/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060705.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, July 5, 2006, Vol. 7, No. 132 Headlines A U S T R I A ARMONTEX: Vienna Court Rules Administrative Insolvency BAWAG PSK: OeGB to Begin Formal Sale Process by Mid-July BAWAG PSK: Oesterreichische Volksbanken Mulls Takeover Bid DAKO: Awaits Court's Decision on Property Manager's Claim EDITORIAL OFFICE: Court to Close Case After Final Allocation GAE LEBENSMITTEL: First Creditors' Meeting Slated for July 14 GRS: Claims Registration Period Ends July 11 GUENTHER KNEIDINGER: Claims Registration Period Ends July 17 HOLMES: Awaits Court's Decision on Property Manager's Claim OSKAR KLEIN: Court to Close Case After Final Allocation F R A N C E ALSTOM SA: Budgets EUR100 Million for Acquisitions EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis G E R M A N Y CEMAIX GMBH: Claims Registration Ends July 28 ERGONOM MASCHINENBAU: Claims Registration Ends July 31 FRIEDRICH MUELLER: Claims Registration Ends July 25 GEBRAUCHTWAGEN-CENTER: Claims Registration Ends July 25 GERBER UND PARTNER: Claims Registration Ends July 28 GUENCE & WOLF: Claims Registration Ends July 29 NETGURU INC: Haskell & White Raises Going Concern Doubt STAHLBAU ELLERMANN: Claims Registration Ends July 27 VERWALTUNGSGESELLSCHAFT WAHLER: Claims Registration Ends July 31 WIRTSCHAFTSKANZLEI MUELLER: Claims Registration Ends July 29 K A Z A K H S T A N AISBERG: Creditors Must File Claims by July 18 AULIE ATA: Jambyl Court Opens Bankruptcy Proceedings GARANT: Proof of Claim Deadline Slated for July 18 HEATH LAMBERT: Proof of Claim Deadline Slated for July 18 IGILIK: Creditors Must File Claims by July 18 KARFA: Claims Registration Ends July 18 KRUIZ: Claims Registration Ends July 18 MTS AKJAR: Creditors' Claims Due July 18 ROST: Almaty Court Starts Bankruptcy Proceedings VOSTOKFOBOS: Creditors' Claims Due July 18 N E T H E R L A N D S ARRAN CORPORATE: Fitch Rates Six Debt Classes at Low-B R U S S I A AGRO-PROM-SNAB: Court Names A. Khalizov as Insolvency Manager ASPHALT CONCRETE: Court Names A. Yazev as Insolvency Manager BEREZKA: Saratov Court Appoints O. Ivanova as Insolvency Manager BLAGOVARSKAYA SEL-KHOZ-KHIMIYA: I. Nigmatullin to Manage Assets DROM: Court Appoints V. Motolygin as Insolvency Manager GAS-STROY: Court Names A. Makarov as Insolvency Manager KUSHNARENKOVSKIY CREAMERY: A. Shaykhetdinov to Manage Assets LYSVENKOVSKOYE AUTO: Court Names K. Goncharov to Manage Assets PLAVSK-AGRO-PROM-STROY: Court Names R. Budin Insolvency Manager SEVERSTAL: Alexei Mordashov May Sell EUR3-Bln Shares in London SEVERSTAL: Asset Consolidation Spurs S&P to Keep Positive Watch SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA: E. Naumov to Manage Assets TNK-BP FINANCE: S&P Rates Proposed Unsecured Notes at BB+ TUYMAZINSKIY MEAT: A. Shaykhetdinov to Manage Insolvency Assets VELIKOLUKSKIY BRICKWORKS: S. Lukyanov to Manage Assets VENTILATION SERVICE: I. Mamatov to Manage Insolvency Assets SHATURSKIY MEAT: Court Names N. Artemova as Insolvency Manager S P A I N FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes U K R A I N E BUDTORG: Court Names K. Tsimbalenko as Liquidator DRUZHBA: Harkiv Court Starts Bankruptcy Supervision GERMES-MET: Court Names S. Lunkova to Liquidate Assets ITALMANIA: Court Names Tax Authority as Liquidator MIRGOROD' BUILDING: Court Commences Bankruptcy Supervision NEK: Court Names Tax Authority to Liquidate Assets PODILLYA: Vinnitsya Court Begins Bankruptcy Supervision PROGRES: Court Names Valentin Ivashuk as Insolvency Manager SANATORIUM RADON: Court Names S. Marchenkov as Liquidator SERVITUT: Court Names S. Lunkova as Insolvency Manager SPORT LINE: Court Names State Tax Agency to Liquidate Assets SOFIYA: Court Names Vasil Fedorenko to Manage Insolvency Assets SOYUZELEKTROSTROJ: Court Starts Bankruptcy Supervision STERH: Court Appoints O. Atayanets to Manage Insolvency Assets TRIPILSKIJ PLANT: Court Names Yurij Petrenko as Liquidator YAMPIL' AUTO-REPAIR: Court Names Valentin Ivashuk as Liquidator U N I T E D K I N G D O M A J FENCING: Names Theodolous Papanicola as Administrator ABRAPACK LTD: Creditors Pass Winding Up Resolution ANOUSHKA G: Financial Woes Prompt Liquidation ASCENSION LTD: Names Peter John Godfrey-Evans Liquidator BEST YET: Taps Kikis Kallis to Liquidate Assets BONNE BOUCHE: Appoints Joint Administrators from BDO Stoy CAREER OPTIONS: Brings In Tenon Recovery to Administer Assets CODENT LIMITED: Creditors' Meeting Slated for July 14 DAHLE UK: Creditors Resolve to Liquidation EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis GENERAL MOTORS: Evaluating US$3-Bln Alliance with Renault-Nissan GENERAL MOTORS: Moody's on Offer to Join Renault/Nissan Alliance GOPPA FIREPLACES: Hires Baker Tilly to Administer Assets GRACE MOTOR: Creditors' Meeting Slated for July 7 OPTIMUM RECRUITMENT: Appoints Geoff Kinlan as Administrator SYNERGY.COM: Appoints Joint Administrators from Tenon Recovery TIMBERLINE NORTHANTS: Joint Liquidators Take Over Operations WESSEX CATERING: Brings In Liquidator from Moore Stephens LLP WHITEFIELD FABRICATIONS: Names Tenon Recovery as Administrators ZORRO PRINT: Hires Joint Liquidators from Harrisons ********* ============= A U S T R I A ============= ARMONTEX: Vienna Court Rules Administrative Insolvency ------------------------------------------------------ The Trade Court of Vienna declared LLC Armontex (FN 240889z) under administrative insolvency, after court-appointed property manager Robert Klein stated on May 19 that the Debtor's property is insufficient to cover creditors' claims. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 21 (Bankr. Case No. 5 S 65/06b). Thomas Deschka represents Dr. Klein in the bankruptcy proceedings. BAWAG PSK: OeGB to Begin Formal Sale Process by Mid-July -------------------------------------------------------- Osterreichischer Gewerkschaftsbund (OeGB) will officially begin the sale of Bawag PSK in mid-July, Chief Executive Ewald Nowotny told the Financial Times Deutschland. Morgan Stanley, which began inviting bids after Bawag inked a US$675 million settlement deal with Refco Inc. investors, will allow 10-12 possible buyers to access Bawag's accounts in September or October this year, Mr. Nowotny revealed to the FTD. The chief executive added that a number of parties have expressed interest in acquiring the financially embattled bank. Analysts peg Bawag's value at EUR1.8 billion, though its sale might be complicated by the EUR900-million state-backed rescue package. As previously reported in TCR-Europe, parties interested in acquiring Bawag include: -- Ukrainian tycoon Serhiy Klyuyev, -- Citigroup, -- Banco Santander Central Hispano, -- J.C. Flowers & Co. LLC, -- Cerberus Capital Management LP, -- Commerzbank AG, -- Generali, -- Allianz and -- Volksbanken-Investkredit Bawag's parent company, OeGB, previously disclosed that it prefers to sell the bank as a whole and not in pieces indicating that the purchaser can break up the bank after the sale. OeGB has placed Bawag on the trading table following the bank's alleged role in the collapse of Refco. 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 had 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 BAWAG PSK: Oesterreichische Volksbanken Mulls Takeover Bid ---------------------------------------------------------- Oesterreichische Volksbanken, a cooperative bank, eyes to purchase local rival Bawag P.S.K. for an undisclosed amount, Reuters reports. Franz Pinkl, OeVAG's chief executive, said acquiring Bawag would expand the company's retail operations. Mr. Pinkl, however, admitted that OeVAG has to come up with enough cash from shareholders to finance a possible takeover. "Strategically, BAWAG would fit to us, because we could expand our retail business," Mr. Pinkl told Reuters. "But you have to be able to underpin this economically." According to Reuters, OeVAG shareholders include: -- 61 cooperative banks, 58%; -- German cooperative bank DZ Bank, 25%; -- German insurer Ergo, 10%; and -- local cooperative bank Raiffeisen Zentralbank, 6%. Meanwhile local banks Bank Austria Creditanstalt and Raiffeisen, as well as German Insurer Allianz, have expressed interests in acquiring Bawag, sources told Reuters. As reported in TCR-Europe on June 26, Ukrainian tycoon Serhiy Klyuyev is also considering a bid for Bawag. Citigroup and Banco Santander Central Hispano have also expressed interest in acquiring the bank. As reported in TCR-Europe on June 16, J.C. Flowers & Co. LLC and Cerberus Capital Management LP may 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. Bawag's parent company, Osterreichischer Gewerkschaftsbund (OeGB), previously disclosed that it prefers to sell the bank as a whole and not in pieces indicating that the purchaser can break up the bank after the sale. OeGB has placed Bawag on the trading table following the bank's alleged role in the collapse of Refco Inc. Morgan Stanley has begun inviting bids after Bawag inked a US$675 million settlement deal with Refco investors. 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 had 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 DAKO: Awaits Court's Decision on Property Manager's Claim --------------------------------------------------------- Norbert Schopf, the court-appointed property manager for Trade LLC Dako (FN 248619t), declared on May 19 that the Debtor does not have enough assets to pay off creditors. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 16, 2005 (Bankr. Case No. 5 S 93/05v). Peter Zens represents Dr. Schopf in the bankruptcy proceedings. EDITORIAL OFFICE: Court to Close Case After Final Allocation ------------------------------------------------------------ The Land Court of St. Polten will close the bankruptcy case of LLC Editorial Office Space Science (FN 173572 d) after creditors received final allocation. Headquartered in Purkersdorf, Austria, the Debtor declared bankruptcy on May 10, 2001 (Bankr. Case No. 27 S 196/01m). Walter Anzbock served as the court-appointed property manager for the bankrupt estate. GAE LEBENSMITTEL: First Creditors' Meeting Slated for July 14 ------------------------------------------------------------- Creditors owed money by LLC GAE Lebensmittel-Analyse- Service (FN 194766x) are encouraged to attend the creditors' meeting at 9:30 a.m. on July 14 to consider the adoption of the rule by revision and accountability. The first creditors' meeting will be held at: The Land Court of Innsbruck Hall 214 2nd Floor Maximilianstrasse 4 6020 Innsbruck, Austria Headquartered in Kufstein, Austria, the Debtor declared bankruptcy on May 22 (Bankr. Case No. 7 S 16/06x). Dr. Markus Komarek serves as the court-appointed property manager of the bankrupt estate. GRS: Claims Registration Period Ends July 11 -------------------------------------------- Creditors owed money by LLC GRS (FN 261634g) have until July 11 to file written proofs of claims to court-appointed property manager Michael Neuhauser at: Mag. Michael Neuhauser Esslinggasse 9 1010 Vienna, Austria Tel: 536 50-0 Fax: 536 50-14 E-mail: officewien@aaa-law.at Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 25 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on May 22 (Bankr. Case No. 4 S 86/06h). Stefan Jahns represents Mag. Neuhauser in the bankruptcy proceedings. GUENTHER KNEIDINGER: Claims Registration Period Ends July 17 ------------------------------------------------------------ Creditors owed money by LLC Guenther Kneidinger (FN 90315t) have until July 17 to file written proofs of claims to court- appointed property manager Christian Ebmer at: Mag. Christian Ebmer Schillerstrasse 12 4020 Linz, Austria Tel: 0732/65 69 69-60 Fax: 0732/65 69 69 E-mail: office@hep.co.at Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 31 to consider the adoption of the rule by revision and accountability. The first meeting of creditors will be held at: The Land Court of Linz Room 522 5th Floor Linz, Austria Headquartered in Oberneukirchen, the Debtor declared bankruptcy on May 22 (Bankr. Case No. 12 S 47/06h). HOLMES: Awaits Court's Decision on Property Manager's Claim ----------------------------------------------------------- Christian Pfandl, the court-appointed property manager for Construction LLC Holmes (FN 195668y), declared on May 19 that the Debtor does not have enough assets to pay off creditors. The Land Court of Graz is yet to rule on the property manager's claim. Headquartered in Graz, Austria, the Debtor declared bankruptcy on April 19 (Bankr. Case No. 26 S 48/06p). OSKAR KLEIN: Court to Close Case After Final Allocation ------------------------------------------------------- The Land Court of St. Polten will close the bankruptcy case of LLC Oskar Klein (FN 117293 s) after the Debtor's final allocation to creditors. Headquartered in Tullnerbach, Austria, the Debtor declared bankruptcy on May 16, 2000 (Bankr. Case No. 27 S 170/00m). Georg Thum served as the court-appointed property manager for the bankrupt estate. =========== F R A N C E =========== ALSTOM SA: Budgets EUR100 Million for Acquisitions -------------------------------------------------- Alstom S.A. is eyeing acquisitions after three years of asset disposals, Bloomberg News reports. Patrick Kron, Alstom's chief executive and chairman, said the company would make "modest" acquisitions of up to EUR100 million to prop up its train- and power- station making operations, Bloomberg News relates. Mr. Kron, however, ruled out merging with European peers like Siemens AG. "The group is smaller but more powerful," Mr. Kron told Bloomberg News. "We're moving to a more offensive phase." Mr. Kron's accomplishments include doubling Alstom's value within 12 months to EUR9.5 billion and achieving the company's first annual profit in five years. About Alstom Headquartered in Paris, France, Alstom S.A. -- http://www.alstom.com/-- is a leading maker of power-generation systems and constructs power plants, rail equipment, luxury passenger ships, naval vessels, and natural gas tankers. It also produces electrical drives, motors, and generators. The group generates EUR13 billion in annual revenues and employs more than 70,000 people worldwide. For the fiscal year ended March 31, 2006, Alstom posted EUR178 million in net profit on EUR13.4 billion in net sales, compared to EUR628 million in net loss on EUR12.9 billion in net sales a year ago. As of March 31, 2006, Alstom had EUR18.408 billion in total assets, EUR16.568 billion in total liabilities and EUR1.84 billion in total equity. As of March 31, 2006, Alstom had EUR8.785 billion in current assets and EUR11.802 billion in current liabilities. EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis ------------------------------------------------------------- Eurotunnel's Ad Hoc Committee agreed that the proposal presented by the bondholder group, ARCO, does not comprise the basis for a consensual deal and might mislead interested parties, MarketWatch reports. The Ad Hoc Committee called for Eurotunnel and ARCO to begin talks as soon as possible between the three parties to resolve the GBP6.18 billion debt crisis. ARCO represents 68% of Eurotunnel's outstanding GBP1.9 billion bonds and notes while the Ad Hoc Committee or the senior creditors holds over 70% of the co-financier debt and over 50% of Eurotunnel's total debt. Bondholders' Alternative Rescue Plan Eurotunnel turned down the restructuring plan prepared by a group of secured bondholders led by Deutsche Bank AG on June 27. As reported in TCR-Europe on June 28, Eurotunnel believes that the plan requires too much debt and gives too much to bondholders. The bondholders' restructuring plan, which valued the company at EUR7.99 billion, aims to reduce 60% of total debt to EUR3.7 billion and issue a EUR2.175 billion convertible hybrid note with a 4% coupon, The Wall Street Journal reports. The plan rivaled the preliminary restructuring agreement backed by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC. The plan, which valued the company at around EUR7.03 billion, includes a EUR1.5 billion hybrid issue with a 6% to 9% coupon and would reduce debt by 54%. Eurotunnel shareholders will consider approval of a turnaround plan at an extraordinary shareholders' meeting slated for July 27, after which Eurotunnel can sign a final deal. Eurotunnel's Statement Eurotunnel has clarified that the financial restructuring plan approved by the Joint Board of Eurotunnel and the majority creditors presented by the Ad Hoc Committee cannot be called the 'Goldman Sachs/Maquarie plan' to avoid misleading shareholders. The Group reiterated that the Eurotunnel Plan was presented to the Ad Hoc Committee for the first time on July 13, 2005; it was the object of a Memorandum of Understanding, signed on Jan. 31, before being finalized by a binding agreement on May 23. The preliminary agreement was subsequently the object of a complete and complementary financing agreement, separate to the plan itself, and signed on May 30 with a consortium of financial institutions including, among others, Goldman Sachs and Maquarie. The plan was established with the principal senior and junior creditors, the holders of the majority of the Group's debt and without whom no restructuring is possible. It is a binding plan. It is also a preliminary plan, which can still be modified, once the minority creditors agree to negotiate with the Group's management. The Group noted that the alternative project presented by ARCO has no contractual value and does not constitute a binding commitment. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faces uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. Eurotunnel needs to obtain approval from other creditors and shareholders for a final agreement. Absent a final agreement, the Group may default in January 2007. On April 26, Eurotunnel obtained a third extension of its credit waiver, which calls for creditor talks to continue through July 12. ============= G E R M A N Y ============= CEMAIX GMBH: Claims Registration Ends July 28 --------------------------------------------- Creditors of cemaix GmbH have until July 28 to register their claims with court-appointed provisional administrator Thomas Georg. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on Aug. 29, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Room K 3 3rd Floor Alter Posthof 1 52062 Aachen, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Aachen opened bankruptcy proceedings against cemaix GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: cemaix GmbH Huettenstr. 29-31 52355 Dueren, Germany Christoph Grysar, Manager Dorfstr. 84 52477 Alsdorf, Germany The administrator can be contacted at: Thomas Georg Juelicher Road 116 52070 Aachen, Germany ERGONOM MASCHINENBAU: Claims Registration Ends July 31 ------------------------------------------------------ Creditors of Ergonom Maschinenbau und Bautrager GmbH have until July 31 to register their claims with court-appointed provisional administrator Helmut Lorentz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 30, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bingen am Rhein Room 9 Law Courts Mainzer Road 52 55411 Bingen am Rhein, 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 Bingen am Rhein opened bankruptcy proceedings against Ergonom Maschinenbau und Bautrager GmbH on June 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Ergonom Maschinenbau und Bautrager GmbH Weide 16 55411 Bingen am Rhein, Germany Attn: Juergen Kauss, Manager Hellmersgarten 3 65817 Eppstein, Germany Martin Wallenstein, Manager Layenmuehle 9 55435 Gau-Algesheim, Germany The administrator can be contacted at: Dr. Helmut Lorentz Kaiserstrasse 64 55116 Mainz, Germany Tel: 06131/234551 Fax: 06131/231094 FRIEDRICH MUELLER: Claims Registration Ends July 25 --------------------------------------------------- Creditors of Friedrich Mueller Holzbau GmbH have until July 25 to register their claims with court-appointed provisional administrator Thorsten Konrad. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 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 Heidelberg Hall 12 Kurfuerstenanlage 21 69115 Heidelberg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Heidelberg opened bankruptcy proceedings against Friedrich Mueller Holzbau GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Friedrich Mueller Holzbau GmbH Attn: Guenter Mueller, Manager Kleinen Bruch 5 69412 Eberbach, Germany The administrator can be contacted at: Thorsten Konrad Saarburger Ring 10-12 68229 Mannheim, Germany Tel: 0621/483240 Fax: 0621/483276 GEBRAUCHTWAGEN-CENTER: Claims Registration Ends July 25 ------------------------------------------------------- Creditors of Gebrauchtwagen-Center Eberswalde GmbH have until July 25 to register their claims with court-appointed provisional administrator Detlef-Ruediger Beckmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Aug. 29, 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 Frankfurt Hall 401 Muellroser Chaussee 55 15236 Frankfurt, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Frankfurt opened bankruptcy proceedings against Gebrauchtwagen-Center Eberswalde GmbH on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gebrauchtwagen-Center Eberswalde GmbH Eberswalder Road 165 16227 Eberswalde, Germany The administrator can be contacted at: Dr. Detlef-Ruediger Beckmann Lietzenburger Str. 77 10719 Berlin, Germany GERBER UND PARTNER: Claims Registration Ends July 28 ---------------------------------------------------- Creditors of Gerber und Partner GmbH have until July 28 to register their claims with court-appointed provisional administrator Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 5, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 1 Building F Klingerstrasse 20 60313 Frankfurt/Main, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Frankfurt/Main opened bankruptcy proceedings against Gerber und Partner GmbH on May 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gerber und Partner GmbH Attn: Joseph Gerber, Manager Hainer Way 154 60599 Frankfurt/Main, Germany The administrator can be contacted at: Dr. Holger Lessing Hanauer Highway 287-289 D-60314 Frankfurt/Main, Germany Tel: 069/15051300 Fax: 069/15051400 GUENCE & WOLF: Claims Registration Ends July 29 ----------------------------------------------- Creditors of Guence & Wolf Beteiligungs- und Verwaltungsgesellschaft mbH have until July 29 to register their claims with court-appointed provisional administrator Hans-Gert Dhonau. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 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 Bad Kreuznach Hall 309 Ringstrasse 79 55543 Bad Kreuznach, 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 Bad Kreuznach opened bankruptcy proceedings against Guence & Wolf Beteiligungs- und Verwaltungsgesellschaft mbH on May 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Guence & Wolf Beteiligungs- und Verwaltungsgesellschaft mbH Wollsteiner Str. 8 55543 Bad Kreuznach, Germany Attn: Tahsin Guence and Udo Albin Wolf, Managers Schlittweg 10 55593 Ruedesheim, Germany The administrator can be contacted at: Dr. Hans-Gert Dhonau Bahnhofstr. 7 D-55566 Bad Sobernheim, Germany Tel: 06751/938013 Fax: 06751/9380-36 NETGURU INC: Haskell & White Raises Going Concern Doubt ------------------------------------------------------- netGuru, Inc. reported financial results for fiscal 2006 fourth quarter and fiscal year ended March 31, 2006. On Nov. 18, 2005, the Company completed the sale of its Research Engineers International business to Bentley Systems, Incorporated, and in January 2006 the Company sold its French subsidiary. All amounts pertaining to the Company's REI business and French subsidiary are accounted for as discontinued operations. Final fiscal 2006 year-end results included a net gain on sale of the REI business of US$21.5 million. Net revenues for the quarter were US$1.10 million, compared to US$1.13 million in fourth-quarter fiscal 2005. Revenues from collaborative software sales and services were US$274,000, compared to US$203,000 in fourth-quarter last year; revenues from IT services were US$822,000, compared to US$926,000. Gross profit for the quarter was US$517,000 versus US$554,000 in fourth-quarter a year ago. Total operating expenses for the quarter increased US$360,000 to US$1.56 million from US$1.20 million in fourth-quarter fiscal 2005 due primarily to an increase in lawsuit settlements and professional fees. Operating loss for the quarter was US$1.04 million, compared to an operating loss of US$647,000 in fourth- quarter last year. Net loss for the quarter was US$1.85 million and included a loss from continuing operations of US$927,000 and a loss from discontinued operations of US$925,000. For fiscal 2005 fourth quarter, net income was US$138,000 and included a loss from continuing operations of US$769,000 and income from discontinued operations of US$907,000. Net revenues for fiscal 2006 were US$3.87 million, compared to US$4.55 million in fiscal 2005. Net revenues from collaborative software products and services were US$969,000 versus US$748,000 in fiscal 2005, and net revenues from IT services were US$2.90 million versus US$3.80 million in the prior fiscal year. Gross profit for fiscal 2006 was US$1.63 million, compared to US$1.99 million in fiscal 2005. Operating expenses for fiscal 2006 totaled US$7.76 million, which included an impairment charge of US$2.92 million to account for a third-quarter write off of goodwill related to the IT services and collaborative software divisions. Operating expenses in fiscal 2005 were US$4.38 million. Operating loss for fiscal 2006 was US$6.13 million versus an operating loss of US$2.39 million in fiscal 2005. Net income for fiscal 2006 was US$14.7 million and included a loss from continuing operations of US$6.57 million and income from discontinued operations of US$21.2 million. Net loss for fiscal 2005 was US$788,000 and included a loss from continuing operations of US$2.79 million and income from discontinued operations of US$2.00 million. The Company commented that a special committee of its board of directors has been evaluating the possible divestiture of some of or all of the Company's remaining assets and operations, as well as possible mergers and/or strategic acquisitions for the Company and its information technology, collaborative software, and engineering business process outsourcing businesses. Discussions with public and private entities have been, or are being, held involving potential asset purchases, common stock purchases, and reverse mergers. The Company anticipates entering into merger or sale agreement with one or more parties; however, neither the timing nor completion of a deal can be assured. The Company further commented that its future capital requirements will depend upon many factors, including sales and marketing efforts, the development of new products and services, possible future corporate mergers or strategic acquisitions or divestitures, the progress of research and development efforts, and the status of competitive products and services. The Company believes that the proceeds that remain from its sale of its REI business, together with its operating revenues and the proceeds from the sale of its French subsidiary, will be adequate to extinguish all of its remaining liabilities and fund its current operations through October 2006. However, to the extent the Company is in need of any additional financing, there can be no assurance that any such additional financing will be available on acceptable terms, or at all. In addition, any future financing may cause significant dilution to existing stockholders. Going Concern Doubt Haskell & White LLP in Irvine, Calif., raised substantial doubt about netGuru, Inc.'s ability to continue as a going concern after auditing its consolidated financial statements for the year ended March 31, 2006. The auditor pointed to the Company's -- operating losses; -- negative cash flows from operations; -- sale of a significant portion of its operating assets; -- partial liquidation distribution to stockholders during the year ended March 31, 2006; and -- contemplation of selling additional operating assets. A full-text copy of the Company's annual report is available for free at http://ResearchArchives.com/t/s?ce4 About netGuru Headquartered in Wurzburg, Germany, netGuru, Inc. (Nasdaq: NGRU) -- http://www.netguru.com/-- is an engineering services company offering engineering business process outsourcing (EBPO) services for the architecture, engineering, and construction (A/E/C) industry; document/project collaboration software/solutions for A/E/C companies, enterprise software providers, software integrators, and other businesses engaged in document/project-centric operations; and technical services and support. netGuru offices are located in the United States, Europe, and India. STAHLBAU ELLERMANN: Claims Registration Ends July 27 ---------------------------------------------------- Creditors of Stahlbau Ellermann GmbH have until July 27 to register their claims with court-appointed provisional administrator Hans-Achim Ernst. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Aug. 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 Bielefeld Hall 4065 4 Ebene Court Route 6 33602 Bielefeld, 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 Bielefeld opened bankruptcy proceedings against Stahlbau Ellermann GmbH on May 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Stahlbau Ellermann GmbH Babenbecker Field 53 32051 Herford, Germany Attn: Sven Busche, Manager Brunnenstr. 26 32052 Herford, Germany The administrator can be contacted at: Hans-Achim Ernst Bunsenstr. 3 32052 Herford, Germany VERWALTUNGSGESELLSCHAFT WAHLER: Claims Registration Ends July 31 ---------------------------------------------------------------- Creditors of Verwaltungsgesellschaft Wahler & Co. mbH have until July 31 to register their claims with court-appointed provisional administrator Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Aug. 31, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 4th Floor Sievekingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against Verwaltungsgesellschaft Wahler & Co. mbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Verwaltungsgesellschaft Wahler & Co. mbH Ferdinandstrasse 36 20095 Hamburg, Germany Attn: Bernd Schmielau, Manager Delbrueckstrasse 12 28209 Bremen, Germany The administrator can be contacted at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg, Germany Tel: 36968351 Fax: 36968383 WIRTSCHAFTSKANZLEI MUELLER: Claims Registration Ends July 29 ------------------------------------------------------------ Creditors of Wirtschaftskanzlei Mueller GmbH have until July 29 to register their claims with court-appointed provisional administrator Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 29, 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 Cologne Area 1240 12th Floor Principal Establishment Luxemburger Road 101 50939 Cologne, 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 Cologne opened bankruptcy proceedings against Wirtschaftskanzlei Mueller GmbH on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Wirtschaftskanzlei Mueller GmbH Attn: Alexander Mueller, Manager Aachener Str. 1214 50859 Cologne, Germany The administrator can be contacted at: Dr. Christoph Niering Brabanter Str. 2 50674 Cologne, Germany Tel: 99 22 30-0 Fax: +4922199223035 =================== K A Z A K H S T A N =================== AISBERG: Creditors Must File Claims by July 18 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Aisberg insolvent on April 25. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Office 206 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan AULIE ATA: Jambyl Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region commenced bankruptcy proceedings against LLP Trade Financial House Aulie Ata Kusy on May 10. GARANT: Proof of Claim Deadline Slated for July 18 -------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared OJSC Garant insolvent on April 27. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 18 to submit written proofs of claim to: OJSC Garant Ushanova Str. 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 HEATH LAMBERT: Proof of Claim Deadline Slated for July 18 --------------------------------------------------------- The Representative Office of the company Heath Lambert Kazakhstan Limited declared insolvency. Creditors have until July 18 to submit written proofs of claim to: Heath Lambert Kazakhstan Limited Office 312 Furmanova Str. 103 050000 Almaty Kazakhstan Tel: 8 (3272) 50-58-58 Fax: 8 (3272) 50-36-61 IGILIK: Creditors Must File Claims by July 18 --------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Igilik insolvent on April 26. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 18 to submit written proofs of claim to: LLP Igilik Ushanova Str. 78-27 Ust-Kamenogorsk, East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 KARFA: Claims Registration Ends July 18 --------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Karfa insolvent on April 27. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 18 to submit written proofs of claim to: LLP Karfa Ushanova Str. 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 KRUIZ: Claims Registration Ends July 18 --------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Trade House Kruiz insolvent on April 26. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 18 to submit written proofs of claim to: LLP Trade House Kruiz Ushanova Str. 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 MTS AKJAR: Creditors' Claims Due July 18 ---------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP MTS Akjar of Akjarsky district insolvent on April 28. Creditors have until July 18 to submit written proofs of claim to: LLP MTS Akjar The Rural Economy Department Konstitutsia Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Region Kazakhstan ROST: Almaty Court Starts Bankruptcy Proceedings ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against CJSC Rost (RNN 600400105900) on May 2. VOSTOKFOBOS: Creditors' Claims Due July 18 ------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Vostokfobos insolvent on April 24. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Office 206 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan ===================== N E T H E R L A N D S ===================== ARRAN CORPORATE: Fitch Rates Six Debt Classes at Low-B ------------------------------------------------------ Fitch Ratings placed final ratings to Arran Corporate Loans No. 1 B.V.'s GBP3.5 billion notes due 2025. -- GBP605.55 million Class A1 ISIN XS0257999507: AAA; -- GBP90.5 million Class B1 ISIN XS0257999846: AA+; -- GBP26.25 million Class C1 ISIN XS0258000107: A+; -- GBP42.5 million Class D1 ISIN XS0258000446: BBB+; -- GBP39.25 million Class E1 ISIN XS0258000875: BB+; -- GBP70.5 million Class F1 ISIN XS0258001170: B+; -- EUR1.025 billion Class A2 ISIN XS0257999689: AAA; -- EUR110 million Class B2 ISIN XS0257999929: AA+; -- EUR38 million Class C2 ISIN XS0258000289: A+; -- EUR50 million Class D2 ISIN XS0258000529: BBB+; -- EUR38 million Class E2 ISIN XS0258000958: BB+; -- EUR10 million Class F2 ISIN XS0258001253: B+; -- US$2.86 billion Class A3 ISIN USN06375AA26: AAA; -- US$73 million Class B3 ISIN USN06375AB09: AA+; -- US$28 million Class E3 ISIN XS0258001097: BB+; and -- US$5 million Class F3 ISIN XS0258001337: B+. This transaction is a securitization of GBP-denominated bank loans and undrawn facilities to large corporate entities originated by The Royal Bank of Scotland Group PLC in the UK. The final ratings of the notes are based on the credit quality of the reference pool, the cash deposit as collateral, available credit enhancement, the origination and servicing capabilities of RBS and the transaction's sound financial and legal structure. Each Class (A to F) has three tranches denominated in GBP, EUR and US$ respectively. Credit enhancement for the Class A notes totals 17.6%, provided by the Class B (5.9%), Class C (1.5%), Class D (2.2%), Class E (2.31%) Class F (2.29%) and the unrated Class G (3.4%) notes at close. In addition, credit enhancement will be available from synthetic excess spread and subordinate coupon on Class G to cover losses via a principal deficiency ledger and a reserve trapping mechanism Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle incorporated in the Netherlands with limited liability. All the Classes of credit-linked notes are backed by a credit default swap between the issuer and RBS through which the issuer receives a premium from the swap counterparty in exchange for loss protection on a reference portfolio of bank loans and undrawn facilities granted by RBS to large corporate entities in the UK. As of the closing date, the reference portfolio consists of 126 borrowers with their primary incorporation in the UK. The ratings for Class A and B address timely payment of interest and ultimate payment of principal in accordance to the terms and conditions of the notes. The ratings for Class C, D, E and F notes address ultimate payment of interest and ultimate payment of principal in accordance to the terms and conditions of the notes. =========== R U S S I A =========== AGRO-PROM-SNAB: Court Names A. Khalizov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Stavropol Region appointed Mr. A. Khalizov as insolvency manager for OJSC Agro-Prom-Snab (TIN 2605001684). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-331/2005-S5. The Debtor can be reached at: OJSC Agro-Prom-Snab Vokzalnaya Str. 16 Blagodarnyj 356400 Stavropol Region Russia ASPHALT CONCRETE: Court Names A. Yazev as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Mariy El Republic appointed Mr. A. Yazev as insolvency manager for OJSC Asphalt Concrete. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-38-1978-11/42-2005. The Debtor can be reached at: OJSC Asphalt Concrete Krylova Str. 58A Yoshkar-Ola Mariy El Republic Russia BEREZKA: Saratov Court Appoints O. Ivanova as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Saratov Region appointed Ms. O. Ivanova as insolvency manager for OJSC Berezka. She can be reached at: Post User Box 3 Khvalynsk 412780 Saratov Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-571b/05-23. The Debtor can be reached at: OJSC Berezka Alekseevka Khvalynskiy Region Saratov Region Russia BLAGOVARSKAYA SEL-KHOZ-KHIMIYA: I. Nigmatullin to Manage Assets --------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed Mr. I. Nigmatullin as insolvency manager for Municipal Unitary Enterprise Blagovarskaya Sel-Khoz-Khimiya. He can be reached at: I. Nigmatullin Guvaydullina Str. 21/3-60 Ufa 450022 Bashkortostan Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-29670/05-G-FLE. The Debtor can be reached at: Blagovarskaya Sel-Khoz-Khimiya Kommunisticheskaya Str. 2 Blagovar 452730 Bashkortostan Republic Russia DROM: Court Appoints V. Motolygin as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Astrakhan Region appointed Mr. V. Motolygin as insolvency manager for OJSC Drom (TIN 3009007951). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A06-11186/3-11k/06. The Debtor can be reached at: OJSC Drom Pribrezhnaya Str. 3 Yaksatovo Privolzhskiy Region 416462 Astrakhan Region Russia GAS-STROY: Court Names A. Makarov as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Penza Region appointed Mr. A. Makarov as insolvency manager for CJSC Gas-Stroy (TIN 5805503821). He can be reached at: A. Makarov K.Marksa Str. 26 440026 Penza Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-9153/2005-142b/26. The Debtor can be reached at: CJSC Gas-Stroy Novo-Severnaya Str. 1 Serdobsk 442860 Penza Region Russia KUSHNARENKOVSKIY CREAMERY: A. Shaykhetdinov to Manage Assets ------------------------------------------------------------ The Arbitration Court of Bashkortostan Republic appointed Mr. A. Shaykhetdinov as insolvency manager for OJSC Kushnarenkovskiy Creamery (TIN 0234000133). He can be reached at: A. Shaykhetdinov Post User Box 4166 443110 Samara Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-7574/05-G-FLE. The Debtor can be reached at: OJSC Kushnarenkovskiy Creamery Zarechnaya Str. 1 Kushnarenkovo 452230 Bashkortostan Republic Russia LYSVENKOVSKOYE AUTO: Court Names K. Goncharov to Manage Assets -------------------------------------------------------------- The Arbitration Court of Perm Region appointed Mr. K. Goncharov as insolvency manager for OJSC Lysvenkovskoye Auto Transport Enterprise (TIN 5918003491). He can be reached at: K. Goncharov Kommunarov Str. 106 Lysva 618900 Perm Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A50-38524/2005-B. The Debtor can be reached at: OJSC Lysvenkovskoye Auto Transport Enterprise Kommunarov Str. 114. Lysva 618900 Perm Region Russia PLAVSK-AGRO-PROM-STROY: Court Names R. Budin Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. R. Budin as insolvency manager for OJSC Plavsk-Agro-Prom-Story. He can be reached at: R. Budin Office 608 Ryazanskaya Str. 1 300026 Tula Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-49/B-05. The Debtor can be reached at: OJSC Plavsk-Agro-Prom-Stroy Ostrovskogo Str. 18 Plavsk Plavskiy Region Tula Region Russia SEVERSTAL: Alexei Mordashov May Sell EUR3-Bln Shares in London -------------------------------------------------------------- Alexei Mordashov, OAO Severstal's controlling shareholder, chairman and CEO, is considering a EUR12-billion initial public offering in London, Bloomberg News cites the Business newspaper. Severstal's recent failure to merge its business with Luxembourg-based steelmaker Arcelor S.A. spurred Mr. Mordashov's plan, says the Business newspaper, quoting a banker privy to the matter. According to the Russian Business, Mr. Mordashov plans to list 25% of Severtal's total value or around EUR3 billion of the company's shares. Severtal has yet to set the IPO date and appoint advisers, though the Business says the share sale may take place this year. Mr. Mordashov has no plans to place a higher offer for Arcelor and is likely to wait after the flotation before launching another partnership offer to another European steel group. "Mordashov accepts that a verdict is a verdict," the banker told the Russian Business. About Arcelor Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A. http://www.arcelor.com/-- is the number one steel company in the world with EUR32.6 billion in turnover in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labor relations and social responsibility. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of approximately EUR150 per ton. As at March 1, 2004, 82.75% of Severstal's share capital was controlled directly or indirectly by Alexey Mordashov, Chairman of Severstals Board of Directors. Institutional investors held around 6.5% of Severstals shares while management and employees held the remaining 10.75%. As of Dec. 31, 2005, Severstal had US$10.75 billion in total assets, US$3.66 billion in total liabilities and US$7.09 billion in total shareholders' equity. * * * As reported in the TCR-Europe on June 28, Fitch Ratings maintained the Rating Watch Positive status for OAO Severstal's ratings of Issuer Default BB-, senior unsecured BB-, Short-term B and National Long-term A+. The Watch Positive of Severstal will be resolved following either a vote on June 30 by Arcelor shareholders on its offer, or the outcome of Mittal's offer. As reported in the TCR-Europe on May 30, Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Russia-based integrated steel maker OAO Severstal on CreditWatch with positive implications, following the announcement of an agreed merger with Luxembourg steelmaker Arcelor S.A. Moody's Investors Service also placed the corporate family rating of B1 and the senior unsecured rating of B2 of Severstal on review for possible upgrade following the intention of Severstal's majority owner to merge Severstal and its mining assets with Arcelor. On Feb. 13, Moody's has changed the outlook of Severstal's ratings from stable to positive, following the company's announcement of the acquisition of a majority interest in mining assets currently held by affiliated parties outside the borrowing group. SEVERSTAL: Asset Consolidation Spurs S&P to Keep Positive Watch --------------------------------------------------------------- Standard & Poor's Ratings Services kept its 'B+' long-term corporate credit rating on Russian steelmaker OAO Severstal on CreditWatch with positive implications following the consolidation of the company's mining assets. The rating was placed on CreditWatch on May 26, following the announcement of a previously agreed merger between Severstal and Luxembourg-based steelmaker Arcelor S.A. This merger was cancelled on June 30. "The CreditWatch placement now reflects the potential benefits of the consolidation of Severstal's mining assets--previously held by its shareholders--through a share swap," said Standard & Poor's credit analyst Tatiana Kordyukova. This consolidation was initiated on Feb. 9, and prompted the revision of the outlook on Severstal to positive from stable. The process was finalized in June 2006. "Any rating upgrade is likely to be limited to one notch, subject to the company's business and financial profiles being sustainable at a higher rating level following the consolidation," Ms. Kordyukova added. More aggressive than expected acquisition plans and financial policies might offset upside potential. Standard & Poor's will seek to resolve the CreditWatch placement within 60 days. The agency said it will need to review the business characteristics and financial position of the recently consolidated mining assets and their impact on the company's consolidated performance. It will also need to reassess Severstal's strategic priorities and financial policy going forward. SMIRNOVSKAYA SEL-KHOZ-TEKHNIKA: E. Naumov to Manage Assets ---------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region appointed Mr. E. Naumov as insolvency manager for OJSC Smirnovskaya Sel-Khoz- Tekhnika (Case No. A 43-35359/2005 24-533). He can be reached at: E. Naumov Vaneeva Str. 116-62 603136 Nizhniy Novgorod Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The Debtor can be reached at: OJSC Smirnovskaya Sel-Khoz-Tekhnika Smirnovo Shatkovskiy Region Nizhniy Novgorod Region Russia TNK-BP FINANCE: S&P Rates Proposed Unsecured Notes at BB+ --------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' long-term debt rating to TNK-BP's proposed unsecured notes. The notes will be issued by TNK-BP Finance S.A. and guaranteed by TNK-BP International Ltd. under the group's existing US$5 billion EMTN debt issuance program. In light of the expected absence of material secured debt and given the concentration of bank and capital market financing at the offshore TNK-BP Finance funding vehicle, Standard & Poor's equalizes TNK-BP's unsecured debt with the issuer credit rating. Following the refinancing on July 3 of all of its secured trade finance facilities through an unsecured US$1.8 billion five-year syndicated bank facility, TNK-BP should no longer have any material secured debt. The EMTN program does not provide adequate negative pledge provisions, which would limit the amount of secured and trade finance debt the group or any of its operating subsidiaries would be able to raise in the future. TUYMAZINSKIY MEAT: A. Shaykhetdinov to Manage Insolvency Assets --------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed Mr. A. Shaykhetdinov as insolvency manager for OJSC Tuymazinskiy Meat Combine (TIN 0244004313). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07/12382/05-G-ADM. The Debtor can be reached at: OJSC Tuymazinskiy Meat Combine Tuymazy, Severnaya Str. 3 Tuymazinskiy Region 452750 Bashkortostan Republic VELIKOLUKSKIY BRICKWORKS: S. Lukyanov to Manage Assets ------------------------------------------------------ The Arbitration Court of Pskov Region appointed Mr. S. Lukyanov as insolvency manager for CJSC Velikolukskiy Brickworks. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A52-2593/2005/4. The Debtor can be reached at: CJSC Velikolukskiy Brickworks Dubrava-1. Velikolukskiy Region 182180 Pskov Region Russia VENTILATION SERVICE: I. Mamatov to Manage Insolvency Assets ----------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. I. Mamatov as insolvency manager for LLC Ventilation Service (TIN 7702056840). He can be reached at: I. Mamatov Post User Box 96 2nd Dubrovskaya Str. 1 109044 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-65649/05-71-152 B. I. Mamatov Post User Box 96 2nd Dubrovskaya Str. 1 109044 Moscow Russia The Debtor can be reached at: LLC Ventilation Service Apartment 67 Mira Pr. 25 129010 Moscow Russia SHATURSKIY MEAT: Court Names N. Artemova as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Moscow Region appointed Ms. N. Artemova as insolvency manager for OJSC Shaturskiy Meat Combine (TIN 5049002135). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-26900/05. The Debtor can be reached at: OJSC Shaturskiy Meat Combine Ilyicha Pr. 55. Shatura 140700 Moscow Region Russia ========= S P A I N ========= FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes ---------------------------------------------------------- Fitch Ratings assigned expected ratings to Foncaixa FTGENCAT 4, Fondo de Titulizacion de Activos' notes totaling EUR600 million due in March 2049. -- EUR251.2 million Series A(S): AA+; -- EUR326 million Series A(G): AAA; -- EUR9.6 million Series B: AA-; -- EUR7.2 million Series C: BBB+; -- EUR6 million Series D: BB+; and -- EUR6 million Series E: CCC-. The final ratings are contingent upon receipt of final documents conforming to the information already received. The expected ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Series B, C and D notes, as well as the repayment of principal by legal final maturity date. The series E notes will be issued to finance the cash reserve fund. Fitch comments that the series E notes are ultimately likely to default, and their expected ratings are supported by the expected recovery rate for noteholders: that is, the amounts investors are likely to receive during the life of the transaction. This transaction is a cash flow securitization of a EUR600 million pool of loans granted by Caja de Ahorros y Pensiones de Barcelona to small and medium-sized Spanish enterprises. The Autonomous Community of Catalonia guarantees ultimate payment of interest and principal on the class A(G) notes. The AAA expected rating for this class reflects the low probability of the guarantor defaulting simultaneously with a large proportion of the underlying collateral. Fitch would assign an expected rating of AA+ to these bonds in the absence of such guarantee; hence the bonds are credit-linked to the rating of the Generalitat de Catalunya. The issuer will be legally represented and managed by GestiCaixa S.G.F.T., S.A., a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitization funds. The expected ratings are based on the quality of the collateral, available credit enhancement, the financial structure of the deal, the underwriting and servicing of the collateral and the Sociedad Gestora's administrative capabilities. La Caixa is a very active player within the Spanish securitization arena: as a sole originator, it has issued a total of nine RMBS transactions and three SME CDOs. Similar to its predecessor, Foncaixa FTGENCAT 3, FTA rated in November 2005, this transaction shares identical structural features such as the payment waterfall, the hedge agreement that guarantees a stable excess spread over the life of the transaction and the guarantee from the Generalita de Catalunya. ============= U K R A I N E ============= BUDTORG: Court Names K. Tsimbalenko as Liquidator ------------------------------------------------- The Economic Court of Odessa Region appointed Mr. K. Tsimbalenko as Liquidator/Insolvency Manager for LLC Budtorg (code EDRPOU 31543127). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 4. The case is docketed under Case No. 2/113-06-3964. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Budtorg Promploshadka Teplodar Bilyayivskij District Odessa Region Ukraine DRUZHBA: Harkiv Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Harkiv Region commenced bankruptcy supervision procedure on Agricultural Enterprise Druzhba (code EDRPOU 30608429) on May 11. The case is docketed under Case No. B-50/37-06. The Temporary Insolvency Manager is: Nataliya Ivleva Tarhov Str. 5/9 61189 Harkiv Region Ukraine Tel: 8 (067) 902-72-57 The Economic Court of Harkiv Region is located at: Derzhprom 8th Entrance Svobodi Square 5 61022 Harkiv Region Ukraine The Debtor can be reached at: Agricultural Enterprise Druzhba Shevchenko District Spodobivka Ukraine 63670 Harkiv Region Ukraine GERMES-MET: Court Names S. Lunkova to Liquidate Assets ------------------------------------------------------ The Economic Court of Donetsk Region appointed Ms. S. Lunkova as Liquidator/Insolvency Manager for LLC Trade House Germes-Met (code EDRPOU 32187566). She can be reached at: S. Lunkova Illich Str. 83 83003 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 21. The case is docketed under Case No. 42/52 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Trade House Germes-Met Roza Luksemburg Str. 38/4 83050 Donetsk Region Ukraine ITALMANIA: Court Names Tax Authority as Liquidator -------------------------------------------------- The Economic Court of Kyiv Region appointed State Tax Inspection of Podilskij District of Kyiv Region as Liquidator for LLC Italmania (code EDRPOU 24742449). The liquidator can be reached at: State Tax Inspection of Podilskij District of Kyiv Region Turovska Str. 12 04080 Kyiv Region Ukraine Tel: (044) 462-48-12 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 7. The case is docketed under Case No. 15/277-b. State Tax Inspection of Podilskij District of Kyiv Region Turovska Str. 12 04080 Kyiv Region Ukraine Tel: (044) 462-48-12 The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Italmania Nizhnyoyurkivska Str. 2 04080 Kyiv Region Ukraine MIRGOROD' BUILDING: Court Commences Bankruptcy Supervision ---------------------------------------------------------- The Economic Court of Poltava Region commenced bankruptcy supervision procedure on OJSC Mirgorod' Building Combine (code EDRPOU 05385101) on March 17. The Temporary Insolvency Manager is: Igor Avramenko Petrivska Str. 10 Mirgorod 37600 Poltava Region Ukraine The Economic Court of Poltava Region is located at: Zigina Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: OJSC Mirgorod' Building Combine Petrivska Str. 10 Mirgorod 37600 Poltava Region Ukraine NEK: Court Names Tax Authority to Liquidate Assets -------------------------------------------------- The Economic Court of Kyiv Region appointed State Tax Inspection of Podilskij District of Kyiv Region as Liquidator for LLC Nek (code EDRPOU 23709273). The liquidator can be reached at: State Tax Inspection of Podilskij District of Kyiv Region Turovska Str. 12 04080 Kyiv Region Ukraine Tel: (044) 462-48-12 The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 27. The case is docketed under Case No. 15/253-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Nek Druzhbi Narodiv Str. 10 01103 Kyiv Region Ukraine PODILLYA: Vinnitsya Court Begins Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on LLC Podillya (code EDRPOU 03730549) on Feb. 21. The case is docketed under Case No. 5/48-06. The Temporary Insolvency Manager is: V. Krutkevich Suvorov Str. 52 Nova Obodivka Trostyanets District 24300 Vinnitsya Region Ukraine The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: LLC Podillya Suvorov Str. 52 Nova Obodivka Trostyanets District 24300 Vinnitsya Region Ukraine PROGRES: Court Names Valentin Ivashuk as Insolvency Manager ----------------------------------------------------------- The Economic Court of Hmelnitskij Region appointed Valentin Ivashuk as Liquidator/Insolvency Manager for Agricultural LLC Progres (code EDRPOU 03787986). He can be reached at: Valentin Ivashuk Kurchatov Str. 13/1-92 Hmelnitskij Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 17/65-b. The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: Agricultural LLC Progres Velika Levada Gorodok District 32061 Hmelnitskij Region Ukraine SANATORIUM RADON: Court Names S. Marchenkov as Liquidator --------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Mr. S. Marchenkov as Liquidator/Insolvency Manager for Sanatorium Radon (code EDRPOU 20098656). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/223-05. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Sanatorium Radon Nagirna Str. 37 21100 Vinnitsya Region Ukraine SERVITUT: Court Names S. Lunkova as Insolvency Manager ------------------------------------------------------ The Economic Court of Donetsk Region appointed Ms. S. Lunkova as Liquidator/Insolvency Manager for LLC Servitut (code EDRPOU 32002522). She can be reached at: S. Lunkova Illich Str. 83 83003 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 14. The case is docketed under Case No. 42/53 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Servitut Domobudivelna Str. 1 83009 Donetsk Region Ukraine SPORT LINE: Court Names State Tax Agency to Liquidate Assets ------------------------------------------------------------ The Economic Court of Kyiv Region appointed State Tax Inspection of Podilskij District of Kyiv Region as Liquidator for LLC Sport Line (code EDRPOU 30551472). The liquidator can be reached at: State Tax Inspection of Podilskij District of Kyiv Region Turovska Str. 12 04080 Kyiv Region Ukraine Tel: (044) 462-48-12 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 7. The case is docketed under Case No. 15/276-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Sport Line Kontraktova Square 4 04070 Kyiv Region Ukraine SOFIYA: Court Names Vasil Fedorenko to Manage Insolvency Assets --------------------------------------------------------------- The Economic Court of Cherkassy Region appointed Vasil Fedorenko as Liquidator/Insolvency Manager for Agricultural LLC Sofiya (code EDRPOU 31999156). He can be reached at: Gogol Str. 221 Cherkassy Region Ukraine Tel: 8 (050) 313-06-35 The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 1. The case is docketed under Case No. 01/1772. The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region Ukraine The Debtor can be reached at: Agricultural LLC Sofiya Talne, Lenin Str. 119 Cherkassy Region Ukraine SOYUZELEKTROSTROJ: Court Starts Bankruptcy Supervision ------------------------------------------------------ The Economic Court of Odessa Region commenced bankruptcy supervision procedure on LLC Soyuzelektrostroj (code EDRPOU 30028837). The case is docketed under Case No. 2/283-05-12012. The Temporary Insolvency Manager is: O. Sharmonov Sadova Str. 5-a 65029 Odessa Region Ukraine The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Soyuzelektrostroj Sadova Str. 5-a 65029 Odessa Region Ukraine STERH: Court Appoints O. Atayanets to Manage Insolvency Assets -------------------------------------------------------------- The Economic Court of Odessa Region appointed Mr. O. Atayanets as Liquidator/Insolvency Manager for LLC Sterh (code EDRPOU 31965881). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 12. The case is docketed under Case No. 21133-06-3717. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Sterh Velika Arnautska Str. 2a Odessa Region Ukraine TRIPILSKIJ PLANT: Court Names Yurij Petrenko as Liquidator ---------------------------------------------------------- The Economic Court of Kyiv Region appointed Yurij Petrenko as Liquidator/Insolvency Manager for OJSC Tripilskij Plant of Panel and Board Equipment (code EDRPOU 13714741). He can be reached at: Yurij Petrenko a/b 69 Saksaganskij Str. 48 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 17. The case is docketed under Case No. 248/3b-05. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: OJSC Tripilskij Plant of Panel and Board Equipment Promislova Str. 17 Ukrainka Obuhiv District 08720 Kyiv Region Ukraine YAMPIL' AUTO-REPAIR: Court Names Valentin Ivashuk as Liquidator --------------------------------------------------------------- The Economic Court of Hmelnitskij Region appointed Valentin Ivashuk as Liquidator/Insolvency Manager for OJSC Yampil' Auto- Repair Plant (code EDRPOU 05465933). He can be reached at: Valentin Ivashuk Kurchatov Str. 13/1-92 Hmelnitskij Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 17. The case is docketed under Case No. 13/210-b. The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: OJSC Yampil' Auto-Repair Plant Yampil Bilogirya District Hmelnitskij Region Ukraine =========================== U N I T E D K I N G D O M =========================== A J FENCING: Names Theodolous Papanicola as Administrator --------------------------------------------------------- Theodolous Papanicola of Bond Partners LLP was appointed administrator of A J Fencing Supplies Limited (Company Number 05093488) on June 5. 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 Barnsley, United Kingdom, A J Fencing Supplies Limited manufactures and supplies fencing materials. ABRAPACK LTD: Creditors Pass Winding Up Resolution -------------------------------------------------- Creditors of Abrapack Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 13. Subsequently, Andreas Georgiou Kakouris was nominated Liquidator. The company can be reached at: Abrapack Limited 154 Fonthill Road London N4 3HP United Kingdom Tel: 020 7272 0499 Fax: 020 7281 8399 ANOUSHKA G: Financial Woes Prompt Liquidation --------------------------------------------- Anoushka G Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Stephen Patrick Jens Wadsted of Middleton Partners was appointed Liquidator. Middleton Partners -- http://www.middletonpartners.co.uk/-- are licensed insolvency practitioners and business consultants, the partners and staff of which have many years experience in dealing with business rescue and insolvency. The company can be reached at: Anoushka G Limited Acre House 11-15 William Road London NW1 3ER Tel: 020 7629 7629 ASCENSION LTD: Names Peter John Godfrey-Evans Liquidator -------------------------------------------------------- Peter John Godfrey-Evans, of Mercer & Hole, was appointed Liquidator of Ascension Limited after creditors decided to wind up the company on April 7. The company can be reached at: Ascension Limited Newbarn Farm Brick Kiln Road Raunds Wellingborough Northamptonshire NN9 6HY United Kingdom Tel: 01933 461 089 Fax: 01933 461 092 BEST YET: Taps Kikis Kallis to Liquidate Assets ----------------------------------------------- Best Yet Limited is liquidating its assets after creditors agreed to wind up the company on April 11. Kikis Kallis of Kallis & Co. was appointed Liquidator. The company can be reached at: Best Yet Limited 65-67 Western Road Brighton BN1 2HA United Kingdom Tel: 01273 747 603 Fax: 01273 747 603 BONNE BOUCHE: Appoints Joint Administrators from BDO Stoy --------------------------------------------------------- Toby Underwood and Charles MacMillan of BDO Stoy Hayward LLP were appointed joint administrators of Bonne Bouche Frozen Limited (Company Number 05122509) on June 7. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK 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. Headquartered in Cleveland, United Kingdom, Bonne Bouche Frozen Limited bakes and sells bread, pastry and cakes. CAREER OPTIONS: Brings In Tenon Recovery to Administer Assets ------------------------------------------------------------- T.J. Binyon and S.R. Thomas of Tenon Recovery were appointed joint administrators of Career Options Limited (Company Number 03403660) on June 6. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Headquartered in Southampton, United Kingdom, Career Options Limited is engaged in labor recruitment. CODENT LIMITED: Creditors' Meeting Slated for July 14 ----------------------------------------------------- Creditors of Codent Limited (Company Number 02925113) will meet at 11:00 a.m. on July 14 at: Cresta Court Hotel Church Street Altrincham Cheshire WA14 4DP 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 July 13 at: Neil Henry and Michael Simister Joint Administrators Lines Henry 27 The Downs Altrincham Cheshire WA14 2QD United Kingdom Tel: 0161 929 1905 Fax: 0161 929 1977 DAHLE UK: Creditors Resolve to Liquidation ------------------------------------------ Creditors of Dahle (U.K.) Limited resolved to liquidate the company's assets during an extraordinary general meeting on April 11. Bernard Hoffman and Ian Douglas Yerrill, of Gerald Edelman Business Recovery, were appointed Joint Liquidators. The company can be reached at: Dahle (U.K.) Limited Etheridge Avenue Brinklow Milton Keynes MK10 0BP United Kingdom Fax: 01582 702 621 EUROTUNNEL GROUP: Creditors Seek Talks to Resolve Debt Crisis ------------------------------------------------------------- Eurotunnel's Ad Hoc Committee agreed that the proposal presented by the bondholder group, ARCO, does not comprise the basis for a consensual deal and might mislead interested parties, MarketWatch reports. The Ad Hoc Committee called for Eurotunnel and ARCO to begin talks as soon as possible between the three parties to resolve the GBP6.18 billion debt crisis. ARCO represents 68% of Eurotunnel's outstanding GBP1.9 billion bonds and notes while the Ad Hoc Committee or the senior creditors holds over 70% of the co-financier debt and over 50% of Eurotunnel's total debt. Bondholders' Alternative Rescue Plan Eurotunnel turned down the restructuring plan prepared by a group of secured bondholders led by Deutsche Bank AG on June 27. As reported in TCR-Europe on June 28, Eurotunnel believes that the plan requires too much debt and gives too much to bondholders. The bondholders' restructuring plan, which valued the company at EUR7.99 billion, aims to reduce 60% of total debt to EUR3.7 billion and issue a EUR2.175 billion convertible hybrid note with a 4% coupon, The Wall Street Journal reports. The plan rivaled the preliminary restructuring agreement backed by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC. The plan, which valued the company at around EUR7.03 billion, includes a EUR1.5 billion hybrid issue with a 6% to 9% coupon and would reduce debt by 54%. Eurotunnel shareholders will consider approval of a turnaround plan at an extraordinary shareholders' meeting slated for July 27, after which Eurotunnel can sign a final deal. Eurotunnel's Statement Eurotunnel has clarified that the financial restructuring plan approved by the Joint Board of Eurotunnel and the majority creditors presented by the Ad Hoc Committee cannot be called the 'Goldman Sachs/Maquarie plan' to avoid misleading shareholders. The Group reiterated that the Eurotunnel Plan was presented to the Ad Hoc Committee for the first time on July 13, 2005; it was the object of a Memorandum of Understanding, signed on Jan. 31, before being finalized by a binding agreement on May 23. The preliminary agreement was subsequently the object of a complete and complementary financing agreement, separate to the plan itself, and signed on May 30 with a consortium of financial institutions including, among others, Goldman Sachs and Maquarie. The plan was established with the principal senior and junior creditors, the holders of the majority of the Group's debt and without whom no restructuring is possible. It is a binding plan. It is also a preliminary plan, which can still be modified, once the minority creditors agree to negotiate with the Group's management. The Group noted that the alternative project presented by ARCO has no contractual value and does not constitute a binding commitment. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faces uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. Eurotunnel needs to obtain approval from other creditors and shareholders for a final agreement. Absent a final agreement, the Group may default in January 2007. On April 26, Eurotunnel obtained a third extension of its credit waiver, which calls for creditor talks to continue through July 12. GENERAL MOTORS: Evaluating US$3-Bln Alliance with Renault-Nissan ---------------------------------------------------------------- General Motors Corporation is evaluating an offer to ally with Renault-Nissan, a French-Japanese company. Renault-Nissan is a collaboration between Nissan Motor Co., Ltd., and Renault S.A. Talks of a possible alliance surfaced amidst GM's troubles as it faces market, production and cost issues. GM is currently implementing a turnaround plan that involves plant closures and job cuts. The proponent, Kirk Kerkorian -- who owns 9.9% equity stake in GM through his investment firm Tracinda Corporation -- urged GM chairman Rick Wagoner to sell a 20% stake in GM to Renault- Nissan. Jerome York, a GM director, advised Mr. Kerkorian on the $3-billion proposed alliance. Nissan's board of directors has already authorized its president and chief executive officer, Carlos Ghosn, to pursue discussions on the deal. Renault's board has also approved negotiations for the transaction, The Wall Street Journal reports. Renault-Nissan is on the lookout for deals to enter into the U.S. market. According to channel4.com, Renault-Nissan approached Ford on a deal last year. No update on the matter was disclosed. About General Motors General Motors Corp. -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader for 75 years. Founded in 1908, GM today employs about 327,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries including Mexico. In 2005, 9.17 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM operates one of the world's leading finance companies, GMAC Financial Services, which offers automotive, residential and commercial financing and insurance. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on June 30, 2006, Standard & Poor's Ratings Services held all its ratings on General Motors Corp. -- including the 'B' corporate credit rating and the 'B+' bank loan rating, but excluding the '1' recovery rating -- on CreditWatch with negative implications, where they were placed March 29, 2006. As reported in the Troubled Company Reporter on June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery Rating (RR) of 'RR1' to General Motor's (GM) new $4.48 billion senior secured bank facility. The 'RR1' (recovery of 90%-100%) is based on the collateral package and other protections that are expected to provide full recovery in the event of a bankruptcy filing. As reported in the Troubled Company Reporter on June 21, 2006, Moody's Investors Service assigned a B2 rating to the secured tranches of the amended and extended secured credit facility of up to $4.5 billion being proposed by General Motors Corporation, affirmed the company's B3 corporate family and SGL-3 speculative grade liquidity ratings, and lowered its senior unsecured rating to Caa1 from B3. Moody's said the rating outlook is negative. GENERAL MOTORS: Moody's on Offer to Join Renault/Nissan Alliance ---------------------------------------------------------------- Moody's Investors Service stated that, based on what is currently known, Tracinda Corp.'s proposal that General Motors Corp. explore the opportunity to participate in the global partnership-alliance between Renault S.A. and Nissan Motor Company, Ltd., could have positive credit implications for GM, but does not have any immediate impact on the ratings of any of the companies. The proposal was contained in a revised 13-D filing made by Tracinda, which owns a 9.9% interest in GM. GM has stated that it has received no offer or proposal from Renault/Nissan with respect to its participating in the Renault/Nissan alliance and the Tracinda request will be taken under advisement by its Board of Directors, but the company has made no further comment. While alliances between auto manufacturers have often underperformed original expectations, Moody's notes that the Renault-Nissan alliance has been particularly effective and contributed to the successful turnaround of Nissan. The current partnership-alliance between the French and Japanese automakers provides benefits in the areas of product development, sourcing, production, marketing and distribution, and operates on a global basis. The addition of GM to the currently effective partnership-alliance would present a number of opportunities as well as significant challenges, in Moody's opinion. The broader scale of an alliance that incorporated GM would present incremental opportunities for cost savings from engineering, purchasing, manufacturing and distribution. It would also extend the alliance's presence in important markets such as North America and Korea. However, achieving the benefits of the alliance would present significant challenges. The product programs of the three manufacturers would need to be rationalized in order to derive any meaningful cost savings, but it could prove difficult to achieve a common view on the product and marketing strategies of the many vehicle brands involved in such an alliance. This could be particularly challenging with respect to the European market where each manufacturer holds a well-established business position. Moreover, the ultimate turnaround of GM's business will require significant additional actions to address the large legacy costs associated with the company's unionized U.S. workforce. The potential benefits of the partnership-alliance in addressing this critical issue are uncertain at this time. The Tracinda proposal indicates that as part of the partnership- alliance Renault and Nissan could purchase a significant minority interest in GM. Cross-shareholdings are often features of alliances, and help to define the relative influence of each partner in the alliance and its strategy. The credit profile of Renault and Nissan would most likely not be affected by a minor investment, however a more substantial financial and operational involvement in GM would need to be assessed with respect to its possible impact on the ratings of both companies. If an actual partnership-alliance were to be entered into by the three companies, Moody's would also focus on the impact, if any, that this would have on the liquidity profile of each company. With respect to GM, Moody's notes that the company has taken significant actions to strengthen its liquidity profile, and while additional cash investment by Renault and Nissan could be helpful, it would be unlikely to meaningfully benefit the rating. Rather, Moody's believes that GM's rating prospects will be more directly associated with its ability to reestablish its business position and stem cash losses. It is unclear at this time whether the proposed partnership alliance would meaningfully improve the timing or ultimate success of achieving such improvements. Moody's will continue to monitor developments with respect to Tracinda's proposal, including any response that might be forthcoming from GM, and will comment on any impact that new developments have on the ratings of Renault, Nissan or GM. Headquartered in Boulogne Billancourt, France, Renault S.A. -- http://www.renault.com/-- is one of Europe's leading car manufacturers. Headquartered in Tokyo, Japan, Nissan Motor Co., Ltd. -- http://www.nissan-global.com/-- is a leading global automobile manufacturer. Headquartered in Detroit, Michigan, General Motors Corporation --- http://www.gm.com/-- is the world's largest automotive manufacturer. GOPPA FIREPLACES: Hires Baker Tilly to Administer Assets -------------------------------------------------------- Lindsey Jane Cooper and Philip Edward Pierce of Baker Tilly were appointed joint administrators of Goppa Fireplaces Limited (Company Number 02509365) on June 6. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Goppa Fireplaces Limited can be reached at: Unit D and E Greenfield Business Park Bagillt Road Greenfield Holywell Clwyd CH8 7AB United Kingdom Tel: 01352 713 706 Fax: 01352 714 455 GRACE MOTOR: Creditors' Meeting Slated for July 7 ------------------------------------------------- Creditors of Grace Motor Company Limited (Company Number 04092283) will meet at 10:00 a.m., on July 7 at: Walletts Insolvency Services Adventure Place Hanley Stoke on Trent Staffordshire ST1 3AF 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 July 6 at: Michael F. McCarthy Administrator Walletts Insolvency Services Adventure Place Hanley Stoke On Trent Staffordshire ST1 3AF United Kingdom Tel: 01782 212326 Fax: 01782 683904 E-mail: mike@walletts.co.uk OPTIMUM RECRUITMENT: Appoints Geoff Kinlan as Administrator ----------------------------------------------------------- Geoff Kinlan of BDO Stoy Hayward LLP was appointed administrator of Optimum Recruitment Services Ltd (Company Number 03704709) on June 1. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK 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. Optimum Recruitment Services Ltd can be reached at: Oldbrook House 19 Boycott Avenue Oldbrook Milton Keynes MK6 2PN United Kingdom Tel: 01908 393 190 Fax: 01908 393 192 SYNERGY.COM: Appoints Joint Administrators from Tenon Recovery -------------------------------------------------------------- T.J. Binyon and S.R. Thomas of Tenon Recovery were appointed joint administrators of Synergy.Com PLC (Company Number 03292497) on June 6. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Synergy.Com PLC can be reached at: 204 Church Road Hove East Sussex BN3 2DJ United Kingdom TIMBERLINE NORTHANTS: Joint Liquidators Take Over Operations ------------------------------------------------------------ Timberline (Northants) Limited is liquidating its assets after creditors opted to wind up the company on April 4. Gary Steven Pettit and Peter John Windatt of BRI Business Recovery were appointed Joint Liquidators. The company can be reached at: Timberline (Northants) Limited 23 Millbrook Close Northampton NN5 5JF United Kingdom Tel: 01604 751 773 WESSEX CATERING: Brings In Liquidator from Moore Stephens LLP ------------------------------------------------------------ Colin Andrew Prescott, of Moore Stephens LLP, was appointed Liquidator after creditors passed a resolution to wind up the company during an extraordinary general meeting on April 7 The company can be reached at: Wessex Catering Supplies Limited Pollards Way Wood Street Taunton Somerset TA1 1UP United Kingdom Tel: 01823 276 366 Fax: 01823 323 165 WHITEFIELD FABRICATIONS: Names Tenon Recovery as Administrators --------------------------------------------------------------- Christopher Ratten and Simon Thomas of Tenon Recovery were appointed joint administrators of Whitefield Fabrications Limited (Company Number 03128331) on June 7. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Headquartered in Bury, United Kingdom, Whitefield Fabrications Limited manufactures fabricated metal products. ZORRO PRINT: Hires Joint Liquidators from Harrisons --------------------------------------------------- Zorro Print Finishers Limited is voluntarily liquidating its assets after creditors found out the company could no longer continue its operations due to liabilities. P. R. Boyle and J. C. Sallabank, of Harrisons, were appointed Joint Liquidators of Zorro Print Finishers Limited. The company can be reached at: Zorro Print Finishers Limited Unit 27 Milford Road Reading RG1 8LG United Kingdom Tel: 0118 959 1436 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. 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