDRPOU 22576746) on March 17. The Temporary Insolvency Manager is: Sergij Hodakovskij Mitskevich Str. 7/28 Rivne Region, Ukraine The Economic Court of Rivne Region is located at: Yavornitski Str. 59 33001, Rivne Region, Ukraine The Debtor can be reached at: OJSC Rivneoblagrotehservice Slovatskij Str. 4/6 33000, Rivne Region, Ukraine SKIBIN: Court Names Terentij Davidyuk as Liquidator --------------------------------------------------- The Economic Court of Cherkassy Region appointed Terentij Davidyuk as Liquidator/Insolvency Manager for Agricultural LLC Skibin (code EDRPOU 03792585). He can be reached at: Terentij Davidyuk Chapayev Lane 51 Zhashkiv 19200 Cherkassy Region, Ukraine The Court commenced bankruptcy proceedings at the company after finding it insolvent on March 23. The case is docketed under Case No. 01/1447. The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region, Ukraine The Debtor can be reached at: Agricultural LLC Skibin Skibin Zhashkiv District 19225 Cherkassy Region, Ukraine =========================== U N I T E D K I N G D O M =========================== 21ST CENTURY: Brings In Begbies Traynor as Administrators --------------------------------------------------------- Jamie Taylor and David Paul Hudson of Begbies Traynor were appointed joint administrators of 21st Century International U.K. Ltd. (Company Number 02867110) on May 16. 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 Rochford, United Kingdom, 21st Century International U.K. Ltd. is engaged in the water cooler business. AUDIO MEDICAL: Creditors Pass Winding Up Resolution --------------------------------------------------- Creditors of Audio Medical Devices Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on March 31. Martin Charles Armstrong, of Turpin Barker Armstrong, was appointed Liquidator. The company can be reached at: Audio Medical Devices Limited 343 Eden Park Avenue Beckenham Kent BR3 3JN United Kingdom Tel: 020 8663 0760 Fax: 020 8663 0163 B.A.T. DESIGN: Claims Filing Period Ends June 30 ------------------------------------------------ Creditors of B.A.T. Design Company LLP have until June 30 to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidators, Gordon Craig and Daniel Paul Hennessy, of Cresswall Associates Limited. The company can be reached at: B.A.T. Design Company LLP Manchester House 22 Bridge Street Manchester M3 3AB United Kingdom Tel: 0161 839 5900 BARKER INTERIORS: Appoints Moore Stephens as Administrators ----------------------------------------------------------- Simon Paterson and David R Elliott of Moore Stephens LLP were appointed joint administrators of Barker Interiors Limited (Company Number 02934677) on May 19. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its UK network comprises over 1,400 partners and staff. Headquartered in Essex, United Kingdom, Barker Interiors Limited is engaged in the joinery installation business. BEAVER SHOES: Financial Woes Prompt Liquidation ----------------------------------------------- Beaver Shoes Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Subsequently, David Kirk was appointed Liquidator. The company can be reached at: Beaver Shoes Limited Whitley Lane Walton Street Somerset BA169RW United Kingdom Tel: 01458 441 021 Web: http://wwww.beavershoes.co.uk/ BROOKS LANE: Creditors Resolve to Liquidation --------------------------------------------- Creditors of Brooks Lane Limited resolved to liquidate the company's assets during an extraordinary general meeting on March 27. The voluntary liquidation came as a result of the Debtor's inability to continue its operations due to financial liabilities. P.D. Masters, of DTE Leonard Curtis, was appointed Liquidator. The company can be reached at: Brooks Lane Limited Brooks Lane Middlewich Cheshire CW100JG United Kingdom Tel: 01606 835 271 Fax: 01606 835 274 C & W PAVING: Brings In Joint Liquidators from Hawdon Bell & Co. ---------------------------------------------------------------- C & W Paving Limited is liquidating its assets after creditors passed a resolution to wind up the company on March 30. John Bell and Simon John Lundy, of Hawdon Bell & Co., were appointed Joint Liquidators. The company can be reached at: C & W Paving Limited 74 Roslin Park Bedlington Northumberland NE225HL United Kingdom Tel: 01670 820 022 CABLE & WIRELESS: Employee Share Trustees Shed 4,493 Shares ----------------------------------------------------------- The Trustees of Cable and Wireless plc Employee Share Ownership Trust disposed of 4,493 Ordinary Shares in the company at a price of GBP1.135 per share on June 12. Following the disposal, 50,468,797 Ordinary Shares are currently held under the Trust. Rob Rowley, George Battersby, Tony Rice, John Pluthero, and Harris Jones (all being directors of Cable and Wireless plc) in their capacity as members of the class of beneficiaries under the Trust and Towers Perrin Share Plan Services (GSY) Limited in their capacity as Trustees of the Trust are deemed to have a non-beneficial interest in these Ordinary Shares. No Directors are disposing of any beneficial interests in the Company. 