/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060706.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 Thursday, July 6, 2006, Vol. 7, No. 133 Headlines A U S T R I A HTS: Steyr Court Closes Bankruptcy Case After Final Distribution KUD: Vienna Court Will Close Case after Final Allocation M & S: Land Court of Graz to Close Case After Final Distribution POSSENIG EGGER: Feldkirch Court Closes Bankruptcy Case RESTAURANT HAUSWIRTH: Lack of Funds Prompt Court to Close Case G E R M A N Y BACKBAR GMBH: Creditors' Meeting Slated for July 18 BAMAH JUEDISCHE: Creditors' Meeting Slated for July 18 BAYERISCHE LANDESBANK: Fitch Upgrades Individual Rating to C BEWIRTUNGSDIENST HAMBURGER: Claims Registration Ends July 28 BSM WERTPAPIERHANDELSGESELLSCHAFT: Meeting Slated for July 25 E SERV: Creditors' Meeting Slated for July 27 F.J. EBERT: Claims Registration Ends July 25 H U N G A R Y ERSTE BANK: Moody's May Upgrade 'D' Financial Strength Rating GENERAL BANKING: Revised Business Model Prompts Moody's Review KERESKEDELMI & HITEL: Moody's May Lift D+ Fin'l. Strength Rating I R E L A N D VALLAURIS II: Moody's Rates EUR8.9-Mln Class IV Notes at Ba2 I T A L Y BANCA POPOLARE: S&P Keeps Low-B Ratings on Watch Developing FIAT SPA: Keeps Lead in Italian Car Market, CEO Says TOWER AUTOMOTIVE: Can Remove Civil Actions Until October 31 TOWER AUTOMOTIVE: Inks New Lease Agreement with CIT Group WIND ACQUISITION: Moody's Upgrades Corp. Family Rating to Ba3 K A Z A K H S T A N BRIDGE BUSINESS: Creditors Must File Claims by July 23 DUET: Creditors Must File Claims by July 23 GAS-TRANSPORT: Creditors Must File Claims by July 23 INTERTRUCK-ALMATY: Proof of Claim Deadline Slated for July 23 KANDYAGASH NEFTEPROSESSING: Creditors' Claims Due July 24 RIM: Proof of Claim Deadline Slated for July 23 SNABJENES: Creditors' Claims Due July 23 STELS: Claims Registration Ends July 23 VIRAJ: Claims Registration Ends July 23 VOSTOKLESSTROI: Claims Registration Ends July 24 K Y R G Y Z S T A N CHUISKAYA PTISEFABRIKA: Creditors' Meeting Slated for July 7 EVRO-AZIATSKOYE SOVLADENIE: Creditors Meeting Slated for July 14 SUUSAMYR: Public Auction Scheduled for July 13 L U X E M B O U R G MILLICOM INT'L: Terminates Talks on Potential Sale of Company MILLICOM INT'L: S&P Affirms B+ Long-Term Corp. Credit Rating N E T H E R L A N D S CADOGAN SQUARE: Moody's Rates EUR10.6-Mln Class E Notes at Ba2 GETRONICS NV: Inks Outsourcing Memorandum with ING HELIX CAPITAL: Moody's Lifts Helix 2002-12C Notes Rating to B3 NORTH WESTERLY: Moody's Assigns (P)Ba2 Rating to Class E Notes N O R W A Y AKER KVAERNER: Martinus Brandal Succeeds Inge Hansen as CEO AKER KVAERNER: To Release Second Quarter Results by July 27 FALCONBRIDGE LTD: Contests Xstrata Application in Superior Court FALCONBRIDGE: Inco Purchase Gets European Commission Clearance R U S S I A ARGAYASHSKIY DIARY: Court Names M. Motorin as Insolvency Manager BARABINSK-TRANS: Court Names A. Senotrusov as Insolvency Manager CAUCASIAN: Bankruptcy Hearing Slated for Sept. 11 DIAMAND: Court Names A. Makhov as Insolvency Manager EDEL CAPITAL: Fitch Rates US$250 Million Notes at BB EDELVEYS-TRANS: Court Appoints V. Sulimov as Insolvency Manager GALICH-STROY: Court Appoints S. Bondarev as Insolvency Manager IZMALKOVSKIY: Court Appoints S. Lebedev as Insolvency Manager KRAN-SPETS-BUR-MASH: G. Chmutina to Manage Insolvency Assets KRASNINSKIY BEER-TINNED: Y. Serdyukov to Manage Assets MUKOMOL: Court Names Mr. K. Garkanov as Insolvency Manager LISKINSKIY: Court Appoints S. Bykhanov as Insolvency Manager RUSSIAN INSURANCE: Fitch Rates Insurer Financial Strength at B STAVROPOL-TRANS-METAL: Court Names Y. Karpenko to Manage Assets TATNEFT: Board Approves Stock & ADR Delisting From NYSE TATSINSK-SEL-KHOZ-KHIMYA: Court Names N. Lemaev to Manage Assets TNK-BP FINANCE: Fitch Rates Benchmark Notes Issue at BB+ TOTMA-WOOD-EXPORT: Court Names A. Prokofyev Insolvency Manager T U R K E Y AKBANK T.A.S.: Fitch Keeps Ratings at Low-B on Good Performance FINANSBANK A.S.: Stake Sale Prompts Fitch to Affirm Ratings U K R A I N E CHERKASSYTRANSKONTRAKT: Oleksandr Demchuk to Liquidate Assets CHERVONIJ METALIST: Court Starts Bankruptcy Supervision EKSPLERENT: Dnipropetrovsk Court Starts Bankruptcy Supervision EKOGIPS: Court Names D. Desov to Liquidate Assets HERSON' AUTO-UNIT: Herson Court Freezes Debt Payment KREMIN-BUDSERVIS: Poltava Court Starts Bankruptcy Supervision MICHURINSKE: Sumi Court Names Yevgen Chuprun as Liquidator MLINIV' BUTTER-CHEESE: Court Names Cherevatij Lubomir Liquidator MEGA-OPT: Herson Court Begins Bankruptcy Supervision NOVOARHANGELSKE: Kirovograd Court Begins Bankruptcy Supervision PEREKOPSKIJ: Vyacheslav Nikonov to Manage Insolvency Assets TAMARA: Court Appoints Ludmila Zayikina as Insolvency Manager YAMPIL' MECHANICAL: Court Names Oleksij Sisoyev as Liquidator U N I T E D K I N G D O M AKRON INDUSTRIAL: Taps Begbies Traynor as Joint Administrators ARRAN CORPORATE: Moody's Rates Six Note Classes at Low-B BELVOIR DESIGNS: Names Allan Watson Graham as Administrator CLINICAL DATA: Deloitte & Touche Raises Going Concern Doubt CLINICAL DATA: Eyes US$17 Million Private Equity Placement CURTIS ENGINEERS: Taps Richard Ian Williamson as Administrator DOVEDALE FINANCE: Moody's Rates Class C Notes at Ba2 FAIRCHILD LIMITED: Hires Administrators from Smith & Williamson FOWKES TOURS: Financial Woes Trigger Liquidation G M CONSTRUCTION: Taps David R. Acland to Liquidate Assets GENERAL MOTORS: Board to Discuss Renault-Nissan Venture Friday HOLDSWORTH 4x4: Creditors Resolve to Liquidation INCO LTD: European Commission Clears Falconbridge Acquisition J. AND J. LEVY: Creditors Pass Winding Up Resolution LCR CLINIC: Hires Liquidator from Carter Clark MIDDLETONS OF AMBLESIDE: Appoints Mazars LLP as Administrators NATIONAL PROVIDENT: Moody's Cuts IFSR to Ba1 & Withdraws Rating P RUDDIMAN: Taps Begbies Traynor as Administrators RANK GROUP: Releases Trading Update for 26-Week to June 25 REFCO INC: Ch. 11 Trustee Says Securities Advisory Panel Formed ROBERT EVERETT: Names Tim Alexander Clunie Liquidator RYACK TRANSPORT: Brings In DTE Leonard as Administrators SANDERSON'S REMOVALS: Appoints Kroll as Administrators SKYHAWK AVIATION: Hires SFP as Joint Administrators SNUGGERS REFURBS: Creditors Confirm Liquidator's Appointment UNIQUE PRODUCTIONS: Brings In Liquidator from Langley & Partners WEST'S ENGINEERING: Hires Joint Administrators from DTE WINDERMERE VIII: Fitch Rates GBP24.2-Mln Class E Notes at BB ********* ============= A U S T R I A ============= HTS: Steyr Court Closes Bankruptcy Case After Final Distribution ---------------------------------------------------------------- The Land Court of Steyr closed the bankruptcy case of LLC HTS (FN 212719y) on May 22 after the Debtor's final distribution to its creditors. The creditors recovered 4.54% of their claim. Headquartered in Waldneukirchen, Austria, the Debtor declared bankruptcy on July 4, 2005 (Bankr. Case No. 14 S 24/05k). Hubert Just served as the property manager for the bankrupt estate. KUD: Vienna Court Will Close Case after Final Allocation -------------------------------------------------------- The Trade Court of Vienna will close the bankruptcy case of LLC KUD former Trade LLC ISM (FN 86983t) after the Debtor's final allocation to creditors. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 18, 2004 (Bankr. Case No. 3 S 138/04w). Herbert Hochegger served as the court-appointed property manager for the bankrupt estate. M & S: Land Court of Graz to Close Case After Final Distribution ---------------------------------------------------------------- The Land Court of Graz will close the bankruptcy case of LLC M & S (FN 237816f) after the Debtor's final allocation to creditors. Creditors will receive a 10.6% recovery on account of their claim. Headquartered in Gamlitz, Austria, the Debtor declared bankruptcy on Oct. 18, 2005 (Bankr. Case No. 26 S 118/05f). Wilfrid Stenitzer serves as the court-appointed property manager for the bankrupt estate. POSSENIG EGGER: Feldkirch Court Closes Bankruptcy Case ------------------------------------------------------ The Land Court of Feldkirch entered an order closing the bankruptcy case of LLC Possenig Egger (FN 67926t) on May 22. Creditors recovered 32% on account of their claim. Headquartered in Bludenz, Austria, the Debtor declared bankruptcy on Jan. 12, 2006 (Bankr. Case No. 14 S 1/06v). Bernd Widerin served as the court-appointed property manager for the bankrupt estate. RESTAURANT HAUSWIRTH: Lack of Funds Prompt Court to Close Case -------------------------------------------------------------- The Trade Court of Vienna terminated the bankruptcy proceeding of Production LLC Restaurant Hauswirth (FN 68059m) on May 22 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 7, 2005 (Bankr. Case No. 28 S 73/05x). Georg Freimueller served as the court-appointed property manager for the bankrupt estate. ============= G E R M A N Y ============= BACKBAR GMBH: Creditors' Meeting Slated for July 18 --------------------------------------------------- The court-appointed provisional administrator for Backbar GmbH & Co. KG, Wolfgang Schroder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on July 18. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II. Stock District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:40 a.m. on Nov. 14 at the same venue. Creditors have until Sept. 15 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Backbar GmbH & Co. KG on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Backbar GmbH & Co. KG Allee der Kosmonauten 33 g 12681 Berlin, Germany The administrator can be reached at: Dr. Wolfgang Schroder Genthiner Str. 48 10785 Berlin, Germany BAMAH JUEDISCHE: Creditors' Meeting Slated for July 18 ------------------------------------------------------ The court-appointed provisional administrator for BAMAH - Juedische Theaterbuehne e. V., Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:55 a.m. on July 18. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II. Stock District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:35 a.m. on Nov. 14 at the same venue. Creditors have until Sept. 15 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against BAMAH - Juedische Theaterbuehne e. V. on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAMAH - Juedische Theaterbuehne e.V. Abbestrasse 13 10587 Berlin, Germany The administrator can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin, Germany BAYERISCHE LANDESBANK: Fitch Upgrades Individual Rating to C ------------------------------------------------------------ Fitch Ratings upgraded Germany-based Bayerische Landesbank's Individual rating to C from C/D. At the same time its Issuer Default Rating A+, Short-term F1+ and Support 1 ratings have been affirmed. The Outlook remains Stable. BayernLB's guaranteed obligations are rated AAA and F1, based on the grand-fathering provided by its owners in the form of Gewaehrtraegerhaftung. "The upgrade reflects the refocused business model including the cleaning up of the portfolio and the build-up of significant silent reserves," Fitch's Banks team Holger Horn said. The Individual rating also takes into account the bank's still modest but increasing underlying profitability and the fact that BayernLB has somewhat reduced risk concentrations in its portfolio. Based on the amount of silent reserves, the bank is strongly capitalized. The rating benefits from BayernLB's close co-operation with the Bavarian savings banks and its progress to further increase its small-ticket businesses. "After two years of restructuring its portfolio, the bank has shown improvements in asset quality and credit processes. However, the non-performing share of its loan book remains high, albeit adequately covered," Mr. Horn added. BayernLB has reduced its risk concentration; although it will continue to write big-ticket loans, these will only be to lower- risk public entities and "first-class" corporate customers. In line with its strategy, its exposure to Eastern Europe is increasing. The IDR, Short-term and Support ratings reflect the extremely strong potential support BayernLB would receive from its owners, in particular the Free State of Bavaria. The ratings benefit from the bank's strong relationship with the state and the Bavarian savings banks. The Short-term rating is one notch higher than implied by the bank's IDR, reflecting Fitch's opinion that the high proportion of guaranteed debt increases the guarantors' propensity to support the bank over the short- to medium-term. BEWIRTUNGSDIENST HAMBURGER: Claims Registration Ends July 28 ------------------------------------------------------------ Creditors of Bewirtungsdienst Hamburger Marketenderei GmbH have until July 28 to register their claims with court-appointed provisional administrator Dr. Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Aug. 25, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 Bewirtungsdienst Hamburger Marketenderei GmbH on June 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bewirtungsdienst Hamburger Marketenderei GmbH Attn: Werner Schafer, Manager Rothenbaumchaussee 115 20148 Hamburg, Germany The administrator can be contacted at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg, Germany Tel: 36968351 Fax: 36968383 BSM WERTPAPIERHANDELSGESELLSCHAFT: Meeting Slated for July 25 ------------------------------------------------------------- The court-appointed provisional administrator for BSM Wertpapierhandelsgesellschaft mbH - Berlin Stock Market, Hartwig Albers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on July 25. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II. Stock District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Nov. 14 at the same venue. Creditors have until Sept. 15 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against BSM Wertpapierhandelsgesellschaft mbH - Berlin Stock Market on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSM Wertpapierhandelsgesellschaft mbH - Berlin Stock Market Potsdamer Place 1 10785 Berlin, Germany The administrator can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin, Germany E SERV: Creditors' Meeting Slated for July 27 --------------------------------------------- The court-appointed provisional administrator for e SERV GmbH, Dr. Wolfgang Schroder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on July 27. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II. Stock District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 10:00 a.m. on Nov. 2 at the same venue. Creditors have until Sept. 7 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against e SERV GmbH on June 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: e SERV GmbH Danziger Str. 199 10407 Berlin, Germany The administrator can be reached at: Dr. Wolfgang Schroder Genthiner Str. 48 10785 Berlin, Germany F.J. EBERT: Claims Registration Ends July 25 -------------------------------------------- Creditors of F.J. Ebert & Sohn Baugeschaft GmbH have until July 25 to register their claims with court-appointed provisional administrator Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Aug. 15, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Area A 409 4th Floor Muehlenstrasse 34 40213 Duesseldorf, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duesseldorf opened bankruptcy proceedings against F.J. Ebert & Sohn Baugeschaft GmbH on June 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: F.J. Ebert & Sohn Baugeschaft GmbH Attn: Ralf Ebert, Manager Morsbachweg 41 40625 Duesseldorf, Germany The administrator can be contacted at: Michael Bremen Sternstr. 