/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090126.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 Monday, January 26, 2009, Vol. 10, No. 17 Headlines A U S T R I A ADLAID LLC: Claims Registration Period Ends February 12 BIMA HANDEL: Claims Registration Period Ends February 24 DEMIRCAL KG: Claims Registration Period Ends February 12 HANS LINZ: Claims Registration Period Ends February 11 HANSE FERTIGHAUS: Claims Registration Period Ends February 10 JOBIS LLC: Claims Registration Period Ends February 9 PBM LLC: Claims Registration Period Ends February 16 PROMO SCHLOSSER: Claims Registration Period Ends February 12 B E L G I U M KBC GROEP: Marks Down All CDOs to Zero, Gets EUR2 Bln Lifeline G E R M A N Y ABRECHNUNGSAGENTUR GMBH: Claims Registration Period Ends Feb. 26 AZ ECHO FRUCHTIMPORT: Claims Registration Period Ends Feb. 5 BUERO ORGANISATION: Claims Registration Period Ends February 5 CLASSIC-MOTORS VECHTA: Claims Registration Period Ends Feb. 11 PERK MASCHINENFABRIK: Claims Registration Period Ends Feb. 13 K A Z A K H S T A N ART DESIGN: Proof of Claim Deadline Slated for February 27 AVC PRESTIGE: Creditors Must File Claims by February 27 DAYANA 2: Claims Filing Period Ends February 27 GNI-LIMITED LLP: Creditors' Proofs of Claim Due on February 27 IASSAUI-KA LLP: Claims Registration Period Ends February 27 KONTAL LLP: Proof of Claim Deadline Slated for February 27 LION LTD: Creditors Must File Proofs of Claim by February 27 ORTALYK UNIVERSAL: Claims Filing Period Ends February 27 VLADIMIR & D: Creditors' Proofs of Claim Due on February 27 ZAPAD AGRO: Claims Registration Period Ends February 27 I R E L A N D CHARTBUSTERS: Court to Decide on Examinership Application Tomorrow QUALITY HOTEL: Closed Due to Downturn in General Tourism * IRELAND: To Keep Two Biggest Lenders in Private Ownership K Y R G Y Z S T A N TAXO MOTOR: Creditors Must File Claims by February 20 R U S S I A AKSAYSKIY GLASS: Creditors Must File Claims by March 16 ALEYSKAYA TIMBER: Creditors Must File Claims by March 16 ISHIMBAYSKIY MACHINE-TOOL: Court Names Insolvency Manager KAMDORSTROY LLC: Creditors Must File Claims by Feb. 16 LEFKO-BANK OJSC: Creditors Must File Claims by Feb. 16 LES-S LLC: Creditors Must File Claims by Feb. 16 STEKLO-MASH-81 LLC: Creditors Must File Claims by March 16 STROYKOMPANY LLC: Creditors Must File Claims by Feb. 16 WOOD-WORKING PLANT: Tatarstan Bankruptcy Hearing Set April 15 YUMAGUZSKIY BRICK: Creditors Must File Claims by Feb. 16 * RUSSIA: VTB Posts US$369 Million Third-Quarter Loss S W I T Z E R L A N D 4X INVEST: Creditors Must File Proofs of Claim by February 4 ABC CIPOLLOTTE: Deadline to File Proofs of Claim Set Jan. 30 CB SOFT: Creditors Have Until January 31 to File Claims DIGILINK SOLUTIONS: Proof of Claim Filing Deadline is Jan. 31 DUBAMAT LLC: Creditors' Proofs of Claim Due by January 30 KUNST UND ANTIQUITATENMESS: Jan. 30 Set as Deadline to File Claims MODE TRACHSEL: Creditors Must File Proofs of Claim by Jan. 30 NALE LLC: Deadline to File Proofs of Claim Set February 4 SOVCOMFLOT STENA: Creditors Have Until February 4 to File Claims WALSER BEDACHUNGEN: Proof of Claim Filing Deadline is Jan. 30 U K R A I N E INTERTECHNO LLC: Creditors Must File Claims by February 7 NOVASYSTEM LLC: Creditors Must File Claims by February 7 NADRA BANK: Kyiv Court Bans UAH3 Bln NBU Refinancing ORION-TRADE LIMITED: Creditors Must File Claims by February 7 PROJECT 07 LLC: Creditors Must File Claims by February 7 SKAVOLINING GROUPP: Creditors Must File Claims by February 7 STELAROM-LTD LLC: Creditors Must File Claims by February 7 STS UKRAINE: Creditors Must File Claims by February 7 * UKRAINE: No Default Looming, Prime Minister Says U N I T E D K I N G D O M AXIS FILMS: Appoints Joint Administrators from Tenon Recovery GEORGE AND HARDING: Enters Voluntary Liquidation HALL MOTORS: Goes Into Administration; 40 Jobs Affected INSPARATIONAL HOT: Appoints Liquidators from Tenon Recovery JULESGEMS LTD: Names Liquidator from Smith & Williamson KAUPTHING SINGER: IoM Gov't Must Back Slow Wind Down, Report Says MARSTON MILLS: Taps Joint Liquidators from Ernst & Young MATTHEWS BUILDERS: Names Administrators from Tenon Recovery MCLEISH BROTHERS: Offers for the Business Due Today MILLER PROPERTY: Taps Joint Administrators from PKF OAKDENE HOMES: Faces Insolvency After Debt Negotiations Failed * UK: Three Top Lenders May Need GBP80BB More Equity, Nomura Warns * UK: BERR Committee to Probe Into Pre-Pack Administration * Emerging Markets May See Rise in Corporate Loan Defaults * BOND PRICING: For the Week Jan. 19 to Jan. 23, 2009 ********* ============= A U S T R I A ============= ADLAID LLC: Claims Registration Period Ends February 12 ------------------------------------------------------- Creditors owed money by LLC Adlaid (FN 264612k) have until Feb. 12, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Wien Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:55 a.m. on Feb. 26, 2009, for the examination of claims at: Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 2 S 167/08h). BIMA HANDEL: Claims Registration Period Ends February 24 -------------------------------------------------------- Creditors owed money by LLC Bima Handel (FN 254577d) have until Feb. 24, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Heinz Kassmannhuber Stelzhamerstrasse 11 4400 Steyr Austria Tel: 07252/50 300 Fax: DW 50 E-mail: office@sks-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on March 10, 2009, for the examination of claims at: Land Court of Steyr Hall 7 2nd. Floor Steyr Austria Headquartered in Bad Hall, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 14 S 66/08s). DEMIRCAL KG: Claims Registration Period Ends February 12 -------------------------------------------------------- Creditors owed money by KG Demircal (FN 205562y) have until Feb. 12, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Johannes Leon Reichsratsstrasse 5 1010 Wien Austria Tel: 402 15 54 Fax: 402 15 54 54 E-mail: office@leonlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 26, 2009, for the examination of claims at: Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 5 S 144/08y). HANS LINZ: Claims Registration Period Ends February 11 ------------------------------------------------------ Creditors owed money by LLC Hans Linz (FN 285417g) have until Feb. 11, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Erwin Bajc Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862-51462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:00 p.m. on Feb. 25, 2009, for the examination of claims at: Land Court of Leoben Hall IV 1st. Floor Austria Headquartered in St. Martin am Grimming, Austria, the Debtor declared bankruptcy on Dec. 17, 2008, (Bankr. Case No. 18 S 74/08w). HANSE FERTIGHAUS: Claims Registration Period Ends February 10 ------------------------------------------------------------- Creditors owed money by LLC Hanse Fertighaus (FN 34408a) have until Feb. 10, 2009, to file written proofs of claim to the court-appointed estate administrator: Erich Allinger Hauptplatz 11 2700 Wiener Neustadt Austria Tel: 02622/23228 Serie Fax: 02622/23228-26 E-mail: e.allinger@schober.