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. CABLE & WIRELESS: FMR & Fidelity Hold 4.18% Equity Stake -------------------------------------------------------- FMR Corp. and its direct and indirect subsidiaries, and Fidelity International Limited and its direct and indirect subsidiaries, both being non-beneficial holders of Cable and Wireless plc disclosed their holding of 101,219,582 Ordinary Shares of 25 pence each in the issued Ordinary Share capital of the Company as of June 12, 2006, solely for investment purposes. This holding represents 4.18% per cent of the issued Ordinary Share capital of the Company. 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. CAXTON PRINT: Names Joint Administrators from Harrisons ------------------------------------------------------- P. R. Boyle and J. C. Sallabank of Harrisons were appointed joint administrators of Caxton Print Finishers (Tonbridge) Limited (Company Number 04195379) on May 23. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The firm has appointed an in-house solicitor specializing in insolvency and security work to enable us to further broaden the experience base of the firm. Caxton Print Finishers (Tonbridge) Limited can be reached at: Chimneys Alders Road Five Oak Green Tonbridge Kent TN12 6SU Tel: 01892 871 085 CLASSIC BUILD: Appoints Administrators from Smith & Williamson -------------------------------------------------------------- Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith & Williamson Limited were appointed joint administrators of Classic Build Limited (Company Number 05068998) on May 17. The administrators can be contacted at: Smith & Williamson Limited Imperial House, 18-21 Kings Park Road, Southampton SO15 2AT E-mail: GP4@smith.williamson.co.uk Headquartered in Romsey, United Kingdom, Classic Build Limited is engaged in general construction and demolition. CLEMENTS PRECISION: Taps Gerald Irwin to Liquidate Assets --------------------------------------------------------- Gerald Irwin, of Irwin & Company, was appointed Liquidator of Clements Precision Engineering (Walsall) Limited after creditors agreed to wind up the company on March 30. The company can be reached at: Clements Precision Engineering (Walsall) Limited 140A Wednesbury Road Walsall WS1 4JJ United Kingdom Tel: 01922 630 906 Fax: 01922 725 803 COMPLETE MEDIA: Names Greg Whitehead Liquidator ----------------------------------------------- Greg Whitehead, of Northpoint Associates, was appointed Liquidator of Complete Media Services Limited after creditors decided to wind up the company during an extraordinary general meeting on March 24. The company can be reached at: Complete Media Services Limited Caledonia Cottage Caledonia Blaydon-on-Tyne Tyne and Wear NE216AX United Kingdom Tel: 0191 414 4466 Fax: 0191 414 4499 DALE PIANOS: Hires Liquidator from Sale Smith & Co. Limited ----------------------------------------------------------- Dale Pianos Limited is voluntary liquidating its assets after creditors moved to wind up the company during an extraordinary general meeting on March 29. Eileen T.F. Sale, of Sale Smith & Co. Limited, was appointed Liquidator. The company can be reached at: Dale Pianos Limited 22 Higher Walton Mill Cann Bridge Street Higher Walton Preston PR5 4DJ United Kingdom Tel: 01772 321 992 Fax: 01772 321 993 IGNITE FIRES: Creditors Confirm Voluntary Liquidation ----------------------------------------------------- Creditors of Ignite Fires Limited confirmed the company's voluntary liquidation during an extraordinary general meeting on March 29. Creditors also ratified the appointment of John Russell and Andrew Philip Wood, of The P&A Partnership, as Joint Liquidators. The company can be reached at: Ignite Fires Limited 193 Sheffield Road Killamarsh Sheffield S21 1DX United Kingdom Tel: 0114 247 3666 INVESTEC BANK: S&P Assigns BB Rating to Class D Notes ----------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP200 million mortgage-backed floating- rate notes to be issued by Landmark Mortgage Securities No.1 PLC, an SPE. Landmark 1 is the first RMBS transaction by Investec Bank (U.K.) Ltd. Investec provides warehouse funding to Unity Homeloans Ltd. and Infinity Mortgages Ltd., which recently bought a book of loans from Amber Homeloans Ltd. The collateral for this transaction was originated by these three parties. Infinity began trading in January 2004 and is 100% owned and controlled by its directors. Unity is a joint venture between the Professional Mortgage Packagers Alliance, Investec, and two of the directors of Infinity, although Infinity itself does not own any shares in Unity. Unity's first loan was originated in October 2005. Both Infinity and Unity aim their products at the nonconforming market in England, Wales, and Northern Ireland. The ratings reflect the sound payment structure and cash flow mechanics of the transaction, and the cash flow analysis performed by Standard & Poor's to verify that the notes will be repaid under stress test scenarios. Further considerations include: -- the protection provided by the class B, C, and D notes for the notes senior to them, plus a partially funded cash reserve of 1.2% at closing, and excess spread to cover credit losses and income shortfalls; -- a fully funded discount margin reserve that will increase the effective margins on all fixed-rate and discount-rate loans to their reversionary rates; and -- the issuer's ability to meet interest shortfalls on all rated notes through excess spread on the mortgages, amounts available under the amortizing liquidity facility, and drawings