58 40479 Duesseldorf, Germany ============= H U N G A R Y ============= ERSTE BANK: Moody's May Upgrade 'D' Financial Strength Rating ------------------------------------------------------------- Moody's Investors Service placed on review for possible upgrade the D financial strength rating of Erste Bank Hungary. The rating action does not affect the A2/P-1 deposit ratings of the bank, both of which have been affirmed with stable outlook. The bank is 99.9% owned by Erste bank AG whose expected support underpins Erste Bank Hungary's deposit ratings. Moody's stated that placing the D FSR on review for possible upgrade reflects the good progress of the bank since the merger of Postabank into Erste Bank Hungary in September 2004. The two businesses have been successfully integrated, resulting in significant cost and revenue synergies for Erste Bank Hungary. The bank has strengthened its retail franchise and secured its position as the third largest retail bank in Hungary by market share and improved its financial fundamentals by significantly increasing operating revenues and containing costs in 2005. The Erste Bank Hungary risk management systems have also been implemented throughout Postabank network. The rating review will focus on assessing the sustainability of the bank's recent achievements as well as on the vulnerability of the bank to foreign currency risk in light of importance of the bank's foreign currency lending and the recent depreciation of the Hungarian forint. Foreign currency lending is now a significant part of the bank's loan book, and is likely to remain so going forward. Headquartered in Budapest, Hungary, Erste bank Hungary is the country's fifth largest bank by total assets. At the end of 2005, it had consolidated total assets, according to IFRS, amounting to HUF1,453 billion (EUR5.74 billion) vs. 2004 consolidated total assets of HUF1,170 billion, and IFRS net profit of HUF18.8 billion (EUR74.3 million) vs. 2004 net profit of HUF6.9 billion. GENERAL BANKING: Revised Business Model Prompts Moody's Review -------------------------------------------------------------- Moody's Investors Service placed the Ba1 long-term foreign currency deposit rating and the D+ financial strength rating of General Banking and Trust Company on review for possible downgrade. The Non-Prime short-term foreign currency bank deposit rating was affirmed with a stable outlook. Moody's said that GBT's long-term deposit rating and the Financial Strength rating were placed on review for downgrade because of concerns over the implications of the changes in the bank's business model over the course of the last year, as well as the significant increase in the bank's risk appetite, especially with regards to credit risk, market and trading activities. During 2005 and first quarter 2006, the bank has considerably increased the volume of its proprietary trading activities and has taken on significantly higher amounts of market risk in a limited number of trading positions in Hungarian and Russian equities which represents an important percentage of the bank's shareholder equity. The bank has also increased its exposure to credit risk in emerging market countries by investing into corporate debt issued by Ukrainian and Kazakhstani companies. Further, the bank's loan book continues to remain highly concentrated, with top five loan exposures reaching over 75% of the bank's capital. In addition, the bank's ambitions in retail banking, which we considered to be a positive rating driver, have reduced as shown by the sale of ten underperforming branches to Volksbank and therefore instead will focus more on corporate lending and securities trading going forward. According to Moody's, the review for possible downgrade will focus on assessing whether the bank's changing business model, increasing risk appetite, and the banks credit and market risk profile and financial fundamentals remain consistent with the current Ba1/D+ foreign currency deposit and financial strength ratings. Moody's review will also focus on the repercussions of the recent volatility in global currency, equity and fixed income markets on GBT's financial fundamentals and risk profile. Headquartered in Budapest, Hungary, General banking and Trust Company reported in 2005 IFRS consolidated total assets of HUF 243.7 billion (US$1.1 billion) and IFRS net profit of HUF21.8 billion (US$102 million). KERESKEDELMI & HITEL: Moody's May Lift D+ Fin'l. Strength Rating ---------------------------------------------------------------- Moody's Investors Service placed on review for possible upgrade the D+ financial strength rating of Kereskedelmi & Hitel Bank. The A1 (negative outlook)/P-1 foreign currency bank deposit ratings of K&H Bank remain unchanged, underpinned by the support provided by its majority owner KBC Bank. Moody's acknowledges the progress that the bank has achieved, not only in posting good results for 2005 and recording strong business expansion, especially in retail banking, but also in maintaining its position in the competitive Hungarian corporate banking market and improving the profitability of the retail business. The rating review will focus on assessing the sustainability of the bank's recent achievements as well as on the vulnerability of the bank to foreign currency risk in light of the importance of the bank's foreign currency lending and the recent depreciation of the Hungarian forint. Foreign currency lending is now a significant part of the bank's loan book, and is likely to remain so going forward. Headquartered in Budapest, Hungary, K&H Bank is the country's second largest banking group. As at the end of 2005, it had consolidated assets of HUF1.942 trillion (EUR7.7 billion). ============= I R E L A N D ============= VALLAURIS II: Moody's Rates EUR8.9-Mln Class IV Notes at Ba2 ------------------------------------------------------------ Moody's assigned provisional credit ratings to four classes of notes to be issued by Vallauris II CLO PLC, an Irish special purpose company. Ratings assigned: -- EUR187,800,000 Class I Senior Floating Rate Notes, due 2022: (P)Aaa; -- EUR52,300,000 Class II Senior Floating Rate Notes, due 2022: (P)Aa2; -- EUR25,400,000 Class III Mezzanine Deferrable Interest Floating Rate Notes, due 2022: (P)Baa2; -- EUR8,900,000 Class IV Mezzanine Deferrable Interest Floating Rate Notes, due 2022: (P)Ba2. The EUR32,200,000 Subordinated Notes, due 2022 are expected to be issued but will not be rated. The provisional ratings address the expected loss posed to investors by the legal final maturity in 2022. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments and other market risks, have not been addressed and may have a significant effect on yield to investors. These provisional ratings are based upon: -- an assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; -- the protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; -- the par coverage and interest coverage tests, which divert cash flows towards senior notes; -- the hedging strategy to be implemented to cover currency and interest rate risk; -- the expertise of Natexis Banques Populaires S.A. as collateral manager; and -- the legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of approximately EUR300 million comprised primarily of European senior secured loans, second lien loans, mezzanine loans and whole business securitisations. Natexis Banques Populaires S.A. dynamically manages this portfolio. The portfolio will be partially acquired at closing date and partially during the 12 months ramp-up period in compliance with portfolio guidelines and interim targets which include, among other tests, a diversity score test, a weighted average rating factor test and a weighted average spread test. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings. A definitive rating (if any) may differ from a provisional rating. Natexis Banques Populaires S.A. and Dresdner Kleinwort Wasserstein arrange the transaction. ========= I T A L Y ========= BANCA POPOLARE: S&P Keeps Low-B Ratings on Watch Developing ----------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB+' long-term and 'B' short-term counterparty credit ratings on Italian regional bank Banca Popolare di Intra SCPARL would remain on CreditWatch with developing implications, where they were initially placed on Feb. 15. "The current ratings are supported by the short-term prospect of an agreement with judicial authorities on settling the substantial legal risks linked with the bankruptcy of textile company Finpart," said Standard & Poor's credit analyst Taos Fudji. "They are also supported by the continuing interest in buying Intra demonstrated by four short-listed banks," he added. Delays compared with previous expectations appear only temporary, and related to the renewal of the bank's board. The developing status of the CreditWatch placement reflects the potential for Intra's ratings to be raised should the bank successfully complete negotiations to become a member of a financially stronger banking group in the near term. "The developing status also takes into account the negative pressure there would be on the ratings should the agreement with the judicial authorities or the completion of negotiations with the acquiring candidate be delayed, or should Intra's financial and risk profiles further deteriorate," said Mr. Fudji. The bank's financial profile is weak due to the massive losses it suffered in 2005 and early 2006, and the liquidity position has deteriorated following the recent turmoil. Standard & Poor's will resolve the CreditWatch status once the buyer has been selected, and after a review of Intra's risk profile and business plan. FIAT SPA: Keeps Lead in Italian Car Market, CEO Says ---------------------------------------------------- Fiat S.p.A. remains the market leader of the Italian car market, boasting a 30% share as of June 2006, Bloomberg News reports citing Fiat Chief Executive Sergio Marchionne as its source. Mr. Marchionne revealed that Fiat brands, including its new Grande Punto subcompact, helped the company maintain its no. 1 position, Bloomberg News relates. "We already know Fiat brands represented 30 percent," Mr. Marchionne said. Under Mr. Marchionne's leadership, Fiat launched new car models amidst cost cutting measures. Fiat's market share hiked by three percentage points from 27.7% in May 2005 to 30.7% in May 2006. About Fiat Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * In August 2005, S&P revised its outlook on Fiat to stable from negative. At the same time, it affirmed its 'BB-' long-term and 'B' short-term corporate credit ratings on the group. As reported in the TCR-Europe on Feb. 10, Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured rating to Stable from Negative. The agency has at the same time affirmed the Senior Unsecured and Short-term 'B' ratings. EUR6 billion of debt is affected by this Rating action. The Outlook change is underpinned by early signs that the restructuring plan is on track, the stabilization of Fiat Auto's market shares in late 2005 and the successful resolution of a number of credit issues. TOWER AUTOMOTIVE: Can Remove Civil Actions Until October 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of new York further extend the period within which Tower Automotive, Inc., and its debtor-affiliates may file notices of removal with respect to civil actions pending on February 2, 2005, to and including the earlier to occur of: (a) October 31, 2006; or (b) 30 days after the entry of a Court order terminating the automatic stay with respect to the particular action that is sought to be removed. According to Anup Sathy, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, the Debtors are continuing to review their files and records to determine whether they should remove actions pending in state or federal court to which they might be a party. Because the Debtors are parties to approximately 225 lawsuits, and because their key personnel and legal professionals are assessing these lawsuits while being actively involved in their reorganization, the Debtors require additional time to consider filing notices of removal in those actions and proceedings, Mr. Sathy says tells Judge Gropper. Since October 2005, the Debtors' management personnel and professionals continue to be involved in supervising and implementing several key steps in the Debtors' reorganization, including: (a) pursuing relief pursuant to Sections 1113 and 1114 of the Bankruptcy Code including a five-day trial, numerous depositions, and reaching a settlement with the Debtors' Milwaukee-based unions and the Official Committee of Retired Employees; (b) identifying and terminating unprofitable business ventures; (c) continuing the process of reconciling reclamation and other priority claims; (d) analyzing and addressing issues related to the formulation of a Chapter 11 plan of reorganization; (e) maintaining the Debtors' sensitive supply chain with their customers and vendors; (f) negotiating amendments and waivers with the Debtors' secured lenders; (g) marketing and selling certain non-core assets; (h) preparing and filing the Debtors' monthly operating reports; (i) reviewing various revenue enhancing alternatives and cost-reducing measures; (j) developing a business plan; and (k) negotiating and settling claim and set-off issues among the Debtors' vendors and customers. The Debtors believe that the extension will provide sufficient time to allow them to consider, and make decisions concerning, the removal of the civil actions. Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. -- http://www.towerautomotive.com/-- is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. In Europe, Tower Automotive holds facilities in Belgium, France, Germany, Italy, Poland, Slovakia and Spain. The Company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed US$787,948,000 in total assets and US$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000). TOWER AUTOMOTIVE: Inks New Lease Agreement with CIT Group --------------------------------------------------------- The Honorable Allen Gropper of the U.S. Bankruptcy Court for the Southern District of New York gave Tower Automotive, Inc., and its debtor-affiliates authority to reject an equipment lease agreement with The CIT Group/Equipment Financing, Inc., and to enter into a new lease agreement with CIT. The Rejection Claim for US$8,094,508 will be an allowed general unsecured claim of CIT against Tower Automotive Tool, LLC, and Tower Automotive Technology Products, Inc., as guarantor, without the necessity of CIT having to file a proof of claim. The Rejection Claim will not be subject to any defense, challenge, counterclaim, subordination, set-off or recoupment. In connection with the Debtors' objection -- among other things, because there are no owed prepetition amounts -- to proofs of claim filed by CIT, a ruling will be entered specifically allowing the Rejection Claim. Furthermore, Judge Gropper rules that that the New Agreement will have the same terms as the Existing Agreement, subject to the modification that, in lieu of the rent payments called for under the Existing Lease, the Debtors will instead be required to make five annual payments of US$2,172,249 on June 2, 2006, and each June 2nd after that, through 2010. To reflect the revised lease payments under the New Agreement, the parties agree that: -- the gross amount of the New Agreement will be approximately US$11,500,000; -- the nominal interest factor under the New Agreement will be approximately 8%; -- the residual value of the Equipment under the New Agreement will be US$3,000,000 for the sake of payment calculations; and -- all other terms and conditions of the Existing Agreement will remain in effect. Moreover, Judge Gropper authorized the Debtors to pay the Transaction Fee of US$40,000 to CIT, and that CIT will be entitled to deduct the Transaction Fee from the US$1,219,743 that CIT agreed to refund to the Debtors upon entry of this ruling. CIT Lease Matthew A. Cantor, Esq., at Kirkland & Ellis LLP, in New York, recounts that as part of the process of determining which prepetition contracts to assume and which ones to reject, the Debtors examined their existing agreement with CIT. Mr. Cantor notes that the Debtors need the equipment leased under the Existing Agreement because the Equipment is used to produce "stampings" that Tower supplies under a long-term contract with DaimlerChrysler. Before electing to assume the Existing Agreement, however, the Debtors explored whether they could meet DaimlerChrysler's requirements more efficiently, in a way that did not require continued use of the Equipment. Specifically, the Debtors evaluated out-sourcing, the purchase of new or used replacement equipment, as well as operational consolidation, to determine whether there were other ways to meet their supply commitments. While they were exploring their strategic alternatives, the Debtors commenced negotiations with CIT regarding the terms of the Existing Agreement. Ultimately, CIT agreed to certain price concessions. For this reason, the Debtors determined it was in the best interests of the estate to reject the Existing Agreement and to enter into the New Agreement with CIT. The New Agreement According to Mr. Cantor, the terms of the New Agreement will be identical to the terms of the Existing Agreement, and the Existing Agreement will be incorporated by reference into the New Agreement. The primary modification of the Existing Agreement is that in lieu of the rent obligations currently owing under the Existing Agreement, CIT agrees that the Debtors will make five annual payments of US$2,172,249 every June 2nd, beginning this year through 2010. Therefore, the Debtors' obligation under the New Agreement from this year through 2010 is US$10,861,246. If the Debtors had assumed the Existing Agreement, their obligations would have totaled approximately US$17,700,000 between now and 2010, Mr. Cantor notes. Consequently, the Debtors are saving approximately US$7,900,000 under the New Agreement. Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc. -- http://www.towerautomotive.com/-- is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. In Europe, Tower Automotive holds facilities in Belgium, France, Germany, Italy, Poland, Slovakia and Spain. The Company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed US$787,948,000 in total assets and US$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., 215/945-7000). WIND ACQUISITION: Moody's Upgrades Corp. Family Rating to Ba3 ------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating of Wind Acquisition Finance S.p.A., the direct holding company of Wind Telecomunicazioni S.p.A. to Ba3 from B1. The upgrade reflects the strong operational performance of Wind since the initial ratings assignment in July 2005, which resulted in a material improvement in the company's reported earnings e.g. its EBITDA increased to approximately EUR1.5 billion for the 12 months ended March 2006 from approximately EUR1.2 billion in the year ended Dec. 31, 2004. Concurrently the rating of WAF's senior notes was upgraded to B2 from B3 and the ratings of the senior secured credit facilities and second lien facility at Wind were upgraded by one notch to Ba3 and B1 respectively. The ratings outlook is stable. Wind's strong operational performance over the period was driven by its mobile division, which continued to see strong subscriber growth, despite the increasing maturity of the Italian mobile market and a decline in average revenues per user, which was primarily driven by interconnection rate cuts in Italy. This strong growth more than offset the earnings decline in its fixed line division, which was principally due to the ongoing trend of fixed-to-mobile substitution combined with a reduction in indirect subscribers. As a result of the improved operating performance, WAF's financial metrics strengthened significantly e.g. Debt to EBITDA for the financial year ended Dec. 2005 was below 5.5x. The stable outlook reflects Moody's expectation that the company will be cash flow generative in 2006 and that increased profitability in the mobile division will principally offset earnings declines in the fixed line business. Further positive momentum in the ratings is likely to driven by a continued improvement in credit metrics such that Debt to EBITDA falls below 4.0x and RCF to Adjusted Debt approaches the mid-teens. The rating would likely be negatively impacted if sustained underperformance from plan resulted in reduced headroom against the financial covenants included in the company's senior credit facilities and a consequent deterioration in liquidity. Such underperformance could result from increased competition in the mobile business resulting in materially higher churn rates or SACs or failure to migrate CS and CPS customers to direct customers in the fixed-line business. Ratings upgraded: Wind Acquisition Finance S.p.A.: -- Corporate family rating: Ba3 from B1; Wind Acquisition Finance S.A.: -- Senior notes issued via Wind Acquisition Finance S.A.: B2 from B3; Wind Finance SL S.A.: -- EUR700 million second lien facility: B1 from B2; Wind Telecomunicazioni S.p.A.: -- EUR6,850 million senior secured credit facilities: Ba3 from B1. The outlook for all ratings is stable. This rating action followed our previous rating action on WAF in November 2005, when a new rating was assigned to the company's senior notes issue. Headquartered in Rome, Italy, Wind Acquisition Finance S.p.A. is the direct holding company of Wind Telecomunicazioni S.p.A., a leading integrated telecom operator in Italy, active in the fixed-line, mobile and Internet services markets and operating under the Wind, Infostrada and Libero brands. For the year ended Dec. 31, 2005, Wind reported revenues of EUR4.7 billion and EBITDA of EUR1.5 billion. =================== K A Z A K H S T A N =================== BRIDGE BUSINESS: Creditors Must File Claims by July 23 ------------------------------------------------------ LLP Bridge Business Network Agency has declared insolvency. Creditors have until July 23 to submit written proofs of claim to: LLP Bridge Business Network Agency Nauryzbai batyr Str. 24-64 050004 Almaty, Kazakhstan Tel: 8 (3272) 79-04-44 DUET: Creditors Must File Claims by July 23 ------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Duet insolvent on May 2. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Krasnoarmeiskaya Str. 286 Taiynsha North Kazakhstan Region Kazakhstan GAS-TRANSPORT: Creditors Must File Claims by July 23 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP South Kazakhstan Gas-Transport System insolvent on April 26. Creditors have until July 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region G. Ilyaeva Str. 24 Shymkent South Kazakhstan Region Kazakhstan Tel: 8 300 438 68-12 INTERTRUCK-ALMATY: Proof of Claim Deadline Slated for July 23 ------------------------------------------------------------- LLP Transport Company Intertruck-Almaty has declared insolvency. Creditors have until July 23 to submit written proofs of claim to: LLP Transport Company Intertruck-Almaty Ryskulova Str.1 Guldala Micro District Atyrau-2 Talgarsky District Almaty Almaty Region Kazakhstan Tel: 8 (3272) 95-50-67 8 (3272) 95-52-11 Fax: 8 (3272) 31-25-47 KANDYAGASH NEFTEPROSESSING: Creditors' Claims Due July 24 --------------------------------------------------------- LLP Kandyagash Nefteprosessing has declared insolvency. Creditors have until July 24 to submit written proofs of claim to: LLP Kandyagash Nefteprosessing Industry Zone Kandyagash Mugaljarsky District Aktobe Region Kazakhstan RIM: Proof of Claim Deadline Slated for July 23 ----------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Company Rim insolvent on May 2. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Krasnoarmeiskaya Str. 286 Taiynsha, North Kazakhstan Region Kazakhstan SNABJENES: Creditors' Claims Due July 23 ---------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Snabjenes insolvent on May 5. Creditors have until July 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty LLP Snabjenes Furmanova Str. 174b Almaty Kazakhstan Tel: 8 (3272) 67-11-94 STELS: Claims Registration Ends July 23 --------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Stels insolvent on May 5 without the introduction of bankruptcy proceedings. Creditors have until July 23 to submit written proofs of claim to: LLP Stels Pobedy Ave. 5 Pavlodar Pavlodar Region Kazakhstan Tel: 8 (3182) 32-38-46 VIRAJ: Claims Registration Ends July 23 --------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Viraj insolvent on April 27. Creditors have until July 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Furmanova Str. 174b Almaty, Kazakhstan Tel: 8 (3272) 67-11-94 VOSTOKLESSTROI: Claims Registration Ends July 24 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Vostoklesstroi insolvent on May 6 without the introduction of bankruptcy proceedings. Creditors have until July 24 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-06-50 The company can be reached at: LLP Vostoklesstroi Amurskaya Str. 14-17 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan =================== K Y R G Y Z S T A N =================== CHUISKAYA PTISEFABRIKA: Creditors' Meeting Slated for July 7 ------------------------------------------------------------ Creditors of OJSC Chuiskaya Poultry Factory Chuiskaya Ptisefabrika will convene on July 7 at 11:00 a.m. at: OJSC Chuiskaya Poultry Factory Iskra Chui Region Kyrgyzstan Proxies must have authorization to vote. Creditors introduced extra-judicial bankruptcy proceedings at OJSC Chuiskaya Poultry Factory Chuiskaya Ptisefabrika after declaring the company insolvent on June 19. The Temporary Insolvency Manager is: Zamirbek Toksonaliev Iskra Chui Region Kyrgyzstan Tel: (+996 3138) 5-71-60 (0-502) 12-36-59. EVRO-AZIATSKOYE SOVLADENIE: Creditors Meeting Slated for July 14 ---------------------------------------------------------------- Creditors of CJSC Evro-Aziatskoye Sovladenie will convene at 10:00 a.m. on July 14 at: Room 108 Moskovskaya Str. 151 Bishkek, Kyrgyzstan Proxies must have authorization to vote. The Inter-District Court of Bishkek for Economic Issues commenced bankruptcy proceedings against the company (Case No. ED-907/05mbs9) after declaring it insolvent on Dec. 20, 2005. The Temporary Insolvency Manager is: Mels Davydov Tel: (+996 312) 21-67-25 (0-502) 80-85-60 SUUSAMYR: Public Auction Scheduled for July 13 ---------------------------------------------- The bidding organizer and insolvency manager of Agricultural Farm Suusamyr set for public auction the company's properties at 2:00 p.m. on July 13 at: Building of the Local Government Suusamyr Jaiyl District Kyrgyzstan The Debtor's assets available for sale include auto transport, agricultural, household equipment and national home Urta. Participants have until July 12 to deposit an amount equivalent to 10% of the starting price and submit their bids to the cashier of the Agricultural Farm Suusamyr. Inquiries can be addressed to (0-502) 52-35-67. =================== L U X E M B O U R G =================== MILLICOM INT'L: Terminates Talks on Potential Sale of Company ------------------------------------------------------------- Millicom International Cellular S.A. completed its previously disclosed strategic review and has decided to terminate all discussions concerning a potential sale of the entire share capital of the company. The company has been in prolonged discussions and due diligence with one potential purchaser since May 2006 but has now concluded that this purchaser will not be in a position within an acceptable timeframe to make a binding offer that is suitably attractive, given the current strong performance of the business, or sufficiently certain of closing. The Board of Directors remains confident in the independent future of the company. Millicom did not name the potential buyer of the company, but reports have identified China Mobile as the buyer. The Wall Street Journal reported that Millicom did not push through with the deal due to China Mobile's "last minute price concerns." XFN-ASIA reported that the deal was delayed due to China Mobile's lack of diplomatic relations with five of the sixteen nations where Millicom has operations. The WSJ adds that the former also has concerns on the disparate nature of Millicom's operations, making it difficult for China Mobile to manage all of them. China Mobile's offer for the telecommunications company was valued at almost US$5.3 billion. Headquartered in Bertrange, Luxembourg, and controlled by Sweden's AB Kinnevik, Millicom International Cellular S.A. -- http://www.millicom.com/-- is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of approximately 391 million people. * * * Millicom International's 10% senior notes due 2013 carry Moody's B3 rating and Standard & Poor's B- rating. MILLICOM INT'L: S&P Affirms B+ Long-Term Corp. Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'B+' long-term corporate credit and 'B-' senior unsecured debt ratings on Luxembourg-headquartered emerging-markets wireless telecommunications operator Millicom International Cellular S.A. The ratings were removed from CreditWatch with developing implications, where they had been placed on Jan. 20, on the initiation of a strategic review that could have led to a transaction such as the sale of all or part of the company. The outlook is stable. "The affirmation reflects the removal of any immediate positive or negative change in credit quality following the termination of all discussions concerning a potential sale of the company's entire share capital," said Standard & Poor's credit analyst Michael O'Brien. Millicom's more mature operations in Central America have performed well under a unified brand, while its operations in Pakistan will undergo a relaunch later in 2006. Although Millicom will be investing heavily in its growing operations this year, particularly in Pakistan, Standard & Poor's expects the group to maintain adequate liquidity in cash and undrawn facilities to cover network investments, license fees, and operating liability management. At March 31, Millicom's lease-adjusted debt on a nominal basis, including supplier credit guarantees of US$29.3 million, was about US$1.0 billion. Total debt to EBITDA for the 12 months ended March 31, was 2.1x, which is in line with the ratings. Careful use of cash at the corporate level will be key for rating evolution. "Millicom should be able to sustain its credit quality, assisted by careful liquidity management," Mr. O'Brien added. "The group should also continue to benefit, when necessary, from portfolio diversification." In addition, we expect that EBITDA will continue to grow meaningfully and that EBITDA in Pakistan will show strong growth potential given the level of network investments in that country, leading to sustainable free operating cash flow generation. Any significant deviation from Millicom's growth path could negatively affect the ratings. This would include lackluster EBITDA growth and significantly reduced liquidity due to operating cash flow underperformance or excessive payments for entry into new high-risk ventures. Additionally, the event risk and associated financial implications of a potential return to the Vietnam market could put pressure on the ratings. Conversely, the ratings could be positively affected by meaningful operating performance growth from Pakistan and continuing satisfactory developments in Central America. ===================== N E T H E R L A N D S ===================== CADOGAN SQUARE: Moody's Rates EUR10.6-Mln Class E Notes at Ba2 -------------------------------------------------------------- Moody's Investors Service assigned definitive ratings to eight classes of Notes issued by Cadogan Square CLO II B.V., a bankruptcy-remote SPV incorporated under the laws of The Netherlands. Ratings assigned: -- EUR281,300,000 Class A-1 Senior Secured Floating Rate Notes due 2022: Aaa; -- EUR31,500,000 Class A-2 Senior Secured Floating Rate Notes due 2022: Aaa; -- EUR33,800,000 Class B Senior Secured Floating Rate Notes due 2022: Aa2; -- EUR31,900,000 Class C Senior Secured Deferrable Floating Rate Notes due 2022: A2; -- EUR27,900,000 Class D Senior Secured Deferrable Floating Rate Notes due 2022: Baa2; -- EUR10,600,000 Class E Senior Secured Deferrable Floating Rate Notes due 2022: Ba2; -- EUR5,400,000 Class X Combination Notes due 2022: Baa2; and -- EUR6,000,000 Class Y Combination Notes due 2022: Baa1. The EUR43,400,000 Class M Subordinated Notes due 2022 were not rated. The Class X Combination Notes represent a combination of a principal amount of EUR3,400,000 Class D Notes and EUR2,000,000 Class M Subordinated Notes. The Class Y Combination Notes represent a combination of a principal amount of EUR4,000,000 Class C Notes and EUR2,00,000 Class M Subordinated Notes. The initial principal amounts of each of the Class C Notes, the Class D Notes and the Class M Subordinated Notes listed above include the initial principal amounts of the Combination Note components. The ratings address the expected loss posed to investors by the legal final maturity date in 2022. The rating assigned to the Class X Combination Notes addresses the ultimate repayment of the Rated Balance on or before the legal final maturity, where the Rated Balance is equal at any time to the principal amount of the Class X Combination Notes on the Issue Date minus the aggregate of all payments made from the Issue Date to such date, either through interest or principal payments. It is not an opinion about the ability of the issuer to pay interest. The rating assigned to the Class Y Combination Notes addresses the expected loss posed to the investors by the legal final maturity as a proportion of the Rated Balance, where the Rated Balance is equal on any payment date to the Rated Balance on the preceding payment date increased by the Rated Coupon of 0.25% per annum and reduced by the aggregate of all payments made on such payment date, either through interest or principal. This transaction is a high yield collateralized loan obligation related to a EUR 450,000,000 portfolio comprised primarily of European senior and mezzanine loans with a predominance of senior secured loans. The investments may also include high yield debt, structured finance securities and synthetic exposures, as well as non-Euro issues. This portfolio will be partially acquired at closing and partially during the seven month ramp-up period in compliance with portfolio guidelines. Thereafter, the portfolio of debt obligations will be actively managed and the investment manager will be able to buy or sell debt obligations on behalf of the Issuer. Any addition or removal of debt obligations will be subject to a number of portfolio criteria. The leveraged investments group of Credit Suisse International will act as investment manager. The investment management team currently manages seventeen US$- denominated high yield CDOs and one Euro-denominated CLO. RBS Greenwich Capital arranged this transaction. GETRONICS NV: Inks Outsourcing Memorandum with ING -------------------------------------------------- Preferred Supplier Team -- Accenture, Atos Origin, Getronics N.V. and KPN -- have signed a Memorandum of Understanding with ING for the outsourcing of workplace service provisions to 53,000 ING employees in Europe. This entails that, in addition to the service provisions, approximately 550 ING employees in The Netherlands and Belgium will transfer to the PST-parties. The expected contractual value is in excess of EUR800 million and has a five-year duration. A contract signature is expected in the fourth quarter of 2006. The PST will facilitate a smooth transfer of the workplace service provisions, in compliance to specific needs of ING. In addition to a proven level of expertise in all areas of the workplace service provisions sector, the career opportunities that the parties can provide ING employees have played an important role in the selection process. The workplace service provisions are supplied as third generation outsourcing. In this form all parties of the PST have individual contracts with ING, whereby the Integrator holds responsibility for the co-ordination of the service provision and the alignment between demand and supply. This expected agreement will be among the first 3rd generation outsourcing agreements in Europe. The intended agreement to outsource workplace services is a component of ING's Operations & IT efficiency program in the Benelux region. In accordance with all formal procedures, Works Councils of both ING and PST parties have been provided with all necessary information. The unions have also been informed about the intended transaction. Atos Origin, Getronics and KPN welcome the ING-employees and will provide, together with ING, a smooth and thorough transfer. It is anticipated that the definitive contract will be signed after the works councils have submitted recommendations. As soon as the contracts have been signed, further information about the services to be provided by the individual parties will be available. About Accenture Headquartered in New York, U.S.A., Accenture -- http://www.accenture.com/-- is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 129,000 people in 48 countries, the company generated net revenues of US$15.55 billion for the fiscal year ended Aug. 31, 2005. About Atos Origin Headquartered Paris, France, Atos Origin -- http://www.atosorigin.com/-- is an international information technology services company. Its business is turning client vision into results through the application of consulting, systems integration and managed operations. The company has annual revenues of EUR5.5 billion and employs over 47,000 people in 40 countries. Atos Origin is the Worldwide Information Technology Partner for the Olympic Games and has a client base of international blue-chip companies across all sectors. Atos Origin is quoted on the Paris Eurolist Market and trades as Atos Origin, Atos Euronext Market Solutions, Atos Worldline and Atos Consulting. About KPN Headquartered in The Hague, The Netherlands, KPN -- http://www.kpn.com/-- provides telephone, Internet and television services to personal customers through its fixed network in the Netherlands. For business customers, KPN provides a range of services, from voice, internet and data services to fully managed outsourced ICT solutions, in the Netherlands and international. For both personal and business customers, KPN offers mobile services in the Netherlands, Germany, Belgium and Western Europe. On March 31, 2006, KPN served 6.7 million fixed-line subscribers and 2.2 million internet customers in the Netherlands as well as 21.6 million mobile customers in Germany, the Netherlands and Belgium, while employing 28,647 individuals (26,176 FTEs). About Getronics Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in the TCR-Europe on March 9, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Dutch IT services group Getronics N.V. to 'B' from 'B+'. At the same time, Standard & Poor's lowered its ratings on Getronics' senior unsecured notes to 'CCC+' from 'B-', still two notches below the corporate credit rating. Standard & Poor's also lowered its ratings on Getronics' EUR300 million senior secured bank loan to 'B' from 'B+', the same as the corporate credit rating. The loan has a '3' recovery rating, indicating expectation of meaningful (50%-80%) recovery of principal in the event of a payment default. HELIX CAPITAL: Moody's Lifts Helix 2002-12C Notes Rating to B3 -------------------------------------------------------------- Moody's upgraded the ratings of these classes of notes issued by Helix Capital (Netherlands) B.V.: -- EUR25,000,000 Variable Redemption Limited Recourse Notes due Oct. 8 of Helix 2001-4: Baa2 from Ba1; -- EUR40,000,000 Variable Redemption Limited Recourse Notes due 31 Aug. 31, 2007 of Helix 2002-12A: Aaa from Baa2; -- EUR44,000,000 Variable Redemption Limited Recourse Notes due Aug. 31, 2007 of Helix 2002-12B: Baa1 from Ba3; -- EUR44,000,000 Variable Redemption Limited Recourse Notes due Aug. 31, 2007 of Helix 2002-12C: B3 from Caa3; -- EUR25,000,000 Variable Redemption Limited Recourse Notes due Aug. 31, 2007 of Helix 2002-15: Aa2 from Baa3; -- EUR25,000,000 Variable Redemption Limited Recourse Notes due Aug. 31, 2007 of Helix 2002-16: Aa1 from A2; -- US$40,000,000 Variable Redemption Limited Recourse Notes due Aug 31, 2007 of Helix 2002-2: Aaa from A1. The review is triggered by the impact of the passage of time on the ratings assigned. NORTH WESTERLY: Moody's Assigns (P)Ba2 Rating to Class E Notes -------------------------------------------------------------- Moody's assigned provisional credit ratings to seven classes of notes to be issued by North Westerly CLO III B.V., a Dutch special purpose company. Ratings assigned: -- EUR290,000,000 Class A Senior Floating Rate Notes, due 2022: (P)Aaa; -- EUR32,000,000 Class B Deferrable Interest Floating Rate Notes, due 2022: (P)Aa3; -- EUR17,000,000 Class C Deferrable Interest Floating Rate Notes, due 2022: (P)A2; -- EUR15,500,000 Class D Deferrable Interest Floating Rate Notes, due 2022: (P)Baa2; -- EUR14,500,000 Class E Deferrable Interest Floating Rate Notes, due 2022: (P)Ba2; -- EUR6,000,000 Class R Combination Notes, due 2022: (P)Baa1; and -- EUR 10,000,000 Class P Combination Notes, due 2022: (P)Baa3; and The EUR40,800,000 Subordinated Notes, due 2022 are expected to be issued but will not be rated by Moody's. The provisional ratings address the expected loss posed to investors by the legal final maturity in 2022. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments and other market risks, have not been addressed and may have a significant effect on yield to investors. The ratings assigned to the Class P Combination Notes by Moody's address the expected loss posed to the investors by the legal final maturity in 2022 as a proportion of the Rated Balance, where the Rated Balance is equal, at any time, to the principal amount of the Class P Combination Notes on the closing date minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments. The ratings assigned to the Class R Combination Notes by Moody's address the expected loss posed to the investors by the legal final maturity in 2022 as a proportion of the Rated Balance and of the Rated Coupon, where the Rated Balance is equal, at any time, to the principal amount of the Class R Combination Notes on the closing date plus a Rated Coupon of 0.25% per annum applied on the outstanding Rated Balance minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments. These provisional ratings are based upon: -- an assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; -- the protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; -- the overcollateralization of the Notes; -- the proposed currency swap transactions, which insulate the Issuer from the volatility of the foreign currency exchange rates in respect of non-Euro denominated obligations; -- the expertise of NIBC Bank NV as a collateral manager; and -- the legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of approximately EUR400 million, comprised primarily of European senior secured debt obligations, second secured debt obligations and unsecured debt obligations. NIBC Bank NV dynamically manages this portfolio. This portfolio will be partially acquired at closing date and partially during the 12 months ramp-up period in compliance with portfolio guidelines which include, among other tests, a diversity score test, a weighted average rating factor test and a weighted average spread test. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavour to assign definitive ratings. A definitive rating (if any) may differ from a provisional rating. NIBC Bank N.V. arranges the transaction. =========== N O R W A Y =========== AKER KVAERNER: Martinus Brandal Succeeds Inge Hansen as CEO ----------------------------------------------------------- Martinus Brandal, former Executive Vice President of Aker ASA, has assumed the role of President and CEO of Aker Kvaerner, succeeding Inge K. Hansen. Mr. Hansen joins Aker ASA as a consultant to the group's management. "Taking over the helm of Aker Kvaerner from Inge Hansen is like taking over a ship that is right on course, going at high speed, with the best crew one could wish for," Martinus Brandal said. "As I have been part of the Board of Directors and assisted in charting the course for the company - I feel well-prepared for the task. My goal is to continue the current strategy, drive the business and optimize operations for the benefit of all stakeholders." Martinus Brandal joined Aker in the summer of 2004, and has held a number of Board positions at Aker Group companies. He is very familiar with Aker Kvaerner as a result of being a board member of the company and assisting in developing the strategy that the company has followed in the last two years. He will continue to serve as a board member of Aker Yards. Prior to joining Aker, Brandal was in charge of the Process Automation business area of the ABB industrial group and he has extensive international oil and gas experience. The planned succession of former CEO Inge K. Hansen was announced in March 2006. Under Hansen's leadership, Aker Kvaerner has developed rapidly and well. Aker Kvaerner's 2005 record-high profit, alone, demonstrates how much the company has improved. Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner ASA -- http://www.akerkvaerner.com/-- through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. * * * As reported in TCR-Europe on April 26, Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring- fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. Moody's said the outlook on all ratings is stable. AKER KVAERNER: To Release Second Quarter Results by July 27 ----------------------------------------------------------- The Aker Kvaerner group will publish its second quarter results at the Oslo Stock Exchange at 8:45 a.m., Central European Time on July 27. The second quarter presentation will be held at the company's premises at Lysaker at 9:30 a.m. the same morning. Aker Kvaerner invites investors, analysts, and the media to Aker the results presentation. The presentation will be broadcasted live on http://www.akerkvaerner.com/and http://www.oslobors.no/webcast at 9:30 a.m. CET. Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner ASA -- http://www.akerkvaerner.com/-- through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The Aker Kvaerner group is organized into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. * * * As reported in TCR-Europe on April 26, Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring- fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. Moody's said the outlook on all ratings is stable. FALCONBRIDGE LTD: Contests Xstrata Application in Superior Court ---------------------------------------------------------------- Falconbridge Limited intends to aggressively oppose an Application to the Superior Court of Justice that was filed by Xstrata against Falconbridge. The Application was filed on June 28, just one day after Xstrata had argued before the Ontario Securities Commission to have Falconbridge's shareholder rights protection plan terminated. Xstrata's Application to the Court demands that Falconbridge be forced to call an early Annual General Meeting of Shareholders on the basis of alleged violations of the Ontario Business Corporations Act by Falconbridge. Falconbridge had previously received approval from the TSX to hold its Annual General Meeting on Oct. 9 in accordance with the provisions of the rules of the TSX. "In our view this is yet another attempt by Xstrata to avoid the fair and open auction process currently underway for Falconbridge. We remain committed to acting in the best interests of all Falconbridge shareholders," said Derek Pannell, Chief Executive Officer of Falconbridge Limited. About Xstrata Xstrata plc -- http://www.xstrata.com/-- is a major global diversified mining group, listed on the London and Swiss stock exchanges. The Group is and has approximately 24,000 employees worldwide, including contractors. Xstrata does business in six major international commodities markets: copper, coking coal, thermal coal, ferrochrome, vanadium and zinc, with additional exposures to gold, lead and silver. The Group's operations and projects span four continents and nine countries: Australia, South Africa, Spain, Germany, Argentina, Peru, Colombia, the U.K. and Canada. About Falconbridge Headquartered in Toronto, Ontario, Falconbridge Limited (TSX:FAL) (NYSE:FAL) -- http://www.falconbridge.com/-- is a leading copper and nickel company with investments in fully integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. The Company owns nickel mines in Canada and the Dominican Republic and operates a refinery and sulfuric acid plant in Norway. It is also a major producer of copper (38% of sales) through its Kidd mine in Canada and its stake in Chile's Collahuasi mine and Lomas Bayas mine. Its other products include cobalt, platinum group metals, and zinc. * * * Falconbridge's CDN$150 million 5% convertible and callable bonds due April 30, 2007, carries Standard & Poor's BB+ rating. FALCONBRIDGE: Inco Purchase Gets European Commission Clearance -------------------------------------------------------------- The proposed acquisition of Falconbridge Limited by Inco Limited has received clearance from the European Commission. Inco satisfied the final outstanding regulatory condition to the acquisition, and Falconbridge shareholders may tender their shares to Inco's enhanced offer, which expires on July 13, 2006. The Board of Directors of Falconbridge has recommended the Inco offer to Falconbridge shareholders. The regulatory clearance, set forth in a decision issued by the Commission, is structured on the same remedy agreed upon with the U.S. Department of Justice. This remedy is outlined in the Troubled Company Reporter on June 8, 2006. About Inco Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) -- http://www.inco.com/-- is the world's #2 producer of nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the U.K. About Falconbridge Headquartered in Toronto, Ontario, Falconbridge Limited (TSX:FAL.LV)(NYSE: FAL) -- http://www.falconbridge.com/-- is a leading copper and nickel company with investments in fully integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. The Company owns nickel mines in Canada and the Dominican Republic and operates a refinery and sulfuric acid plant in Norway. It is also a major producer of copper (38% of sales) through its Kidd mine in Canada and its stake in Chile's Collahuasi mine and Lomas Bayas mine. Its other products include cobalt, platinum group metals, and zinc. * * * Falconbridge's CDN$150 million 5% convertible and callable bonds due April 30, 2007, carries Standard & Poor's BB+ rating. =========== R U S S I A =========== ARGAYASHSKIY DIARY: Court Names M. Motorin as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Chelyabinsk Region has appointed Mr. M. Motorin as Insolvency Manager for OJSC Argayashskiy Diary. He can be reached at: Molokozavodskaya Str. 1 Argayash Chelyabinsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-12191/03-36-162. The Debtor can be reached at: OJSC Argayashskiy Diary Molokozavodskaya Str. 1 Argayash Chelyabinsk Region Russia BARABINSK-TRANS: Court Names A. Senotrusov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Novosibirsk Region has appointed Mr. A. Senotrusov as Insolvency Manager for OJSC Barabinsk-Trans. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-1.7165/05-25/262. The Debtor can be reached at: OJSC Barabinsk-Trans Gutova Str. 16A. Babinsk Novosibirsk Region Russia CAUCASIAN: Bankruptcy Hearing Slated for Sept. 11 ------------------------------------------------- The Arbitration Court of Krasnodar Region will convene at 11:30 a.m. on Sept. 11 to hear the bankruptcy proceedings against OJSC Bio-Chemical Factory Caucasian. The case is docketed under Case No. A-32-5583/2006-1/78 B. The Insolvency Manager is: Mr. A. Solovtsev Krasnaya Str. 1 Girey Gulkevichskiy Region 352160 Krasnodar Region Russia The Debtor can be reached at: OJSC Bio-Chemical Factory Caucasian Krasnaya Str. 1 Girey Gulkevichskiy Region 352160 Krasnodar Region Russia DIAMAND: Court Names A. Makhov as Insolvency Manager ---------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. A. Makhov as Insolvency Manager for LLC Diamand (TIN 3525122822). He can be reached at: A. Makhov Apartment 7 Svobody Str. 5 Babaevo 162482 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-1484/2005-17. The Debtor can be reached at: LLC Diamand Apartment 7 Svobody Str. 5 Babaevo 162482 Vologda Region Russia EDEL CAPITAL: Fitch Rates US$250 Million Notes at BB ---------------------------------------------------- Fitch Ratings affirmed the BB Senior Secured rating of Edel Capital S.A.'s issue of US$250 million loan participation notes due 2015. The agency does not assign a rating to the issuer itself or to any affiliated entities. The notes are guaranteed both by OJSC Svyazinvestneftekhim and the Republic of Tatarstan. The Republic of Tatarstan has issued a guarantee to the amount of RUB13 billion to support the issue. Due to this legally binding and unconditional guarantee, Fitch aligns Edel's issue rating equal to that of the Republic. The agency therefore notes that any changes in the Republic's rating would affect that of Edel's loan participation notes. Fitch also takes comfort from the fact that under the terms of the loan participation notes agreement, SINEK is required to hold one semi-annual interest payment of US$9.6 million as collateral at Dresdner bank until August 2015. SINEK is a 100% state-owned corporate vehicle of the Republic of Tatarstan in the Russian Federation. It was founded in April 2003 as a holding company for the Republic's equity participation in various companies located within the Republic with the intention of providing it with access to international capital markets. The investment portfolio had a value of approximately US$4.3 billion as of December 2005. SINEK is deemed an investment company and its audited financial statements are prepared in accordance with US GAAP. Its' main source of cash flow is dividends received from its four key investments: Tatneft ('B' Outlook Stable/'B'), Nizhnekamskneftekhim ('B+' Outlook Stable/'B'), Kazanorgsintez ('B' Outlook Stable/'B') and Tattelecom) in its portfolio of 20 companies, which represent around 97% of declared dividends. EDELVEYS-TRANS: Court Appoints V. Sulimov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Khabarovsk Region appointed Mr. V. Sulimov as Insolvency Manager for CJSC Edelveys-Trans (TIN 2721083864). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-10223/2005-38. The Debtor can be reached at: CJSC Edelveys-Trans Apartment 1 Mukhina Str. 8 680000 Khabarovsk Region Russia GALICH-STROY: Court Appoints S. Bondarev as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Kostroma Region has appointed Mr. S. Bondarev as Insolvency Manager for OJSC Galich-Story. He can be reached at: S. Bondarev Sovetskaya Str. 97-104 156005 Kostroma Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A31-9687/05-18. The Debtor can be reached at: OJSC Galich-Stroy Gladysheva Str. 11 Galich 157202 Kostroma Region Russia IZMALKOVSKIY: Court Appoints S. Lebedev as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Lipetsk Region appointed Mr. S. Lebedev as Insolvency Manager for OJSC Butter-Making Plant Izmalkovskiy (TIN 4809001693). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A36-3649/2005. The Debtor can be reached at: OJSC Butter-Making Plant Izmalkovskiy Oktyabrskaya Str. 13 Izmalkovo Lipetsk Region Russia KRAN-SPETS-BUR-MASH: G. Chmutina to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Amur Region appointed Ms. G. Chmutina as Insolvency Manager for OJSC Shimanovskiy Engineering Plant Kran-Spets-Bur-Mash. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A04-1692/05-6/174 B. The Debtor can be reached at: OJSC Shimanovskiy Engineering Plant Kran-Spets-Bur-Mash Shimanovsk, Plekhanova Str. 2. 676307 Amur Region Russia KRASNINSKIY BEER-TINNED: Y. Serdyukov to Manage Assets ------------------------------------------------------ The Arbitration Court of Lipetsk Region appointed Mr. Y. Serdyukov as Insolvency Manager for LLC Krasninskiy Beer-Tinned Factory (TIN 481001987). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A36-3891/2005. The Debtor can be reached at: LLC Krasninskiy Beer-Tinned Factory Pivzavodskaya Str. Krasnoye Krasninskiy Region 399000 Lipetsk Region Russia MUKOMOL: Court Names Mr. K. Garkanov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Samara Region appointed Mr. K. Garkanov as Insolvency Manager for OJSC Mukomol. He can be reached: K. Garkanov Post User Box 4166 443110 Samara Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-35021/2005. The Debtor can be reached at: OJSC Mukomol Zalivnoy Bogatovskiy Region 446638 Samara Region Russia LISKINSKIY: Court Appoints S. Bykhanov as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Voronezh Region appointed Mr. S. Bykhanov as Insolvency Manager for OJSC Meat Combine Liskinskiy (TIN 3652000947). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-21484/2005-163a/16b. The Debtor can be reached at: OJSC Meat Combine Liskinskiy Kommunisticheskaya Str. 90 Liski Voronezh Region Russia RUSSIAN INSURANCE: Fitch Rates Insurer Financial Strength at B -------------------------------------------------------------- Fitch Ratings placed Russian Insurance Centre an International Insurer Financial Strength rating of B and a National IFS rating of BBB-. The Outlook is Stable. The ratings reflect RIC's acceptable capitalization, its solid track record of profitability, reflecting a few claims on the military/space business and its strong market position as a provider of insurance coverage for the Russian defense and space industries. Fitch considers RIC has developed strong underwriting expertise within its specialist business niche. Offsetting these positive factors are significant investment credit risks, a significant degree of business concentration risk, both in terms of industry and client, and relatively low overall balance sheet liquidity. There are also significant reinsurance/retrocession exposure for risks placed locally and somewhat limited underwriting controls on inward reinsurance. Although occupying an important niche market position, RIC has a relatively small size overall, with 2005 year-end total assets of RUR2.2 billion and 2005 gross premium volumes of RUR1.9 billion. Underwriting profitability has been an overall strength, with the 2005 combined ratio remaining profitable at 77% (compared with 63% in 2004). However, Fitch has expressed some concern regarding the loss ratios recorded on the inwards reinsurance business. Investment returns were modest, falling to 5% in 2005 from 10% in 2004. Overall balance sheet liquidity appears low, reflecting the presence of large loans to related parties, mainly relating to real estate. The availability of significant reinsurance support from a range of Russian and international reinsurance companies has been a key aspect of the company's development. However, given the large proportion of business ceded, Fitch considers that reinsurance credit issues have an important bearing on the ratings. Established in 1992 and headquartered in Moscow, RIC has 11 regional offices and employs 170 people. It has three key business segments, which together account for approximately 90% of total business: military equipment, space risks and various