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Feb. 24, 2009, for the examination of claims at: Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 11 S 128/08x). JOBIS LLC: Claims Registration Period Ends February 9 ----------------------------------------------------- Creditors owed money by LLC Jobis (FN 129124p) have until Feb. 9, 2009, to file written proofs of claim to the court-appointed estate administrator: Daniel Lampersberger Esteplatz 4 1030 Wien Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Feb. 23, 2009, for the examination of claims at: Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 38 S 60/08p). PBM LLC: Claims Registration Period Ends February 16 ---------------------------------------------------- Creditors owed money by LLC PBM (FN 74394d) have until Feb. 16, 2009, to file written proofs of claim to the court-appointed estate administrator: Emanuel Dolezal Elisabethstrasse 2 2340 Mödling Austria Tel: 02236/422 10 Fax: 02236/42210-25 E-mail: emanuel.dolezal@bkb-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 26, 2009, for the examination of claims at: Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 10 S 136/08s). PROMO SCHLOSSER: Claims Registration Period Ends February 12 ------------------------------------------------------------ Creditors owed money by LLC Promo Schlosser (FN 285537h) have until Feb. 12, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Walter Engler Wollzeile 18/14 1010 Wien Austria Tel: 512 56 96, Fax: 513 99 15 E-mail: dr.engler@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 26, 2009, for the examination of claims at: Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 18, 2008, (Bankr. Case No. 5 S 145/08w). ============= B E L G I U M ============= KBC GROEP: Marks Down All CDOs to Zero, Gets EUR2 Bln Lifeline -------------------------------------------------------------- KBC Groep NV a.k.a KBC Group NV said it has written down in full the value of the (mezzanine) collateralized debt obligations in which it has invested (retaining only the super senior tranches). "We took a conservative stance when marking down to zero all CDO investments which do not have the highest, so-called super senior status," KBC Chief Executive Officer Andre Bergen said. The company also took "decisive measures to reduce costs and to further reduce the risk profile of our activity portfolio," he said. According to the CEO, performance in the company's core markets in Belgium and Central and Eastern Europe held up relatively well and excluding the impact of the exceptional financial crisis, underlying profit for the year came to around EUR2.2 billion. In a statement, KBC said the structured credit portfolio was marked down to the tune of EUR1.9 billion (EUR1.7 billion after tax), bringing the total markdown for 2008 to EUR4.0 billion (EUR3.1 billion after tax). The amount for the fourth quarter includes the impact of downgrades of CDO notes (-0.6 billion euros), the impact of credit spread widening (-0.3 billion euros) and an increase in the provision for counterparty risk of monoline insurers (-0.4 billion euros), the statement said. Another -0.5 billion euros was added for the full write-down of all remaining non-super senior exposure, partly offset by the reversal of existing deal reserves (+0.2 billion euros). A sudden rise in asset correlations caused an extraordinary loss of -0.3 billion euros, KBC said. Impairment in the amount of EUR0.7 billion was recorded on the equity investment portfolio, mainly held in the insurance business, as European share prices sank by around 20% during the quarter. Impairment for the entire 2008 financial year came to EUR1.1 billion. Write-offs on exposures to Icelandic banks had a net negative impact of EUR0.2 billion on earnings. KBC noted that following the full write-down of the (mezzanine) CDO notes, credit rating downgrades of remaining CDO tranches will have no further impact on their valuation while a hypothetical 25% further widening of the credit spread will have an estimated net impact of -0.2 billion euros on the value of the remaining super senior exposure. State Bailout KBC said it received a EUR2 billion cash injection from the Flemish Regional Government and an additional, standby core capital facility of EUR1.5 billion has also been provided. The capital support, KBC said, will enable the company to maintain its tier-1 ratio for the banking activities at approximately 10.5% (of which 8% core tier-1). The terms and conditions will be similar to those of the core capital issue subscribed by the Belgian State in December 2008. "The financial position of the group remains solid after we obtained the commitment," Mr. Bergen said. October last year, KBC received a EUR3.5 billion cash injection from the Belgian government in exchange for EUR3.5 billion worth of non-transferable, non-voting core-capital securities. Losses KBC disclosed it incurred a net loss in the fourth quarter, resulting in a full year 2008 net loss of EUR2.5 billion. Excluding losses on credit exposure to troubled US and Icelandic banks, a loan loss ratio of around 35 basis points is expected for the entire financial year. The company recognized a trading loss of EUR0.2 billion in its derivative products business. It also recorded a EUR0.1 billion restructuring charge for all its business units combined. As in the past, KBC did not recognize the fair value gain on its own debt issued (currently roughly estimated at around EUR0.8 billion before tax). KBC is scheduled to publish its definitive quarterly results on February 12, 2009. About KBC Groep NV Headquartered in Brussels, Belgium, KBC Groep NV a.k.a KBC Group NV (EBR:KBC) -- http://www.kbc.com/-- is engaged in banking, insurance and wealth management for private banking clients, retail customers and medium-sized enterprises. It has expertise in asset management and the financial markets. The company's activity is composed of five divisions: the Belgium, the Central & Eastern Europe and Russia (CEER), the Merchant Banking, the European Private Banking, and the Shared Services & Operations business units. Each of these units has its own management committee and oversees both the banking and the insurance activities. The company is active in Belgium and in other selected countries, including Hungary, Poland, Slovakia, Czech Republic, Bulgaria, Romania, Serbia and Russia. KBC Groep NV also operates to a less extent in the United States and in Southeast Asia. The company has three subsidiaries: KBC Bank, KBC Insurance and KBL European Private Bankers. ============= G E R M A N Y ============= ABRECHNUNGSAGENTUR GMBH: Claims Registration Period Ends Feb. 26 ---------------------------------------------------------------- Creditors of Abrechnungsagentur GmbH have until Feb. 26, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on March 18, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Braun Josef-Schmitt Str. 10 97922 Lauda-Koenigshofen Germany Tel: 09343/627590 The District Court opened bankruptcy proceedings against the company on Jan. 12, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Abrechnungsagentur GmbH Attn: Yorck Zander, Manager Buergermeister-Kolb-Str. 29 97922 Lauda-Koenigshofen Germany AZ ECHO FRUCHTIMPORT: Claims Registration Period Ends Feb. 5 ------------------------------------------------------------ Creditors of AZ - Echo Fruchtimport GmbH, Frischezentrum have until Feb. 5, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 19, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 1 Building F Klingerstrasse 20 60313 Frankfurt/Main Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Jost Pfingstweidstrasse 3 D 60316 Frankfurt/Main Germany Tel: 069/209739-0 Fax: 069/20973929 The District Court opened bankruptcy proceedings against the company on RD. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AZ - Echo Fruchtimport GmbH, Frischezentrum Josef-Eicher-Strasse 10 60437 Frankfurt am Main Switzerland BUERO ORGANISATION: Claims Registration Period Ends February 5 -------------------------------------------------------------- Creditors of Buero Organisation Service and Vertriebsgesellschaft mbH have until Feb. 5, 2009, to register their claims with court- appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 10, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Axel Kulas Gansheidestr. 43 70184 Stuttgart Tel: 0711/70 70 75 80 Fax: 0711/70 70 75 88 The District Court opened bankruptcy proceedings against the company on Jan. 1, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buero Organisation Service and Vertriebsgesellschaft mbH Attn: Wolfgang Schrimm, Manager Heilbronner Str. 305 70469 Stuttgart Germany CLASSIC-MOTORS VECHTA: Claims Registration Period Ends Feb. 11 -------------------------------------------------------------- Creditors of Classic-Motors Vechta GmbH have until Feb. 11, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 20, 2009, at which time the insolvency manager will present her first report. The meeting of creditors will be held at: The District Court of Vechta Hall 129 Main Building Kapitelplatz 8 49377 Vechta Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Anna Kuleba Niedersachsenstrasse 14 49074 Osnabrueck Germany Tel: 0541/3245499 Fax: 0541/3245496 E-mail: a.kuleba@kuhmann.eu Website: www.kuhmann.eu The District Court opened bankruptcy proceedings against the company on Jan. 7, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Classic-Motors Vechta GmbH Attn: Wolfgang Harpenau, Manager Corveystrasse 29 49393 Lohne Germany PERK MASCHINENFABRIK: Claims Registration Period Ends Feb. 13 ------------------------------------------------------------- Creditors of Perk Maschinenfabrik GmbH have until Feb. 13, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 2:00 a.m. on March 3, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Meppen Hall 1 Obergerichtsstrasse 20 49716 Meppen Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557-93840 Fax: 02557-938450 The District Court opened bankruptcy proceedings against the company on Jan. 8, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Perk Maschinenfabrik GmbH Attn: Wilhelm Quappen, Manager Ziepelkamp 20 26901 Lorup Germany =================== K A Z A K H S T A N =================== ART DESIGN: Proof of Claim Deadline Slated for February 27 ---------------------------------------------------------- LLP Art Design Company has declared insolvency. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: LLP Art Design Company Vodnaya Str. 36a Almaty Kazakhstan AVC PRESTIGE: Creditors Must File Claims by February 27 ------------------------------------------------------- LLP AVC Prestige has declared insolvency. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: LLP AVC Prestige Prokofyev Str. 49-22 Almaty Kazakhstan DAYANA 2: Claims Filing Period Ends February 27 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Dayana 2 insolvent. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan GNI-LIMITED LLP: Creditors' Proofs of Claim Due on February 27 -------------------------------------------------------------- LLP GNI-Limited has declared insolvency. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: LLP GNI-Limited Micro District 12, 49-22 Karaganda Kazakhstan IASSAUI-KA LLP: Claims Registration Period Ends February 27 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Iassaui-Ka insolvent. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan KONTAL LLP: Proof of Claim Deadline Slated for February 27 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kontal insolvent. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan LION LTD: Creditors Must File Proofs of Claim by February 27 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP LION LTD insolvent. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan ORTALYK UNIVERSAL: Claims Filing Period Ends February 27 -------------------------------------------------------- LLP Ortalyk Universal has declared insolvency. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: LLP Ortalyk Universal Micro District Stepnoy-4, 11-12 Karaganda Kazakhstan VLADIMIR & D: Creditors' Proofs of Claim Due on February 27 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Vladimir & D insolvent. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (7132) 21-30-32 ZAPAD AGRO: Claims Registration Period Ends February 27 ------------------------------------------------------- LLP Zapad Agro Prom has declared insolvency. Creditors have until Feb. 27, 2009, to submit written proofs of claim to: LLP Zapad Agro Prom Pochitalin Str. 118 Uralsk West Kazakhstan Kazakhstan ============= I R E L A N D ============= CHARTBUSTERS: Court to Decide on Examinership Application Tomorrow ------------------------------------------------------------------ RTE Business reports that Mr Justice Peter Kelly has reserved his decision on continuing court protection for Chartbusters, which employs 267 people. The report recounts two of the group's creditors, Lombard Ireland Bank and Winchurch Investments Ltd, opposed the examinership, claiming the group's core DVD business is "dead". The opposing creditors also raised concerns about aspects of the group's management and the adequacy of the financial information put before the court concerning the group, the report relates. They also complained about the group's diversification into property acquisition and operating tanning booths, the report adds. However, Gary McCarthy, counsel for Chartbusters, rejected the claims, the report states. Mr. McCarthy, as cited by the report, said Lombard Ireland had provided finance for the acquisition of the tanning booths and that the business had generated profits of some EUR4 million. The judge will outline his decision on the examinership application and Winchurch's winding-up application next Tuesday, the report discloses. The report notes court protection will continue pending his ruling. On Jan. 9, 2009, the TCR-Europe reported that according to The Irish Times, Mr Justice John Edwards appointed Neill Hughes, of Hughes Blake Chartered Accountants, as interim examiner to Chartbusters, which operates 37 home entertainment stores. The report recalled Mr. McCarthy told Mr Justice Edwards in the High Court that Chartbusters racked up debts of about EUR20 million. Citing Mr. McCarthy, the report revealed the company owed EUR12 million to Bank of Scotland (Ireland), KBC Bank, Lombard Ireland and Friends First Finance Ltd., while landlords were being owed EUR2 million. ChartBusters' director Richard Murphy, as cited by the report, said the company was currently unable to repay the interest due on the loans and was servicing about EUR900,000 a year in leasing payments. The report stated group turnover had dropped to EUR12.2 million for the period to April 30, 2008, and costs, in particular rent, had eroded profits. According to the report, Mr. Murphy in an independent report said that the company and related firms would have a reasonable prospect of survival as a going concern with new investment, closure of underperforming stores, negotiations with landlords and acceptance of an appropriate scheme of arrangement by the creditors under the protection of the High Court. QUALITY HOTEL: Closed Due to Downturn in General Tourism -------------------------------------------------------- Kevin Hughes at Kerryman.ie reports that the Quality Hotel in Killarney has ceased trading, resulting to the loss of 50 jobs. Frankie Whelan, of Carvanna Properties, a company that had leased the 300-bedroom hotel from Hepton Developments since 2003, blamed the hotel's closure on the downturn in general tourism, combined with high operational costs, the report discloses. Carvanna Properties, the report says, has now been placed in voluntary liquidation. The report notes a liquidator meeting will be held on January 30. * IRELAND: To Keep Two Biggest Lenders in Private Ownership ----------------------------------------------------------- BBC News reported Tuesday last week that Ireland's biggest lenders, Allied Irish Bank and Bank of Ireland, will remain in private ownership. Citing Brian Lenihan, the country's finance minister, the report disclosed the Irish government reiterated it is proceeding with the planned recapitalization of the two banks. It pledged in December to inject billions of euros in exchange for a 25% stake in each of the banks, the report added. The report recalled that according to Mr. Lenihan, the two banks were "fundamentally sound and solvent institutions." In a Jan. 19 report, BBC recounted shares in the country's three remaining publicly-listed banks plunged following the nationalization of Anglo Irish Bank. The report stated in afternoon trade on Monday, Jan. 19, Allied Irish shares were down 62%, Bank of Ireland fell 49% and mortgage and insurance specialist Irish Life & Permanent dropped 41%. The report noted that according to analysts, shares in Allied Irish and Bank of Ireland were being hit particularly hard because of growing investor fears that the banks' existing shares will be heavily diluted when both banks formally accept billions in government investment this spring. =================== K Y R G Y Z S T A N =================== TAXO MOTOR: Creditors Must File Claims by February 20 ----------------------------------------------------- LLC Central Taxo Motor Park has declared insolvency. Creditors have until Feb. 20, 2009, to submit written proofs of claim to: The company can be reached at: (0-772) 26-56-52 =========== R U S S I A =========== AKSAYSKIY GLASS: Creditors Must File Claims by March 16 ------------------------------------------------------- Creditors of CJSC Aksayskiy Glass-Manufacturing Plant (TIN 6102001011) have until March 16, 2009, to submit proofs of claims to: V. Lopatkin Insolvency Manager Entrance 1 Lenina Str. 219 355017 Stavropol Russia The Arbitration Court of Rostovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?53–2547/2006-S1–31. The Debtor can be reached at: CJSC Aksayskiy Glass-Manufacturing Plant Naberezhnaya Str.1 Aksay Rostovskaya Russia ALEYSKAYA TIMBER: Creditors Must File Claims by March 16 -------------------------------------------------------- Creditors of LLC Aleyskaya Timber Company have until March 16, 2009, to submit proofs of claims to: F. Shaybakov Insolvency Manager Post User Box 77 450022 Ufa Russia The Arbitration Court of Altayskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?03–8975/2008B. The Debtor can be reached at: LLC Aleyskaya Timber Company Tretyakovo Tretyakovskiy Altayskiy Russia ISHIMBAYSKIY MACHINE-TOOL: Court Names Insolvency Manager --------------------------------------------------------- The Arbitration Court of Bashkortostan appointed R. Yakupov as Insolvency Manager for OJSC Ishimayskiy Machine-Tool Plant. The case is docketed under Case No. ?07–14040/2005- G-PAV-NLV. He can be reached at 89177929130. KAMDORSTROY LLC: Creditors Must File Claims by Feb. 16 ------------------------------------------------------ Creditors of LLC KamDorStroy (Road Construction) have until Feb. 16, 2009, to submit proofs of claims to: Ye. Yemelin Temporary Insolvency Manager Office 313 Suvorova Str. 111a 440000 Penza Russia The Arbitration Court of Permskiy will convene on May 29, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. ?50–17568/2008 B4. The Debtor can be reached at: LLC KamDorStroy Gruzinskaya Str. 15/64 614068 Permskiy Russia LEFKO-BANK OJSC: Creditors Must File Claims by Feb. 16 ------------------------------------------------------ Creditors of OJSC Lefko-Bank Joint-Stock Commercial bank have until Feb. 16, 2009, to submit proofs of claims to: Investment Insurance Agency Acting as Insolvency Manager Verkhniy Taganskiy pereulok 4 109240 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?40–80272/08–88-232B. The Debtor can be reached at: OJSC Lefko-Bank Building 6 Vavilova Str. 38 119991 Moscow Russia LES-S LLC: Creditors Must File Claims by Feb. 16 ------------------------------------------------ Creditors of LLC Les-S (Forestry) have until Feb. 16, 2009, to submit proofs of claims to: Ye. Yemelin Insolvency Manager Office 313 Suvorova Str. 111a 440000 Penza Russia The Arbitration Court of Kirovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28–5933/2008–140/I0. The Debtor can be reached at: LLC Les-S Bazovaya Str. 9 610035 Kirov Russia STEKLO-MASH-81 LLC: Creditors Must File Claims by March 16 ---------------------------------------------------------- Creditors of LLC Steklo-Mash-81 (TIN 5034022450, PSRN 1055007116218) (Glass-Manufacturing Equipment Production) have until March 16, 2009, to submit proofs of claims to: A. Maltabar Insolvency Manager Post User Box 619 170006 Tver Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?41–12509/2008. The Debtor can be reached at: LLC Steklo-Mash-81 Moiseyenko Str. 11 Orekhovo-Zuyevo Moskovskaya Russia STROYKOMPANY LLC: Creditors Must File Claims by Feb. 16 ------------------------------------------------------- Creditors of LLC StroyKompany (TIN 7701549627) (Construction) have until Feb. 16, 2009, to submit proofs of claims to: L. Serdyuk Temporary Insolvency Manager Apt. 6 Building 3 Moldagulovoy Str. 16 111395 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy supervision procedure. The case is docketed under Case No. ?40–80669/08–70– 4B. The Debtor can be reached at: LLC StroyKompany Building 1 Furmannuy pereulok 10 105064 Moscow Russia WOOD-WORKING PLANT: Tatarstan Bankruptcy Hearing Set April 15 ------------------------------------------------------------- The Arbitration Court of Tatarstan will convene on April 15, 2009, to hear bankruptcy supervision procedure on LLC Wood-Working Plant. The case is docketed under Case No. ?65–19830/2008-SG4–21. The Temporary Insolvency Manager is: I. Zagirov Post User Box 813 422540 Zelenodolsk Tatarstan Russia The Debtor can be reached at: LLC Wood-Working Plant Slavynskiy pereulok 1 Urusuu Yutazinskiy Tatarstan Russia YUMAGUZSKIY BRICK: Creditors Must File Claims by Feb. 16 -------------------------------------------------------- Creditors of OJSC Yumaguzskiy Brick Plant have until Feb. 16, 2009, to submit proofs of claims to: R. Kirdiyarov Temporary Insolvency Manager Post User Box 130 450092 Ufa Russia The Arbitration Court of Bashkortostan will convene at 2:00 p.m. on Jun. 2, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. A07–16532/08-G-ShAB. * RUSSIA: VTB Posts US$369 Million Third-Quarter Loss ----------------------------------------------------- VTB Group posted a wider-than-estimated third-quarter loss of US$369 million, compared with a profit of US$555 million a year earlier, Bloomberg News reports. The bank's net loss for the three months to Sept. 30 compares with the median estimate for a loss of US$137 million in a Bloomberg News survey of seven analysts. Nine-month net income at Russia's second-biggest bank fell 69 percent to US$316 million, VTB said in a statement obtained by Bloomberg News. According to the report, loan delinquency is increasing in Russia because of falling commodity prices, rising unemployment and a weakening ruble. Overdue loans in Russia may rise to 4.5 percent of the total amount in the first quarter, versus 3.8 percent at the start of the year, the report says citing Alexei Simanovsky, head of the central bank's regulatory division. Bloomberg News relates Chief Financial Officer Nikolai Tsekhomsky told reporters in Moscow VTB's provisions for bad loans increased to 2.5 percent of total debts in the first nine months, from 1.3 percent, and will probably show another increase in the fourth- quarter. The CFO, as cited by the news agency, said the bank stopped granting loans in foreign currency to non-exporters "to limit currency risk" and halted consumer loans in dollars and euros in November. The report discloses the bank's provisions for impairments more than tripled to US$788 million from US$215 million a year earlier and had US$273 million of trading losses in the third quarter, compared with a gain of US$276 million in the second quarter. The bank anticipates further growth in loan-loss allowances in the forthcoming periods as a result of the weakening economic outlook for Russia in 2009, combined with an expected increase in unemployment, the report states. Bank VTB OAO (MCX:VTBR) -- http://www.vtb.ru/-- (Bank VTB OJSC), formerly Bank vneshney torgovli or Vneshtorgbank OAO, is a Russia- based bank, which is involved in the provision of banking and financial products and services. It offers such services as the opening and keeping bank accounts of physical and legal persons, offering debit and credit cards and safety deposit boxes, cash and non-cash money transfers, syndication arrangement for financial institutions, derivative instruments, currency exchange, securities and banknote trading, export and import payments, lending services, international settlements, custody services, card transactions, payroll and other services. It is a member of the Association of Russian Banks (ARB), International Capital Market Association and others. It operates through numerous representative offices and branches, subsidiaries and affiliated companies located in Russia, Europe, Asia and Africa. In December 2008, the company acquired a 51% stake in Azerbaijani AF-Bank. ===================== S W I T Z E R L A N D ===================== 4X INVEST: Creditors Must File Proofs of Claim by February 4 ------------------------------------------------------------ Creditors owed money by JSC 4X Invest are requested to file their proofs of claim by Feb. 4, 2009, to: Manfred Sac Parkstrasse 10 6214 Schenkon Switzerland The company is currently undergoing liquidation in Altishofen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Feb. 4, 2009. ABC CIPOLLOTTE: Deadline to File Proofs of Claim Set Jan. 30 ------------------------------------------------------------ Creditors owed money by LLC ABC Cipollotte are requested to file their proofs of claim by Jan. 30, 2009, to: Frederic Barth Eggimattweg 8 3216 Ried bei Kerzers Switzerland The company is currently undergoing liquidation in Ried bei Kerzers. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 27, 2008. CB SOFT: Creditors Have Until January 31 to File Claims ------------------------------------------------------- Creditors owed money by JSC CB Soft are requested to file their proofs of claim by Jan. 31, 2009, to: Urs Twerenbold Holzhausernstrasse 1 6343 Rotkreuz Switzerland The company is currently undergoing liquidation in Rotkreuz. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 19, 2008. DIGILINK SOLUTIONS: Proof of Claim Filing Deadline is Jan. 31 ------------------------------------------------------------- Creditors owed money by LLC digiLINK Solutions are requested to file their proofs of claim by Jan. 31, 2009, to: Feldhofstrasse 7 8625 Gossau ZH Switzerland The company is currently undergoing liquidation in Gossau ZH. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 14, 2008. DUBAMAT LLC: Creditors' Proofs of Claim Due by January 30 --------------------------------------------------------- Creditors owed money by LLC Dubamat are requested to file their proofs of claim by Jan. 30, 2009, to: Wyss Martin Muehlestrasse 16 6294 Ermensee Switzerland The company is currently undergoing liquidation in Hitzkirch. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 3, 2008. KUNST UND ANTIQUITATENMESS: Jan. 30 Set as Deadline to File Claims ------------------------------------------------------------------ Creditors owed money by JSC Kunst und Antiquitatenmess are requested to file their proofs of claim by Jan. 30, 2009, to: JSC KTB-Treuhand Eulerstrasse 54 Mail Box: 431 4003 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 12, 2008. MODE TRACHSEL: Creditors Must File Proofs of Claim by Jan. 30 ------------------------------------------------------------- Creditors owed money by JSC Mode Trachsel are requested to file their proofs of claim by Jan. 30, 2009, to: Ruth Trachsel-Gempeler Kronenplatz 3 3775 Lenk Switzerland The company is currently undergoing liquidation in Lenk. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 3, 2008. NALE LLC: Deadline to File Proofs of Claim Set February 4 --------------------------------------------------------- Creditors owed money by LLC Nale are requested to file their proofs of claim by Feb. 4, 2009, to: Naser Mehmeti Oberer Quai 104 2502 Biel Switzerland The company is currently undergoing liquidation in Biel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on April 9, 2008. SOVCOMFLOT STENA: Creditors Have Until February 4 to File Claims ---------------------------------------------------------------- Creditors owed money by JSC Sovcomflot Stena Ice Tankers are requested to file their proofs of claim by Feb. 4, 2009, to: JSC Stena Maritime Bahnhofplatz 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on July 4, 2008. WALSER BEDACHUNGEN: Proof of Claim Filing Deadline is Jan. 30 -------------------------------------------------------------- Creditors owed money by JSC Walser Bedachungen und Bauspenglerei are requested to file their proofs of claim by Jan. 30, 2009, to: Ernst Walser Grossfeldstrasse 74A 7320 Sargans Switzerland The company is currently undergoing liquidation in Sargans. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 12, 2008. ============= U K R A I N E ============= INTERTECHNO LLC: Creditors Must File Claims by February 7 --------------------------------------------------------- Creditors of LLC Intertechno (EDRPOU 35282468) have until Feb. 7, 2009 to submit proofs of claim to: LLC Legal Firm Effective Justice Liquidator / Insolvency Manager Office 197 Ivan Mazepa Str. 3B 01010 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 23, 2008. The case is docketed as B 18/594-08. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Intertechno Kurchatov Str. 6-A Vasilkov 08600 Kiev Ukraine NOVASYSTEM LLC: Creditors Must File Claims by February 7 -------------------------------------------------------- Creditors of LLC Novasystem (EDRPOU 35282342) have until Feb. 7, 2009 to submit proofs of claim to: LLC Legal Firm Effective Justice Liquidator / Insolvency Manager Office 197 Ivan Mazepa Str. 3B 01010 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 23, 2008. The case is docketed as B 18/593-08. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Novasystem Kurchatov Str. 6-A Vasilkov 08600 Kiev Ukraine NADRA BANK: Kyiv Court Bans UAH3 Bln NBU Refinancing ---------------------------------------------------- Kyiv's district administrative court has decided to ban the National Bank of Ukraine from refinancing Nadra Bank with another UAH3 billion, Interfax-Ukraine reports citing the country's prime minister, Yulia Tymoshenko. The prime minister, the report relates, accused NBU of refinancing Nadra bank to the tune of UAH7.1 billion for unclear reasons. She alleged the funds had been allocated to organize speculation on the currency market, rather than make payments to the bank's depositors or invest them in the economy's real sector, the report discloses. Headquartered in Kiev, Nadra -- http://www.nadra.com/-- is a universal national commercial bank. According to Fitch Ratings, Nadra is the seventh-largest Ukrainian bank by asset size, with a strong presence in the retail segment and about 3.4% of system assets at end-H108. The bank currently has the sixth-largest nationwide network of branches and outlets, the fifth-largest network of ATMs and the third-largest network of plastic card-acquiring terminals. About 87% of Nadra's shares are ultimately held by three individuals (including 33.4% held by Nadra's CEO, Igor Gilenko). Foreign portfolio investors jointly own 8%, including East Capital Fund's 7%. * * * As reported in the TCR-Europe on Jan. 22, 2009, Fitch Ratings downgraded Nadra Bank's Long-term Issuer Default Rating (IDR) to 'CC' from 'CCC' while maintaining a Negative Outlook. At the same time, the agency has withdrawn all of the bank's ratings due to insufficient information. The downgrade reflects a further recent deterioration in the bank's liquidity position and increased concerns about asset quality and capital. Fitch will no longer provide ratings or analytical coverage on this issuer. Nadra Bank's ratings are: Long-term IDR: downgraded to 'CC' from 'CCC'; Outlook remains Negative, rating withdrawn Senior unsecured debt: Long-term rating downgraded to 'CC' from 'CCC', Recovery Rating affirmed at 'RR4', ratings withdrawn Short-term IDR: affirmed at 'C', rating withdrawn Support Rating: affirmed at '5', rating withdrawn Individual Rating: affirmed at 'E', rating withdrawn Support Rating Floor: affirmed at 'No Floor', rating withdrawn ORION-TRADE LIMITED: Creditors Must File Claims by February 7 ------------------------------------------------------------- Creditors of LLC Orion-Trade Limited (EDRPOU 35746277) have until Feb. 7, 2009 to submit proofs of claim to: Columbus Trade Limited Company Liquidator P.O.B. 72 03115 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 18, 2008. The case is docketed as 15/47-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Orion-Trade Limited Office 2 Kotsiubinsky Str. 7 04053 Kiev Ukraine PROJECT 07 LLC: Creditors Must File Claims by February 7 -------------------------------------------------------- Creditors of LLC Project 07 (EDRPOU 35475365) have until Feb. 7, 2009 to submit proofs of claim to: Mr. Aleksey Tamozhansky Temporary Insolvency Manager Apt. 136 Korka Str. 10 Kom 61182 Kharkov Ukraine The Arbitration Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as B-50/192-08. The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Project 07 Sumskaya Str. 47 Kharkov Ukraine SKAVOLINING GROUPP: Creditors Must File Claims by February 7 ------------------------------------------------------------ Creditors of LLC Skavolining Groupp (EDRPOU 33720440) have until Feb. 7, 2009 to submit proofs of claim to: Mr. O. Kurov Liquidator Apt. 2 Oct. Revolution Str. 27A Odessa Ukraine The Arbitration Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 26, 2008. The case is docketed as 32/138-08-4828. The Economic Court of Odessa Shevchenko Avenue 29 65032 Odessa Ukraine The Debtor can be reached at: LLC Skavolining Groupp General Tsvetayev Str. 3/5 Odessa Ukraine STELAROM-LTD LLC: Creditors Must File Claims by February 7 ---------------------------------------------------------- Creditors of LLC Stelarom-Ltd. (EDRPOU 35975652) have until Feb. 7, 2009 to submit proofs of claim to: Columbus Trade Limited Company Liquidator P.O.B. 72 03115 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 18, 2008. The case is docketed as 15/48-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Stelarom-Ltd. Electrotechnicheskaya Str. 4-a 02217 Kiev Ukraine STS UKRAINE: Creditors Must File Claims by February 7 ----------------------------------------------------- Creditors of LLC STS Ukraine Industry (EDRPOU 35371861) have until Feb. 7, 2009 to submit proofs of claim to: Columbus Trade Limited Company Liquidator P.O.B. 72 03115 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 18, 2008. The case is docketed as 15/50-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC STS Ukraine Industry Kikvidze Str. 18 01103 Kiev Ukraine * UKRAINE: No Default Looming, Prime Minister Says -------------------------------------------------- Interfax-Ukraine reports that Ukrainian Prime Minister Yulia Tymoshenko dismissed media speculations about the possible default of Ukraine. According to the report, the prime minister said there is no default threatening Ukraine as the country has one of the smallest sovereign debts in the world at 11% of the GDP. =========================== U N I T E D K I N G D O M =========================== AXIS FILMS: Appoints Joint Administrators from Tenon Recovery ------------------------------------------------------------- Paul W. Ellison and Gareth W. Roberts of Tenon Recovery were appointed joint administrators of Axis Films Ltd. on Jan. 13, 2009. The company can be reached through Tenon Recovery at: Aquarium 1-7 King Street Reading Berkshire RG1 2AN England GEORGE AND HARDING: Enters Voluntary Liquidation ------------------------------------------------ Neil Gerrard at Contract Journal reports that George & Harding Construction has gone into voluntary liquidation after two major suppliers failed to make payment it was owed. The company, the report discloses, had a turnover of around GBP15 million, according to its latest set of company accounts for the six months to March 31, 2007. Based in Dorset, George & Harding Construction is a family business founded in 1867 by Charles George. HALL MOTORS: Goes Into Administration; 40 Jobs Affected ------------------------------------------------------- Neil Docking at thisischeshire.co.uk reports that Bewsey-based car dealership Hall Motors has gone into administration, resulting to the loss of around 40 jobs. "We had a large rental fleet at both Warrington and Birkenhead but then when we stopped renting vehicles we had probably 80 or 90 to sell and the economic downturn came at completely the wrong time," Leanne Hall, daughter of founder Syd Hall, was quoted by the report as saying. "People were not renting them any more and you wouldn't get the right bonuses on them from Peugeot and when you came to sell them their value was too low." INSPARATIONAL HOT: Appoints Liquidators from Tenon Recovery ----------------------------------------------------------- Ian William Kings and Steven Philip Ross of Tenon Recovery, were appointed joint liquidators of Insparational Hot Tubs & Spas Ltd. on Jan. 8, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Tenon House Ferryboat Lane Sunderland Tyne & Wear SR5 3JN England JULESGEMS LTD: Names Liquidator from Smith & Williamson ------------------------------------------------------- Neil Francis Hickling of Smith & Williamson Limited was appointed liquidator of Julesgems Ltd. on Jan. 9, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Limited at: No. 1 St. Swithin Street Worcester WR1 2PY England KAUPTHING SINGER: IoM Gov't Must Back Slow Wind Down, Report Says ----------------------------------------------------------------- Iain Martin at Citywire reported Monday last week that the Isle of Man government is urged to support a slow wind down of Kaupthing Singer & Friedlander Isle of Man Ltd over the bank's liquidation. Citing a report by US financial consultancy AlixPartners, commissioned by the island's Treasury, Citywire disclosed a controlled wind down of KSF IoM would be a simpler and quicker way of returning money to the bank's 8,000 savers than a liquidation. Citywire stated that according to the report's author David Lovett, the wind down plan would streamline the claims process and accelerate payments which would equal those offered by the Depositor Compensation Scheme. In the report, Mr. Lovett, Citywire added, recommend that the Isle of Man Treasury should lend money to KSF IoM to support the wind down and guarantee compensation for around 8,000 savers if the value of the bank's assets fell short. "AlixPartners believe that such a scheme or arrangement would provide the simplicity and certainty, no doubt sought by depositors, together with liquidity for KSF IoM that may, in due course, result in its sale as a going concern," Mr. Lovett was quoted by Citywire as saying. Citywire recalled the AlixPartners report was submitted to the Isle of Man High Court on January 15. The report, Citywire recounted, asked to defer the bank's liquidation for another two months while details of the plan are worked on. Citywire noted depositors and the Isle of Man government have until January 29 to consider its conclusions on the plan. About Kaupthing Singer & Friedlander (Isle of Man) Ltd. Kaupthing Singer & Friedlander (Isle of Man) Ltd. -- http://www.kaupthingsingers.co.im/-- is the UK subsidiary of Iceland-based Kaupthing Bank hf. On Oct. 9, 2008, the Isle of Man Court made a provisional liquidation order in relation to Kaupthing Singer & Friedlander (Isle of Man). Subsequently, Michael Simpson of PricewaterhouseCoopers was appointed as provisional liquidator of the bank. On Oct. 8, 2008, The Isle of Man Financial Supervision Commission suspended the banking license of Kaupthing Singer & Friedlander (Isle of Man). MARSTON MILLS: Taps Joint Liquidators from Ernst & Young -------------------------------------------------------- Simon Allport and Alan Michael Hudson of Ernst & Young LLP were appointed joint liquidators of Marston Mills Group Ltd. on Dec. 11, 2009, for the creditors' voluntary winding-up proceeding. The company can be reached through Ernst & Young LLP at: 100 Barbirolli Square Manchester M2 3EY England MATTHEWS BUILDERS: Names Administrators from Tenon Recovery ----------------------------------------------------------- Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were appointed joint administrators of Matthews Builders & Developers Ltd. on Jan. 2, 2009. The company can be reached at: Matthews Builders & Developers Ltd. 1 St. Stephens Court St. Stephens Road Bournemouth BH2 6LA England MCLEISH BROTHERS: Offers for the Business Due Today --------------------------------------------------- The joint administrator of McLeish Brothers, Iain Fraser of Tenon Recovery, has set today, January 26, at 5:00 p.m. as the closing date for offers for the business. McLeish Brothers went into administration on Monday, January 12, as a result of cash flow problems caused by the credit crisis and a dramatic fall in consumer spending. Since then, Tenon has received in excess of 50 inquiries for the business and its assets from a range of interested parties, including national chains and individual entrepreneurs. McLeish Brothers, which had grown to 10 retail outlets, had become established as a high quality delicatessen with a focus on sourcing and supporting food products from Scotland. Turnover was on track to reach GBP6 million and the company was poised to launch an ambitious store opening program across Scotland, to be followed by expansion into England. "We are pleased at the level of interest in McLeish Brothers, which reflects the strength of the brand, the network of suppliers and its potential for growth. The management had also invested in very high quality shop fittings and IT systems. The business offers a great opportunity to acquire a strong delicatessen brand, and we would urge interested parties to make sure they lodge their offers with us in good time. We would like to sell the business in its entirety, but are open to proposals for individual stores and the central kitchen facility in Dundee." Following the administration, seven stores, the head office and central kitchen facility were closed with three stores continuing to trade (Inverurie, Schoolhill in Aberdeen and Whitehall in Dundee). Interested parties should make contact direct with Tenon Recovery on: 01224 209666. or go to: www.tenongroup.com MILLER PROPERTY: Taps Joint Administrators from PKF --------------------------------------------------- On Jan. 6, 2009, Ian Christopher Schofield and Charles William Anthony Escott of PKF (UK) LLP, were appointed joint administrators of: -- Miller Property (Doncaster) Ltd., -- Miller Brothers (Retail) Ltd., and -- Miller Stores (Doncaster) Ltd. The companies can be reached through PKF (UK) LLP at: Pannell House 6 Queen Street Leeds LS1 2TW England OAKDENE HOMES: Faces Insolvency After Debt Negotiations Failed -------------------------------------------------------------- Scott Hamilton at Bloomberg News reports that Oakdene Homes plc is facing insolvency after it failed to negotiate new debt terms with banks amid declining home sales. Oakdene, Bloomberg News says, is the first publicly traded homebuilder to fall victim to the current property slump. "It shows a hard line by the banks to allow a company to go under -- it marks out the territory," KBC Peel Hunt analyst Robin Hardy was quoted by Bloomberg News as saying. "Oakdene is practically insolvent. This exercise is going to repeat itself again and again, especially at the private, smaller end of the industry." Bloomberg News relates Oakdene Chairman Philip Stephens said in May the company owns about 18,000 properties and sells between 200 and 250 homes a year on average. On Thursday, January 22, Oakdene requested a suspension of trading in its shares on AIM pending clarification of its financial position. In September, the company said it was in breach of its covenants and was relying on a temporary facility. Bloomberg News recounts on Sept. 30 Oakdene said two large trade sales, the profits of which were included in 2006 and 2007 accounts, failed to complete and the purchasers forfeited their deposits. It said it may seek to sell assets or tap a strategic investor to raise the money to repay lenders. However, Mr. Hardy believes "that's unlikely", Bloomberg News notes. The Daily Telegraph recalls shares in Oakdene fell 94pc last year as the market deteriorated. The company, The Daily Telegraph discloses, made a pre-tax loss of GBP6.3 million in the six months to June 30, 2008, down from a profit of GBP1.5 million a year earlier, while its bank loans totaled GBP75.6 million. As reported in the TCR-Europe on Oct. 6, 2008, Oakdene said in common housebuilders it has suffered from the effects of the turmoil in global markets which has led to a shortage of mortgage availability and a general lack of buyer confidence. Oakdene Homes plc -- http://www.oakdene-homes.co.uk/-- is a residential development company based in Reigate, Surrey. The company operates predominantly in South London Boroughs, Surrey, Sussex and Kent. * UK: Three Top Lenders May Need GBP80BB More Equity, Nomura Warns ------------------------------------------------------------------ Philip Aldrick at The Daily Telegraph reports that analysts at investment bank Nomura warned Britain's three top lenders may require another equity injections of GBP80 billion to end concerns about their solvency. The report discloses according to Nomura, Barclays may need another GBP17.5 billion, Lloyds Banking Group GBP30 billion and Royal Bank of Scotland GBP32.5 billion. Nomura estimates that over four years Barclays will record credit losses of GBP33 billion, Lloyds GBP56 billion and RBS GBP61 billion, the report states. The report notes that while the analysts expect the cumulative credit losses to be offset by profits, the banks will need fresh capital if the bad debts hit early and the profits come through at the end of four years. Nomura, as cited by the report, said the latest Government bail- out measures "do not change the key issue of the unknown and potentially unlimited losses of the banking system, and therefore whether it will ultimately require further capital injections". According to the report, Nomura's warning will fuel fears that the banks may be fully nationalized. * UK: BERR Committee to Probe Into Pre-Pack Administration ---------------------------------------------------------- The Business and Enterprise Regulatory Reform Committee is launching an investigation into "pre-pack" administration after concerns it is being used by ailing businesses to escape debts and creditors, Roland Gribben at The Daily Telegraph reported. The report disclosed Stephen Speed, head of the Insolvency Service, will appear before the BERR committee tomorrow, January 27. He will be questioned about whether the scheme is being abused and asked if changes are needed, the report stated. According to the report, Peter Luff, Tory chairman of the BERR committee, plans to use an inquiry into the operations of the Insolvency Service as a platform to examine the administration system and the pre-packaged practice. The report recalled business advisers, creditors and other groups are being invited by Mr. Luff to submit their views. "We may well expand the inquiry," Mr. Luff was quoted by the report as saying. The report recounted failed businesses Whittard, USC and The Officers' Club were put into "pre-pack". Michael Jervis, a partner at PricewaterhouseCoopers, as cited by The Independnt, said: "Pre-packs have a role to play but I accept that they can be open to abuse in the wrong hands. I certainly think lessons can be learned in terms of transparency and communication to creditors." * Emerging Markets May See Rise in Corporate Loan Defaults ---------------------------------------------------------- Emerging markets may experience increase in company debt defaults as the global recession curbs export revenue, pushes down local currencies and makes banks reluctant to refinance, Bloomberg News reports citing Standard Chartered Plc. "Corporate debt is going to be one of the biggest issues in emerging markets in the next two years," Bloomberg News quoted Mohammed "Mo" Grimeh, New York-based head of trading for Standard Chartered, as saying. "Some corporates have issued more debt than they can support." According to the report, Mr. Grimeh said businesses in Brazil, India, Mexico, Russia, Kazakhstan and other Eastern European nations may be most at risk and may "need more support from the government, central banks and state banks." Citing data compiled by Commerzbank AG, the report says businesses across emerging markets have more than US$218 billion of bonds and syndicated loans coming due in 2009. Russian companies need to repay US$54 billion of debt, followed by Mexican issuers with US$29 billion coming due and Brazilian firms with more than US$24 billion, Bloomberg News notes. Currencies from all three nations have also dropped more than 20 percent against the dollar in the past year, increasing the cost of servicing foreign-currency obligations, the report states. The "extremely high" level of corporate debt sales over the past several years and approaching maturities are "a source of concern," Mr. Grimeh told Bloomberg News in an interview. Bloomberg News relates data compiled by Commerzbank showed emerging-market companies sold US$119 billion of debt in 2006, US$95 billion in 2007 and US$38 billion last year. * BOND PRICING: For the Week Jan. 19 to Jan. 23, 2009 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Oester Volksbk 4.810 07/29/25 EUR 68.36 BELGIUM ------- Barry Calle SVCS 6.000 07/13/17 EUR 73.40 CYPRUS ------ Abh Financial Lt 8.200 06/25/12 USD 64.90 Alfa MTN Invest 9.250 06/24/13 USD 61.67 FRANCE ------ Alcatel SA 4.750 01/01/11 EUR 13.40 6.380 04/07/14 EUR 68.23 Axa SA 8.600 12/15/30 USD 69.91 BNP Paribas 0.250 12/20/14 USD 67.97 Calyon 6.000 06/18/47 EUR 37.30 Soc Air France 2.750 04/01/20 EUR 19.18 Wavecom SA 1.750 01/01/14 EUR 30.53 GREECE ------ Antenna TV SA 7.250 02/15/15 EUR 65.00 HUNGARY ------- Agrokor 7.000 11/23/11 EUR 70.70 IRELAND ------- Allied Irish Bks 5.250 03/10/25 GBP 75.47 5.630 11/29/30 GBP 69.36 Alfa Bank 8.630 12/09/15 USD 43.76 8.640 02/22/17 USD 39.91 Ardagh Glass 7.130 06/15/17 EUR 72.20 Banesto Finance Plc 6.120 11/07/37 EUR 6.12 Bank Soyuz 9.380 02/16/10 USD 74.99 ITALY ----- Banca Italease 3.000 06/30/11 EUR 61.11 3.000 09/30/11 EUR 59.16 LUXEMBOURG ---------- Acergy SA 2.250 10/11/13 USD 59.26 Ak Bars Bank 9.250 06/20/11 USD 68.43 Alrosa Finance 8.880 11/17/14 USD 66.44 Bank of Moscow 7.340 05/13/13 USD 64.20 7.500 11/25/15 USD 45.64 6.810 05/10/17 USD 40.65 Beverage Pack 8.000 12/15/16 EUR 66.06 9.500 06/15/17 EUR 44.00 Breeze 4.520 04/19/27 EUR 67.22 11.750 04/19/27 EUR 72.25 NETHERLANDS ----------- ABN Amro Bank NV 6.250 06/29/35 EUR 54.18 Aegon NV 4.630 12/09/19 EUR 74.69 6.130 12/15/31 GBP 72.51 Air Berlin Finance BV 1.500 04/11/27 EUR 37.36 Alfa Bk Ukraine 9.750 12/22/09 USD 101.51 ALB Finance BV 9.750 02/14/11 GBP 37.12 8.750 04/20/11 USD 42.56 7.880 02/01/12 EUR 34.93 9.250 09/25/13 USD 43.12 ASM International NV 4.250 12/06/11 USD 63.92 ASML Holding NV 5.750 06/13/17 EUR 61.36 Astana Finance 7.880 06/08/10 EUR 58.06 9.000 11/16/11 USD 49.87 ATF Capital BV 9.250 02/21/14 USD 63.18 BK Ned Gemeenten 0.500 06/27/18 CAD 68.60 0.500 02/24/25 CAD 48.06 Centercrdt Intl 8.000 02/02/11 USD 56.08 8.630 01/30/14 USD 39.05 Hit Finance BV 4.880 10/27/21 EUR 72.10 JSC Bank Georgia 9.000 02/08/12 USD 46.41 Turanalem Fin BV 7.130 12/21/09 GBP 70.24 7.880 06/02/10 USD 62.62 6.250 09/27/11 EUR 46.65 7.750 04/25/13 USD 40.83 8.000 03/24/14 USD 45.07 8.500 02/10/15 USD 46.69 8.250 01/22/37 USD 44.89 ROMANIA ------- Bucharest 4.130 06/22/15 EUR 52.14 RUSSIA ------ Sistema Capital 8.880 01/28/11 USD 74.85 SPAIN ----- Abertis 5.990 05/14/38 EUR 73.76 Abertis Infra 4.380 03/30/20 EUR 77.45 Auvisa 4.790 12/15/27 EUR 64.92 UNITED KINGDOM -------------- Amlin Plc 6.500 12/19/26 GBP 65.25 Anglian Water Finance Plc 2.400 04/20/35 GBP 44.65 Ashtead Holdings 8.630 08/01/15 USD 59.13 Aspire Defence 4.670 03/31/40 GBP 61.19 Aviva Plc 5.250 10/02/23 EUR 66.20 6.880 05/22/38 EUR 61.61 Bank of India 6.630 09/22/21 USD 76.44 Beazley Group 7.250 10/17/26 GBP 75.72 Bradford&Bin Bld 7.630 02/16/10 GBP 30.95 6.630 06/16/23 GBP 22.86 4.910 02/01/47 EUR 66.45 BL Super Finance 4.480 10/04/25 GBP 74.82 Britannia Bldg 5.750 12/02/24 GBP 71.43 5.880 03/28/33 GBP 63.70 British Airways Plc 8.750 08/23/16 GBP 77.50 Brit Insurance 6.630 12/09/30 GBP 71.53 British Land Co 5.010 09/24/35 GBP 74.22 5.260 09/24/35 GBP 71.34 Brit Sky Broadca 6.000 05/21/27 GBP 73.42 British Tel Plc 5.750 12/07/28 GBP 71.42 6.380 06/23/37 GBP 74.54 Broadgate Finance Plc 4.850 04/05/31 GBP 74.09 5.100 04/05/33 GBP 70.49 CGNU Plc 6.130 11/16/26 GBP 65.30 Heating Finance 7.880 03/31/14 GBP 38.77 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. 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. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* 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. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie Therese V. Profetana and Peter A. Chapman, Editors. Copyright 2009. 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$625 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 * * *