under the reserve fund. Ratings List Landmark Mortgage Securities No.1 PLC GBP200 Million Mortgage-Backed Floating-Rate Notes Class Prelim. Prelim. ----- rating amount (Mil. GBP) (1) ------ ------ A AAA 168.6 B A 17.8 C BBB 7.6 D BB 6.0 DACs (2) AAA N/A (1) The exact size of each class of note may change between the date of this report and closing. (2) Detachable A coupons for the class A notes. KENT LAMINATORS: Hires SFP to Administer Assets ----------------------------------------------- Simon Franklin Plant and Daniel Plant of SFP were appointed joint administrators of Kent Laminators Limited (Company Number 02356537) on May 24. The administrators can be contacted at: SFP 9 Ensign House Admirals Way Marsh Wall London E14 9XQ United Kingdom Headquartered in Dartford, United Kingdom, Kent Laminators Limited is engaged in book binding and finishing. LADYBUG LIMITED: Appoints P.D. Masters as Liquidator ---------------------------------------------------- P.D. Masters of DTE Leonard Curtis, was appointed Liquidator of Ladybug Limited after creditors resolved to liquidate the company's assets during an extraordinary general meeting on March 27. The company can be reached at: Ladybug Limited Crabtree Road Forest Vale Industrial Estate Cinderford Gloucestershire GL142YQ United Kingdom Tel: 01594 825 505 MIDLAND & NORTHERN: Names Roderick G. Butcher as Administrator -------------------------------------------------------------- Roderick Graham Butcher of Butcher Woods Limited was appointed administrator of Midland & Northern Electrical Services Limited (Company Number 04390217) on May 23. The administrator can be reached at: Butcher Woods 79 Caroline Street Birmingham West Midlands B3 1UP United Kingdom Tel: 0121 236 6001 Fax: 0121 236 5702 E-mail: rod.butcher@butcher-woods.co.uk Midlands & Northern Electrical Services Limited can be reached at: Midland House (AG07) Hastingwood Industrial Park Erdington Birmingham West Midlands B24 9QR Tel: 0121 386 8407 MISYS PLC: Discloses 499,341,441 Shares In Issue ------------------------------------------------ Misys plc disclosed that it had 499,341,441 ordinary shares of 1 pence each in issue (excluding ordinary shares held in treasury) as of June 9, 2006. The ISIN reference number for these securities is GB0003857850. Of the shares in issue, 22,496,120 are held by Misys employee share trusts to fulfill options over ordinary shares granted to employees of Misys. Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the U.K. general insurance industry. At Nov. 30, 2005, the company reported GBP155.6 million in total stockholders' deficit. PERMACELL FINESSE: Brings In Begbies Traynor as Administrator ------------------------------------------------------------- Richard Albert Brock Saville and Peter Andrew Blair of Begbies Traynor were appointed joint administrators of Parmacell Finesse Ltd (Company Number 05484217) on May 18. 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 Nottinghamshire, United Kingdom, Permacell Finesse Ltd. is a manufacturer of PVC-U products. RANK GROUP: Cancels 850,000 Shares in Buy Back Program ------------------------------------------------------ The Rank Group Plc purchased on June 12 850,000 Ordinary shares of 10 pence each in the Company for cancellation at an average price of 204.10 pence per share. Headquartered in London, Rank Group PLC -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the TCR-Europe on March 8 Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. RETAIL GROUP: Appoints Joint Administrators from Vantis ------------------------------------------------------- Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis were appointed joint administrators of Retail Group Holdings U.K. Limited (Company Number 05153729) on May 17. Headquartered in West Sussex, Vantis Numerica (nka Vantis plc) - - http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. RON LEIGH: Names Joint Administrators from Milner Boardman ---------------------------------------------------------- Colin Burke and Gary Corbett of Milner Boardman & Partners were appointed joint administrators of Ron Leigh Limited (Company Number 02512190) on May 23. Headquartered on Hale, Altrincham, South Manchester, Milner Boardman -- http://www.milnerboardman.co.uk/-- is an independent firm of chartered accountants and business advisers. Headquartered in Wigan, United Kingdom, Ron Leigh Limited retails electrical household goods, rents personal and household goods. WESTWING INVESTMENTS: Hires Rothman Pantall as Administrators ------------------------------------------------------------- R. D. Smailes and S. B. Ryman of Rothman Pantall & Co were appointed joint administrators of Westwing Investments Limited (Company Number 05218693) on May 15. Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/-- was established in 1955 as a general accountancy practice, and has grown to its present 18 offices across the South of England. It is one of the largest independent firms of Chartered Accountants in the region, and rank in the top 40 in the United Kingdom. Westwing Investments Limited can be reached at: 1 Peterborough Road Harrow Middlesex HA1 2AS United Kingdom ********* 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, 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. 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