risks under export-oriented inter-state contracts largely referred by Rosoboronexport. RIC serves about 1,250 defense industry companies, though 65% of premiums for 2005 were originated from 10 defense/space clients. The company's position in the military and space markets relies on the excellent business contacts it has built up and on the unique experience of RIC's underwriting team. STAVROPOL-TRANS-METAL: Court Names Y. Karpenko to Manage Assets --------------------------------------------------------------- The Arbitration Court of Stavropol Region appointed Mr. Y. Karpenko as Insolvency Manager for CJSC Stavropol-Trans-Metal. He can be reached at: Y. Karpenko Office 4 Lermontova Str. 343 Stavropol Region Russia Tel/Fax: (8652) 37-16-92 37-16-93 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-266/05-S5. The Debtor can be reached at: CJSC Stavropol-Trans-Metal Dovatortsev Str. 52. Stavropol Region Russia TATNEFT: Board Approves Stock & ADR Delisting From NYSE ------------------------------------------------------- OAO Tatneft's Board of Directors approved on June 30 the delisting of the company's ordinary shares and American depositary receipts from the New York Stock Exchange. Subsequently, the Board approved the filing of post-effective amendment to the Registration Statement on Form F-6 in connection with the termination of registration of all ADRs that have been registered but not yet issued by the depositary with the SEC. The Board also agreed to the proposed amendments to the deposit agreement with the Bank of New York and to enter into an additional deposit agreement with the bank of New York with respect to the establishment of new deposit facility. Headquartered in Tatarstan, Russia, OAO Tatneft -- http://www.tatneft.ru/eng/-- is a vertically integrated oil company being one of the major companies in the Russian fuel and energy complex. Tatneft is a holding company whose assets include an oil-and-gas producing complex, oil and gas processing facilities and petrochemical facilities. It specializes in the sales of oil products and petrochemical products, as well as banking, insurance and service companies. * * * As reported in TCR-Europe on April 18, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on Russia-based oil company Tatneft OAO on CreditWatch with negative implications, due to a continuing lack of consistent information on the company's financial position. "The CreditWatch placement reflects Tatneft's substantial delays in publishing audited accounts under U.S. GAAP for 2004 and subsequent delays in filing its annual report on Form 20-F for 2004 with the SEC," said Standard & Poor's credit analyst Tatiana Kordyukova. "It also takes into account a lack of reliable updated information on the company's interim performance and a lack of clarity regarding the company's major investments plans, as well as Tatneft's very weak reporting discipline and corporate governance practices." TATSINSK-SEL-KHOZ-KHIMYA: Court Names N. Lemaev to Manage Assets ---------------------------------------------------------------- The Arbitration Court of Rostov Region appointed Mr. N. Lemaev as Insolvency Manager for OJSC Tatsinsk-Sel-Khoz-Khimya (TIN 6134000388). He can be reached at: N. Lemaev Tatsinskaya St. Vostchnyj Per. 7 347060 Rostov Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-27014/05-S2-30. The Debtor can be reached at: OJSC Tatsinsk-Sel-Khoz-Khimya Tatsinskaya St. Vostchnyj Per. 7 347060 Rostov Region Russia TNK-BP FINANCE: Fitch Rates Benchmark Notes Issue at BB+ -------------------------------------------------------- Fitch Ratings placed an expected senior unsecured rating of BB+ to TNK-BP Finance S.A.'s benchmark issue under its US$5 billion guaranteed debt issuance program currently rated BB+. Under the terms of the securities, noteholders will rely on a senior unsecured guarantee of TNK-BP International Ltd. for repayment. The issue amount will be disclosed later. The final rating is contingent upon receipt of final documents conforming to information already received. TNK-BP International Ltd. is Russia's third-largest oil company by production, active in exploration and production, as well as refining, wholesale and retail distribution. Crude oil production was around 1.58 million barrels per day in 2005. TOTMA-WOOD-EXPORT: Court Names A. Prokofyev Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. A. Prokofyev as Insolvency Manager for OJSC Totma-Wood-Export. He can be reached at: A. Prokofyev Post User Box 163 160000 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-7419/2005-22. The Debtor can be reached at: OJSC Totma-Wood-Export Sadovaya Str. 2. Totma 161300 Vologda Region Russia =========== T U R K E Y =========== AKBANK T.A.S.: Fitch Keeps Ratings at Low-B on Good Performance --------------------------------------------------------------- Fitch Ratings affirmed Turkey-based Akbank T.A.S.' foreign currency Issuer Default rating at BB- and local currency IDR at BB+. The Outlook is Positive. At the same time, the agency affirmed the Short-term foreign and local currency ratings at B, Individual rating at C, Support rating at 4 and National Long- term rating at AA. The Outlook on the National rating is Stable. Akbank's local currency IDR at BB+ is above the sovereign rating of BB-, reflecting the bank's systemic importance, improved lending and deposit market share and intrinsic financial strength. The bank has historically had conservative management, stable funding and a sound balance sheet. These factors are balanced by rapid loan growth over the past two years that resulted in adverse trends in capital and asset quality and a still high proportion of government securities. The bank recorded a 45% increase in net income in 2005, benefiting from the absence of an inflationary adjustment; however, operating results were flat. While cash loans expanded 72% with small business and consumer credit up 86%, non- performing loans worsened slightly to 1.55% of loans. Akbank is core-funded but has become more reliant on short-term bank deposits and borrowings. Once boasting strong capital, the bank's total capital ratio has diminished to 21.89% at end-2005, due in part to a share buyback and strong loan growth. Fitch anticipates that this declining trend will continue during 2006, albeit less rapidly, and the agency considers that Akbank's capitalization is sound. Akbank is Turkey's second-largest private commercial bank and provides retail, corporate, international and private banking services through a wide network of branches. It was incorporated in 1948 and is majority-owned by the Sabanci Group, one of Turkey's largest and most diverse industrial-financial conglomerates. FINANSBANK A.S.: Stake Sale Prompts Fitch to Affirm Ratings ----------------------------------------------------------- Fitch Ratings affirmed Turkey-based Finansbank A.S.'s ratings at foreign currency Issuer Default BB-, Short-term foreign and local currency B and Individual C/D. The Outlook on the foreign currency Issuer Default rating is Positive. At the same time, Fitch is keeping the bank's local currency IDR BB-, National Long-term A and Support 4 ratings on the Rating Watch Positive. The RWP was initiated following the announcement on April 3 from National Bank of Greece that is planning to acquire a 46% controlling stake in the bank. FB's IDRs, Short-term and Individual ratings reflect its above- average earnings and improved franchise. These are balanced by rapid loan portfolio growth as well as slippage in asset quality and capital indicators. The recent deterioration in the Turkish financial markets, including higher interest rates and diminished value of the Lira, is unlikely to adversely affect FB's ratings. The RWP reflects the operational and financial benefits that Finansbank is expected to receive from NBG, pending the successful completion of the acquisition. FB will represent approximately 20% of consolidated assets and will be by far the parent's most important operation. The RWP will be resolved upon the completion of the acquisition, expected in Q306. FB is 56%-owned by the Fiba Group with the remainder publicly- traded. The bank was Turkey's fifth-largest private bank at end- 2005. ============= U K R A I N E ============= CHERKASSYTRANSKONTRAKT: Oleksandr Demchuk to Liquidate Assets ------------------------------------------------------------- The Economic Court of Cherkassy Region appointed Oleksandr Demchuk as Liquidator/Insolvency Manager for Trade-Production Complex Cherkassytranskontrakt (code EDRPOU 25583540). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 4. The case is docketed under Case No. 14/2164. The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region Ukraine The Debtor can be reached at: Trade-Production Complex Cherkassytranskontrakt Pasterivska Str. 102/1 18036 Cherkassy Region Ukraine CHERVONIJ METALIST: Court Starts Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on OJSC Chervonij Metalist (code EDRPOU 00165706). The case is docketed under Case No. 7/27-06. The Temporary Insolvency Manager is: Yevgen Kornilov Chervonozavodska Str. 5 Konotop 41600 Sumi Region Ukraine The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: OJSC Chervonij Metalist Chervonozavodska Str. 5 Konotop 41600 Sumi Region Ukraine EKSPLERENT: Dnipropetrovsk Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on LLC Industrial-Production Association Eksplerent (code EDRPOU). The case is docketed under Case No. B 29/16/06. The Temporary Insolvency Manager is: Yurij Saluk a/b 3244 49055 Dnipropetrovsk Region Ukraine The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Industrial-Production Association Eksplerent Obruchev Str. 17 49005 Dnipropetrovsk Region Ukraine EKOGIPS: Court Names D. Desov to Liquidate Assets ------------------------------------------------- The Economic Court of Odessa Region appointed Mr. D. Desov as Liquidator/Insolvency Manager for LLC Ekogips (code EDRPOU 31595662). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 11. The case is docketed under Case No. 2/116-06-4059. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 Odessa Region Ukraine The Debtor can be reached at: LLC Ekogips Kosmonavtiv Str. 32 Odessa Region Ukraine HERSON' AUTO-UNIT: Herson Court Freezes Debt Payment ---------------------------------------------------- The Economic Court of Herson Region ordered a moratorium on satisfaction of creditors' claims and commenced bankruptcy supervision procedure on Herson' Auto-Unit Plant (code EDRPOU 22759665) on April 20. The case is docketed under Case No. 12/62-B-06. The Temporary Insolvency Manager is: Leonid Galka 2nd Floor Vijskovij Avenue 6 73000 Herson Region Ukraine The Economic Court of Herson Region is located at: Gorkij Str. 18 73000 Herson Region Ukraine The Debtor can be reached at: Herson' Auto-Unit Plant Tiraspilska Str. 1 73000 Herson Region Ukraine KREMIN-BUDSERVIS: Poltava Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Economic Court of Poltava Region commenced bankruptcy supervision procedure on LLC Kremin-Budservice (code EDRPOU 33510156). The case is docketed under Case No. 20/31. The Temporary Insolvency Manager is: Roman Venglovskij Gonta Str. 92 10014 Zhitomir Region Ukraine The Economic Court of Poltava Region is located at: Zigina Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: LLC Kremin-Budservis Gagarin Str. 30/65 Kremenchuk 39600 Poltava Region Ukraine MICHURINSKE: Sumi Court Names Yevgen Chuprun as Liquidator ---------------------------------------------------------- The Economic Court of Sumi Region appointed Yevgen Chuprun as Liquidator/Insolvency Manager for LLC Michurinske (code EDRPOU 31389550). He can be reached at: Yevgen Chuprun Room 49-A Petropavlivska Str. 74 Sumi Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 7/17-06. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Michurinske Radyanska Str. Shevchenkove Gluhiv District 41451 Sumi Region Ukraine MLINIV' BUTTER-CHEESE: Court Names Cherevatij Lubomir Liquidator ---------------------------------------------------------------- The Economic Court of Rivne Region appointed Cherevatij Lubomir as Liquidator/Insolvency Manager for OJSC Mliniv' Butter-Cheese Plant (code EDRPOU 00446948). He can be reached at: Cherevatij Lubomir a/b 10296 Gorodotska Str. 277 79022 Lviv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 11. The case is docketed under Case No. 8/24. The Economic Court of Rivne Region is located at: Yavornitski Str. 59 33001 Rivne Region Ukraine The Debtor can be reached at: OJSC Mliniv' Butter-Cheese Plant Narodna Str. 5 Mliniv Rivne Region Ukraine MEGA-OPT: Herson Court Begins Bankruptcy Supervision ---------------------------------------------------- The Economic Court of Herson Region commenced bankruptcy supervision procedure on LLC MEGA-OPT (code EDRPOU 31047489) on April 27. The case is docketed under Case No. 12/70-B-06. The Temporary Insolvency Manager is: Tetyana Paseka a/b 32 73000 Herson Region Ukraine Tel: 8 (0552) 26-62-62 8 (050) 396-58-05 The Economic Court of Herson Region is located at: Gorkij Str. 18 73000 Herson Region Ukraine The Debtor can be reached at: LLC Mega-Opt Promislova Str. 1-a Tsurupinsk 73000 Herson Region Ukraine NOVOARHANGELSKE: Kirovograd Court Begins Bankruptcy Supervision --------------------------------------------------------------- The Economic Court of Kirovograd Region commenced bankruptcy supervision procedure on Agricultural LLC Novoarhangelske (code EDRPOU 31871364). The case is docketed under Case No. 10/50. The Temporary Insolvency Manager is: Vadim Hristenko 25028 Kirovograd Region Ukraine Geroiv Stalingradu Str. 4/9 The Economic Court of Kirovograd Region is located at: Lunacharski str. 29 25022 Kirovograd Region Ukraine The Debtor can be reached at: Agricultural LLC Novoarhangelske Lenin Str. 119 Novoarhangelsk 26100 Kirovograd Region Ukraine PEREKOPSKIJ: Vyacheslav Nikonov to Manage Insolvency Assets ----------------------------------------------------------- The Economic Court of AR Krym Region appointed Vyacheslav Nikonov as Liquidator/Insolvency Manager for Agricultural LLC Perekopskij (code EDRPOU 00854162). He can be reached at: Vyacheslav Nikonov Kiyivska Str. 62/1 Simferopol 95043 AR Krym Region Ukraine Tel/Fax: (0652) 54-64-97 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 27. The case is docketed under Case No. 2-29/296-2006. The Economic Court of AR Krym Region is located at: Karl Marks Str. 18 Simferopol 95000 AR Krym Region Ukraine The Debtor can be reached at: Agricultural LLC Perekopskij Kalinin Str. 2-a Tsilinne Dzhankoj District AR Krym Region Ukraine TAMARA: Court Appoints Ludmila Zayikina as Insolvency Manager ------------------------------------------------------------- The Economic Court of Donetsk Region appointed Ludmila Zayikina as Liquidator/Insolvency Manager for LLC Tamara (code EDRPOU 13533181). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 11. The case is docketed under Case No. 42/54 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Tamara Miru Str. 12/95 Mikolayivka 84180 Donetsk Region Ukraine YAMPIL' MECHANICAL: Court Names Oleksij Sisoyev as Liquidator ------------------------------------------------------------- The Economic Court of Sumi Region appointed Oleksij Sisoyev as Liquidator/Insolvency Manager for OJSC Yampil' Mechanical Plant (code EDRPOU 14010479). The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 20. The case is docketed under Case No. 7/60. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: OJSC Yampil' Mechanical Plant 50 Rokiv SRSR Str. 2 Yampil 41220 Sumi Region Ukraine =========================== U N I T E D K I N G D O M =========================== AKRON INDUSTRIAL: Taps Begbies Traynor as Joint Administrators -------------------------------------------------------------- Michael Francis Stevenson and Julie Anne Palmer of Begbies Traynor were appointed joint administrators of Akron Industrial Machinery Limited (Company Number 03027995) on May 31. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Akron Industrial Machinery Limited can be reached at: 107B Hurn Airport Dorset BH23 6NW United Kingdom Tel: 01202 580 800 Fax: 01202 593 010 ARRAN CORPORATE: Moody's Rates Six Note Classes at Low-B -------------------------------------------------------- Moody's Investors Service assigned ratings to these instruments issued by Arran Corporate Loans No.1 B.V.: -- GBP605,550,000 Class A1 Secured Floating Rate Notes due 2025: Aaa; -- EUR1,025,200,000 Class A2 Secured Floating Rate Notes due 2025: Aaa; -- US$2,860,000,000 Class A3 Secured Floating Rate Notes due 2025: Aaa; -- GBP90,500,000 Class B1 Secured Floating Rate Notes due 2025: Aa2; -- EUR110,000,000 Class B2 Secured Floating Rate Notes due 2025: Aa2; -- US$73,000,000 Class B3 Secured Floating Rate Notes due 2025: Aa2; -- GBP26,250,000 Class C1 Secured Floating Rate Notes due 2025: A2; -- EUR38,000,000 Class C2 Secured Floating Rate Notes due 2025: A2; -- GBP42,500,000 Class D1 Secured Floating Rate Notes due 2025: Baa2; -- EUR50,000,000 Class D2 Secured Floating Rate Notes due 2025: Baa2; -- GBP39,250,000 Class E1 Secured Floating Rate Notes due 2025: Ba2; -- EUR38,000,000 Class E2 Secured Floating Rate Notes due 2025: Ba2; -- US$28,000,000 Class E3 Secured Floating Rate Notes due 2025: Ba2; -- GBP70,500,000 Class F1 Secured Floating Rate Notes due 2025: B2; -- EUR10,000,000 Class F2 Secured Floating Rate Notes due 2025: B2; and -- B2 to the US$ 5,000,000 Class F3 Secured Floating Rate Notes due 2025: B2. The ratings of the notes are based upon: -- an assessment of the credit quality of the underlying entities; -- the loss protection provided by the subordination of the more junior ranking classes of notes issued by Arran Corporate Loans No.1 B.V.; -- the protection against losses provided by the first loss, the excess spread and the reserve account; and -- the legal and structural integrity of the transaction. Arran Corporate Loans No.1 B.V. is a fully funded synthetic transaction arranged by the Royal Bank of Scotland plc, in which investors are exposed to the credit risk related to a portfolio of loans extended by RBS to U.K. medium and large companies. The credit risk transferred by the Royal Bank of Scotland plc through this transaction is related to a total portfolio of GBP3.5 billion. This reference pool is made up initially of 127 separate obligors. Throughout the 12-month revolving period, RBS can replenish the portfolio subject to satisfying certain criteria, including a Moody's CDOROM test. BELVOIR DESIGNS: Names Allan Watson Graham as Administrator ----------------------------------------------------------- Allan Watson Graham of KPMG LLP was appointed administrator of Belvoir Designs Ltd (Company Number 04691452) on June 7. KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. Belvoir Designs Ltd can be reached at: Unit B Long Eaton Trade Centre 52-56 Nottingham Road Long Eaton Nottingham NG10 2AU United Kingdom Tel: 0115 946 2111 CLINICAL DATA: Deloitte & Touche Raises Going Concern Doubt ----------------------------------------------------------- Deloitte & Touche LLP expressed substantial doubt about Clinical Data Inc.'s ability to continue as a going concern after auditing the Company's financial statements for the fiscal years ended March 31, 2006 and 2005. The auditing firm pointed to the Company's accumulated deficit, negative cash flows from operations and the expectation that the Company will continue to incur losses in the future. Clinical Data, incurred a US$50.9 million net loss for the year ended March 31, 2006, compared to US$3.3 million of net income earned in the prior year. Total revenue for the year ended March 31, 2006, increased 22% to US$68.8 million as compared to US$56.4 million in fiscal 2005. The increase was primarily due to the inclusion of operating results for Genaissance Pharmaceuticals Inc. and Icoria Inc. from the dates of their acquisition. Genaissance was acquired in October 2005 and Icoria was acquired in December 2005. At March 31, 2006, the Company's balance sheet showed US$108.2 million in total assets and US$48.3 million in total liabilities, resulting in a stockholders' equity of US$59.7 million. A full-text copy of the Company's annual report is available for free at http://researcharchives.com/t/s?d21 About Clinical Data Clinical Data, Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- is a worldwide leader in providing comprehensive molecular and pharmacogenomics services as well as genetic tests to improve patient care. The Company, founded in 1972, is organized under three worldwide divisions segmented by service offerings and varying client constituents: PGxHealth(TM); Cogenics(TM); and Vital Diagnostics(TM). Clinical Data currently employs a staff of over 430. The Company is headquartered in Newton, Massachusetts with operations in Texas, Connecticut, RTP - North Carolina, Rhode Island, and California as well as internationally in the UK, France, the Netherlands, Italy and Australia. CLINICAL DATA: Eyes US$17 Million Private Equity Placement ---------------------------------------------------------- Clinical Data Inc. has entered into definitive agreements with certain institutional and other accredited investors with respect to the private placement of 1,039,783 shares of newly issued common stock, and warrants to purchase 519,889 shares of common stock, for a total purchase price of approximately US$17 million. "This transaction enhances Clinical Data's capacity to deliver shareholder value," said company President and CEO Drew Fromkin. "We believe the additional capital will strengthen our ability to advance our key initiatives: commercializing molecular diagnostics designed to improve patient outcomes; continuing the Phase III clinical development of Vilazodone, the Company's novel dual-mechanism antidepressant, while moving to spin off Vilazodone into Precigen Therapeutics; and enhancing our genetic services and analysis business while continuing to position the Vital Diagnostics division as a leader in its space." Gross proceeds from this financing will be used for general working capital purposes, executing the Company's previously announced restructuring activities, and launching its proprietary clozapine-induced agranulocytosis and warfarin response tests. Management also anticipates pursuing new product initiatives through the development and in-licensing of clinically relevant biomarkers in several therapeutic classes. About Clinical Data Clinical Data, Inc. -- http://www.clda.com/-- is a worldwide leader in providing comprehensive molecular and pharmacogenomics services as well as genetic tests to improve patient care. The Company, founded in 1972, is organized under three worldwide divisions segmented by service offerings and varying client constituents: PGxHealth(TM); Cogenics(TM); and Vital Diagnostics(TM). Clinical Data currently employs a staff of over 430. The Company is headquartered in Newton, Massachusetts with operations in Texas, Connecticut, RTP - North Carolina, Rhode Island, and California as well as internationally in the UK, France, the Netherlands, Italy and Australia. * * * Going Concern Doubt Deloitte & Touche LLP expressed substantial doubt about Clinical Data, Inc.'s ability to continue as a going concern after auditing the Company's financial statements for the fiscal years ended March 31, 2006 and 2005. The auditing firm pointed to the Company's accumulated deficit, negative cash flows from operations and the expectation that the Company will continue to incur losses in the future. CURTIS ENGINEERS: Taps Richard Ian Williamson as Administrator -------------------------------------------------------------- Richard Ian Williamson of Campbell Crossley and Davis was appointed administrator of Curtis Engineers Limited (Company Number 00305345) on June 7. The administrator can be contacted at: Campbell Crossley & Davis 348-350 Lytham Road Blackpool Lancashire FY4 1DW United Kingdom Tel: 01253 349331 Fax: 01253 349435 E-mail: ian.williamson@crossleyd.co.uk Curtis Engineers Limited can be reached at: Bradshaw Street Heywood Lancashire OL10 1PL United Kingdom Tel: 01706 360 551 Fax: 0161 220 8262 DOVEDALE FINANCE: Moody's Rates Class C Notes at Ba2 ---------------------------------------------------- Moody's Investors Service assigned definitive long-term credit ratings to these classes of Notes issued by Dovedale Finance No.1 P.L.C.: -- GBP2,500,000 Class A1 Notes due 2038: A1; -- EUR14,000,000 Class A2 Notes due 2038: A1; -- GBP4,000,000 Class B1 Notes due 2038: Baa2; -- EUR47,500,000 Class B2 Notes due 2038: Baa2; -- GBP14,500,000 Class C1 Notes due 2038: Ba2; and -- EUR55,500,000 Class C2 Notes due 2038: Ba2. The Notes are protected by a Threshold amount of GBP31.62 million. The ratings assigned take into account the credit risk associated with the Credit Default Swap and the legal and structural integrity of the transaction. This is a synthetic transaction, where investors take the credit risk on the Issuer Reserve Funds on seven underlying Leek transactions, which are securitization of U.K. non conforming mortgage loans originated by Platform Funding Limited, Kensington Mortgage Company Limited, Advance Home Loans Limited, Equfund Limited, Genesis Home Loans PLC, Grosvenor Home Loans Limited, Flagship Homeloans Limited, Citibank International plc, The Money Store Limited, Southern Pacific Mortgage Limited and Mortgage Agency Services Number One Limited. The servicing of the mortgages has been delegated to Western Mortgage Services Limited, a wholly owned subsidiary of Britannia Building Society. Concurrently with the issuance of the Notes the Issuer will, on the Closing Date, enter into the CDS with Britannia Building Society in its role as Credit Default Swap Counterparty. In return for periodic payments of Swap Premium by the Credit Default Swap Counterparty, the Issuer will be liable to pay Credit Protection Payments to the Credit Default Swap Counterparty upon the occurrence of a Credit Event with respect to the underlying Leek Reserve Funds. A Credit Event will occur if on a final repayment date the total amount available to repay a subordinated loan of the underlying Leek transaction plus ultimate deferred consideration amount is less than the aggregate of the subordinated loan principal and the ultimate deferred consideration amount. The transaction benefits from the Threshold Amount, which is initially 23.71% of the total reference pool of Leek subordinated loans and ultimate deferred consideration amounts. Upon the final repayment date of a Leek transaction the Threshold amount will decrease with the maximum of the Transaction Specific Threshold amount of that relevant transaction and the credit event amount, if any, subject to a minimum of zero. Unless and until a Credit Event Amount exceed the Threshold Amount, no Credit Protection Payments will be payable by the Issuer. The underlying transactions are Leek Finance Number Ten PLC, Leek Finance Number Eleven PLC, Leek Finance Number Twelve PLC, Leek Finance Number Fourteen PLC, Leek Finance Number Fifteen PLC, Leek Finance Number Sixteen PLC and Leek Finance Number Seventeen PLC. The ratings assigned to the Dovedale Notes may experience greater volatility than other U.K. Non-conforming RMBS as the assets backing the Dovedale transaction are first loss pieces. The underlying reserve funds are therefore exposed to any change in the performance of the collateral of the underlying transactions. However, the underlying transactions are currently performing in line with expectations and the pools benefit from significant amounts of seasoning. Britannia, the seller and originator of the underlying mortgage assets is currently rated A2/Prime-1. Moody's ratings of each of the Notes address the expected loss posed to investors by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. FAIRCHILD LIMITED: Hires Administrators from Smith & Williamson --------------------------------------------------------------- Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith & Williamson Limited were appointed joint administrators of Fairchild Limited (Company Number 2350058) on June 1. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Headquartered in Southampton, United Kingdom, Fairchild Ltd is engaged in hardware consultancy and other computer related activities. FOWKES TOURS: Financial Woes Trigger Liquidation ------------------------------------------------ Fowkes Tours Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Richard John Elwell of Elwell Watchorn & Saxton LLP was appointed Liquidator. Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/-- provides insolvency and recovery services. The firm's partners have considerable expertise in all formal areas of insolvency, both corporate and personal and have been offering turnaround advice without the need for formal insolvency. Fowkes Tours Limited can be reached at: 220 Whitehill Road Ellistown Coalville Leicestershire LE671EQ United Kingdom Tel: 01530 260 350 G M CONSTRUCTION: Taps David R. Acland to Liquidate Assets ---------------------------------------------------------- David R. Acland of Begbies Traynor was appointed Liquidator after creditors decided to wind up the company's operations on April 6. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. G M Construction Limited can be reached at: Quaker Lodge Sidgreaves Lane Lea Town Preston PR4 0RD United Kingdom Tel: 01772 733 108 GENERAL MOTORS: Board to Discuss Renault-Nissan Venture Friday -------------------------------------------------------------- General Motors Corp.'s Board of Directors will resume talks this week on the proposed alliance with Renault SA and Nissan Motor Co. put forward by Kirk Kerkorian, Bloomberg News reports citing people familiar with the matter as its source. According to Bloomberg, the board will use a scheduled conference call on July 7 to review Mr. Kerkorian's proposal. 