/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060619.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, June 19, 2006, Vol. 7, No. 120 Headlines A U S T R I A ALAN: Insufficient Funds Prompt Court to Close Bankruptcy Case BAWAG PSK: Austrian Trade Union to Sell Bank in One Piece F. BAUER: Claims Filing Deadline Slated for June 27 MILLENIUM: Meeting of Creditors Set for July 3 VOJTA UND PETERS: Supreme Court of Vienna Closes Bankruptcy Case ZELJKO BUBNJEVIC: Claims Filing Deadline Slated for July 3 C Z E C H R E P U B L I C OREA HOTELS: Moody's Rates Long-Term Issuer Rating at Ba1 * Moody's Presents New National Scale Rating for Czech Republic F R A N C E BULL (GROUPE): S&P Affirms B- Long-Term Corp. Credit Rating G E R M A N Y 1 2 3 AUTOWASCH: Claims Registration Ends July 4 A-TEAM: Creditors' Meeting Slated for June 22 ALLGEMEINE WOHNBAU: Claims Registration Ends July 3 ALUPOR FASSADENL: Claims Registration Ends June 30 B. PRISACK: Claims Registration Ends June 27 BAUUNTERNEHMEN EICHLER: Claims Registration Ends June 30 BL-PRODUKTIONS: Claims Registration Ends July 1 EASY-RENT: Claims Registration Ends July 3 HGB MALER: Claims Registration Ends June 30 SMART DESIGN: Claims Registration Ends June 26 VISTEON CORP: Fitch Keeps Issuer Default Rating at CCC G R E E C E EMPORIKI BANK: Moody's Confirms D+ Financial Strength Rating H U N G A R Y BORSODCHEM RT: Embarks Pollution Cleanup at Kazincbarcika Site BORSODCHEM RT: Increases Treasury Shares to 1.147 Million I R E L A N D ELAN CORP: Tysabri Relaunch Prompts Moody's to Affirm B3 Rating I T A L Y INTER AUTO: S&P Withdraws B+ Long-Term Corp. Credit Rating K A Z A K H S T A N AIKYN OIL: Creditors Must File Claims by June 30 AKSUSKY HLEBOZAVOD: Creditors Must File Claims by June 30 ARENA: Proof of Claim Deadline Slated for June 30 BIZON LTD: Proof of Claim Deadline Slated for June 30 BRENT: Claims Registration Ends June 30 CONTINENTAL SERVICES: Claims Registration Ends June 30 DJIN KO. SERVICE: Creditors' Claims Due June 30 ISTIS: Creditors' Claims Due June 30 JUBAY: Creditors' Claims Due June 30 TASTOBE-AGRO: Court Sets June 30 Claims Bar Date K Y R G Y Z S T A N KYRGYZKURULUSH: Public Auction Scheduled for June 21 VESTA-TOKMOK: Public Auction Scheduled for June 23 VZRYVPROM: Creditors' Meeting Slated for June 22 N E T H E R L A N D S ROYAL AHOLD: U.S. District Court Okays Class Action Settlement R U S S I A CARCASS-PANEL HOUSE: A. Yushkeich to Act as Insolvency Manager DYURTYULINSKIY BRICKWORKS: Court Names External Management FRUNZE: Samara Court Commences Bankruptcy Supervision LUKOIL: Develops Transport Infrastructure for Transfer Terminal OAO GAZPROM: Inks Gasification Schedule with St. Petersburg ROSTELECOM: Acquires Controlling Stake in Zebra Telecom SAN-TEKH-ELECTRO-ASSEMBLY: Court Starts Bankruptcy Supervision SOSNOOBORSKIY CREAMERY: T. Kostyukoskaya to Manage Assets SOUTHERN TELECOM: Pays 2nd Coupon Income Under Series 04 Issue STROY-TRUST: Bankruptcy Hearing Slated for July 11 SYZRANSKAYA FURNITURE: Bankruptcy Hearing Slated for June 27 VNESHTORGBANK: Issues US$90-Million Mortgage-Backed Securities YANIKOSKOYE: Chuashiya Court Begins Bankruptcy Supervision S P A I N BANKINTER 2: Moody's Rates EUR10.7-Mln Class D Notes at Ba3 S L O V A K R E P U B L I C * Moody's Presents New National Scale Rating for Slovak Republic T U R K E Y * S&P Affirms Turkey's Low-B Foreign Currency Ratings U K R A I N E AGROLEND: Kyiv Court Begins Bankruptcy Supervision GRANIT PLUS: Court Appoints S. Kravtsov as Insolvency Manager PROGRES: Court Names Mihajlo Grishin Insolvency Manager ROZDILSKIJ BRICK: Donetsk Court Freezes Debt Payment SHEVCHENKIVSKE: Court Names Yurij Arhipov to Liquidate Assets TULCHIN-MLIN: Vinnitsya Court Starts Bankruptcy Supervision UKRMETAL: Kyiv Court Starts Bankruptcy Supervision VERSTATOLIV: Court Appoints Denis Frolov as Insolvency Manager ZAKARPATNAFTA: Donetsk Court Freezes Debt Payment U N I T E D K I N G D O M A & A DIGITAL: Claims Filing Period Ends Aug. 8 ACKERMANS CHOCOLATES: Appoints T. Papanicola as Administrator ADAL GROUP: Administrators Sell Assets as Going Concern ALLENS LIMITED: Taps Joint Administrators from Menzies AQUILA PLC: Fitch Affirms GBP3.35-Mln Class E Securities at BB BRITISH AIRWAYS: Trustee Sells 44,921 Units in Share Scheme CHEMIX PLC: Administrators Sell Business as Going Concern GVG DISTRIBUTION: Taps Baker Tilly to Liquidate Assets H.C. HILL: Creditors' Meeting Slated for June 20 INTRIGUE DESIGNS: Creditors Confirm Voluntary Liquidation K & S COMMUNICATION: Creditors Pass Winding Up Resolution LAS REALISATIONS: Creditors Resolve to Liquidation LEWIS & WAYNE: Names Piper Thompson as Administrator LMC STREATHAM: Creditors' Meeting Slated for June 20 MOLLOY EUROPEAN: Appoints Administrators from Smith & Williamson MISYS PLC: Morgan Stanley Steps Down as Corporate Broker ORANGE GROVE: Financial Woes Prompt Liquidation SCORPION LIFTING: Names Andrew James Nichols to Liquidate Assets SIXTEN LEISURE: Taps P&A Partnership to Administer Assets STILLFRAME LIMITED: Brings In Recovery HJS as Administrator TARONBOND LIMITED: Appoints Joint Administrators from Menzies TAMBAR PRODUCTIONS: Brings In Liquidators from Acre House WHY CREATE: Taps J.N. Bleazard to Liquidate Assets WORLDWIDE TRANSPORT: Hires Liquidator from PB Recovery Limited WWF WHOLESALE: Hires Joint Administrators from PKF ********* ============= A U S T R I A ============= ALAN: Insufficient Funds Prompt Court to Close Bankruptcy Case -------------------------------------------------------------- The Trade Court of Vienna dismissed the bankruptcy case of Construction LLC Alan (FN 057599f) on May 8 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 3 (Bankr. Case No. 2 S 24/06a). BAWAG PSK: Austrian Trade Union to Sell Bank in One Piece --------------------------------------------------------- Osterreichischer Gewerkschaftsbund, the Austrian Trade Union Federation, wants to sell BAWAG P.S.K. as a whole, Boris Groendahl writes for Reuters. BAWAG chief executive Ewald Nowotny revealed that OeGB would rather sell the bank in one piece rather than break it up. "We have discussed a break-up and agreed with Morgan Stanley that this is not going to yield more," Mr. Nowotny said. Mr. Nowotny, however, said the buyer could break up the bank after the sale, Reuters relates. OeGB has placed Bawag on the trading table following the bank's alleged role in the collapse of Refco Inc. Investment bank Morgan Stanley, which facilitates the sale, and Bawag are currently drafting a memorandum to invite possible buyers and preparing the books for a due diligence, Mr. Nowotny revealed. The chief executive, however, declined to comment on the auction's schedule, valuation or preferred buyers, Reuters relates. Deputy Chief Executive Stephan Koren revealed that Bawag's book value was around EUR1.7 billion. According to Reuters, Bawag's buyer has to pour in fresh capital to at least partly make up for the EUR900-million state guarantee that will expire once the sale materializes. As reported in TCR-Europe on June 16, J.C. Flowers & Co. LLC and Cerberus Capital Management LP are thought to be considering bids for Bawag. Commerzbank AG, Generali, Allianz and Volksbanken-Investkredit are also interested in launching an offer for Bawag aside from the two US turnaround firms. Morgan Stanley has begun inviting bids after Bawag inked a US$675 million settlement deal with Refco investors. According to Sunday Times, analysts peg Bawag's value at EUR1.8 billion, though its sale might be complicated by the EUR900- million state-spearheaded rescue package. About BAWAG Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft AG) is an Austrian universal bank founded in 1922 by former Austrian Chancellor Karl Renner. As of 2004, the bank's majority shareholder was the OGB (Osterreichischer Gewerkschaftsbund), the Austrian Trade Union Federation. The bank has total consolidated assets of EUR56 billion as of Dec. 31, 2004. * * * As reported in the TCR-Europe on May 11, Moody's downgraded BAWAG P.S.K's -- financial strength rating (BFSR) to D- from C-; -- Tier 1 debt rating to Baa3 from Baa2. Both ratings remain under review for possible downgrade. At the same time, Moody's has also downgraded to Prime-2 with stable outlook from Prime-1 the bank's short-term debt and deposit rating. The A3 long-term debt and deposit ratings and the Baa1 subordinated debt rating remain on review for possible downgrade. These ratings were downgraded as part the rating action: -- BAWAG P.S.K.: bank financial strength rating from C- to D-; -- BAWAG P.S.K.: short-term rating from P-1 to P-2; -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and deposit rating to Baa3 from Baa2; -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and deposit rating to Baa3 from Baa2; and -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and deposit rating to Baa3 from Baa2. These ratings are under review for possible downgrade: -- BAWAG P.S.K.: bank financial strength rating of D-; -- BAWAG P.S.K.: long-term debt and deposit F. BAUER: Claims Filing Deadline Slated for June 27 --------------------------------------------------- Creditors owed money by LLC F. Bauer (FN 248228t) have until June 27 to submit written proofs of claims to court-appointed property manager Christian Bachmann at: Dr. Christian Bachmann Opernring 8 1010 Vienna Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on July 11 to consider the revision of the rule by adoption and accountability. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9 (Bankr. Case No. 2 S 78/06t). Eva-Maria Bachmann-Lang represents Dr. Bachmann in the bankruptcy proceedings. MILLENIUM: Meeting of Creditors Set for July 3 ---------------------------------------------- Creditors owed money by LLC Millenium (FN 37575h) are encouraged to attend the creditors' meeting at 10:00 a.m. on July 3 to consider the revision of the rule by adoption and accountability. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9 (Bankr. Case No. 3 S 71/06w). Johanna Abel-Winkler serves as the court-appointed property manager of the bankrupt estate with Norbert Abel as her representative. VOJTA UND PETERS: Supreme Court of Vienna Closes Bankruptcy Case ---------------------------------------------------------------- The Supreme Court of Vienna entered an order closing the bankruptcy case against Private Enterprise Vojta Und Peters (FN 246406m) on May 2. The case is transferred to the Trial Court for new consideration. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 31, 2006 (Bankr. Case No. 45 S 17/06p). Dr. Annemarie Kosesnik-Wehrle serves as the court-appointed property manager of the bankrupt estate. ZELJKO BUBNJEVIC: Claims Filing Deadline Slated for July 3 ---------------------------------------------------------- Creditors owed money by LLC Zeljko Bubnjevic (FN 98946i) have until July 3 to submit written proofs of claims to court- appointed property manager Robert Klein at: Dr. Robert Klein Mirror Lane 10 1010 Vienna Austria Tel: 513 99 39 Fax: 513 99 39-30 E-mail: klein@lawcenter.at Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on July 17 to consider the revision of the rule by adoption and accountability. The meeting of creditors will be held at: Trade Court of Vienna Room 2102 21st Floor Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9 (Bankr. Case No. 45 S 27/06h). =========================== C Z E C H R E P U B L I C =========================== OREA HOTELS: Moody's Rates Long-Term Issuer Rating at Ba1 --------------------------------------------------------- Moody's Investors Service has assigned a Ba1.cz Long-term national scale issuer rating to OREA Hotels a.s. with a stable outlook on June 15. The announcement came with the rating agency's introduction of a new National Rating Scale for use in the Czech Republic. * Moody's Presents New National Scale Rating for Czech Republic --------------------------------------------------------------- Moody's Investors Service introduced a new National Rating Scale for use in the Czech Republic on June 15. The new rating scale provides a ranking of relative creditworthiness including relevant external support in the Czech Republic and will use Moody's globally recognized rating symbols, modified with a '.cz' marker. Moody's Investors Service will continue to issue within the Czech Republic global scale ratings comparable internationally, which would not carry the '.cz' marker. "Investors and other users of credit ratings have found National Scale Ratings to be helpful in providing greater differentiation among credits within a country, says Frederic Drevon, Senior Managing Director - Europe. "In the Czech Republic, this is particularly beneficial since global scale ratings for most domestic issuers are clustered around a more narrow rating range, and the Czech national rating scale divides the ratings more finely within these clusters," adds Mr. Drevon. Overall, Moody's believes NSRs provide enhanced transparency regarding the local credit market environment. "NSRs will benefit Czech issuers that are active in the developing domestic capital markets, particularly in the banking sector as Czech financial institutions adhere to Basel II requirements," says Petr Vins, General Manager - Moody's Central Europe. Moody's introduction of NSRs in the Czech Republic coincides with the strong development of the country's mutual fund sector and potential pension reforms that could accelerate growth in the Czech capital markets. Moody's has also published a Rating Methodology entitled "National Scale Ratings in the Czech Republic", which provides a detailed explanation of how Moody's develops and implements national scale systems. National Scale Ratings can be understood as a relative ranking of creditworthiness including relevant external support within a particular country. While the symbols and definitions are consistent with National Scale Rating systems in other countries where Moody's provides such ratings, National Scale Ratings are not designed to be compared among countries as are Moody's global scale ratings; rather, they address relative credit risk within a given country. The use of National Scale Ratings by investors is only appropriate within that portion of a portfolio that is exposed to a given country's local market, not taking into consideration the various risks implied by that country's foreign currency ceiling or its local currency guideline. National Scale ratings assigned: -- BH Securities: Baa2.cz Long-term national scale issuer rating; -- City of Beroun: Aa2.cz Long-term national scale issuer rating; -- City of Klatovy: Aa1.cz Long-term national scale issuer rating with a stable outlook; -- City of Prostejov: Aa1.cz Long-term national scale issuer rating with a stable outlook; -- City of Zdar nad Sazavou: Aa1.cz Long-term national scale issuer rating with a stable outlook; -- Home Credit Finance, a.s.: A3.cz; Long-term national scale issuer rating with a stable outlook; -- Orco Property Group S.A.: A3.cz Long-term national scale issuer rating, placed under review for possible downgrade. -- OREA Hotels a.s.: Ba1.cz Long-term national scale issuer rating with a stable outlook; -- Region of Liberecky: Aa1.cz Long-term national scale issuer rating with a stable outlook -- Statni fond dopravni infrastruktury: Aaa.cz Long-term national scale issuer rating with a stable outlook; -- Teplarna Strakonice, a.s.: Aa2.cz Long-term national scale issuer rating with a stable outlook; and -- Vojenske lesy a statky CR, s.p.: Aaa.cz Long-term national scale issuer rating with a stable outlook. Moody's Investors Service -- http://moodys.com/-- is a leading provider of credit ratings, research, and risk analysis. The firm's ratings and analysis track over US$35 trillion of debt covering approximately 170,000 corporate, government and structured finance securities, over 100,000 public finance obligations, 10,000 corporate relationships, and 100 sovereign nations. Moody's also publishes credit opinions, research and commentary that reach more than 2,600 institutions and 16,500 users around the globe. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO), which employs approximately 2,900 employees in 22 countries and had revenue of US$1.7 billion in 2005. =========== F R A N C E =========== BULL (GROUPE): S&P Affirms B- Long-Term Corp. Credit Rating ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on France-based IT company Bull (Groupe) to stable from positive, following a profit warning from the group. At the same time, the 'B-' long-term corporate credit rating was affirmed. At Dec. 31, 2005, Bull had EUR83 million in gross debt. The rating on Bull reflects the company's small size in the highly competitive and concentrated server market, low profitability, and weak cash flow generation, factors only partially offset by the group's adequate liquidity and limited on-balance-sheet debt. Bull recently announced a significant downward revision of its 2006 EBIT forecast. Weak demand from the Italian public sector and strong pricing pressure in the open server market are the two main reasons for the company's downward profit trend. Standard & Poor's is concerned that cash losses at Bull's Italian operations could gradually increase. In addition, pricing pressure on the group's open server business from players with significantly more financial resources directly threatens Bull's already low near-term profitability. "The double-digit growth recorded by the company's services division is unlikely to offset, in profit terms, the rapid erosion in profitable maintenance revenues," said Standard & Poor's credit analyst Patrice Cochelin. Bull's liquidity is adequate, and could offset potential near- term cash needs. "S&P does not envisage a return to a positive outlook until the situation at the group's Italian operations is resolved and the core business grows profits and revenues again," added Ms. Cochelin. If the company's operational issues result in materially weaker liquidity, the outlook could be changed to negative, or the rating lowered. ============= G E R M A N Y ============= 1 2 3 AUTOWASCH: Claims Registration Ends July 4 ------------------------------------------------ Creditors of 1 2 3 Autowasch- & Service GmbH have until July 4 to register their claims with court-appointed provisional administrator Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Aug. 11, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 2 Stock William Route 21 53111 Bonn, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bonn opened bankruptcy proceedings against 1 2 3 Autowasch- & Service GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: 1 2 3 Autowasch- & Service GmbH Attn: Minou Garding, Manager Main Street 3 53804 Much, Germany The administrator can be contacted at: Karl-Dieter Sommerfeld Hammerweg 3 51766 Engelskirchen-Ruenderoth, Germany Tel: 02263/9039-0 Fax: 02263/9039-10 A-TEAM: Creditors' Meeting Slated for June 22 --------------------------------------------- The court-appointed provisional administrator for A-Team Media Bremen GmbH, Nils Heidelk, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on June 22. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Court House (New Building) Ostertorstr. 25-31 28195 Bremen, Germany The Court will also verify the claims set out in the administrator's report at 11:30 a.m. on Oct. 19 at the same venue. Creditors have until Sept. 5 to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against A-Team Media Bremen GmbH on May 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A-Team Media Bremen GmbH Friedrich Ebert Road 20 28199 Bremen, Germany Attn: Frank Jellinghaus, Manager Schwachhauser Heerstr. 176 B 28213 Bremen, Germany The administrator can be reached at: Nils Heidelk Domshof 18-20 28195 Bremen, Germany Tel: 0421/3686-0 Fax: 0421/3686-100 Web: http://www.schubra.de/ E-mail: InsOBremen@schubra.de ALLGEMEINE WOHNBAU: Claims Registration Ends July 3 --------------------------------------------------- Creditors of Allgemeine Wohnbau Beteiligungen GmbH & Co. Residenz Babelsberg KG have until July 3 to register their claims with court-appointed provisional administrator Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:40 p.m. on July 17, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Niebuell Hall 2 Law Courts Sylter Bogen 1 A 25899 Niebuell, 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 Niebuell opened bankruptcy proceedings against Allgemeine Wohnbau Beteiligungen GmbH & Co. Residenz Babelsberg KG on May 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Allgemeine Wohnbau Beteiligungen GmbH & Co. Residenz Babelsberg KG Attn: Wolfgang Jocks and Thomas Egon Bock, Managers Mooringer Wai 2 25920 Risum-Lindholm, Germany The administrator can be contacted at: Berthold Brinkmann Sechslingspforte 2 22087 Hamburg, Germany ALUPOR FASSADENL: Claims Registration Ends June 30 -------------------------------------------------- Creditors of alupor Fassaden + Balkongelander GmbH have until June 30 to register their claims with court-appointed provisional administrator Reni Lindemann-Deffert. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 24, at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck N 301 Kollegienwall 10 49074 Osnabrueck, 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 Osnabrueck opened bankruptcy proceedings against alupor Fassaden + Balkongelander GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: alupor Fassaden + Balkongelander GmbH Zeppelinstrasse 3 49134 Wallenhorst, Germany Attn: Joachim Woker, Manager Roonstrasse 17 49076 Osnabrueck, Germany The administrator can be contacted at: Reni Lindemann-Deffert Niedersachsenstrasse 15a 49074 Osnabrueck, Germany Tel: 0541/357910 Fax: 0541/3579128 B. PRISACK: Claims Registration Ends June 27 -------------------------------------------- Creditors of B. Prisack GmbH have until June 27 to register their claims with court-appointed provisional administrator Joachim Schwendinger. Creditors and other interested parties are encouraged to attend the meeting at 8:40 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 Kempten Room No. 137/I Residence Place 4-6 87435 Kempten, 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 Kempten opened bankruptcy proceedings against B. Prisack GmbH on May 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: B. Prisack GmbH Hufe 19 51491 Overath, Germany The administrator can be contacted at: Joachim Schwendinger Allgauer Road 1 87435 Kempten, Germany Tel: (0831) 5800434 Fax: (0831) 5800464 BAUUNTERNEHMEN EICHLER: Claims Registration Ends June 30 -------------------------------------------------------- Creditors of Bauunternehmen Eichler GmbH have until June 30 to register their claims with court-appointed provisional administrator Frank Krueger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 24, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck N301 Kollegianwall 10 49074 Osnabrueck, 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 Osnabrueck opened bankruptcy proceedings against Bauunternehmen Eichler GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bauunternehmen Eichler GmbH Attn: Karl-Heinz Eichler, Manager Holtkamp 27 49170 Hagen/TW, Germany The administrator can be contacted at: Dr. Frank Krueger Sutthauser Str. 394 49080 Osnabrueck, Germany Tel: 0541/990330 Fax: 0541/9903310 BL-PRODUKTIONS: Claims Registration Ends July 1 ----------------------------------------------- Creditors of BL-Produktions GmbH have until July 1 to register their claims with court-appointed provisional administrator Klaus Reischl. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 17, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Passau Meeting Room 12 Schustergasse 4 Passau, Germany The Court will also verify the claims set out in the administrator's report at 10:00 a.m. on Aug. 11 at the same venue. The District Court of Aachen opened bankruptcy proceedings against BL-Produktions GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BL-Produktions GmbH Gartenstr. 38 94104 Tittling, Germany The administrator can be contacted at: Dr. Klaus Reischl Residence Place 10 94032 Passau, Germany Tel: 0851/9890589 Fax: 0851/9890599 EASY-RENT: Claims Registration Ends July 3 ------------------------------------------ Creditors of Easy-Rent GmbH have until July 3 to register their claims with court-appointed provisional administrator Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Stendal Hall 411 Albrecht der Bar Scharnhorststrasse 40 39576 Stendal, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Stendal opened bankruptcy proceedings against Easy-Rent GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Easy-Rent GmbH Luederitzer Road 56 39576 Stendal, Germany Attn: Bernd Hilmar Blume, Manager Arnimer Dam 86 39576 Stendal, Germany The administrator can be contacted at: Dr. Mark Zeuner Lehmweg 17 D-20251 Hamburg, Germany Tel: 040/4806390 Fax: 040/48063999 HGB MALER: Claims Registration Ends June 30 ------------------------------------------- Creditors of HGB Maler- und Lackierbetrieb GmbH have until June 30 to register their claims with court-appointed provisional administrator Friedrich Knoop. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 21, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Room A 341 3rd Floor Muehlenstrasse 34 40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings against HGB Maler- und Lackierbetrieb GmbH on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HGB Maler- und Lackierbetrieb GmbH Attn: Hans-Georg Bartusch, Manager Breite Road 2 41460 Neuss, Germany The administrator can be contacted at: Friedrich Knoop Robert Route 3 40229 Duesseldorf, Germany SMART DESIGN: Claims Registration Ends June 26 ---------------------------------------------- Creditors of SmART design Merchandising GmbH have until June 26 to register their claims with court-appointed provisional administrator Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 26, 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 2nd 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 Hanover opened bankruptcy proceedings against SmART design Merchandising GmbH on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SmART design Merchandising GmbH Boulevard der EU 7 30539 Hanover, Germany Attn: Elke Sommers and Carl-Ludwig Holzach, Managers c/o SmART design Schaftbrinke 63 30519 Hanover, Germany The administrator can be contacted at: Knut Thomas Hofheinz Market 13 30159 Hanover, Germany Tel: 0511/357721-0 Fax: 0511/357721-40 VISTEON CORP: Fitch Keeps Issuer Default Rating at CCC ------------------------------------------------------ Fitch Ratings placed a rating of B/RR1 to the senior secured bank debt announced by Visteon Corp. In addition, Fitch affirmed Visteon's Senior unsecured debt at CCC-/RR5. The Issuer Default Rating is unchanged at CCC. The Rating Outlook is Negative. Most of the proceeds from the new bank facility were used for the repayment of the company's previous secured bank facilities. Visteon's previous term debt was scheduled to mature in June 2007. New bank facilities will include an US$800 million seven- year term loan and two five-year revolving credit facilities in the U.S. and Europe totaling US$700 million. All of Visteon's new facilities are expected to close by late second to early third quarter. Fitch views enhanced liquidity as a positive development for Visteon, in what is likely to be an uncertain period in the domestic auto industry, for example: the 2007 contract re- opening between the domestic OEM's and the UAW. The rating affirmation reflects Fitch's view that the company will be challenged to produce positive free cash flow through 2008. Issues affecting cash flow include declining Ford market share and Ford-related content per vehicle, relatively weak market positions in non-core portions of Visteon's product portfolio, the extent of the company's restructuring activities over the near-term, and uncertainty regarding the profitability of newly-booked business given the company's evolving cost structure. The RR1 recovery rating on the senior secured bank facility reflects the collateral package that includes: substantially all domestic assets plus a pledge of capital stock of 65% of many first-tier foreign subsidiaries. Although U.S. manufacturing assets could be of limited value in a stress scenario, receivables and inventory, plus the stock in many international subsidiaries should provide full coverage for the bank facilities. The recovery rating on Visteon's unsecured debt is RR5 based on the limited value of the assets that would remain following repayment of the secured facilities. Ford-related revenues are projected to continue to decline steadily for the foreseeable future due to Ford production declines, contractual price decreases, attrition of old programs and the probability that Ford will source new business away from Visteon. Scheduled production declines over the short term at Ford will be supplemented by an acceleration of facility closures at Ford under its longer-term restructuring plan, producing significant revenue pressure at Visteon. Fitch believes the company will be challenged to produce positive free cash flow through 2008. Visteon's substantial restructuring over the next three years includes the expected closure or disposition of 23 plants as well as a significant reduction in salaried and administrative costs. The extent and timetable of this restructuring indicates that Visteon's near-term cost structure will remain highly uncertain. As a result, the profitability of newly-booked business also remains ambiguous. Given the rapid pace of change in the industry, relatively weak market positions in portions of its product portfolio, the potential for unsustainable-margins in weaker product lines and the company's revenue pressures more extensive restructuring efforts may be required. Visteon's management anticipates an improvement in 2006 profitability as a result of previous cost saving actions taken in 2005. The transaction with Ford provided substantial relief from legacy liabilities and unprofitable assets and substantially enhanced the operating flexibility in the U.S. by shifting all UAW workers under a national agreement back to Ford. Further balance sheet degradation is expected to continue in the absence of positive free cash flow. Liquidity includes approximately US$881 million in cash as of March 31, 2006, although a majority of this is held overseas. Including Visteon's new bank facilities, Fitch estimates approximately US$700 million in available liquidity plus cash. In addition to the new bank facility, Visteon also has access to US$400 million in an escrow fund, which was set up at the time of the agreement with Ford in order to finance the company's restructuring activities. Visteon remains heavily dependent on former-parent Ford's North American operations. T he North American operations of Ford will represent about 23% of Visteon's post-Ford transaction total annual revenue while total sales to Ford Motor Co. will represent around 50%. As of the end of May, year-to-date North American Ford production is down by 32,689 units or 2.3% versus the same period last year. Visteon's first quarter operating EBITDA was ahead of Fitch's expectations at US$178 million. However, free cash flow was in- line at negative US$117 million, being adversely affected by working capital changes. Total Debt-to-Operating EBITDA at the end of first quarter 2006 was 6.6x, while Operating EBITDA-to- Gross Interest Expense was 3.8x. While debt levels were only modestly higher than expectations at Dec. 31, 2005, the company's debt increased during 1Q06 by approximately US$90 million. Along with other off-balance sheet debt, including operating leases and foreign securitization and factoring, 1Q06 total adjusted debt was US$2.8 billion. Fitch estimates that, upon completion all of Visteon's capital restructuring, total adjusted debt will be around US$3 billion, but partially offset by additional cash. Even though the total amount of Visteon debt could increase from the end of 2005, Visteon believes that it will be in compliance with its bank covenant leverage ratio of 5.25x due to improved profitability. =========== G R E E C E =========== EMPORIKI BANK: Moody's Confirms D+ Financial Strength Rating ------------------------------------------------------------ Moody's Investors Service has placed on review for possible upgrade the Baa1/Prime-2 deposit, Baa1 senior debt and Baa2 subordinated debt ratings of Emporiki Bank of Greece SA. In addition, the Baa1 senior debt and Baa2 subordinated debt ratings assigned to Emporiki Finance Group were also placed on review for possible upgrade. In a rating action not related to this transaction, Moody's has confirmed Emporiki's D+ financial strength rating. Moody's decision to place Emporiki's debt and deposit ratings on review for possible upgrade is triggered by the announcement of Credit Agricole S.A. that it will bid to acquire Emporiki, subject to regulatory approval. Credit Agricole has been a strategic partner in Emporiki since 2000 and currently owns 8.8% of the bank. The offer is for 100% of Emporiki's share capital at EUR23.50 per share, with a minimum acceptance level of 40%, including CA's existing stake in Emporiki. The offer is subject to approval by the Greek Capital Markets Commission and the Bank of Greece and is expected to be completed by the beginning of August, if successful. According to Moody's, once the transaction is completed as planned, CA's foreign parental support could uplift Emporiki's deposit ratings, depending on: -- the expected level of commitment and support to be demonstrated by Emporiki's new strategic shareholder; and -- the likely management and financial resources provided to the bank that would help it to enhance its franchise so as to compete more effectively in a highly competitive banking system, while supporting financially its future development. Moody's will closely monitor the bidding process and expects to conclude the review once a controlling shareholder with a substantial stake in Emporiki emerges. In a non-related action, Moody's has confirmed Emporiki's D+ FSR taking into account the significant improvement in its financial fundamentals since the rating was placed on review for possible downgrade. A significant capital increase through a rights issue and the disposal of treasury shares in late 2005 helped Emporiki to absorb the impact of the pension fund shortfall following the adoption of IFRS, and to restore its equity position to adequate levels. Although Emporiki experienced a significant increase in reported problem loans during FY2005 -- reflecting the challenging environment in its domestic market and the disruptions in its business activities due to industrial actions that hindered debt collection -- March 2006 financial results showed a slight improvement in the bank's credit quality metrics, with the NPLs ratio declining to 5.5% compared to 5.7% in Dec. 2005. Nevertheless, Emporiki's credit quality remains weaker than that of peers, and continues to weigh negatively on its FSR. Though on an increasing trend, Emporiki's earning power remains lower than that of other rated Greek banks, constrained primarily by weak operational efficiency stemming from a high personnel cost base and lower employee productivity. Going forward, we expect Emporiki to narrow the gap between its own financial performance and that of its peers. Our belief is supported by the bank's increasing business volumes, as evidenced by higher consumer and mortgage loan disbursements, by lower operating expenses due to declining personnel numbers and reduced pension costs, and by the expected turnaround of its problematic subsidiaries. However, our optimism with regard to Emporiki's financial performance is based on the assumption that its ongoing restructuring process will continue unabated and unhindered and that there will be no long and disruptive industrial actions that could undermine its performance and business activities, especially in light of the likely upcoming changes in its ownership structure. Ratings affected: Emporiki Bank of Greece SA: -- Foreign Currency Deposit: Baa1/Prime-2; -- Senior Debt: Baa1; -- Subordinated Debt Ratings: Baa2, placed on review for possible upgrade; and -- Financial Strength Rating: D+, confirmed with stable outlook. Emporiki Finance Group: -- Senior Debt: Baa1; and -- Subordinated Debt Ratings: Baa2, placed on review for possible upgrade. Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. had consolidated total assets of EUR21.0 billion as of March 2006. ============= H U N G A R Y ============= BORSODCHEM RT: Embarks Pollution Cleanup at Kazincbarcika Site -------------------------------------------------------------- During the operation of BorsodChem's legal predecessor Borsodi Vegyi Kombinat, dichloroethane contaminated the ground water in a limited area on the factory site. Dichloroethane is an interim product of PVC manufacturing. Environment protection is a high-priority issue for BorsodChem at all times, therefore, in order to protect the underground waters and drinking water base, BorsodChem is to launch a project encompassing a technology which was developed by its own expert team with a view to reducing contamination below the limit value. The project will be realized with the support of KIOP SA (Structure Fund of Environmental and Infrastructure Operative Program). During the operation of BorsodChem's state-owned legal predecessor BVK, the ground water became contaminated with 1,2- dichloroethane in a limited area of the Kazincbarcika site. The technical solutions of that time did not provide for circulating dichloroethane in a fully closed system and did not prevent it from being released into the atmosphere, which contributed to the contamination as a major cause. In the second half of the 1990's BorsodChem analysed and determined the expansion of the contaminated area as well as the distribution of contamination concentration. The contamination has remained within site boundaries, however detailed computerised expansion model calculations warn that it may spread further without any technical intervention. By relying on detailed facts exposed by an independent specialist company, BorsodChem experts found that only a series of technical actions may stop contamination from spreading as well as improve ground water quality to the legally specified standard. As a result, BorsodChem decided to implement a decontamination project. The project aims to reduce the 1,2-dichloroethane contaminations in the ground water exposed on BorsodChem site below 0.5 mg/l or "D" contamination limit value, specified in a decree by the North Hungarian Environmental Inspectorate. In order to facilitate implementation, BorsodChem submitted a tender under the Environmental and Infrastructure Operative Programme (KIOP) and was granted HUF451 million subsidy. The technology of the decontamination process looks back on several years of research carried out by BorsodChem experts. BorsodChem will operate the technology and provide both the required operational costs and proper professional personnel. Contaminated ground water will be removed during the procedure from water wells installed within the framework of the project and stripping equipment will separate dichloroethane from ground water. Thus cleansed ground water will be discharged through BorsodChem's wastewater treatment plant into River Sajo. The dichloroethane recovered from the ground water through stripping will be recycled in the VCM Plant by implementing a closed and environment-friendly technology without releasing any waste. Ground water will be monitored continuously thus the progress of decontamination can be tracked during the expected 10-year implementation. As per the present calculations, BorsodChem expects that the dichloroethane content of the groundwater shall drop below the specified "D" limit value by this time. The properly set rate of groundwater removal will practically stop the contamination from spreading further in the moment the decontamination technology is launched. With the implementation of the project, BorsodChem actively contributes to reducing the number of contaminated areas included in the National Decontamination Priority List. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 was HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem's had HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total shareholders' equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. BORSODCHEM RT: Increases Treasury Shares to 1.147 Million --------------------------------------------------------- BorsodChem Rt. purchased 48,989 ordinary shares of BorsodChem at a price of HUF2,192.57 per ordinary share on the Budapest Stock Exchange on June 14. The transaction has been completed through HSBC Bank plc via K&H Equites (Hungary) Zrt. based on the announcement made by the Company on May 30, 2006. Following the purchase, BorsodChem holds 1,147,444 ordinary shares as treasury shares. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 was HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem's had HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total shareholders' equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ============= I R E L A N D ============= ELAN CORP: Tysabri Relaunch Prompts Moody's to Affirm B3 Rating --------------------------------------------------------------- Moody's Investors Service revised the outlook on the ratings of Elan Corporation, plc to stable from negative. At the same time, Moody's affirmed Elan's ratings, including the B3 corporate family rating. These rating actions follow the recent FDA decision to approve Tysabri for resumed marketing in the U.S. The stable outlook reflects Moody's current assumption that with a reasonably successful Tysabri re-launch, Elan is more likely to meet its 2008 debt maturities with a combination of internal funds and refinancing in the event of a shortfall. The last prior rating action was an outlook revision to negative from stable on March 1, 2005, following the withdrawal of Tysabri from the market. However, Moody's believes that the company's remaining challenges are significant. In addition, it has over US$2 billion of debt outstanding of which US$850 million is due in 2008. A number of Elan's key financial ratios -- including cash flow from operations to debt, free cash flow to debt, debt to capital, and EBITA margins -- map to the Caa category according to Moody's global pharmaceutical rating methodology. However, Elan reported approximately US$1.1 billion of cash and investments as of March 31 and its cash coverage of debt maps to the A category, providing a buffer to the high current rate of cash use. Moody's expects that the market acceptance of Tysabri will be a critical factor driving any future changes in Elan's credit rating. Although not expected in the near term, upward rating pressure could result from a very successful relaunch of Tysabri, leading Moody's to conclude that Elan is on a clear path to generate positive free cash flow. To consider any movement towards a B2 corporate family rating, we believe that a minimum of 5% free cash flow relative to debt would have to appear sustainable. Negative rating pressure could develop if Moody's believes that there will be a large shortfall between 2008 debt maturities and internal sources of liquidity, and if it believes that Elan will be unlikely to obtain external financing. This scenario could occur if: -- Tysabri is again removed from the market; -- Tysabri sales fall short of Moody's expectations; or -- Elan fails to advance the products in its Alzheimer's pipeline. Ratings affirmed: Elan Corporation, plc -- B3 corporate family rating Elan Finance plc -- B3 fixed-rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC -- B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) Moody's does not rate Elan's US$254 million convertible notes due 2008. Elan Corporation, plc, is a specialty biopharmaceutical company headquartered in Dublin Ireland, with areas of expertise in neurological and autoimmune disease, and drug delivery technology. ========= I T A L Y ========= INTER AUTO: S&P Withdraws B+ Long-Term Corp. Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services has withdrawn its 'B+' long- term corporate credit rating on Italian automotive-parts distributor Inter Auto Parts Italia SpA at the company's request. At the time of the withdrawal, the outlook was stable. There is no rated outstanding debt. =================== K A Z A K H S T A N =================== AIKYN OIL: Creditors Must File Claims by June 30 ------------------------------------------------ LLP Aikyn Oil has declared insolvency. Creditors have until June 30 to submit written proofs of claim to: LLP Aikyn Oil Shkolnaya Str. 3-3 Zarechnyi Kapshagai Almaty Region Kazakhstan Tel: 8(272/32772) 50-97-74 AKSUSKY HLEBOZAVOD: Creditors Must File Claims by June 30 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared OJSC Aksusky Hlebozavod insolvent on April 7. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until June 30 to submit written proofs of claim to: OJSC Aksusky Hlebozavod Donentayeva Str. 8 Aksu Pavlodar Region Kazakhstan Tel: 8 (237) 5-01-06 ARENA: Proof of Claim Deadline Slated for June 30 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region declared LLP Arena (RNN 302000220501) insolvent without introduction of bankruptcy proceedings. Creditors have until June 30 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Region Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan BIZON LTD: Proof of Claim Deadline Slated for June 30 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region declared LLP Bizon Ltd. (RNN 301700026962) insolvent without introduction of the bankruptcy proceedings. Creditors have until June 30 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Region Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan BRENT: Claims Registration Ends June 30 --------------------------------------- CJSC Brent has declared insolvency. Creditors have until June 30 to submit written proofs of claim to: CJSC Brent Jeltoksan Str. 98 Almaty, Kazakhstan CONTINENTAL SERVICES: Claims Registration Ends June 30 ------------------------------------------------------ LLP Continental Services has declared insolvency. Creditors have until June 30 to submit written proofs of claim to: LLP Continental Services Alashahana Ave. 41-19 Jezkazgan Karaganda Region Kazakhstan DJIN KO. SERVICE: Creditors' Claims Due June 30 ------------------------------------------------ LLP Djin Ko. Service has declared insolvency. Creditors have until June 30 to submit written proofs of claim to: LLP Djin Ko. Service Brusilovskogo Str. 30-29 Almaty, Kazakhstan Tel: 8(3272) 50-28-64 ISTIS: Creditors' Claims Due June 30 ------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda Region declared LLP Istis insolvent. Creditors have until June 30 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Region Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan JUBAY: Creditors' Claims Due June 30 ------------------------------------ LLP Jubay has declared insolvency. Creditors have until June 30 to submit written proofs of claim to: LLP Jubay Micro District Sportivnyi 4-45 Shymkent, South Kazakhstan Region Kazakhstan Tel: 8 (3007) 18-57-23 TASTOBE-AGRO: Court Sets June 30 Claims Bar Date ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Tastobe-Agro insolvent on April 10. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until June 30 to submit written proofs of claim to: LLP Tastobe-Agro Tastobe Kartalsky District Almaty Region Kazakhstan =================== K Y R G Y Z S T A N =================== KYRGYZKURULUSH: Public Auction Scheduled for June 21 ---------------------------------------------------- The bidding organizer and insolvency manager of the OJSC Joint Stock Company Kyrgyzkurulush will auction the company's properties to the public on June 21, 2006, 10:00 a.m., at: Motornaya Str. 2a Osh, Kyrgyzstan For sale is the property complex of the Debtor's Wood-Working Shop which includes: -- office and annex with starting price of KGS92,250; -- buildings and constructions, workshops, sheds, fire- fighting implements, transformer substation and fences for a KGS6,849,874 starting price; and -- woodworking equipment for KGS432,478. The starting price for all auctioned assets has been reduced by 25%. Bidders have until 2:00 p.m., on June 20, to deposit an amount equivalent to 10% of the starting price to: Joint-Stock Commercial Bank AsiaUniversalBank Settlement Account No. 1231101690000101 MFO 330107772 or to the cashier of OJSC Joint Stock Company Kyrgyzkurulush. Participants may submit their bids to: Motornaya Str. 2a L. Tolstogo Str. 20 Osh, Bishkek Kyrgyzstan Tel: (0-517) 75-27-59 (0-502) 52-39-32 (+996 312) 64-55-46 VESTA-TOKMOK: Public Auction Scheduled for June 23 -------------------------------------------------- The bidding organizer and insolvency manager of the LLC Vesta- Tokmok will auction the company's knitting equipment complex to the public on June 23, 10:00 a.m. at: Ovcharova Str. 39-a Tokmok Kyrgyzstan for a starting price of EUR1,043,452. The Company disclosed that the starting price for the auctioned asset has been reduced by 25%. Bidders have until 2:00 p.m., June 22, to deposit an amount equivalent to 10% of the starting price to: The Lenin Department of the OJSC Kyrgyzpromstroibank Settlement Account No. 1020002000271781 MFO 102002 or to the cashier of LLC Vesta-Tokmok. Participants may submit their bids to: Room 310 L. Tolstogo Str. 114 Bishkek Kyrgyzstan Tel: (+996 312) 65-94-34 (0-502) 53-60-48 VZRYVPROM: Creditors' Meeting Slated for June 22 ------------------------------------------------ The temporary insolvency manager of the JSC Vzryvprom will discuss his final report during a creditors' meeting on June 22, 10:00 a.m. at: JSC Vzryvprom L.Tolstogo Str. 20 Bishkek Kyrgyzstan Proxies must have authorization to vote. Inquiries can be addressed to: (+996 312) 64-55-46 or (0-517) 75-27-59. ===================== N E T H E R L A N D S ===================== ROYAL AHOLD: U.S. District Court Okays Class Action Settlement -------------------------------------------------------------- The United States District Court for the District of Maryland in Baltimore has entered a final order and judgment approving Royal Ahold N.V.'s, now Koninklijke Ahold N.V., agreement with the lead plaintiffs to settle the securities class action entitled "In re Royal Ahold N.V. Securities & ERISA Litigation." Under the terms of the agreement in the securities class action, the lead plaintiffs in the securities class action agree to settle all claims against Ahold in the securities class action for the sum of US$1.1 billion (EUR937 million). The settlement covers Ahold, its subsidiaries and affiliates, the individual defendants and the underwriters. Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== R U S S I A =========== CARCASS-PANEL HOUSE: A. Yushkeich to Act as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Bashkortostan republic appointed Ms. A. Yushkeich as insolvency manager for OJSC House Building Combine of Carcass-Panel House Building (TIN 0273046300) The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-32214/05-G-MOG. The Debtor can be reached at: OJSC House Building Combine of Carcass-Panel House Building Ufimskoye Shosse, 3/1 Ufa Bashkortostan Republic Russia DYURTYULINSKIY BRICKWORKS: Court Names External Management ---------------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed R. Akhmadee as external insolvency manager for State Unitary Enterprise Dyurtyulinskiy Brickworks Asyan (TIN 0260002151). The case is docketed under Case No. A07-16135/05-G-KhRM. The Court has commenced external management bankruptcy procedure on the company. The Debtor can be reached at: State Unitary Enterprise Dyurtyulinskiy Brickworks Asyan Asyan 452315 Bashkortostan Republic Dyurtyulinskiy Region FRUNZE: Samara Court Commences Bankruptcy Supervision ----------------------------------------------------- The Arbitration Court of Samara Region has commenced bankruptcy Supervision procedure on OJSC Frunze. The case is docketed under Case No. A55-1398/2006 (42). The temporary insolvency manager is: Platono Yuzhnoye Shosse Str. 105 Tolyatti 445944 Samara Region Russia The Debtor can be reached at: OJSC Frunze Otradnyj, Prom.zone-1 440039 Samara Region Russia LUKOIL: Develops Transport Infrastructure for Transfer Terminal --------------------------------------------------------------- Vagit Alekperov, OAO LUKOIL President, and Vladimir Yakunin, President of OAO Russian Railways, have signed an agreement for developing railway transportation infrastructure around the LUKOIL-2 distribution and transfer terminal on Vysotsky island in the Leningrad region. Russian Railways will carry out electrification of Pikhtovaya- Vysotsk haulage and other procedures aimed at boosting volumes of oil and petroleum product transported to the terminal, up to nine million tons per year. LUKOIL's volume of investments in the project will amount to RUB141.5 million. In 2005, after 1.5-km long crossover tracks around Vyborg had been put into operation and after Pikhtovaya station construction had been completed, train-handling capacity to LUKOIL-2 terminal increased to up to seven million tons per year. LUKOIL's investment in the construction of these sites amounted to RUB300 million. Implementation of the project also gave way to improve the environmental situation in Vyborg since railway carriages with oil and petroleum products quit passing through the town. Currently, OAO LUKOIL and OAO Russian Railways expert groups are working together on further development of railway infrastructure around LUKOIL-2 terminal aiming to increase the volume of oil and petroleum product transportation to up to 12 million tons per year. Development of transport infrastructure around LUKOIL-2 distribution and transfer terminal is one of the key profitability factors of the terminal, given its unique technical specifications and advantageous geographic position. Headquartered in Moscow, Russia, OAO Lukoil, is the country's largest vertically integrated oil & gas company in terms of reserves, and one of the largest oil & gas companies in the world. In the first nine months of 2005, the group produced 1.92 million barrels of oil equivalent (boe) per day and in 2004 had refinery throughput of 44 million tons. Total SPE reserves in 2004 were just over 20 billion boe. The group's 2005 nine- month revenues were US$40.6 billion. * * * As reported in the TCR-Europe on Jan. 26, Moody's Investors Service has changed the outlook of OAO Lukoil's Ba1 Corporate Family Rating and Ba2 Issuer Rating to positive from stable. Moody's last rating action on LUKOIL was on April 26, when the agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2. OAO GAZPROM: Inks Gasification Schedule with St. Petersburg ----------------------------------------------------------- Alexey Miller, Chairman of Gazprom's Management Committee and Valentina Matviyenko, Governor of the city of St. Petersburg today have signed a synchronized construction schedule for the city's gasification facilities on June 15. In accordance with the schedule, St. Petersburg's suburbs will see a complex of activities aimed at preparing consumers for gas supply by Gazprom pipelines currently under sweeping construction as stipulated by the Gasification Program for RF Regions over 2005 to 2007. "The needs in such an environmentally friendly and efficient fuel as natural gas are big not only in the industrial and agricultural sectors but also in the tourism industry. I am positive that gasifying St. Petersburg's Kurortniy district inclusive will make the northern capital's suburbs even more attractive for Russian and foreign guests with everyday life of the local population to become more convenient and enjoyable," said Alexey Miller. Valentina Matviyenko emphasized that St. Petersburg attached big significance to the Gasification Program for RF Regions as well as other Gazprom projects covering construction and upgrading of St. Petersburg's thermal power facilities. The synchronized construction schedule for gasification facilities identifies an activity list and implementation dates for gas infrastructure between 2006 and 2007, and is aimed at providing gas connections to consumers immediately after pipeline construction. To connect consumers, regional authorities are to construct local and household networks, build new or convert to gas existing boiler plants, install household gas appliances, etc. These schedules are part of Gazprom's Gasification Program for RF Regions over 2005 to 2007, which is funded with RUB35 billion. Of this amount, RUB5.2 billion was already committed in 2005 and not less than RUB17.6 billion and RUB12.2 billion is slated for 2006 and 2007, respectively. Extra RUB1.1 billion will be allocated for the reconstruction and modernization of existing gas distribution pipelines. At present the Russia-averaged gasification rate makes up 53% including 60% in cities & towns and 34% in rural area. Implementing the Gasification Program over 2005 to 2007 will help boost gas supply to Russian regions to a 60% average by 2008 including 66% in cities & towns and 42% in rural area. To achieve said targets, Gazprom will provide gas to 3,851 thousand apartments & households including 2,673 thousand in cities & towns and 1,178 thousand in rural area. The Program will enable Gazprom to convert to natural gas about 20 thousand new residential facilities, over five thousand boiler plants in villages & settlements and more than 500 agricultural companies, with more than 12,000 km of pipelines to be laid and some 11 million citizens of 53 Russian regions to be serviced. Gazprom's investment priorities for regional gasification are based on these criteria: -- full payments for gas deliveries; -- repayment of gas debts; -- economic viability of projected gas infrastructure; -- customers' readiness to receive gas; actual loading of gas laterals and distribution stations; and -- assistance of RF regional authorities in promoting the use of compressed and liquefied natural gas as motor fuel. Gazprom and the Government of St. Petersburg signed a five-year Agreement on Cooperation on Dec. 25, 2003. Under its Gasification Program for RF Regions, Gazprom intends to build 19 gas pipelines in St. Petersburg's suburbs. Over 2005 Gazprom has provided the city with more than 9 bcm of gas. About the Company Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. ROSTELECOM: Acquires Controlling Stake in Zebra Telecom ------------------------------------------------------- Rostelecom disclosed its acquisition of a controlling stake in Zebra Telecom. Rostelecom acquired 99.99% of Zebra Telecom's shares from the Starford Investments Company Limited at a total cash purchase price of around US$13.5 million. "The acquisition of a controlling stake in Zebra Telecom is an important step towards further strengthening our competitive position in the retail market," Dmitry Yerokhin, General Director of Rostelecom, said. "It will enable the Company to increase its market presence, while substantially expanding the range of services to end-customers." Headquartered in Moscow, Russia, Rostelecom -- http://www.rostelecom.ru/en-- is Russia's national long- distance telecommunications operator. The Company owns and operates a nationwide modern backbone network enabling the provision of telecommunications services across the entire Russian Federation. * * * As reported in TCR-Europe on March 30, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rostelecom to 'BB-' from 'B+', reflecting the company's strengthened financial profile. S&P said the outlook is stable. SAN-TEKH-ELECTRO-ASSEMBLY: Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Tyumen Region has commenced bankruptcy Supervision procedure on LLC San-Tekh-Electro-Assembly. The case is docketed under Case No. A-70-604/3-06. The temporary insolvency manager is: S. Chepik Office 305a Stroiteley Str. 1 652048 Tyumen Russia The Debtor can be reached at: LLC San-Tekh-Electro-Assembly Respubliki Str. 2 Ishim Tyumen Region Russia SOSNOOBORSKIY CREAMERY: T. Kostyukoskaya to Manage Assets --------------------------------------------------------- The Arbitration Court of Penza Region appointed Ms. T. Kostyukoskaya as insolvency manager for OJSC Sosnooborskiy Creamery (TIN 5831000104). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-693/2006-37b/10. The Debtor can be reached at: OJSC Sosnooborskiy Creamery Krasnyj Khutor. Sosnooborsk 442570 Penza Region Russia SOUTHERN TELECOM: Pays 2nd Coupon Income Under Series 04 Issue -------------------------------------------------------------- Southern Telecommunications Company paid out in full the second coupon income under UTK series 04 non-convertible interest- bearing documentary pay-to-bearer bonds on June 14. The coupon interest rate will be set according to the decision on the bond issue approved by the Company's Board of Directors. The second coupon interest rate of 10.5% was approved by the company's director general on Dec. 14, 2005. Total amount of the second coupon yield payable under all UTK series 04 bonds made RUB130.9 million. The coupon income under one bond amounted to RUB26.18. The cut-off date of the register of the holders of UTK series 04 bonds for the second coupon income payment was 6th June 2006. Payment agent of series 04 bond issue is NP "NDC". Bond Issue Details The bond issue is for a total of RUR5 billion, with a RUR1,000 face value for each bond. The Bond issue provides for 16 coupon periods of 91 days each. During the competition held on the starting day of the bond placement, the first coupon interest rate was set at 10.5% per annum, with effective yield to maturity at 10.5%. The interest rates on the second, third and fourth coupons are equal to the first coupon interest rate. The interest rate on the coupons from 5th to 16th is fixed by the Issuer at 10.0%. The coupon yield is accrued on the unredeemed part of a bond's nominal value. Under the terms of the Decision of the bond issue, it is assumed that the face value of each 04-series bond will be redeemed consistently by installments within these deadlines: * on the fourth coupon payment date each bond is to be redeemed partly at 10% of its face value; * on the sixth coupon payment date each bond is to be redeemed partly at 15% of its face value; * on the eighth coupon payment date each bond is to be redeemed partly at 10% of its face value; * on the tenth coupon payment date each bond is to be redeemed partly at 15% of its face value; * on the fourteenth coupon payment date each bond is to be redeemed partly at 25% of its face value; and * on the sixteenth coupon payment date each bond is to be redeemed at the remaining 25% of its face value. CJSC "AVK Investment Company" acts as the Financial Consultant of 04-series bond issue. NP acts as the Payment Agent and Depositary providing for the centralized custody of the Bond issue with LLC UTK-Finance acting as Underwriter for the issue. About the Company Headquartered in Krasnador, Russia, Southern Telecommunications Co. -- http://www.stcompany.ru/-- provides local, long- distance, and cellular telephone, paging and telegraph services. * * * Southern Telecommunications carries Moody's Investors' Service's Caa1 issuer rating and B3 long-term corporate family rating since 2004. Standard & Poor's also assigned junk ratings to the Company's issuer credit in 2005. STROY-TRUST: Bankruptcy Hearing Slated for July 11 -------------------------------------------------- The Arbitration Court of Orenburg Region will convene on July 11 at 11:20 a.m. to hear the bankruptcy Supervision procedure on LLC Building Company Stroy-Trust. The case is docketed under Case No. A47-17720/05-14GK. The temporary insolvency manager is: N. Ersho Post User Box 1914 443052 Samara Russia The Debtor can be reached at: LLC Building Company Stroy-Trust Shafeea Str. 21 450007 Orenburg Russia SYZRANSKAYA FURNITURE: Bankruptcy Hearing Slated for June 27 ------------------------------------------------------------ The Arbitration Court of Samara Region will convene on June 27 at 1:00 p.m. to hear the bankruptcy Supervision procedure on CJSC Syzranskaya Furniture Factory. The temporary insolvency manager is: Y. Lein Office 301 Moskoskoye Shosse Kieskaya Str. 1 446001 Samara Russia The Debtor can be reached at: CJSC Syzranskaya Furniture Factory Khalynskaya Str. 83 Syzran 446012 Samara Region Russia VNESHTORGBANK: Issues US$90-Million Mortgage-Backed Securities -------------------------------------------------------------- JSC Vneshtorgbank has issued securities within the framework of a project designed to support its proprietary mortgage loan portfolio. The total volume of the issue is expected to reach US$90 million. The transaction was arranged by Barclays and HSBC, and with the support of the International Financial Corporation. This is the first time mortgage-backed securities have ever been issued in Russia. And it is also the first time Russian securities have been assigned an A1 rating by Moody's, and a BB+ rating by Fitch. The securities will be placed on European markets with a 29-year maturity. "Undoubtedly, this transaction will gear up long-term financing facilities channeled into mortgage business not only by Vneshtorgbank, but also by other Russian banks, which will finally allow offering lower interest rate mortgage loans to households," the Company said in a statement. About the Company Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. At the beginning of 2006, VTB purchased a 98% stake in the Bank Mriya located in Ukraine. VTB has operated under a full banking License No. 1000 from the Central Bank of the Russian Federation since 1990. With 23,145 employees as of Dec. 31, 2005, the Group operates in the commercial banking sector including deposit taking and commercial lending, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. The Government of the Russian Federation is the main shareholder of VTB and owns through the Federal Property Management Agency 99.9% of its registered share capital. * * * As reported in TCR-Europe on March 30, Fitch Ratings assigned Russia's JSC Vneshtorgbank a Local Currency Issuer Default Rating of BBB. VTB's other ratings are Foreign Currency IDR BBB/Stable Outlook, Short-term F3, Support 2, and Individual C/D. YANIKOSKOYE: Chuashiya Court Begins Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Chuashiya republic has commenced bankruptcy Supervision procedure on OJSC Yanikoskoye. The case is docketed under Case No. A79-485/2006. The temporary insolvency manager is: B.Litti Room 216 Tekstilshiko Str. 10 Cheboksary Chuashiya Republic Russia ========= S P A I N ========= BANKINTER 2: Moody's Rates EUR10.7-Mln Class D Notes at Ba3 ----------------------------------------------------------- Moody's Investors Service assigned the following provisional ratings to the debt to be issued by Bankinter 2 PYME, FTA: -- EUR49.0 million Series A1 notes: (P)Aaa; -- EUR682.0 million Series A2 notes: (P)Aaa; -- EUR16.2 million Series B notes: (P)Aa3; -- EUR27.5 million Series C notes: (P)Baa2; -- EUR10.7 million Series D notes: (P)Ba3; and -- EUR14.6 million Series E notes: (P)C. Bankinter 2 PYME, FTA is a securitization of loans to small- and medium-sized enterprises (SMEs) carried out by Bankinter outside of the scope of any of the Spanish guarantee programs for SME loan-backed deals. Strong features within this deal include, among others: -- extensive historical default and recovery information provided by Bankinter; -- an 18-month artificial write-off mechanism; -- good diversification of the pool in terms of geography; -- the fact that the management company will elect the loans from the provisional pool that will result in the least concentrated securitized pool; and -- the good performance of Bankinter's previous SME deal. Weaker features include: -- the limited amount of spread in the transaction; -- the pro-rata amortization of the notes; and -- the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets comprised, as of May 2006, a portfolio of 5,186 loans granted to 4,690 borrowers, all of which are Spanish enterprises. The loans have been originated between 1997 and Oct. 2005, with a weighted average seasoning of 2.2 years and a weighted average remaining life of 11.1 years. The weighted average interest rate is 3.28%, with all the loans linked to floating reference rates. 81.5% of the outstanding of the portfolio is secured by a first-lien mortgage guarantee over different type of properties, with a weighted average loan to value equal to 52.6%. The pool is well diversified in terms of geography, given the nationwide presence of the originator, and is around 40% concentrated in the buildings and real estate sector according to Moody's industry classification. At closing, there will be no loans more than 30 days in arrears. Moody's based the provisional ratings primarily on: -- an evaluation of the underlying portfolio of loans; -- historical performance information; -- the swap agreement hedging the interest rate risk; -- the credit enhancement provided through the GIC accounts, the pool spread, the reserve fund and the subordination of the notes; and -- the legal and structural integrity of the transaction. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only reflect Moody's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final pool of assets and the final documentation, Moody's will endeavor to assign a definitive rating to the notes. A definitive rating, if any, may differ from a provisional rating. The provisional ratings address the expected loss posed to investors by the legal final maturity (May 16, 2043). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par with respect to the Series A1, A2, B, C and D notes, and for ultimate payment of interest and principal at par with respect to the Series E notes, on or before the final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. ============================= S L O V A K R E P U B L I C ============================= * Moody's Presents New National Scale Rating for Slovak Republic ---------------------------------------------------------------- Moody's Investors Service introduced a new National Rating Scale for use in Slovakia on June 15. The new rating scale provides a ranking of relative creditworthiness including relevant external support in Slovakia and will use Moody's globally recognized rating symbols, modified with a '.sk' marker. Moody's Investors Service will continue to issue within Slovakia global scale ratings comparable internationally, which would not carry the '.sk' marker. "Investors and other users of credit ratings have found National Scale Ratings to be helpful in providing greater differentiation among credits within a country, says Frederic Drevon, Senior Managing Director - Europe. "In Slovakia, this is particularly beneficial since global scale ratings for most domestic issuers are clustered around a more narrow rating range, and the Slovak national rating scale divides the ratings more finely within these clusters," adds Drevon. Overall, Moody's believes NSRs provide enhanced transparency regarding the local credit market environment. "NSRs will benefit Slovak issuers that are active in the developing domestic capital markets, particularly in the banking sector as Slovak financial institutions adhere to Basel II requirements," says Petr Vins, General Manager - Moody's Central Europe. Moody's introduction of NSRs in Slovakia coincides with the strong development of the country's mutual fund sector and potential pension reforms that could accelerate growth in the Slovak capital markets. Moody's has also published a Rating Methodology entitled "National Scale Ratings in Slovakia", which provides a detailed explanation of how Moody's develops and implements national scale systems. National Scale Ratings can be understood as a relative ranking of creditworthiness including relevant external support within a particular country. While the symbols and definitions are consistent with National Scale Rating systems in other countries where Moody's provides such ratings, National Scale Ratings are not designed to be compared among countries as are Moody's global scale ratings; rather, they address relative credit risk within a given country. The use of National Scale Ratings by investors is only appropriate within that portion of a portfolio that is exposed to a given country's local market, not taking into consideration the various risks implied by that country's foreign currency ceiling or its local currency guideline. Moody's Investors Service -- http://moodys.com/-- is a leading provider of credit ratings, research, and risk analysis. The firm's ratings and analysis track over US$35 trillion of debt covering approximately 170,000 corporate, government and structured finance securities, over 100,000 public finance obligations, 10,000 corporate relationships, and 100 sovereign nations. Moody's also publishes credit opinions, research and commentary that reach more than 2,600 institutions and 16,500 users around the globe. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO), which employs approximately 2,900 employees in 22 countries and had revenue of US$1.7 billion in 2005. =========== T U R K E Y =========== * S&P Affirms Turkey's Low-B Foreign Currency Ratings ----------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term and 'B' short-term foreign currency, and its 'BB' long-term and 'B' short-term local currency sovereign credit ratings on the Republic of Turkey. The outlook is positive. At the same time, Standard & Poor's affirmed its 'trAA+' long-term and'trA- 1' short-term national scale ratings on Turkey. "Despite recent volatility in Turkish financial markets, we consider that the ratings on Turkey remain well supported at their current level by a sound fundamental economic story, given the government's continued commitment to prudent macroeconomic policies," said Standard & Poor's credit analyst Farouk Soussa. "Turkey's economic and fiscal performance since 2002 has been exemplary, with the government meeting strict fiscal and macroeconomic targets set under two successive IMF programs." Although some slippage on the economic front is likely in 2006, particularly with respect to the inflation and current account targets, we expect the primary fiscal surplus to exceed the program target of 6.5% of GNP, given the recent announcement that the government will also pursue specific expenditure targets. These positive trends are expected to continue in the medium term, despite scope for more market volatility ahead of presidential and general elections in 2007, as macroeconomic prudence will be anchored by the new IMF agreement and progress on EU accession, for which talks started in October 2005. The ratings are constrained by Turkey's continued vulnerability to domestic and external financing shocks. The government debt and interest payments are projected to decline, but given the relatively short maturity structure of borrowing, if the deterioration in financing conditions witnessed in recent weeks were to prove sustained, it would jeopardize the debt trajectory. Moreover, we expect the current account deficit to widen further to almost 7% of GDP in 2006, although these external financing needs will be partly filled by foreign direct investment, which is set to rise sharply in 2006, as the government's privatization agenda progresses. Accession talks with the EU and IMF support for the government's economic program are creating a strong platform for future rating improvements. In the case of the former, although it is expected that minor sporadic crises will occur, particularly over relations with Cyprus, these are not expected to derail the accession process. "Continued fiscal consolidation and progress on structural reform will also have a positive effect on the ratings," said Mr. Soussa. "Conversely, severe policy slippage that jeopardizes current macroeconomic achievements would put downward pressure on the ratings, as would any major threats to the ongoing EU accession talks." ============= U K R A I N E ============= AGROLEND: Kyiv Court Begins Bankruptcy Supervision -------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on CJSC Agrolend (code EDRPOU 31088347). The case is docketed under Case No. 23/106-b. The temporary insolvency manager is: Kostyantin Paniotov Lyatoshinskij Str. 2/100 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 Agrolend Shors Str. 29 01133 Kyiv Region Ukraine GRANIT PLUS: Court Appoints S. Kravtsov as Insolvency Manager ------------------------------------------------------------- The Economic Court of Harkiv Region appointed Mr. S. Kravtsov as Liquidator/Insolvency Manager for LLC Granit Plus (code EDRPOU 32938529). The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 4. The case is docketed under Case No. B-19/31-06. The Economic Court of Harkiv Region is located at: 8th Entrance 5 Derzhprom Svobodi Square 61022 Harkiv Ukraine The Debtor can be reached at: LLC Granit Plus Dzherelyanska Str. 2 Lubotin 62433 Harkiv Region Ukraine PROGRES: Court Names Mihajlo Grishin Insolvency Manager ------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Mihajlo Grishin as Liquidator/Insolvency Manager for LLC Agrofirm Progres (code EDRPOU 30912514). He can be reached at: Mihajlo Grishin Kujbishev Str. 1-a/18 49027 Dnipropetrovsk Region Ukraine Phone: (056) 374-61-20 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 14. The case is docketed under Case No. B 26/100/05. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Agrofirm Progres Yanvarske Pokrovskij District 53629 Dnipropetrovsk Region ROZDILSKIJ BRICK: Donetsk Court Freezes Debt Payment ---------------------------------------------------- The Economic Court of Donetsk Region ordered a moratorium on satisfaction of creditors' claims after commencing bankruptcy supervision procedure on OJSC Rozdilskij Brick Plant (code EDRPOU 31638894) on April 18. The case is docketed under Case No. 42/66B. The temporary insolvency manager is: Oleksandr Polishuk Vorovskij Str. 5/1 83045 Donetsk Ukraine The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: OJSC Rozdilskij Brick Plant Zarichna Str. 63 Artemivsk 84500 Donetsk Region Ukraine SHEVCHENKIVSKE: Court Names Yurij Arhipov to Liquidate Assets ------------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Yurij Arhipov as Liquidator/Insolvency Manager for LLC Agrofirm Shevchenkivske (code EDRPOU 31734514). He can be reached at: Radishev Str. 85 69013 Zaporizhya Region Ukraine Tel: 8 (0612) 17-98-59 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 13. The case is docketed under Case No. 25/249. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: LLC Agrofirm Shevchenkivske Miru Str. 73 Shevchenkivske Zaporizhya District 70433 Zaporizhya Region Ukraine TULCHIN-MLIN: Vinnitsya Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on LLC Tulchin-Mlin (code EDRPOU 32074749). The case is docketed under Case No. 5/53-06. Ms. M. Timarska has been appointed temporary insolvency manager. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21100 Vinnitsya Region Ukraine The Debtor can be reached at: LLC Tulchin-Mlin Mihajlivka Tulchin District 23633 Vinnitsya Region Ukraine UKRMETAL: Kyiv Court Starts Bankruptcy Supervision -------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on Ukrainian State Enterprise Ukrmetal (code EDRPOU 01886649) April 12. The case is docketed under Case No. 15/293-b. Mr. O. Zavora has been appointed temporary insolvency manager. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: Ukrainian State Enterprise Ukrmetal Garmatna Str. 4 03067 Kyiv Region Ukraine VERSTATOLIV: Court Appoints Denis Frolov as Insolvency Manager -------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Denis Frolov as Liquidator/Insolvency Manager for LLC Verstatoliv (code EDRPOU 30335237). He can be reached at: Denis Frolov Office 406 Plehanov Str. 18 49000 Dnipropetrovsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 13. The case is docketed under Case No. B 29/153/05. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Verstatoliv Krasnozavodska Str. 14 49038 Dnipropetrovsk Region Ukraine ZAKARPATNAFTA: Donetsk Court Freezes Debt Payment ------------------------------------------------- The Economic Court of Donetsk Region ordered a moratorium on satisfaction of creditors' claims after commencing bankruptcy supervision procedure on LLC Zakarpatnafta (code EDRPOU 20466479) on April 18. The case is docketed under Case No. 42/67 B. The temporary insolvency manager is: Oleksandr Polishuk Vorovskij Str. 5/1 83045 Donetsk Ukraine The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Zakarpatnafta Zarichna Str. 63 Artemivsk 84500 Donetsk Region Ukraine =========================== U N I T E D K I N G D O M =========================== A & A DIGITAL: Claims Filing Period Ends Aug. 8 ----------------------------------------------- Creditors of A & A Digital Copiers Limited have until Aug. 8 to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Liquidator, Michael Francis McCarthy, of Walletts Insolvency Services. The company can be reached at: A & A Digital Copiers Limited Unit 5 Northside Business Park Hawkins Lane Burton-on-Trent Staffordshire DE141DB United Kingdom Tel: 01283 525 900 ACKERMANS CHOCOLATES: Appoints T. Papanicola as Administrator ------------------------------------------------------------- T. Papanicola of Bond Partners LLP was appointed administrator of Ackermans Chocolates Limited (Company Number 01371153) on May 23. The administrator can be contacted at: Bond Partners LLP The Grange 100 High Street London N14 6TG United Kingdom Tel: 020 8444 2000 Fax: 020 8444 3400 Headquartered in London, Ackermans Chocolates Limited manufactures cocoa, chocolate and confectionery. ADAL GROUP: Administrators Sell Assets as Going Concern ------------------------------------------------------- The Joint Administrators, Philip Long, David Merrygold and Philip Armstrong of PKF (U.K.) LLP offer for sale as a going concern the businesses and assets of the ADAL Group. Features: -- Several well-established manufacturing and engineering businesses providing aluminum extrusion and cladding services to U.K. and continental European customer; -- Holds five percent of the U.K. market; -- Freehold manufacturing factory and office premises based in Witham, Essex and St. Albans, Herts; -- Combined turnover for the 12 months ending Dec. 31, 2005 amounted to GBP18 million; and -- Combined workforce of 223 employees Inquiries can be addressed to: Sue-Anne Hine PKF (U.K.) LLP Farringdon Place 20 Farringdon Road London EC1M 3AP United Kingdom Fax: 020 7065 0525 E-mail: sue-anne.hine@uk.pkf.com PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. ALLENS LIMITED: Taps Joint Administrators from Menzies ------------------------------------------------------ Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring were appointed joint administrators of Allens Limited (Company Number 04196618) on May 19. Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating from 628 offices in 92 countries. MRI, which is ranked 8th amongst the leading international accounting associations, achieved global revenues of US$1,800 million in 2003. Allens Limited wholesales meat and meat products. AQUILA PLC: Fitch Affirms GBP3.35-Mln Class E Securities at BB -------------------------------------------------------------- Fitch Ratings affirmed all tranches of three Eclipse transactions. Aquila (Eclipse 2005-1) PLC: -- GBP366.97 million Class A due Oct 2016 at AAA; -- GBP20 million Class B due Oct 2016 at AA+; -- GBP20.5 million Class C due Oct 2016 at A+; -- GBP19.8 million Class D due Oct 2016 at BBB; and -- GBP3.35 million Class E due Oct 2016 at BB. Bellatrix (Eclipse 2005-2) Plc: -- GBP271.24 million Class A due Jan 2017 at AAA; -- GBP33.11 million Class B due Jan 2017 at AAA; -- GBP34.57 million Class C due Jan 2017 at AA; and -- GBP25.81 million Class D due Jan 2017 at A. Draco (Eclipse 2005-4) Plc: -- GBP209.68 million Class A due 2017 at AAA; -- GBP17.1 million Class B due 2017 at AAA; -- GBP15.7 million Class C due 2017 at AA; -- GBP22.8 million Class D due 2017 at A; and -- GBP12.1 million Class E due 2017 at BBB. The rating action follows Fitch's review of the latest investor reports issued recently by the servicer for all three transactions. Out of the three transactions, Aquila (Eclipse 2005-1) Plc is the only securitization that raises concerns. One of the 10 loans in the portfolio has been placed on a watch list by the servicer. The One Leicester Square loan is secured against a single property, which is predominantly let for leisure but has also some retail units on a ground floor. There has been a recent history of tenant default in relation to floors 3, 4 and 5, resulting in forfeiture action approved by the borrower servicer's. The vacant space is currently under negotiation subject to late licensing approvals being granted. It is expected that rent from a prospective tenant will be lower than that for the lease forfeit and, therefore, the servicer intends to seek agreement with the borrower to provide appropriate level of escrow to cover any shortages. In addition, another tenant occupying the corner retail unit and the broadcasting accommodation on floors 1 and 2 has also vacated. However, as the break option can be only exercised in June 2010 upon 12 months notice, the tenant is liable to pay the rent until then. The vacancy rate now stands at 3.94% of the estimated rental value, up from 0.91% at closing in March 2005. The weighted average interest coverage ratio of this deal has decreased to 1.63x in April 2006 from 1.78x at closing. Its weighted average debt service coverage ratio has also worsened to 1.52x from 1.69x at issuance, while the weighted average loan-to-value ratio has improved only slightly to 60.07% from 61.53%. There has been some small reduction of the outstanding collateral balance, following two substitutions and a prepayment of one property within the Great Victoria loan in Q405. As a result of the changes in the portfolio, the value of the mortgaged properties has decreased to GBP720.18 million in April 2006 from GBP732.06 million. Despite the negative trends, Fitch considers that the strength of the collateral backing Aquila's transaction is strong enough to warrant the affirmation of all the note tranches of this deal. Bellatrix (Eclipse 2005-2) Plc and Draco (Eclipse 2005-4) Plc are performing in line with Fitch's expectations. Only approximately 2% of the outstanding notes balances have been paid off in both cases. In the Bellatrix portfolio, the Princess Street and Maddox Street loan has prepaid, leaving 12 outstanding commercial mortgages. The WA ICR ratio has increased slightly to 1.49x in April 2006 from 1.45x at issuance in August 2005, while the DSCR and LTV ratios have remained almost the same. The current value of the portfolio accounts for GBP513.24 million, compared with GBP526.39 million at issuance. The vacancy rate has decreased to 1.5% from 2.55%. Little change has been seen in the performance of the Draco transaction. During the lifetime of the deal, the WA ICR ratio of the portfolio has remained stable at 1.5x. The WA DSCR ratio has hardly moved. The WA LTV ratio has improved only slightly to 66.83% from 67.12%. The vacancy rate stands currently at 2.67% in comparison with 2.49% at closing. The current value of the portfolio is GBP427.62 million, the same as at issuance in August 2005. All Eclipse transactions are securitizations of U.K. commercial mortgage loans originated by Barclays Bank PLC. The loans are backed by properties spread across the U.K. BRITISH AIRWAYS: Trustee Sells 44,921 Units in Share Scheme ----------------------------------------------------------- Computershare Trustee Limited, the trustee of the British Airways Employee Benefits Trustees (Jersey) Limited notified British Airways PLC that the Trust sold on June 15, 44,921 ordinary shares of 25 pence each at a price of 358.25 pence per share. The executive directors of the Company, as well as other employees of the Company, are potential beneficiaries of the Trust. As such, they are deemed to be interested in the shares held by the Trust. Accordingly, the number of shares in which the directors are interested decreased by 44,921 on the date of sale. The relevant executive directors are Willie Walsh, Martin George and Keith Williams. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the UK's largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. CHEMIX PLC: Administrators Sell Business as Going Concern --------------------------------------------------------- D. J. Whitehouse and S. Wilson, in their capacity as joint administrators for Chemix plc, are selling the Company's business and assets as a going concern to both the UPVC window and cellular foam markets. The company, established for more than 25 years, reports a GBP40 million historic turnover annually. It holds significant stock and finished goods from its leased premises in Stockport, and Greater Manchester. Inquiries can be addressed to: Kroll Limited The Observatory Chapel Walks Manchester M2 1HL United Kingdom Tel: 0161 838 4500 Fax: 0161 838 4501 Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in Stockport, England, Chemix plc -- http://www.chemix.com/-- supplies compound to both the UPVC window and cellular profile markets. GVG DISTRIBUTION: Taps Baker Tilly to Liquidate Assets ------------------------------------------------------ GVG Distribution Limited is liquidating its assets after creditors found out the company could no longer continue its operations due to liabilities. Andrew White and Susan Agnes Maund, of Baker Tilly, were appointed Joint Liquidators. The company can be reached at: GVG Distribution Limited Pattenden Lane Marden Tonbridge Kent TN129QJ United Kingdom Tel: 01622 833 308 Fax: 01622 832 341 H.C. HILL: Creditors' Meeting Slated for June 20 ------------------------------------------------ Creditors of H.C. Hill Limited (Company Number 1863546) will meet at 2:00 p.m., on June 20 at: 1 Kings Avenue Winchmore Hill London N21 3NA United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on June 19 at: C. M. Iacovides Administrator Jeffreys Henry Jacobs 1 Kings Avenue Winchmore Hill London EC1V 2NJ United Kingdom Tel: 0845 260 0590 INTRIGUE DESIGNS: Creditors Confirm Voluntary Liquidation --------------------------------------------------------- Creditors of Intrigue Designs Limited confirmed the company's voluntary liquidation during an extraordinary general meeting on March 30. Creditors also ratified the appointment of Timothy Simon Cockcroft, of Timothy S Cockcroft, as Liquidator. The company can be reached at: Intrigue Designs Limited Hobsons International House Brunel Drive Newark Nottinghamshire NG242EG United Kingdom Tel: 0115 943 6789 K & S COMMUNICATION: Creditors Pass Winding Up Resolution --------------------------------------------------------- Creditors of K & S Communication Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on March 29. Subsequently, Kirankumar Mistry was appointed Liquidator. The company can be reached at: K & S Communication Limited 13 Southgate Parade Crawley West Sussex RH106ER United Kingdom Tel: 01293 611 555 LAS REALISATIONS: Creditors Resolve to Liquidation -------------------------------------------------- Creditors of Las Realisations Limited resolved to liquidate the company's assets during an extraordinary general meeting on March 28. Simon Peter Bower, RSM Robson Rhodes LLP, was appointed Liquidator. The company can be reached at: Las Realisations Limited Saxon House Downside Sunbury-on-Thames Middlesex TW166RT United Kingdom Tel: 01932 765 844 LEWIS & WAYNE: Names Piper Thompson as Administrator ---------------------------------------------------- Tony James Thompson of Piper Thompson was appointed administrator of Lewis & Wayne Limited (Company Number 516457) on May 23. The administrator can be contacted at: Piper Thompson Mulberry House 53 Church Street Weybridge Surrey KT13 8DJ United Kingdom Tel: 01932855515 Headquartered in Bromley, United Kingdom, Lewis & Wayne Limited is engaged in dry cleaning and laundry services. LMC STREATHAM: Creditors' Meeting Slated for June 20 ---------------------------------------------------- Creditors of LMC Streatham Limited (Company Number 01373600) will meet at 10:00 a.m., on June 20 at: BDO Stoy Hayward LLP 8 Baker Street London W1U 3LL United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon, on June 19 at: Antony David Nygate and Shay Bannon Joint Administrative Receivers Bdo Stoy Hayward LLP 8 Baker Street London W1U 3LL United Kingdom Tel: 020 7486 5888 Fax: 020 7487 3686 BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. MOLLOY EUROPEAN: Appoints Administrators from Smith & Williamson ---------------------------------------------------------------- Anthony Murphy, Roger Tulloch and Robert Horton of Smith & Williamson Limited were appointed joint administrators of Molloy European Transport Services Limited (Company Number 03378317) on May 24. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Molloy European Transport Services Limited can be reached at: West Bank Terminal Wherstead Road Ipswich IP2 8LY Tel: 01473 603 038 MISYS PLC: Morgan Stanley Steps Down as Corporate Broker -------------------------------------------------------- Misys PLC confirmed that Morgan Stanley resigned as Misys' corporate broker effective immediately. The Company retains JPMorgan Cazenove as sole corporate broker. 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 had GBP155.6 million in total stockholders' deficit. ORANGE GROVE: Financial Woes Prompt Liquidation ----------------------------------------------- Orange Grove Estates Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Carl Jackson and Nigel Fox, Licensed Insolvency Practitioners, of Tenon Recovery, were appointed Joint Liquidators. The company can be reached at: Orange Grove Estates Limited Flat 1 29-39 London Road Twickenham TW1 3SZ United Kingdom Tel: 01722 327 629 SCORPION LIFTING: Names Andrew James Nichols to Liquidate Assets ---------------------------------------------------------------- Andrew James Nichols, of Redman Nichols, was appointed Liquidator of Scorpion Lifting Systems Limited after creditors decided to wind up the company during an extraordinary general meeting on March 31. The company can be reached at: Scorpion Lifting Systems Limited Unit 1 Tupton Way Holmewood Industrial Park Holmewood Chesterfield Derbyshire S42 5BX United Kingdom Tel: 01246 855 220 Fax: 01246 201 865 SIXTEN LEISURE: Taps P&A Partnership to Administer Assets --------------------------------------------------------- Allan Cooper and Christopher Michael White of The P&A Partnership were appointed joint administrators of Sixteen Leisure Limited (Company Number 04945052) on May 18. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Headquartered in Barnsley, United Kingdom, Sixteen Leisure Limited is a public house. STILLFRAME LIMITED: Brings In Recovery HJS as Administrator ----------------------------------------------------------- Gordon John Johnston and Shane Biddlecombe of Recovery HJS were appointed joint administrators of Stillframe Limited (Company Number 03877018) on May 23. The administrators can be contacted at: Recovery HJS 12-14 Carlton Place Southampton Hampshire SO15 2EA United Kingdom Tel: 023 8023 4222 Fax: 023 8023 4888 E-mail: gordon.johnston@hjsaccountants.co.uk Headquartered in Horsham, United Kingdom, Stillframe Limited installs and supplies CCTV and Audio Visual. TARONBOND LIMITED: Appoints Joint Administrators from Menzies ------------------------------------------------------------- Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring were appointed joint administrator of Taronbond Limited (Company Number 04363297) on May 25. Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating from 628 offices in 92 countries. MRI, which is ranked 8th amongst the leading international accounting associations, achieved global revenues of US$1,800 million in 2003. Taronbond Limited can be reached at: 180 Wardour Street London W1F 8FY United Kingdom Tel: 020 7518 3166 TAMBAR PRODUCTIONS: Brings In Liquidators from Acre House --------------------------------------------------------- Stephen Katz and David Birne, of Acre House, were appointed Joint Liquidators of Tambar Productions Limited after creditors moved to liquidate the company's assets on April 4. The company can be reached at: Tambar Productions Limited 23 Crown Gardens Brighton BN1 3LD United Kingdom Tel: 01273 207 005 WHY CREATE: Taps J.N. Bleazard to Liquidate Assets -------------------------------------------------- J.N. Bleazard, of XL Business Solutions Limited, was appointed Liquidator of Why Create Media Limited after creditors agreed to wind up the company on April 4. The company can be reached at: Why Create Media Limited 2 Margate Woodlesford Leeds LS268PB United Kingdom Tel: 0113 234 5556 WORLDWIDE TRANSPORT: Hires Liquidator from PB Recovery Limited -------------------------------------------------------------- Worldwide Transport Services Limited is liquidating its assets after creditors passed a resolution to wind up the company on March 31. Clive Robert Hammond, of PB Recovery Limited, was appointed Liquidator. The company can be reached at: Worldwide Transport Services Limited Unit D Northumberland Close Stanwell Staines Middlesex TW197LN United Kingdom Tel: 01784 427 090 Fax: 01784 420 544 WWF WHOLESALE: Hires Joint Administrators from PKF -------------------------------------------------- Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed joint administrators of WWF Wholesale Wooden Floors Limited (Company Number 04128846) on May 23. PKF (U.K.) LLP -- http://www.pkf.co.uk/-- is one of the UK's leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. WWF Wholesale Wooden Floors Limited can be reached at: Unit 1 Burton Court Burton Street Sheffield S6 2HH United Kingdom Tel: 0114 234 9558 ********* 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. 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 * * *