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 Nissan-Renault board -- headed by Chairman, President and CEO, Carlos Ghosn -- has approved opening talks over the potential alliance with GM if the U.S. automaker supports and endorses the proposal made by its shareholders. Nissan's Board has delegated all the necessary powers to Mr. Ghosn to conduct any discussions and negotiations on the possible venture. As reported in TCR-Europe yesterday, Mr. Kerkorian -- who owns 9.9% equity stake in GM through his investment firm Tracinda Corp -- 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 proposed US$3-billion transaction. 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, 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. As reported in the Troubled Company Reporter on June 22, 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, 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. HOLDSWORTH 4x4: Creditors Resolve to Liquidation ------------------------------------------------ Creditors of Holdsworth 4x4 Limited resolved to liquidate the company's assets during an extraordinary general meeting on April 10. Subsequently, Stephen L. Conn was appointed Liquidator. The company can be reached at: Holdsworth 4x4 Limited Unit 10 Pentraeth Gwynedd LL758LJ United Kingdom Tel: 01248 450 002 Fax: 01248 450 194 Web: http://www.holdsworth4x4.co.uk/ INCO LTD: European Commission Clears Falconbridge Acquisition ------------------------------------------------------------- The proposed acquisition of Falconbridge Limited by Inco Limited has received clearance from the European Commission. Inco satisfied the final outstanding regulatory condition to the acquisition, and Falconbridge shareholders may tender their shares to Inco's enhanced offer, which expires on July 13, 2006. The Board of Directors of Falconbridge has recommended the Inco offer to Falconbridge shareholders. The regulatory clearance, set forth in a decision issued by the Commission, is structured on the same remedy agreed upon with the U.S. Department of Justice. This remedy is outlined in the Troubled Company Reporter on June 8. About Falconbridge Headquartered in Toronto, Ontario, Falconbridge Limited (TSX:FAL) (NYSE:FAL) -- http://www.falconbridge.com/-- is a leading copper and nickel company with investments in fully integrated zinc and aluminum assets. Its primary focus is the identification and development of world-class copper and nickel orebodies. It employs 14,500 people at its operations and offices in 18 countries. The Company owns nickel mines in Canada and the Dominican Republic and operates a refinery and sulfuric acid plant in Norway. It is also a major producer of copper (38% of sales) through its Kidd mine in Canada and its stake in Chile's Collahuasi mine and Lomas Bayas mine. Its other products include cobalt, platinum group metals, and zinc. About Inco Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) -- http://www.inco.com/-- is the world's #2 producer of nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the UK. * * * Inco Limited's 3-1/2% Subordinated Convertible Debentures due 2052 carry Moody's Investors Service's Ba1 rating and Standard & Poor's BB+ rating. J. AND J. LEVY: Creditors Pass Winding Up Resolution ---------------------------------------------------- Creditors of J. and J. Levy Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 12. Timothy John Hargreaves of T H Associates was nominated Liquidator. The company can be reached at: J.and J. Levy Limited 93 Commercial Square Leicester LE2 7SR United Kingdom Tel: 0116 255 5893 Fax: 0116 285 4351 LCR CLINIC: Hires Liquidator from Carter Clark ---------------------------------------------- LCR Clinic Limited is liquidating its assets after creditors opted to wind up the company on April 12. A. J. Clark of Carter Clark was appointed Liquidator. The company can be reached at: LCR Clinic Limited Lee Associates 5 Southampton Place London WC1A2DA United Kingdom Tel: 020 8985 2020 MIDDLETONS OF AMBLESIDE: Appoints Mazars LLP as Administrators -------------------------------------------------------------- Robert David Adamson and Paul Charlton of Mazars LLP were appointed joint administrators of Middletons of Ambleside Limited (Company Number 04422888) on June 8. Mazars LLP -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Middletons of Ambleside Limited can be reached at: Middletons Of Ambleside Compston Road Ambleside Cumbria LA22 9DJ United Kingdom Tel: 015394 321 54 NATIONAL PROVIDENT: Moody's Cuts IFSR to Ba1 & Withdraws Rating --------------------------------------------------------------- Moody's Investors Service concluded its review of the Insurance Financial Strength Ratings on Pearl Assurance plc and National Provident Life Limited. The IFSR of Pearl is confirmed at Baa3 and will be withdrawn, whereas the IFSR of NPL is lowered by one notch to Ba1 and will be withdrawn. Moody's will withdraw these ratings for business reasons. Moody's said that the one notch downgrade of NPL relative to the rating confirmation of Pearl reflected the relative financial strength of the two companies. Pearl has a comparatively good solvency position and a high quality of capital, reflected in a MASC ratio of approximately 1.7x. Conversely, Moody's views NPL's capital position as weak from a U.K. life insurance solvency perspective. NPL has a MASC ratio of around 1.4x on an unadjusted basis. This figure includes credit for a contingent loan arranged to assist with maintaining minimum statutory solvency cover, which has been partly drawn down into the long- term fund. Moody's had previously placed these ratings on review for possible downgrade on Feb. 22, 2005. Pearl Assurance Company and National Provident Life are headquartered in Peterborough, and had total assets as at end 2005 of GBP15.8 billion and GBP10.6 billion respectively. P RUDDIMAN: Taps Begbies Traynor as Administrators -------------------------------------------------- Michael E.G. Saville and Neil Andrew Brackenbury of Begbies Traynor were appointed joint administrators of P. Ruddiman Limited (Company Number 01820709) on June 8. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Huddersfield, United Kingdom, P. Ruddiman Limited manufactures furniture. RANK GROUP: Releases Trading Update for 26-Week to June 25 ---------------------------------------------------------- Rank Group PLC released its trading update for 26-weeks to June 25, 2006. In the Group's Gaming Division, Grosvenor Casinos revenue increased by 8% with admissions up 8% and spend-per-head flat. Mecca Bingo's revenue is down by 1% against the same period last year with a 1% rise in spend-per-head partially off-setting a 2% decline in admissions. The ban on smoking in public places reflects an impact on the group's Scottish clubs, which experienced a 14% decline in revenue from our 14 clubs in Scotland with admissions down by 6% and spend-per-head by 9% reduction. Revenue increased by 8% in Hard Rock's company-operated cafes, with sales of food and beverage up 10% and merchandise ahead by 5%. Total sales for company-operated cafes are ahead by 6%. In addition the franchise royalties and two Hard Rock hotel- casinos operated by the Seminole Tribe of Florida, in Tampa and Fort Lauderdale, generated revenue improvements. Hard Rock has performed strongly as part of The Rank Group and is now entering a new phase of its development as it seeks to expand its business in the restaurant, casino and hotel markets. Accordingly, the Board of Rank has decided to review the potential strategic options for Hard Rock, to assess whether or not Hard Rock should remain part of The Rank Group. Merrill Lynch International has been retained to assist Rank in this review. The Board's intention is to complete the review during the next few months. In March 2006, Rank Group disclosed its intention to return GBP200 million to shareholders through a share buy-back program. As at market close on June 30, 2006, the group purchased and cancelled a total of 45.9 million shares in The Rank Group PLC at a cost of GBP102 million. Headquartered in London, Rank Group PLC -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the TCR-Europe on March 8, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. REFCO INC: Ch. 11 Trustee Says Securities Advisory Panel Formed --------------------------------------------------------------- Marc S. Kirschner, the Chapter 11 trustee of the estate of Refco Capital Markets, Ltd., reports that an RCM Securities Advisory Committee has been formed pursuant to an order by the United States Bankruptcy Court for the Southern District of New York establishing procedures for the sale of a limited amount of securities. The members of the RCM Securities Advisory Committee are: (i) Fintech Advisory Inc.; (ii) IDC Financial S.A.; (iii) RB Securities Limited; and (iv) VR Advisory Services, Ltd. Judge Robert Drain had previously authorized the RCM Trustee to sell securities considered "volatile" for as much as US$150,000,000 of the company's assets to prevent further loss of value. Judge Drain also permitted the sale of holdings valued at less than US$200,000 without additional court approval. All four members of the RCM Securities Advisory Committee assert positions as securities customers, Mark W. Deveno, Esq., at Bingham McCutchen LLP, in New York, relates. Pursuant to the Sale Order, the RCM Securities Advisory Committee was anticipated to include four institutions asserting positions as securities customers and one institution asserting positions as a foreign exchange customer. Mr. Deveno says the RCM Trustee has contacted RCM's foreign exchange customers that were actively involved in the negotiation of the Sale Order, but none of those foreign exchange customers has been willing to serve on the Advisory Committee. The RCM Trustee contemplates allowing foreign exchange customers to designate one party to receive notices of sales and to be authorized to object to sales as if a member of the Advisory Committee, Mr. Deveno adds. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 33; Bankruptcy Creditors' Service, Inc., 215/945- 7000). ROBERT EVERETT: Names Tim Alexander Clunie Liquidator ----------------------------------------------------- Robert Everett Limited is liquidating its assets after creditors agreed to wind up the company on April 7. Tim Alexander Clunie of S G Banister & Co. was appointed Liquidator. The company can be reached at: Robert Everett Limited Haslers Old Station Road Loughton Essex IG104PL United Kingdom Tel: 020 7486 8678 RYACK TRANSPORT: Brings In DTE Leonard as Administrators -------------------------------------------------------- J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed joint administrators of Ryack Transport Limited (Company Number 05346576) on June 12. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Headquartered in Northwich, United Kingdom, Ryack Transport Limited is engaged in transport and haulage. SANDERSON'S REMOVALS: Appoints Kroll as Administrators ------------------------------------------------------ R.A.H. Maxwell and S.C.E. Mackellar of Kroll Limited were appointed joint administrators of Sanderson's Removals (Boston Spa) Limited (Company Number 01388906) on June 12. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in Wetherby, United Kingdom, Sanderson's Removal (Boston Spa) Limited is engaged in storage and warehousing. SKYHAWK AVIATION: Hires SFP as Joint Administrators --------------------------------------------------- Simon Franklin Plant and Daniel Plant of SFP were appointed joint administrators of Skyhawk Aviation Security Limited (Company Number 03906565) on June 8. The administrators can be reached at: SFP 9 Ensign House Admirals Way Marsh Wall London E14 9XQ United Kingdom Skyhawk Aviation Security Limited can be reached at: 2E Strafford Road Hounslow TW3 3EN United Kingdom Tel: 020 8577 6117 SNUGGERS REFURBS: Creditors Confirm Liquidator's Appointment ------------------------------------------------------------ Creditors of Snuggers Refurbs Limited confirmed the appointment of Roderick Graham Butcher of Butcher Woods as Liquidator during an extraordinary meeting on April 12. The company can be reached at: Snuggers Refurbs Limited Unit 14B Midland Road Swadlincote Derbyshire DE1 10AN United Kingdom Tel: 01283 226 221 01283 538 566 Fax: 01283 538 566 Web: http://www.snuggers.co.uk/ UNIQUE PRODUCTIONS: Brings In Liquidator from Langley & Partners ---------------------------------------------------------------- Alan S. Bradstock, of Langley & Partners, was appointed Liquidator after creditors passed a resolution to wind up the company on April 6. The company can be reached at: Unique Productions Ltd 3 Staffa Road London, E10 7QX United Kingdom Tel: 020 8532 8787 WEST'S ENGINEERING: Hires Joint Administrators from DTE ------------------------------------------------------- J.M. Titley and A. Poxon of DTE Leonard Curtis were appointed joint administrators of West's Engineering Design Limited (Company Number 04315337) on June 12. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. WINDERMERE VIII: Fitch Rates GBP24.2-Mln Class E Notes at BB ------------------------------------------------------------ Fitch Ratings assigned expected ratings to Windermere VIII PLC's GBP1,037,790,000 commercial mortgage-backed floating-rate notes due 2015: -- GBP220,000,000 Class A1: AAA; -- GBP558,500,000 Class A2: AAA; -- GBP57,500,000 Class A3: AAA; -- GBP61,500,000 Class B: AA; -- GBP62,000,000 Class C: A; -- GBP54,000,000 Class D: BBB; and -- GBP24,290,000 Class E: BB. The final ratings are contingent on the receipt of final documents conforming to information already received. The expected ratings reflect the credit enhancement provided to each Class by the subordination of Classes junior to it, the positive and negative features of the underlying collateral, and the integrity of the legal and financial structures. They address the timely payment of interest on the notes and the ultimate repayment of principal by final legal maturity in April 2015. This transaction is a securitization of eight loans secured by a portfolio of 52 office properties located in London and across England, Wales and Scotland. The initial weighted average loan- to-value is 74.9%, amortizing to 73.7% at notes' maturity. U.K. government entities account for 20.2% of the passing rent and the Class A1 and Class A2 notes have been "time-tranched", so that the Class A1 will be more sensitive to prepayments and the Class A2 will feature a higher expected average life than the Class A1. Initial credit enhancement for each Class of notes is provided by subordination of those Classes of notes junior to them. Accordingly, the credit enhancement afforded to each Class of notes is: 25% to Class A1 and A2, 19.4% to Class A3, 13.5% to Class B, 7.5% to Class C and 2.3% to Class D. The Class E notes, as first loss piece, do not benefit from any credit enhancement through subordination. Interest on the notes will be paid quarterly in arrears on each payment date, commencing Oct. 15. The notes benefit from a liquidity facility of GBP62.3 million and that reduces in line with the outstanding principal balance or as a result of an appraisal reduction mechanism. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *