/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060711.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 Tuesday, July 11, 2006, Vol. 7, No. 136 Headlines A U S T R I A ALAN: Vienna Court Terminates Case due to Insufficient Funds ARMAN: Insufficient Funds Prompt Court to Terminate Case CLOUD 7: Claims Registration Period Ends July 20 ETI: Claims Registration Period Ends July 20 STOFF TRANSPORTE: Creditors' Meeting Slated for July 20 TDG: Claims Registration Period Ends July 14 F R A N C E GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance TEKELEC: Restates Quarterly Reports for 2005 and 2004 G E R M A N Y AMERICAN-FLEX: Claims Registration Ends August 1 CLEAN POOL: Creditors' Meeting Slated for August 3 DALBKE BAUREGIE: Claims Registration Ends August 1 DELTA AV: Claims Registration Ends August 4 GALA 80: Claims Registration Ends August 2 GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance HYPO REAL: Fitch Keeps Individual Rating at C KHO BAUMASCHINENSERVICE: Claims Registration Ends August 2 KRATZSCH SPIELBETRIEBE: Claims Registration Ends August 1 KRIEG GMBH+CO.: Claims Registration Ends August 2 LANDESBANKS: Fitch Temporarily Uplifts Short-Term Ratings METACON UMWELT: Claims Registration Ends August 2 TERA BAU: Claims Registration Ends July 26 TS CO.MIT: S&P Puts Low-B Ratings to EUR18-Mln Class E & F Notes H U N G A R Y BORSODCHEM RT: Receives Takeover Offer from Kikkolux SARL I T A L Y ALSTOM SA: Inks EUR23-Mln Deal with Vestsjaellands Lokalbaner K A Z A K H S T A N ASOIL: Karaganda Court Opens Bankruptcy Proceedings ATOMNYI ENERGETICHESKY: Mangistau Court Approves Insolvency EIR KAZAKHSTAN: Creditors Must File Claims by July 25 KAZMUNAIGAZ: Creditors Must File Claims by July 25 KSK-95: Creditos Must File Claims by July 25 KURYLYS: Proof of Claim Deadline Slated for July 25 MARIA: Proof of Claim Deadline Slated for July 25 MAULEN-PV: Claims Registration Ends July 25 MONOLITNOYE DOMOSTROENIE: Court Begins Insolvency Proceedings PROMENERGOOBORUDOVANIE: Court Starts Bankruptcy Proceedings STARUVER: Mangistau Court Commences Bankruptcy Proceedings TALPYN: Creditors' Claims Due July 25 URISKY ELEVATOR: Kostanai Court Begins Bankruptcy Proceedings K Y R G Y Z S T A N ISSYK-KUL NARYN: Public Auction Scheduled for July 26 ITIZAM: Creditors Must File Claims by Aug. 25 L U X E M B O U R G NORTEL NETWORKS: Performance Concerns Cues DBRS to Hold Ratings N O R W A Y PETROLEUM GEO-SERVICES: Demerger Spurs Moody's to Lift Outlook R U S S I A ALTAY-VOD-MELIORATION: S. Sokolov to Manage Insolvency Assets AMKODOR: Court Commences Bankruptcy Supervision ANANYEVSKOYE: Bankruptcy Hearing Slated for Sept. 11 BELINSKIY FEED MILL: V. Ratnikov to Manage Insolvency Assets ISETSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision KIMRSKAYA: Tver Court Starts Bankruptcy Supervision KIPELOVSKIYE MEAT: Court Names A. Mansurov as Insolvency Manager KIZELOVSKIY ENGINEERING: Bankruptcy Hearing Slated for Aug. 30 KOTKOZERSKOYE: Court Names A. Klyukin as Insolvency Manager NORTH-WEST: Board Approves Updated 2006 Budget NORTH-WEST: Reviews Composition of Management Board PETROZAVODSKAYA FINANCIAL: E. Otchiev to Manage Assets PSKOVSKOYE TIMBER: A. Dzhamaldaev to Manage Insolvency Assets ROSNEFT OIL: BP Plc Eyes US$2 Billion Stake in IPO RTISHEVSKIY: Court Names Zh. Salina as Insolvency Manager SHULGINSKIY MACADAM: A. Dyagilev to Manage Insolvency Assets * Improved Liquidity Spurs S&P to Lift Tatarstan's Credit Rating * S&P Affirms Stavropol Krai's B Long-Term Issuer Credit Rating S W I T Z E R L A N D X-RITE INC: Completes US$280-Million Amazys Holding Acquisition U K R A I N E CHERNIVTSIMYASOPROMSERVICE: Court Starts Bankruptcy Supervision CITY INVESTING: Court Begins Bankruptcy Supervision KROLEVETS' REPAIR-MECHANICAL: Olga Naumova to Liquidate Assets EKONOVA: Court Names Solskij Volodimir as Insolvency Manager FORSAZH: Court Names Ludmila Zayikina as Liquidator LUGA-COLOR: Lugansk Court Begins Bankruptcy Supervision PYATKIVSKE: Court Commences Bankruptcy Supervision SHPON-VAL: Court Names Andrij Sibal as Insolvency Manager SOFIA: Court Names Dranchenko Valentina as Liquidator UKRAINA: Court Names Viktor Holod to Manage Insolvency Assets VELTAIR: Kyiv Court Names E. Kondra to Liquidate Assets ZVENO: Court Names Marina Muzhdabayeva as Insolvency Manager U N I T E D K I N G D O M 3MB DEVELOPMENTS: Creditors' Meeting Slated for July 14 ACTIS STUDIOS: Hires P&A to Administer Assets AEROTECH WORLD: Brings In Begbies Traynor to Administer Assets ASHTON PACKING: Names Andrew James Nichols as Administrator CAPE PLASTICS: Creditors Pass Winding Up Resolution CASUALS DIRECT: Financial Woes Trigger Liquidation CREATIVE ADVERTISING: Governor Taps Baker Tilly as Receivers D & S TRANSPAK: Bank of Scotland Appoints Kroll as Receivers DRAKE POWER: Taps Lloyd Biscoe to Liquidate Assets ELECTRIC 2000: Appoints David Exell as Liquidator ENRON CORP: Merrill Lynch Agrees to Pay US$29.5-Mln Settlement EVANS BUILDING: Claims Registration Ends Sept. 30 EVERYDAYLIVES LTD: Hires Joint Liquidators from Valentine & Co FINE COLOUR: GE Commercial Taps Receivers from Deloitte & Touche GAINSBOROUGH HOLDINGS: Appoints Grant Thornton as Administrators GBC MANAGEMENT: Brings In Grant Thornton as Administrators GLOBAL TRADE: HSBC Bank Hires Moore Stephens as Receivers GENERAL MOTORS: Planned Alliance Won't Affect Rating, Fitch Says GOLDCREST FURNITURE: Appoints Grant Thornton as Administrators GREENWAYS MEDIA: League Paper Publisher Up for Sale GRENEHURST LTD: Brings In Joint Liquidators from Insol House HEART MEDIA: Creditors Resolve to Liquidation HERBALIFE INT'L: To Undertake Potential Refinancing Deal MAJESTIC ALUMINUM: Names A. Turpin to Liquidator NORTHUMBRIAN INTERIORS: Creditors Opt to Liquidate Assets OFFICE TRADES: Michael Lyon Leads Liquidation Procedure OHN HAMPDEN: Vantis Offers Garment Packaging Business For Sale REFCO INC: Court to Consider Excl. Period Requests on July 20 REFCO INC: U.S. Court Extends Removal Period to Sept. 13 RENAISSANCE GRP: Winds Up Business & Appoints Joint Liquidators RESIDENTIAL MORTGAGE: Moody's Rates GBP16 Million Notes at Ba3 RESIDENTIAL MORTGAGE: Fitch Rates GBP16-Mln Class B2 Notes at BB STENBUY LIMITED: Creditors' Meeting Slated for July 13 SUCCESSFUL SOLUTIONS: Creditors Confirm Liquidator's Appointment T.M. WASTE: HSBC Bank Brings In PKF as Administrative Receivers TEKELEC: Restates Quarterly Reports for 2005 and 2004 THPA FINANCE: S&P Assigns BB Rating to Class C Notes TOWN TYRE: Creditors Nominate Andreas Kakouris as Liquidator USP BRANDS: KPMG Selling Golfing Equipment Distributor WHITE MOSS: Claims Filing Period Ends Sept. 19 * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= ALAN: Vienna Court Terminates Case due to Insufficient Funds ------------------------------------------------------------ The Trade Court of Vienna terminated the bankruptcy proceeding of Construction LLC Alan (FN 057599f) on May 29 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. Headquartered in Vienna, Austria, the Debtor's bankruptcy case (Bankr. Case No. 2 S 24/06a) was removed from (Bankr. Case No. 41 S 110/99x) on March 3. ARMAN: Insufficient Funds Prompt Court to Terminate Case -------------------------------------------------------- The Trade Court of Vienna terminated the bankruptcy proceeding of Trade LLC Arman (FN 123002k) on May 29 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. Headquartered in Vienna, Austria, the Debtor's bankruptcy case (Bankr. Case No. 28 S 12/06b) was removed from (Bankr. Case No. 36 S 5/05f) on March 7. CLOUD 7: Claims Registration Period Ends July 20 ------------------------------------------------ Creditors owed money by LLC Cloud 7 -Tourist Agency (FN 223965k) have until July 20 to file written proofs of claims to court- appointed property manager Georg Unger at: Dr. Georg Unger Mariahilfer Road 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: schulyok-unger@csg.at Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Aug. 3 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on May 29 (Bankr. Case No. 2 S 89/06k). Peter Schulyok represents Dr. Unger in the bankruptcy proceedings. ETI: Claims Registration Period Ends July 20 -------------------------------------------- Creditors owed money by LLC ETI (FN 208593f) have until July 20 to file written proofs of claims to court-appointed property manager Michael Guenther at: Dr. Michael Guenther Seilerstatte 17 1010 Vienna, Austria Tel: 512 57 76 E-mail: office@fg-lawyers.at Creditors and other interested parties are encouraged to attend the meeting on August 3 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on May 29 (Bankr. Case No. 2 S 87/06s). Susanne Fruhstorfer represents Dr. Guenther in the bankruptcy proceedings. STOFF TRANSPORTE: Creditors' Meeting Slated for July 20 ------------------------------------------------------- Creditors owed money by Transport LLC Stoff Transporte (FN 38889s) are encouraged to attend the creditors' meeting at 2:15 p.m. on July 20 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Graz Room 230 Hall L 2nd Floor Graz, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 29 (Bankr. Case No. 25 S 42/06y). Dr. Uwe Niernberger represents the Debtor in the bankruptcy proceedings. The Debtor's representative can be reached at: Dr. Uwe Niernberger 2nd floor Radetzkystrasse 6 8010 Graz, Austria Kurt Klein serves as the court-appointed property manager of the bankrupt estate. Paul Wuntschek represents Mr. Klein in the bankruptcy proceeding. The property manager and his representative can be reached at: Kurt Klein Represented by Dr. Paul Wuntschek LLC Klein, Wuntschek & Partner Kaiser-Franz-Josef-Kai 70 8010 Graz, Austria Tel: 0316/813862 Fax: 0316/813862-2 E-mail: office@klein-wuntschek-partner.at TDG: Claims Registration Period Ends July 14 -------------------------------------------- Creditors owed money by LLC TDG (FN 100880d) have until July 14 to file written proofs of claims to court-appointed property manager Erwin Senoner at: Dr. Erwin Senoner Alser Road 21 1080 Vienna, Austria Tel: 4060551 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 31 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on May 29 (Bankr. Case No. 28 S 35/06k). =========== F R A N C E =========== GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance ---------------------------------------------------------------- The potential three-way alliance between General Motors Co., Nissan Motor Co., Ltd., and Renault S.A. could face opposition in Europe after French and German union leaders expressed concern about the deal's impact on European car workers, James Mackintosh writes for The Financial Times. Klaus Franz, head of the works council of Adam Opel, GM's German union, said he is preparing to meet French unions and raise the issue with GM stressing that any deal would accelerate the shift of car jobs from western Europe to the east, FT relates. "This process can be speeded up if the alliance with Renault and Nissan takes place," Mr. Franz told the FT. "These mega-mergers are not very comfortable. It is short-term good for the stock market, but long term it is often difficult for people." According to the report, the Confederation Generale du Travail, representing Renault workers, was concerned about a deal and highlighted the company's weak sales in the French market. The French government holds a 15% stake in Renault. As reported in the Troubled Company Reporter on July 6, a GM shareholder, Kirk Kerkorian, broached the idea of pulling in GM into the two-way tie-up. Mr. Kerkorian owns 9.9% equity stake in GM through his investment firm Tracinda Corp. On July 7, the GM Board of Directors endorsed a recommendation by the company's senior management that it engage in exploratory discussions regarding the US$3-billion proposed alliance. 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. Jerome York, a GM director, advised Mr. Kerkorian on the proposed 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 US$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 US$4.5 billion being proposed by General Motors Corporation, affirmed the company's B3 corporate family and SGL-3 speculative grade liquidity ratings, and lowered its senior unsecured rating to Caa1 from B3. Moody's said the rating outlook is negative. TEKELEC: Restates Quarterly Reports for 2005 and 2004 ------------------------------------------------------ Tekelec filed with the U.S. Securities and Exchange Commission its quarterly reports on Form 10-Q/A for the three months ended March 31, 2005, June 30, 2005, and Sept. 30, 2005, in which it restates its previously issued consolidated financial statements for each of the quarters during the nine months ended Sept. 30, 2005, and 2004. The company's Statement of Operations (in US$) showed: For the three months ended ----------------------------- Quarter Quarter 03/31/04 03/31/05 ----------- ------------ Revenue 75,974,000 138,863,000 Net (Loss) 17,475,000 5,314,000 For the three and six months ended ------------------------------------------------------ Quarter Quarter Quarter Quarter 06/30/04 06/30/05 06/30/04 06/30/05 ----------- ------------ ------------ ------------ Revenue 95,196,000 122,728,000 171,170,000 261,591,000 Net (Loss) (1,440,000) 785,000 3,874,000 18,260,000 For the three and nine months ended ------------------------------------------------------ Quarter Quarter Quarter Quarter 09/30/04 09/30/05 09/30/04 09/30/05 ----------- ------------ ------------ ------------ Revenue 96,894,000 120,980,000 268,064,000 382,571,000 Net (Loss) 9,519,000 (4,078,000) 13,393,000 14,182,000 The company's Balance Sheet showed: For the period ended ---------------------------------------------- Quarter Quarter Quarter Quarter 12/31/04 03/31/05 06/30/05 09/30/05 ------------ ------------ ------------ ------------ Current Assets 403,761,000 416,084,000 449,363,000 494,867,000 Total Assets 774,983,000 787,182,000 823,994,000 831,524,000 Current Debts 254,457,000 251,075,000 287,292,000 290,425,000 Total Debts 383,602,000 382,844,000 418,159,000 423,517,000 Total Stockholders' Equity 373,753,000 391,492,000 823,994,000 400,627,000 Restated Quarterly Financial Statements The Restated Quarterly Financial Statements include adjustments to the Company's previously issued Unaudited Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income (Loss), and Statements of Cash Flows for: (i) the three months ended March 31, 2005, and 2004; A full-text copy of the Company's restated financial statements is available for free at: http://researcharchives.com/t/s?d2b (ii) the three and six months ended June 30, 2005, and 2004; A full-text copy of the Company's restated financial statements is available for free at: http://researcharchives.com/t/s?d2d (iii) the three and nine months ended Sept. 30, 2005, and 2004. A full-text copy of the Company's restated financial statements is available for free at: http://researcharchives.com/t/s?d2f The restated unaudited results for each of the three quarters in the nine months ended Sept. 30, 2005, and 2004 had previously been disclosed in summary form in Note 18 of the Notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2005. Tekelec expected that it would file on July 12, its First Quarter 2006 Form 10-Q and has scheduled a conference call on that date for senior management to discuss first quarter results. The Company also plans to discuss during this call and to provide on its web site prior to historical non-GAAP numbers for each of the quarters in 2004 and 2005, the full years 2004 and 2005 and the first quarter of 2006. With the filing of the First Quarter 2006 Form 10-Q, the Company believed that it will have met all the conditions set by a Nasdaq Listing Qualifications Panel for the continued listing of the Company's Common Stock on the Nasdaq National Market System, which conditions require that the Company file with the Commission, on or before July 17 its 2005 Form 10-K, all required restatements and the First Quarter 2006 Form 10-Q. The Company also reported that it expects to timely file its Quarterly Report on Form 10-Q for the three months ended June 30, 2006. Events of Default In June 2003, the Company issued and sold US$125 million aggregate principal amount of its 2.25% Senior Subordinated Convertible Notes due June 15, 2008. The Indenture governing the Notes obligates the Company to provide Deutsche Bank Trust Company Americas, the Notes' Trustee with documents and reports as are required to be filed with the Securities and Exchange Commission. Because of the delayed filing of the Company's Annual Report for the year ended Dec. 31, 2005, with the SEC, the Company received a notice of default on April 1, 2006, from holders of more than 25% of the outstanding principal amount of the Notes. Because the Company filed its Annual Report with the SEC on May 30, the Company said that neither the Trustee nor the holders have the right to accelerate the Notes since it filed within the 60-day cure period. The Company also failed to timely deliver its quarterly report for the quarter ended March 31, 2006, to the SEC and to the Trustee on before May 25, 2006, which resulted in an additional default under the Indenture. The Company said that if the default is not cured or waived within 60 days after any notice of default is delivered by the Trustee or by the holders of the Notes, the Trustee or holders of the Notes have the right to accelerate the payment of indebtedness under the Indenture. The Company expects to file its first quarter report on or before July 17, 2006. The filing will be able to cure this default under the Indenture, the Company said. The Indenture also provides that if the Company's common stock ceases to be listed on the Nasdaq National Market, that constitute an event of default. Nasdaq Delisting The company received, on March 20, 2006, a notice from The Nasdaq Stock Market indicating that the Company's common stock is subject to potential delisting from the Nasdaq National Market as a result of its failure to comply with Marketplace Rule 4310(c)(14). This listing standard requires the Company to timely file all reports with the Securities and Exchange Commission, as required by the Securities Exchange Act of 1934, as amended. The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel for review of the delisting determination. This request will automatically stay the delisting of the Company's common stock pending the Panel's review and decision. The Company's common stock will continue to trade on the Nasdaq National Market until the Panel issues a decision and any exception granted by the Panel expires. About Tekelec Tekelec (NASDAQ: TKLC) -- http://www.tekelec.com/-- develops traditional and next-generation signaling and switching telecommunications solutions, business intelligence tools and value-added applications. Tekelec's innovative software are widely deployed in traditional and next-generation wireline and wireless networks and contact centers worldwide. Corporate headquarters are located in Morrisville, N.C., with research and development facilities and sales offices throughout the world. In Europe, the company has offices in France and the United Kingdom. ============= G E R M A N Y ============= AMERICAN-FLEX: Claims Registration Ends August 1 ------------------------------------------------ Creditors of American-Flex Purchase & Development Limited have until Aug. 1 to register their claims with court-appointed provisional administrator Heinz Bischoff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 20, 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 Neumuenster Area B.126 Law Courts Boostedter Road 26 Neumuenster, 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 Neumuenster opened bankruptcy proceedings against American-Flex Purchase & Development Limited on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: American-Flex Purchase & Development Limited Hubertushof 5a 24647 Ehndorf, Germany The administrator can be contacted at: Dr. Heinz Bischoff Ulzburger Road 362 22846 Norderstedt, Germany CLEAN POOL: Creditors' Meeting Slated for August 3 -------------------------------------------------- The court-appointed provisional administrator for Clean Pool Service GmbH, Carlos Mack, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Aug. 3. The meeting of creditors and other interested parties will be held at: The District Court of Deggendorf Meeting Room 3 E 29 Amanstrasse 17 94469 Deggendorf, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Nov. 2 at the same venue. Creditors have until Sept. 2 to register their claims with the court-appointed provisional administrator. The District Court of Deggendorf opened bankruptcy proceedings against Clean Pool Service GmbH on June 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Clean Pool Service GmbH Market Place 2 94491 Hengersberg, Germany The administrator can be reached at: Dr. Carlos Mack Brienner Road 21 80333 Muenchen, Germany Tel: 089/5488880 Fax: 089/54888899 DALBKE BAUREGIE: Claims Registration Ends August 1 -------------------------------------------------- Creditors of Dalbke Bauregie GmbH & Co. KG have until Aug. 1 to register their claims with court-appointed provisional administrator Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Aug. 22, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 4 Ebene Court Route 6 33602 Bielefeld, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings against Dalbke Bauregie GmbH & Co. KG on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Dalbke Bauregie GmbH & Co. KG Schlingvenn 24 33689 Bielefeld, Germany The administrator can be contacted at: Dr. Norbert Westhoff Adenauer Place 4 33602 Bielefeld, Germany DELTA AV: Claims Registration Ends August 4 ------------------------------------------- Creditors of Delta AV Industrie- und Wohnungsbaugesellschaft mbH have until Aug. 4 to register their claims with court-appointed provisional administrator Bernd Statz. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Aug. 29, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E03 Branch Office Insolvency Court Engelhardstrasse 21 63450 Hanau, 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 Hanau opened bankruptcy proceedings against Delta AV Industrie- und Wohnungsbaugesellschaft mbH on June 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Delta AV Industrie- und Wohnungsbaugesellschaft mbH Attn: Alexander Vajcek, Manager Beethovenstr. 26 63526 Erlensee, Germany The administrator can be contacted at: Bernd Statz M�hlstrasse 25 D-63526 Erlensee, Germany Tel: 06183/900370 Fax: 06183/900371 GALA 80: Claims Registration Ends August 2 ------------------------------------------ Creditors of Gala 80 Garten- und Landschaftsbau GmbH + Co KG have until Aug. 2 to register their claims with court-appointed provisional administrator Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Aug. 29, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Court Place 1 44135 Dortmund, 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 Dortmund opened bankruptcy proceedings against Gala 80 Garten- und Landschaftsbau GmbH + Co KG on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gala 80 Garten- und Landschaftsbau GmbH + Co KG Alter Hellweg 128 44379 Dortmund, Germany Attn: Roland Steinberg, Manager Grenzgraben 21 44319 Dortmund, Germany The administrator can be contacted at: Dr. Sebastian Henneke Hansastrasse 61 44137 Dortmund, Germany Tel: 0231-56559921 Fax: 0231-56559922 GENERAL MOTORS: French & German Unions May Oppose 3-Way Alliance ---------------------------------------------------------------- The potential three-way alliance between General Motors Co., Nissan Motor Co., Ltd., and Renault S.A. could face opposition in Europe after French and German union leaders expressed concern about the deal's impact on European car workers, James Mackintosh writes for The Financial Times. Klaus Franz, head of the works council of Adam Opel, GM's German union, said he is preparing to meet French unions and raise the issue with GM stressing that any deal would accelerate the shift of car jobs from western Europe to the east, FT relates. "This process can be speeded up if the alliance with Renault and Nissan takes place," Mr. Franz told the FT. "These mega-mergers are not very comfortable. It is short-term good for the stock market, but long term it is often difficult for people." According to the report, the Confederation Generale du Travail, representing Renault workers, was concerned about a deal and highlighted the company's weak sales in the French market. The French government holds a 15% stake in Renault. As reported in the Troubled Company Reporter on July 6, a GM shareholder, Kirk Kerkorian, broached the idea of pulling in GM into the two-way tie-up. Mr. Kerkorian owns 9.9% equity stake in GM through his investment firm Tracinda Corp. On July 7, the GM Board of Directors endorsed a recommendation by the company's senior management that it engage in exploratory discussions regarding the US$3-billion proposed alliance. 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. Jerome York, a GM director, advised Mr. Kerkorian on the proposed 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 US$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 US$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. HYPO REAL: Fitch Keeps Individual Rating at C --------------------------------------------- Fitch Ratings upgraded Germany-based Hypo Real Estate Bank AG's ratings to Issuer Default A- from BBB+ and to Support 2 from 4. Its other ratings are affirmed at Short-term F2 and Individual C. The Outlook remains Stable. The upgrade of the bank's IDR reflects the significant and growing ties between Hypo Real Estate Holding AG and its two operating subsidiaries, Hypo Germany and its sister company Hypo Real Estate Bank International AG. Fitch's Financial Institutions team in Frankfurt Sabine Bauer disclosed, "Although Hypo Germany and HRE Group are formally not yet as strongly linked as HI and HRE Group, where a profit and loss transfer agreement exists, we expect that integration will continue to strengthen given HRE Group's coordination role and an already centralized risk management. This will help to tie the group entities more closely." The upgrade in Hypo Germany's support rating reflects Fitch's revised view about the probability of external support should the need arise, given that HRE Group is one of the largest German Pfandbrief issuers. The Support 2 rating indicates a high probability of potential support. Fitch considers it more likely that sovereign support, if needed, would be extended directly to the operating banks rather than through the holding company. Hypo Germany's Individual rating is based on its improved but still moderate asset quality, its moderate market risk and adequate capitalization. The rating also factors in Hypo Germany's dependence on wholesale markets for funding and its modest, albeit improving, profitability. Following a restructuring of its loan book Hypo Germany resumed new business in 2005 under more disciplined and focused guidelines using cash flow rather than collateral-based analysis. The Group's risk management processes appear appropriate, and oversight by senior management at holding company level ensures a consistent approach. Some concentrations are evident in both the international and domestic books. Asset quality in HI has remained excellent. The German business has benefited from a combination of substantial restructuring and a general stabilization of the German property market. Impaired loans at Hypo Germany stood at about 5% of total property exposure at end-March 2006, a relatively high figure by international standards but in line with most German mortgage banks. Loan impairment coverage is satisfactory and reflects the group's view of the quality and value of the underlying property collateral. HRE Group's profitability has gradually improved since 2003 and is now in line with its major German peers. Although recent improvements are mostly volume driven, management expects margins on renewals and new business in Germany to improve, and for costs to benefit from synergies achieved through integration of its international business. In Q106, Hypo Germany's operating return on average equity improved, driven by revenue growth, lower loan loss provisions and lower costs. Fitch expects this trend to continue. The agency considers Hypo Germany's return on equity forecast of between 8% and 9% post tax for 2007 as realistic provided momentum on risk pricing and asset quality improvement is maintained. Liquidity is sound. The group is reliant on wholesale funding, including issuance of covered bonds, but refinancing risk is mitigated by a policy of matched funding and a substantial portfolio of liquid assets. HRE Group has an adequate capital base relative to its risk profile and its transaction based business model. Hypo Germany's Tier 1 ratio was 7.2% at end- March 2006. Hypo Germany focuses on domestic and international commercial real estate companies investing in Germany. It is part of HRE Group, one of the largest property lenders in Germany. Following its spin-off from Bayerische Hypo- und Vereinsbank AG in August 2003, Hypo Germany restructured its loan book and sold around EUR4.5 billion non-performing loans. At end-March 2006, Hypo Germany employed 483 staff. KHO BAUMASCHINENSERVICE: Claims Registration Ends August 2 ---------------------------------------------------------- Creditors of KHO Baumaschinenservice GmbH & Co. Handels-KG have until Aug. 2 to register their claims with court-appointed provisional administrator Udo Claes-Hellmich. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Sept. 4, 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 Bochum Hall A29 Ground Floor Principal Establishment Viktoriastrasse 14 44787 Bochum, 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 Bochum opened bankruptcy proceedings against KHO Baumaschinenservice GmbH & Co. Handels-KG on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: KHO Baumaschinenservice GmbH & Co. Handels-KG Attn: Ulrich Wagner, Manager Christine-Englerth-Str. 6 45665 Recklinghausen, Germany The administrator can be contacted at: Udo Claes-Hellmich Bahnhofstrasse 46 45879 Gelsenkirchen, Germany Tel: (0209) 155 3490 Fax: (0209) 177 9529 88 KRATZSCH SPIELBETRIEBE: Claims Registration Ends August 1 --------------------------------------------------------- Creditors of Kratzsch Spielbetriebe GmbH have until Aug. 1 to register their claims with court-appointed provisional administrator Udo Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on Aug. 29, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanover Hall 226 2nd Floor Office Building Hamburg Avenue 26 30161 Hanover, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hanover opened bankruptcy proceedings against Kratzsch Spielbetriebe GmbH on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kratzsch Spielbetriebe GmbH Attn: Georg Kratzsch, Manager Bahnhofstr. 69 31515 Wunstorf, Germany The administrator can be contacted at: Udo Mueller Georgstr. 50 30159 Hanover, Germany Tel: 0511/36698-0 Fax: 0511/36698-33 KRIEG GMBH+CO.: Claims Registration Ends August 2 ------------------------------------------------- Creditors of Krieg GmbH+Co. KG Strassen- und Landschaftsbau have until August 2 to register their claims with court-appointed provisional administrator Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Sept. 4, 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 Leipzig Hall 056 Leipzig, 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 Leipzig opened bankruptcy proceedings against Krieg GmbH+Co. KG Strassen- und Landschaftsbau on June 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Krieg GmbH+Co. KG Strassen- und Landschaftsbau Attn: Hartmut Ae and Gustav Krieg, Managers Bahnhof 9 04808 Hohburg/OT Kleinzschepa, Germany The administrator can be contacted at: Ruediger Wienberg Wasastr. 15 01219 Dresden, Germany LANDESBANKS: Fitch Temporarily Uplifts Short-Term Ratings --------------------------------------------------------- Fitch Ratings published that Landesbanks will continue to benefit from 'temporary uplift' of their Short-term ratings in the medium term. "A recent update of Fitch's liquidity and funding survey, first conducted in spring 2005, prior to the abolition of the Landesbank state guarantees in July 2005, has shown that the uplift of Landesbanks' Short-term ratings is still justified as both the proportion and absolute volume of grandfathered obligations on a Landesbank's books remain significant," Thomas von Luepke, Head of German Bank Analysis at Fitch disclosed. Normally, Fitch's highest Short-term ratings (F1+ and F1) are only assigned to entities with an Issuer Default Rating of at least AA- and A, respectively. However, the short- to medium- term incentive of guarantors of outstanding guaranteed Landesbank debt to support their bank has led Fitch to move the Short-term rating in certain cases up one notch. Criteria for assigning an uplift include the proportion and absolute volume of grandfathered obligations on a Landesbank's balance sheet. Landesbanks that benefit from this uplift are: -- Bayerische Landesbank: IDR A+/Outlook Stable; Short-term F1+; Individual C; Support 1; -- Landesbank Hessen-Thueringen: IDR A+/Outlook Stable; Short-term F1+; Support 1; -- Landesbank Baden-Wuerttemberg: IDR A+/Outlook Stable; Short-term F1+; Individual B/C; Support 1; -- Landesbank Sachsen: IDR A+/Outlook Stable; Short-term F1+; Individual C/D; Support 1; -- Sachsen-Finanzgruppe: IDR A+/Outlook Stable; Short-term F1+; Individual C; Support 1; -- S-Finanzgruppe Hessen-Thueringen: IDR A+/Outlook Stable; Short-term F1+; Individual B/C; Support 1; and -- Westlb AG: IDR A-/Outlook Stable; Short-term F1; Individual D; Support 1. The abolition of "Gewaehrtraegerhaftung" -- a form of state guarantee, on July 18, 2005 also led the Landesbanks to adjust their funding strategies. Rather than issuing non-guaranteed and therefore relatively more expensive unsecured senior debt, Landesbanks started to run-down their excess liquidity positions that stem from the re-investment of their guaranteed long-term liabilities in liquid assets. Another strategy observed is an increased focus on secured funding, namely public sector and mortgage Pfandbriefe. Although Fitch will continue to monitor the grandfathered debt at Landesbanks, and will re-align the Short-term ratings if the grounds for an uplift no longer exist, a revised approach to liquidity and Short-term ratings, to be published in the coming months, will give Fitch more flexibility in assessing the short- term creditworthiness of Landesbanks. METACON UMWELT: Claims Registration Ends August 2 ------------------------------------------------- Creditors of MetaCon Umwelt- und Oberflachentechnik GmbH have until Aug. 2 to register their claims with court-appointed provisional administrator Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Aug. 23, 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 Chemnitz Hall 24 Law Courts Prince Road 21 Chemnitz, 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 Chemnitz opened bankruptcy proceedings against MetaCon Umwelt- und Oberflachentechnik GmbH on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: MetaCon Umwelt- und Oberflachentechnik GmbH Attn: Jan & Jorg Loffler and Jens Beck, Managers Kitscherstrasse 106 08451 Crimmitschau, Germany The administrator can be contacted at: Klaus Siemon Road of the Nations 51 09111 Chemnitz, Germany Web: http://www.kanzlei-siemon.de/ TERA BAU: Claims Registration Ends July 26 ------------------------------------------ Creditors of Tera Bau GmbH have until July 26 to register their claims with court-appointed provisional administrator Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 23, 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 Cottbus Hall 210 Court Place 2 Cottbus, 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 Cottbus opened bankruptcy proceedings against Tera Bau GmbH on June 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Tera Bau GmbH Gasstrasse 8 03172 Guben, Germany The administrator can be contacted at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin, Germany TS CO.MIT: S&P Puts Low-B Ratings to EUR18-Mln Class E & F Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR503.2 million floating-rate asset- backed notes to be issued by TS Co.mit One GmbH, a German special-purpose entity. At closing, a cash reserve will be funded in an initial amount of EUR1.5 million from overcollateralization. TS Co.mit is a company incorporated with limited liability under German law. TS Co.mit will issue six classes of rated notes. The notes constitute direct, unsubordinated obligations of the issuer. It will use the issuance proceeds to provide funding to the portfolio companies equal to the outstanding amount underwritten under the Schuldschein loan agreements. The originator, the Frankfurt branch of Commerzbank AG, selected the portfolio of German SMEs based on selection criteria that included maximum allowed single-name concentration, minimum required internal rating based on probabilities of default, maximum allowed aggregate industry concentration, and maximum allowed aggregate geographical concentration. Final approval and decision on the inclusion of certain SME obligors in the securitized pool was conducted in accordance with Commerzbank's current credit policy and underwriting standards. TS Co.mit is the first transaction to securitize payment obligations under Schuldschein loan agreements granted or extended by Commerzbank to certain German SMEs. This transaction forms part of Commerzbank's Schuldschein program, which was established in July 2005 to provide German SMEs with access to funding via indirect capital market participation. The transaction is structured using the securitization platform, True Sale International. This is the fourth securitization transaction to use this platform. The earlier transactions were Driver One GmbH, Driver Two GmbH, and RCL Securitization GmbH. Ratings List TS Co.mit One GmbH EUR503.2 Million Floating-Rate Asset-Backed Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A AAA 446.5 B AA 15.0 C A 13.9 D BBB 10.2 E BB 11.3 F B 6.3 ============= H U N G A R Y ============= BORSODCHEM RT: Receives Takeover Offer from Kikkolux SARL --------------------------------------------------------- Kikkolux S.a.r.l. informed BorsodChem Rt.'s Board of Directors on July 6 of its potential intention to make a takeover bid for the ordinary shares of BorsodChem subject to business/commercial, accounting & tax, legal & insurance, technical & environmental due diligence. The Board has reviewed the content of the letter and established that: -- Kikkolux is owned by the Permira Funds with a total committed capital of more than EUR20 billion. The Permira Funds are advised by Permira Beteiligungsberatung GmbH; -- Kikkolux has entered into option agreements with key shareholders of the Company controlling approx. 39 million BorsodChem shares representing approx. 52% of the registered ordinary shares of BorsodChem, which entitle Kikkolux to acquire the shares at a price of HUF3,000 per share. -- in its letter Kikkolux expressed its intention to launch a public takeover offer to acquire the outstanding shares in BorsodChem subject to the satisfactory completion of a full scale due diligence of BorsodChem and the availability of financing. Subject to the foregoing Kikkolux would be prepared to offer a share price of HUF3,000 per share to all shareholders of BorsodChem. -- To indicate the seriousness of its intentions, Kikkolux has presented to the Board the letters of intent regarding the financing of the contemplated transaction issued by the Royal Bank of Scotland, Lehman Brothers Europe Limited and HSBC Bank plc. On the basis of the foregoing the Board has resolved to allow Kikkolux as a potential bidder to perform at its own cost a due diligence investigation on the Company by being granted access to the information gathered by the Company in a data room set up for this purpose subject to the acceptance by Kikkolux of a confidentiality agreement and data room rules providing for the protection of the Company's interest. The Budapest Business Journal reports that Kikkolux signed option agreements with Borsodchem's largest shareholders, Firthlion (26.158%) and Vienna Capital Partners (21.83%), to acquire their entire stake at the chemical group. Luxembourg-based Kikkolux, a unit of Permira Funds, may exercise the option between July 6 and Oct. 31, BBJ relates. Firthlion is a U.K. company controlled and owned by Russian businessman Megdet Rahimkulov. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 amounted to HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ========= I T A L Y ========= ALSTOM SA: Inks EUR23-Mln Deal with Vestsjaellands Lokalbaner ------------------------------------------------------------- Vestsjaellands Lokalbaner, a public company operating in the Western part of the Zealand region of Denmark, has ordered nine Coradia Lint regional trains from Alstom S.A. worth EUR23 million. This project is the second order of a frame agreement signed in November 2004 with local railway operators. The first order for the supply of 27 Coradia Lint trains to Lokalbanen, a public transport company operating in the Northern part or the Zealand region, was placed in 2005. These trains are currently being manufactured by Alstom's site in Salzgitter, Germany. The new trains will run on two regional lines covering a distance of 100 km in total and linking Holbaek to Nykoebing and Toelloese to Slagelse. They will carry 1.7 million passengers a year. The Coradia Lint trains will replace the existing fleet, which is up to 30 years old. They will significantly improve passenger comfort and increase traffic regularity and punctuality. They will be equipped with video surveillance, an automatic gap closing system, air conditioning and flex-areas for luggage, bicycles and prams. Delivery will start in September 2007. In addition to the investment in new rolling stock, the rail infrastructure will be upgraded in the forthcoming years, allowing the trains to run faster and thus reduce travel times. About Alstom Headquartered in Paris, France, Alstom S.A. -- http://www.alstom.com/-- is a leading maker of power-generation systems and constructs power plants, rail equipment, luxury passenger ships, naval vessels, and natural gas tankers. It also produces electrical drives, motors, and generators. The group generates EUR13 billion in annual revenues and employs more than 70,000 people worldwide. For the fiscal year ended March 31, 2006, Alstom posted EUR178 million in net profit on EUR13.4 billion in net sales, compared to EUR628 million in net loss on EUR12.9 billion in net sales a year ago. As of March 31, 2006, Alstom had EUR18.408 billion in total assets, EUR16.568 billion in total liabilities and EUR1.84 billion in total equity. As of March 31, 2006, Alstom had EUR8.785 billion in current assets and EUR11.802 billion in current liabilities. =================== K A Z A K H S T A N =================== ASOIL: Karaganda Court Opens Bankruptcy Proceedings --------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda region commenced bankruptcy proceedings against LLP Fuel and Energy Company Asoil. ATOMNYI ENERGETICHESKY: Mangistau Court Approves Insolvency ----------------------------------------------------------- The Mangistau Regional Court approved on Feb. 3, 2005, the -- liquidation balance sheet; and -- insolvency manager's final report of Republican State Enterprise Mangyshlaksky Atomic Energy Plant Atomnyi Energetichesky Kombinat. The company has settled all creditors' claims. EIR KAZAKHSTAN: Creditors Must File Claims by July 25 ----------------------------------------------------- LLP Airline Eir Kazakhstan Ekspress has declared insolvency. Creditors have until July 25 to submit written proofs of claim to: LLP Airline Eir Kazakhstan Ekspress Mailina Str. 38b Almaty Kazakhstan Tel: 8 (3272) 57-40-17 KAZMUNAIGAZ: Creditors Must File Claims by July 25 -------------------------------------------------- The Aktube Branch of the CJSC Trade Center Kazmunaigaz has declared insolvency. Creditors have until July 25 to submit written proofs of claim to: CJSC Trade Center Kazmunaigaz Satpayeva Str. 19 Atyrau Kazakhstan Tel: 8 (3122) 20-13-13 KSK-95: Creditos Must File Claims by July 25 -------------------------------------------- CJSC KSK-95 has declared insolvency. Creditors have until July 25 to submit written proofs of claim to: CJSC KSK-95 Zarechnyi Kapshagai Almaty Region Kazakhstan Tel: 8 (272) 30-13-52 8(32772) 30-13-52 KURYLYS: Proof of Claim Deadline Slated for July 25 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Kurylys insolvent on May 5. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 25 to submit written proofs of claim to: LLP Kurylys Sh. Valihanova Str. 46-38 Almaty Region, Kazakhstan Tel: 8 (3272) 73-45-80 8 (3005) 16-69-72 MARIA: Proof of Claim Deadline Slated for July 25 ------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Semipalatinskaya Garment Factory Maria insolvent on May 2. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 25 to submit written proofs of claim to: LLP Semipalatinskaya Garment Factory Maria Piterskih Kommunarov Str. 12-30 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 20-63-37 MAULEN-PV: Claims Registration Ends July 25 ------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Maulen-PV (Case No. 21107/2006) insolvent on May 3. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 25 to submit written proofs of claim to the insolvency manager at: LLP Maulen-PV Lunacharskogo Str. 49 Pavlodar Pavlodar Region Kazakhstan Tel: 8 (3182) 55-32-62 MONOLITNOYE DOMOSTROENIE: Court Begins Insolvency Proceedings ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region commenced insolvency proceedings against LLP Monolithic Construction Building Monolitnoye Domostroenie. PROMENERGOOBORUDOVANIE: Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region commenced bankruptcy proceedings against LLP Promenergooborudovanie (RNN 270100224017) on May 22. The hearing of the case will take place at: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Seifullina Str. 37 Uralsk West Kazakshtan Region Kazakhstan STARUVER: Mangistau Court Commences Bankruptcy Proceedings ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region commenced bankruptcy proceedings against LLP Staruver on May 26. The Specialized Inter-Regional Economic Court of Mangistau Region can be reached at: Micro District 27 Aktau Kazakhstan Tel: 8 (3292) 41-22-37 TALPYN: Creditors' Claims Due July 25 ------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region declared LLP Talpyn insolvent on May 5. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 25 to submit written proofs of claim to: LLP Talpyn Evrazia Ave. 59/1 Uralsk West Kazakhstan Region Kazakhstan Tel: 8 (3112) 24-74-80, 54-37-99 URISKY ELEVATOR: Kostanai Court Begins Bankruptcy Proceedings ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai region commenced bankruptcy proceedings against OJSC Urisky Elevator on May 26. =================== K Y R G Y Z S T A N =================== ISSYK-KUL NARYN: Public Auction Scheduled for July 26 ----------------------------------------------------- The Issyk-kul Naryn Territorial Department of the State Property Committee will auction the production base Karakolsky Center of Testing and Certification at 10:00 a.m. on July 26 at: The Issyk-Kul Naryn Territorial Department of the State Property Committee Bayetova Str. 66 Chopon-Ata Kyrgyzstan The entity has declared a KGS51,169 starting price for the property. Participants have until 4:00 p.m. on July 25 to deposit KGS5,200 to: Settlement and Saving Company in Cholpon-Ata Settlement Account No. 8164172080101001/403104103 MFO 129019 and submit bidding and necessary documents to: The Issyk-Kul Naryn Territorial Department of the State Property Committee Bayetova Str. 66 Chopon-Ata, Kyrgyzstan Tel: (+996 3943) 4-39-21 ITIZAM: Creditors Must File Claims by Aug. 25 --------------------------------------------- LLC Itizam has declared insolvency. Creditors have until Aug. 25 to submit written proofs of claim to: LLC Itizam Micro District Uchkun, 16-13 Bishkek Kyrgyzstan Tel: (+996 312) 23-36-75 =================== L U X E M B O U R G =================== NORTEL NETWORKS: Performance Concerns Cues DBRS to Hold Ratings --------------------------------------------------------------- Dominion Bond Rating Service confirmed the long-term ratings of Nortel Networks Capital Corporation, Nortel Networks Corp., and Nortel Networks Limited at B (low) along with the preferred share ratings of Nortel Networks Limited at Pfd-5 (low). All trends are Stable. * Senior Unsecured Notes Confirmed B (low) Stb * Convertible Notes Confirmed B (low) Stb * Notes & Long-Term Senior Debt Confirmed B (low) Stb * Class A, Redeemable Preferred Shares Confirmed Pfd-5 (low) Stb * Class A, Non-Cumulative Redeemable Preferred Shares Confirmed Pfd-5 (low) Stb The unsecured ratings of Nortel remain at B (low) with the Company recently completing a US$2 billion debt refinancing that has given Nortel a 100% unsecured debt structure. Despite the removal of the secured debt from its capital structure, DBRS maintained the unsecured ratings of Nortel at B (low), reflecting heightened concerns about Nortel's ability to improve its operating performance despite the Company implementing a strategy to improve its competitive position over the medium term. DBRS's concerns are predominantly attributable to revenue and margin pressures resulting from customer consolidation and the increasing presence of emerging market vendors in both the wireline and wireless segments, both of which negatively impacted Q1 2006 results. However, DBRS does acknowledge that this recent debt issuance extends the Company's debt maturity profile, with the nearest debt maturity being US$1.8 billion in 2008. In addition, Nortel will maintain a cash balance of approximately US$2.6 billion pro forma the debt issuance, which provides the Company with a significant cushion to absorb contingencies, such as potential cash settlements relating to the U.S. Securities and Exchange Commission and Ontario Securities Commission investigations. In addition, Nortel will need to make substantial payments related to pension funding and cash payments relating to previous restructuring initiatives; thus, Nortel's debt levels are expected to remain high for the near term. DBRS will continue to monitor Nortel's progress on several key issues over the next 18 months. These issues include: -- the Company's ability to grow revenues above the current US$10.5 billion annual run rate while keeping its gross margins above 40%; and -- the implementation of its new financial reporting system. The system should assist management in providing more timely reporting and helping to resolve several of the outstanding material weaknesses relating to internal controls, which have weighed negatively against the Company's credibility. DBRS notes that if Nortel can improve its cash flow from operations over the medium term, which targets approximately US$1.5 billion in margin improvements over the next three years, while resolving most of its outstanding contingencies without a significant deterioration of its current financial profile, the potential for ratings improvement may exist. =========== N O R W A Y =========== PETROLEUM GEO-SERVICES: Demerger Spurs Moody's to Lift Outlook -------------------------------------------------------------- Moody's Investors Service changed the rating outlook for Petroleum Geo-Services ASA to stable from developing following the recent demerger of Petrojarl ASA, PGS' floating production business. The demerger significantly reduces PGS' financial leverage and gives it a clearer strategic focus as a pure-play geophysical company. PGS completed the demerger on June 29, at which time 80.01% of the shares of the newly formed Petrojarl were issued to PGS' shareholders. Petrojarl was listed on the Oslo stock exchange on June 30 and PGS immediately sold one-half of its 19.99% of Petrojarl shares for net proceeds of US$52 million. PGS' remaining shares of Petrojarl will be sold shortly. Approximately US$325 million of debt was effectively allocated to Petrojarl in the demerger. The debt was initially in a form of a note payable to PGS that was repaid in full on June by drawing on newly established bank credit facilities at Petrojarl. Upon receiving the cash from Petrojarl, PGS made a prepayment of US$300 million on its US$850 million term loan due 2012. Another prepayment is expected soon using the proceeds from the sale of Petrojarl shares. The prepayments significantly reduce PGS' financial leverage. The US$300 million prepayment reduced PGS' term loan to US$546 million at June 30. Moody's estimates that pro forma for the demerger of Petrojarl, PGS reported EBITDA of approximately US$400 million for the LTM period ended March 31. EBITDA less multi-client investments was approximately US$344 million during this same period. Relative to post-demerger balance sheet debt of approximately US$645 million, PGS's pro forma debt/EBITDA less multi-client investments is less than 2.0x. This compares favorably to the 2.5x to 3.5x range of previous expectations. Moody's expects that PGS will report pro forma EBITDA exceeding US$500 million and will make multi-client investments of US$100- $130 million in 2006. These results, combined with further debt repayments to be funded with the proceeds from the sale of the Petrojarl shares and strong free cash flow generation, will likely bring debt/EBITDA less multi-client investments to around 1.0x by the end of the year. This level of leverage is well within our expectations for PGS' current rating and provides the company with significant financial flexibility. The stable outlook reflects Moody's expectation that financial performance will remain strong throughout the current upturn and that management will continue to exercise operational and fiscal conservatism. Headquartered in Lysaker, Norway, Petroleum Geo-Services -- http://www.pgs.com/-- is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units. =========== R U S S I A =========== ALTAY-VOD-MELIORATION: S. Sokolov to Manage Insolvency Assets ------------------------------------------------------------- The Arbitration Court of Altay Region appointed Mr. S. Sokolov as Insolvency Manager for OJSC Altay-Vod-Melioration. He can be reached at: S. Sokolov Sukhova Str. 26 Barnaul 656010 Altay Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-1939/06-B. The Debtor can be reached at: OJSC Altay-Vod-Melioration Apartment 8 Olimpiyskaya Str. 5 Energetik Bratsk 665712 Altay Region Russia AMKODOR: Court Commences Bankruptcy Supervision ----------------------------------------------- The Arbitration Court of St. Petersburg and the Leningrad Region has commenced bankruptcy supervision procedure on CJSC Auditing Company Amkodor. The case is docketed under Case No. A56-59838/2005. The Temporary Insolvency Manager is: Ms. M. Vinogradova A. Valeka Str. 12-9 620014, Ekaterinburg Region Russia The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Auditing Company Amkodor Radisheva Str. 39 191123 St. Petersburg Russia ANANYEVSKOYE: Bankruptcy Hearing Slated for Sept. 11 ---------------------------------------------------- The Arbitration Court of Altay Region will convene at 9:00 a.m. on Sept. 11 to hear the bankruptcy supervision procedure on CJSC Ananyevskoye. The case is docketed under Case No. AO3-23768/05-B. The Temporary Insolvency Manager is: Mr. A. Rubashanov Post User Box 841 Barnaul 656015 Altay Region Russia The Debtor can be reached at: CJSC Ananyevskoye Ananyevka Kulundinskiy Region Altay Region Russia BELINSKIY FEED MILL: V. Ratnikov to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Penza Region appointed Mr. V. Ratnikov as Insolvency Manager for OJSC Belinskiy Feed Mill. He can be reached at: V. Ratnikov K. Marksa Str. 26 442247 Penza Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-1114 2006-117B 3. The Arbitration Court of Penza Region is located at: Belinskogo Str. 2 440600 Penza Region Russia The Debtor can be reached at: OJSC Belinskiy Feed Mill Volchkovo Belinskiy Region 442250, Penza Region Russia ISETSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Arbitration Court of Tyumen Region has commenced bankruptcy supervision procedure on OJSC Isetsk-Agro-Prom-Khimiya. The case is docketed under Case No. A-70-2896/3-2006. The Temporary Insolvency Manager is: Mr. S. Abyshev Office 455 Melnikayte Str. 106 Tyumen Region Russia The Debtor can be reached at: OJSC Isetsk-Agro-Prom-Khimiya Stroiteley Str. 43 Isetskoye Isetskiy Region Tyumen Region Russia KIMRSKAYA: Tver Court Starts Bankruptcy Supervision --------------------------------------------------- The Arbitration Court of Tver Region has commenced bankruptcy supervision procedure on LLC Poultry Farm Kimrskaya. The case is docketed under Case No. A66-103/2006. The Temporary Insolvency Manager is: V. Bakulin Post User Box 0652 170000, Tver-100 Russia The Arbitration Court of Tver Region is located at: Room 7 Sovetskaya Str. 23b Tver Region Russia The Debtor can be reached at: LLC Poultry Farm Kimrskaya Titovo Kimrskiy Region 171521, Tver Region Russia KIPELOVSKIYE MEAT: Court Names A. Mansurov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. A. Mansurov as Insolvency Manager for LLC Kipelovskiye Meat Products. He can be reached at: A. Mansurov Office 121 Zosimovskaya Str. 40 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-8543/2005-25. The Debtor can be reached at: LLC Kipelovskiye Meat Products Oktyabrskaya Str. 51-2 Vologda Region Russia KIZELOVSKIY ENGINEERING: Bankruptcy Hearing Slated for Aug. 30 ------------------------------------------------------------ The Arbitration Court of Perm Region will convene on Aug. 30 to hear the bankruptcy supervision procedure on LLC Kizelovskiy Engineering Works. The case is docketed under Case No. A50-5110/2006-B. The Temporary Insolvency Manager is: Mr. L. Shlyapin Post User Box 6088 614000 Perm Region Russia The Debtor can be reached at: LLC Kizelovskiy Engineering Works Bytovoy Per. 30 Kizel Perm Region Russia KOTKOZERSKOYE: Court Names A. Klyukin as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Kareliya Republic appointed Mr. A. Klyukin as Insolvency Manager for OJSC Kotkozerskoye. He can be reached at: A. Klyukin Lenina Str. 37 Suoyarvi 186870 Kareliya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A26-3538/03-18. The Debtor can be reached at: OJSC Kotkozerskoye Kotkozeskoye Kareliya Republic Russia NORTH-WEST: Board Approves Updated 2006 Budget ---------------------------------------------- The Board of Directors of North-West Telecom approved on June 30 the Company's updated budget for 2006. The budget revision was due to changes in regulations governing the telecommunications sector, and also to take account of the tenders for universal communication services won by NWT in Arkhangelsk Oblast and Kaliningrad Oblast. Initially, the NWT budget for 2006 was approved by the Board of Directors before the new agreements signed by the Company with the long-distance operators Rostelecom JSC and MTT JSC, and before the Federal Telecommunications Service approved the compensation premium to the local and zonal cal initiation price. The updated budget improves the revenue forecast from RUB18.6 billion to RUB18.8 billion, including a RUB500 million increase of earnings from call initiation and a reduction in earnings under the cooperation agreement with Rostelecom JSC by RUB300 million. North-West Telecom increases the previously planned amount of the Company's investments by RUB600 million to RUB4.4 billion. Of these, RUB500 million will be invested in universal communication services projects in Arkhangelsk Oblast and Kaliningrad Oblast, while RUB100 million is allocated to enable users to select the time-rate system of payments for local connections, and to enable time-rate metering of connected operators' traffic in compliance with the requirements of the Federal Law on Communications. The approved updated budget improves the EBITDA forecast from RUB6 billion to RUB6.3 billion, with the net income forecast remaining unchanged at RUB2 billion. "The updated budget confirms the trend towards higher efficiency of North-West Telecom's operations, which has enabled an enhancement of the Company's annual investment program without affecting the financial stability performances," notes Venera Khusnutdinova, Chief financial officer of JSC North-West Telecom. About North-West Telecom OAO North-West Telecom is one of Russia's major telecommunication companies, and the leading operator in the North-West Federal District, providing traditional telephone services, as well as internet and advanced data services. NWT originated from the merger of 10 regional fixed line operators and is ranked among the Financial Times' Top 100 major Eastern European companies. NWT ranks eighth in Standard & Poor`s Transparency Index of the 50 largest MICEX-listed companies and fifth in the S & P Corporate governance rating. NWT international debt is rated by S&P B+ with stable outlook and domestic debt ruA+. * * * Standard & Poor's has assigned B+ ratings to North-West Telecom's long-term foreign issuer and local issuer credit ratings. Fitch also assigned a B+ rating to the company's foreign currency long-term debt and a B rating to its foreign currency short-term debt. NORTH-WEST: Reviews Composition of Management Board --------------------------------------------------- The Board of Directors of OAO North-West Telecom at its June 30 meeting considered the issue of new membership and term of office of the Company's revised Management Board. Subsequently, the Board adopted a decision to appoint 11 members to sit on the Management Board: * Chairman of the Executive Board: -- Vladimir A. Akulich - North-West Telecom CEO * Members of the Executive Board: -- Elena V. Zabuzova - Director of the Budget and Economic Planning Department of JSC Svyazinvest; -- Oleg V. Popov - Deputy General Director, Commercial Director of JSC NWT; -- Yuri A. Pochekin - Regional Director of the Vologda Branch of JSC NWT; -- Oleg A. Semanov - Deputy General Director, Technical Director of JSC NWT; -- Maya M. Semchenko - Chief Accountant of JSC NWT; -- Irina V. Tambovskaya - Human resources officer of JSC NWT; -- Ella I. Tomilina - Corporate affairs officer of JSC NWT; -- Leonid Z. Tufrin - Chairman of the Coordination Council, Regional Director of the St Petersburg Branch of JSC NWT; -- Venera A. Khusnutdinova - Chief financial officer of JSC NWT; -- Grigory B. Chernyak - Deputy General Director for General Issuers of JSC NWT; -- Vladimir I. Shumeiko - First Deputy General Director of JSC NWT. The Board of directors of JSC North-West Telecom set the Executive Board members' term of office at one year (until and including June 30, 2007). About North-West Telecom OAO North-West Telecom is one of Russia's major telecommunication companies, and the leading operator in the North-West Federal District, providing traditional telephone services, as well as internet and advanced data services. NWT originated from the merger of 10 regional fixed line operators and is ranked among the Financial Times' Top 100 major Eastern European companies. NWT ranks eighth in Standard & Poor`s Transparency Index of the 50 largest MICEX-listed companies and fifth in the S & P Corporate governance rating. NWT international debt is rated by S&P B+ with stable outlook and domestic debt ruA+. * * * Standard & Poor's has assigned B+ ratings to North-West Telecom's long-term foreign issuer and local issuer credit ratings. Fitch also assigned a B+ rating to the company's foreign currency long-term debt and a B rating to its foreign currency short-term debt. PETROZAVODSKAYA FINANCIAL: E. Otchiev to Manage Assets ------------------------------------------------------ The Arbitration Court of Kareliya Republic appointed Mr. E. Otchiev as Insolvency Manager for CJSC Petrozavodskaya Financial Company. He can be reached at: E. Otchiev Post User Box 8 Petrozavodsk 185035 Kareliya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A26-11870/2005-182. The Debtor can be reached at: CJSC Petrozavodskaya Financial Company E. Otchiev Post User Box 8 Petrozavodsk 185035 Kareliya Republic Russia PSKOVSKOYE TIMBER: A. Dzhamaldaev to Manage Insolvency Assets ------------------------------------------------------------- The Arbitration Court of Pskov Region appointed Mr. A. Dzhamaldaev as Insolvency Manager for OJSC Pskovskoye Timber Industry Enterprise (TIN 6018007826). He can be reached at: A. Dzhamaldaev Office 114 Konnaya Str. 2 180007 Pskov Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A52-3742/2005/4. The Debtor can be reached at: OJSC Pskovskoye Timber Industry Enterprise Lesnaya Str. 1 Spasovshina Pskov Region Russia ROSNEFT OIL: BP Plc Eyes US$2 Billion Stake in IPO -------------------------------------------------- BP Plc is finalizing its decision whether to take a US$2 billion stake in OAO Rosneft Oil Co. in one of the world's largest initial public offerings this Friday, AFX News reports citing the Financial Times as its source. The FT said BP is likely to be waiting for other international strategic investors to emerge before making a final decision. According to Russia's Vedomosti, BP, Royal Dutch Shell Plc, China National Petroleum Corp. and China Petrochemical Corp. have been approached to buy Rosneft shares, Bloomberg News relates. Rosneft plans to raise as much as US$11.6 billion in what could be the world's fourth largest IPO this week. It will offer its shares at the London and Moscow stock exchanges for a range between US$5.85 and US$7.85 each, valuing the state-owned company at US$60 billion to US$80 billion. Last week, the company extended until July 12 the deadline for private investors to apply for shares, with Russian banks staying open over the weekend to accommodate the extra demand for Rosneft shares. "This is a promising stock because it's an oil company and a state company," Denis Moisevich, 28, an information technology specialist, told Bloomberg. Rosneft has already received permission from Russia's market watchdog to place as much as 23.5% of its stock on foreign bourses as the state seeks to raise around US$9 billion. Headquartered in Moscow, Russia, OAO Rosneft -- http://www.rosneft.ru/eng-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. RTISHEVSKIY: Court Names Zh. Salina as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Saratov Region appointed Ms. Zh. Salina as Insolvency Manager for OJSC Repair-Mechanical Plant Rtishevskiy. She can be reached at: Zh. Salina 2nd Sokolovogorskiy Proezd 9-12 410038, Saratov Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-203B/05-23. The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: OJSC Repair-Mechanical Plant Rtishevskiy 2nd Sokolovogorskiy Proezd 9-12 410038, Saratov Region Russia SHULGINSKIY MACADAM: A. Dyagilev to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Altay Region appointed Mr. A. Dyagilev as Insolvency Manager for LLC Shulginskiy Macadam. He can be reached at: A. Dyagilev Lesnaya Str. 83-1 Novoaltaysk 658091, Altay Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-1845/06-B. The Debtor can be reached at: LLC Shulginskiy Macadam Vesennyaya Str. 21 Barnaul Altay Region Russia * Improved Liquidity Spurs S&P to Lift Tatarstan's Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term foreign currency issuer credit rating on the Russian Republic of Tatarstan to 'BB-' from 'B'. The outlook is stable. "The upgrade reflects Tatarstan's improved liquidity with the creation of a long-term cash reserve, consistently strong budgetary performance, low debt burden, and continued high economic growth," said Standard & Poor's credit analyst Irina Pilman. Tatarstan's debt burden remains low, with direct debt at 1.8% of operating revenues at year-end 2005. Total tax-supported debt represented a still-low 19% of total revenues in 2005 and we do not expect it to exceed a moderate 30% of total revenues in the next three years. The rating continues to be constrained, however, by a high level of contingent liabilities, limited budgetary predictability and flexibility, and concentration in the oil sector--in particular on Russian oil company Tatneft OAO. The Republic of Tatarstan, located in the Russian Federation, has a strong economy, albeit volatile due to concentration in oil and the domination of Tatneft OAO, which provides about one-third of Tatarstan's tax revenues. "S&P expects Tatarstan's planned economic expansion to continue to underpin revenue growth," said Ms. Pilman. "S&P also expects the Republic to maintain its prudent policy of low debt and sound liquidity reserves. The latter should help mitigate the risks associated with concentration in the oil sectors." Further strong budgetary performance after extra federal financing ceases in 2007, and the government's commitment to controlling operating expenditures and continuing necessary capital projects, would be key factors in any potential rating upgrade. A significant deterioration of budgetary performance, depletion of liquidity reserves, or an increase in total tax-supported debt to more than the prudent level of 30% of total revenues, could put the rating under pressure. * S&P Affirms Stavropol Krai's B Long-Term Issuer Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services raised its Russia national scale rating on the southern Russian region of Stavropol Krai to 'ruA' from 'ruA-'. At the same time, Standard & Poor's affirmed its 'B' long-term issuer credit rating on Stavropol. The outlook is positive. "The upgrade was driven by the rapid growth of Stavropol's economy and revenues, and its very low debt levels," said Standard & Poor's credit analyst Boris Kopeykin. The ratings are constrained by low wealth in the region, and uncertainties caused by the ongoing reforms being implemented by the Russian federal authorities. The ratings also reflect the risks arising from Stavropol's proximity to the unstable Chechen Republic, which hinders inward investment. On a positive note, Stavropol's economic growth has outpaced the average in The Russian Federation over the past five years, with 9% growth reported in 2005. We expect higher-than-average growth to continue over the next two years, fueled by expansion of the region's service industry. Per capita gross regional product in Stavropol remains about 50% of the Russian national average, however. Personal income levels are also low, owing to underdevelopment and a large grey economy. Stavropol's location near Chechnya brings additional pressures in terms of security, and strains the development of its tax base. "S&P expects Stavropol to demonstrate continued, rapid economic growth ahead of the Russian national average, and stronger-than- average growth of its tax base," said Mr. Kopeykin. "S&P also expects Stavropol to sustain prudent financial management, and prove its ability to curb operating expenditure growth and maintain low debt, despite considerable investment needs." Should financial performance deteriorate compared with 2005 results, the outlook could be revised to stable. An improvement in financial performance over the next two years could result in an upgrade. ===================== S W I T Z E R L A N D ===================== X-RITE INC: Completes US$280-Million Amazys Holding Acquisition --------------------------------------------------------------- X-Rite Inc. completed its acquisition of Amazys Holding AG for a purchase price of CHF77 per share plus 2.11 shares of X- Rite Inc. stock for each Amazys share. The total purchase price on the settlement date of July 5, 2006 was US$280 million. The acquisition was financed through a combination of cash, debt and X-Rite stock. Amazys develops, markets and supports hardware, software and services to measure and communicate color under the GretagMacbeth brand. The combined company will be called X-Rite, Incorporated. The major benefits of the acquisition are expected to include: * creating a global market leader in the color industry; * accelerating technology innovation; * building the strongest talent pool in the industry; and * generating significant synergy potential The combined company expects to achieve approximately US$25 million of annual operating expense savings in connection with the transaction in year three. The company expects to incur cash restructuring costs totaling US$20 million during the first three years. The transaction is expected to be accretive to X- Rite's cash EPS during year two of the combined operations. "Our new company combines top notch talent, technology and products in the color industry," said Michael C. Ferrara, X-Rite CEO. "We expect our expertise, talent and technology to help us expand the global color market through innovation." Organization of the Combined Entity A strong team of X-Rite and GretagMacbeth executives lead the combined organization. Michael C. Ferrara is the CEO, Thomas J. Vacchiano, Jr. is the President and COO, Mary E. Chowning is the CFO, and Dr. Francis Lamy is the CTO. The X-Rite Board of Directors is now comprised of nine members, including six current directors of X-Rite and three former directors of Amazys Holding AG. "I am confident that the new X-Rite Board of Directors and senior management team under the leadership of Michael C. Ferrara, CEO, will ensure that X-Rite excels in every aspect of the business," John Utley, X-Rite Chairman, said. "The combined company is poised to lead the future of the color industry and maximize shareholder value." The global headquarters for the combined entity is in Grandville, Michigan, with European headquarters in Regensdorf, Switzerland, and Asia Pacific headquarters in Hong Kong. X-Rite will be represented by the new logo, incorporating the core colors of both companies, and symbolizing how our shared values and goals will drive this new company. Financing and Listing on the SWX Exchange The cash portion of the transaction was financed through a combination of cash on hand and new borrowings. Goldman Sachs provided a total debt package of US$220 million to fund the transaction and post-closing working capital needs. Concurrent with the settlement X-Rite has established a secondary listing on the SWX Swiss Exchange. "We are excited about the potential financial benefits this acquisition brings to X-Rite shareholders," Mary E. Chowning, X- Rite Chief Financial Officer, said. "The synergies expected from this acquisition will reduce costs, enhance our margins, and ultimately increasing our shareholder value." Advisors X-Rite was advised exclusively by Headwaters MB for investment banking and financial advisory services, including securing debt financing which has been committed by Goldman Sachs. X-Rite's other advisors include McDermott Will & Emery LLP and Wenger Plattner for legal advice. Amazys Holding AG was advised by Credit Suisse for investment banking and financial advice, and by Lenz & Staehelin for legal advice. About X-Rite Headquartered in Grandville, Michigan, and Regensdorf, Switzerland, X-Rite Incorporated (Nasdaq: XRIT) -- http://www.xrite.com/-- is a global leader offering color measurement technology solutions comprised of hardware, software and services for the verification and communication of color data. The Company serves a broad range of industries, including graphic arts, digital imaging, industrial and retail color matching, and medical, among other industries. X-Rite is global, with 21 offices throughout Europe, Asia, and the Americas, serving customers in 100 countries. * * * As reported in the Troubled Company Reporter on May 29, 2006, Standard & Poor's Rating Services assigned its 'B+' corporate credit rating to Grandville, Michigan-based X-Rite Inc. The outlook is stable. At the same time, Standard & Poor's assigned a 'B+' rating and a recovery rating of '2' to the company's proposed first-lien loan, which amounts to US$160 million (a term loan of US$120 million and an undrawn revolving credit facility of US$40 million). As reported in the Troubled Company Reporter on May 23, 2006, Moody's Investors Service assigned a first-time corporate family rating of B1 to X-Rite, Inc., B1 to X-Rite's proposed senior secured first priority term loan and revolver and B3 to the proposed senior secured second priority term loan. Moody's said the ratings outlook is stable. ============= U K R A I N E ============= CHERNIVTSIMYASOPROMSERVICE: Court Starts Bankruptcy Supervision --------------------------------------------------------------- The Economic Court of Chernivtsi Region commenced bankruptcy supervision procedure on OJSC Chernivtsimyasopromservice (code EDRPOU 2414050030) on April 21. The case is docketed under Case No. 10/2/B. The Temporary Insolvency Manager is: Viktor Rabanuk Zalozetskij Str. 38/1 58000 Chernivtsi Region Ukraine The Economic Court of Chernivtsi Region is located at: O. Kobilyanska Str. 14 58000 Chernivtsi Region Ukraine The Debtor can be reached at: OJSC Chernivtsimyasopromservice Toreza Str. 31 58007 Chernivtsi Region Ukraine CITY INVESTING: Court Begins Bankruptcy Supervision --------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on LLC City Investing Group (code EDRPOU 31793213) on March 6. The case is docketed under Case No. B 40/41/06. The Temporary Insolvency Manager is: Sergij Sidko Office 40 Dzerzhinskij Str. 29 49600 Dnipropetrovsk Region Ukraine Tel: (056) 744-21-37 The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC City Investing Group Livarna Str. 9/37 49000 Dnipropetrovsk Region Ukraine KROLEVETS' REPAIR-MECHANICAL: Olga Naumova to Liquidate Assets -------------------------------------------------------------- The Economic Court of Sumi Region appointed Olga Naumova as Liquidator/Insolvency Manager for OJSC Krolevets' Repair- Mechanical Plant (code EDRPOU 00901571). He can be reached at: Olga Naumova Harkivska Str. 122 40012 Sumi Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 10. The case is docketed under Case No. 6/128-05. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: OJSC Krolevets' Repair-Mechanical Plant Shevchenko Str. 86 Sumi Region Ukraine EKONOVA: Court Names Solskij Volodimir as Insolvency Manager ------------------------------------------------------------ The Economic Court of Lviv Region appointed Solskij Volodimir as Liquidator/Insolvency Manager for LLC Scientific-Production LLC Ekonova (code EDRPOU 3277915). He can be reached at: Solskij Volodimir Velichkovskij Str. 44/24 Lviv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on Feb. 14. The case is docketed under Case No. 6/5-8/22. The Economic Court of Lviv Region is located at: Lichakivska Str. 81 79010 Lviv Region Ukraine The Debtor can be reached at: LLC Scientific-Production LLC Ekonova Girnicha Str. 2 Novij Rozdil 81652 Lviv Region Ukraine FORSAZH: Court Names Ludmila Zayikina as Liquidator --------------------------------------------------- The Economic Court of Donetsk Region appointed Ludmila Zayikina as Liquidator/Insolvency Manager for LLC Forsazh (code EDRPOU 32942561). She can be reached at: Ludmila Zayikina Cheluskintsiv Str. 123/4 83000 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 15. The case is docketed under Case No. 42/90 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Forsazh Chernigivska Str. 22 V 83023 Donetsk Region Ukraine LUGA-COLOR: Lugansk Court Begins Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy supervision procedure on LLC Luga-Color (code EDRPOU 30090800) on May 6. The case is docketed under Case No. 20/23 b. The Temporary Insolvency Manager is: Stepan Karatun 26th Quarter 129/33 Lugansk Region Ukraine The Economic Court of Lugansk Region is located at: Geroiv VVV Square 3a 91000 Lugansk Region Ukraine The Debtor can be reached at: LLC Luga-Color 60 Richya SRSR 4 Krasnodon Lugansk Region Ukraine PYATKIVSKE: Court Commences Bankruptcy Supervision -------------------------------------------------- The Economic Court of Zhitomir Region commenced bankruptcy supervision procedure on Agricultural LLC Pyatkivske (code EDRPOU 03745427) on April 11. The case is docketed under Case No. 7/82 B. The Temporary Insolvency Manager is: Viktor Sushkov Ofitserska Str. 2/29 Zhitomir Region Ukraine The Economic Court of Zhitomir Region is located at: Berdichivska Str. 25 Mala 10014 Zhitomir Region Ukraine The Debtor can be reached at: Agricultural LLC Pyatkivske Zhdanivskij Str. 3 Pyatka Chudnivskij District 13222 Zhitomir Region Ukraine SHPON-VAL: Court Names Andrij Sibal as Insolvency Manager --------------------------------------------------------- The Economic Court of Lviv Region appointed Andrij Sibal as Liquidator/Insolvency Manager for LLC Shpon-Val (code EDRPOU 31145504). He can be reached at: Andrij Sibal Doroshenko Str. 61/5 79000 Lviv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 7/124-39/182. The Economic Court of Lviv Region is located at: Lichakivska Str. 81 79010 Lviv Region Ukraine The Debtor can be reached at: LLC Shpon-Val Nezalezhnosti Str. 11 Lviv Region Ukraine SOFIA: Court Names Dranchenko Valentina as Liquidator ----------------------------------------------------- The Economic Court of Kyiv Region appointed Dranchenko Valentina as Liquidator/Insolvency Manager for Production-Commercial Enterprise Sofia (code EDRPOU 23586117) The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 4. The Economic Court of Kyiv Region is located at: Komintern Str. 165 01032 Kyiv Region Ukraine The Debtor can be reached at: Production-Commercial Enterprise Sofia Shevchenko Str. 7 Irpin Kyiv Region Ukraine UKRAINA: Court Names Viktor Holod to Manage Insolvency Assets ------------------------------------------------------------- The Economic Court of Cherkassy Region appointed Viktor Holod as Liquidator/Insolvency Manager for Agricultural LLC Ukraina (code EDRPOU 03793797). He can be reached at: Viktor Holod Kalantayivska Str. 8 Ratseve Chigirin District 20910 Cherkassy Region Ukraine Tel: (04730) 9-63-06 The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 15. The case is docketed under Case No. 01/2050. The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region Ukraine The Debtor can be reached at: Agricultural LLC Ukraina Chigirin District Tinki 20924 Cherkassy Region Ukraine VELTAIR: Kyiv Court Names E. Kondra to Liquidate Assets ------------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. E. Kondra as Liquidator/Insolvency Manager for LLC Veltair (code EDRPOU 33152801). He can be reached at: E. Kondra a/b 43 01032 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 24. The case is docketed under Case No. 43/286. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Veltair Shors Str. 31 Kyiv Region Ukraine ZVENO: Court Names Marina Muzhdabayeva as Insolvency Manager ------------------------------------------------------------ The Economic Court of AR Krym Region appointed Marina Muzhdabayeva as Liquidator/Insolvency Manager for Zveno (code EDRPOU 30450875). She can be reached at: Marina Muzhdabayeva Primorska Str. 26 Uglove Bahchisaraj District 98435 AR Krym Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 18. The case is docketed under Case No. 2-20/8734-2006. 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: Zveno Karl Libkneht Str. 5 Simferopol 95000 AR Krym Region Ukraine =========================== U N I T E D K I N G D O M =========================== 3MB DEVELOPMENTS: Creditors' Meeting Slated for July 14 ------------------------------------------------------- Creditors of 3MB Developments Limited (Company Number 04570773) will meet at 2:00 p.m. on July 14 at: Stanton House 41 Blackfriars Road Salford Manchester M3 7DB United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on July 13 at: David Norman Kaye Administrator Crawfords Stanton House 41 Blackfriars Road Salford Manchester Greater Manchester M3 7DB United Kingdom Tel: 0161 828 1000 Fax: 0161 832 1829 ACTIS STUDIOS: Hires P&A to Administer Assets --------------------------------------------- D. L. Platt and M. S. E. Solomons of Poppleton & Appleby were appointed joint administrators of Actis Studios Ltd. (Company Number 02742515) on June 6. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. Actis Studios Ltd. can be reached at: Shropshire House 11-20 Capper Street London WC1E 6JA United Kingdom Tel: 020 7255 2313 Fax: 020 7255 1833 AEROTECH WORLD: Brings In Begbies Traynor to Administer Assets -------------------------------------------------------------- Nigel Geoffrey Atkinson and Sarah Helen Bell of Begbies Traynor were appointed joint administrators of Aerotech World Trade Limited (Company Number 00380275) on May 24. 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. Aerotech World Trade Limited can be reached at: St. Peters Road Maidenhead Berkshire SL6 7QU United Kingdom Tel: 01628 634 555 Fax: 01628 760 230 ASHTON PACKING: Names Andrew James Nichols as Administrator ----------------------------------------------------------- Andrew James Nichols of Redman Nichols was appointed administrator of Ashton Packing Services Limited (Company Number 2110359) on June 8. The administrator can be contacted at: Redman Nichols Maclaren House Skerne Road Driffield East Yorkshire YO25 6PN United Kingdom Tel: 01377 257788 Fax: 01377 249119 E-mail: andrew.nichols@redman-nichols.co.uk Ashton Packing Services -- http://www.ashtonpacking.co.uk/-- are specialists in Export Packing in the U.K. Established in 1987 in order to provide manufacturers with a complete export packing service, from the supply of a single pallet to the packing and shipment of an entire production plant. CAPE PLASTICS: Creditors Pass Winding Up Resolution --------------------------------------------------- Creditors of Cape Plastics Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 11. Subsequently, Brendan Eric Doyle was appointed Liquidator. The company can be reached at: Cape Plastics Limited TY Atebion 2 Old Field Road Pencoed Bridgend Mid Glamorgan CF355LJ United Kingdom Tel: 01656 741 333 Fax: 01656 741 788 CASUALS DIRECT: Financial Woes Trigger Liquidation -------------------------------------------------- Casuals Direct Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Neil Henry and Michael Simister of Lines Henry were appointed Joint Liquidators. The company can be reached at: Casuals Direct Limited Flat 1 Milton House 5 Milton Crescent Cheadle Cheshire SK8 1PD United Kingdom Tel: 0161 488 1810 CREATIVE ADVERTISING: Governor Taps Baker Tilly as Receivers ------------------------------------------------------------ The Governor and Company of the Bank of Scotland appointed Guy Edward Brooke Mander and Phillip Hartland Allen of Baker Tilly joint administrative receivers of Creative Advertising & Printing Limited (Company Number 0801379) on May 11. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Creative Advertising & Printing Limited can be reached at: Downs Road Curbridge Business Park Curbridge Witney Oxfordshire OX29 7WJ United Kingdom Tel: 01993 772 543 Fax: 01993 700 742 D & S TRANSPAK: Bank of Scotland Appoints Kroll as Receivers ------------------------------------------------------------ Bank of Scotland appointed J.M. Wright and A.J. Wolstenholme of Kroll Ltd. joint administrative receivers of D & S Transpak Limited (Company Number 02116485) on June 21. 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 Halesowen, United Kingdom, D & S Transpak Limited manufactures plastic packaging goods. DRAKE POWER: Taps Lloyd Biscoe to Liquidate Assets -------------------------------------------------- Lloyd Biscoe, of Begbies Traynor, was appointed Liquidator after creditors of Drake Power Systems Limited agreed to wind up the company on April 13. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Drake Power Systems Limited can be reached at: Heron House 5-6 Heron Avenue Wickford Essex SS118DL United Kingdom Tel: 01268 560 040 Fax: 01268 560 261 Web: http://www.drakepower.com/ ELECTRIC 2000: Appoints David Exell as Liquidator ------------------------------------------------- Electric 2000 Contracting Limited is liquidating its assets after creditors passed a resolution to wind up the company on April 14. David Exell of David Exell Associates was appointed Liquidator. The company can be reached at: Electric 2000 Contracting Limited 23 Ayleswade Road Salisbury SP2 8DW United Kingdom Tel: 01202 476 420 Fax: 01202 476 420 ENRON CORP: Merrill Lynch Agrees to Pay US$29.5-Mln Settlement -------------------------------------------------------------- Enron Corp. reached an agreement with Merrill Lynch & Co., Inc. and affiliated entities to settle MegaClaims litigation in the Enron bankruptcy case. According to the terms of the agreement, Merrill Lynch will pay Enron US$29.5 million. The settlement further provides that approximately US$73.7 million in claims against the Enron Estate will be subordinated and receive no distribution from the Enron Estate and approximately US$10 million in transferred claims will be allowed. The settlement reflects that Merrill Lynch was involved in fewer transactions with Enron than certain of the other MegaClaim defendants. Merrill Lynch did not admit liability or wrongdoing and both parties agreed to settle the litigation to avoid the costs and uncertainties of further proceedings. "This settlement is a further proactive step in our efforts to settle the Enron Estate," John J. Ray III, Enron's President and Board Chairman, said. "We are gratified with the progress we have made to bring the MegaClaims litigation with Merrill Lynch to a close and remain optimistic that the remaining financial institutions will put their Enron issues to rest." Remaining MegaClaim cases include Citigroup Inc., Deutsche Bank AG, Barclays PLC, and Fleet National Bank. The settlement remains subject to the execution of a definitive agreement and the approval of the United States Bankruptcy Court for the Southern District of New York. Enron is represented in this matter by Susman Godfrey LLP; Togut, Segal & Segal; and Venable LLP. About Enron Corp. Headquartered in Houston, Texas, Enron Corporation filed for chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over accounting procedures, which caused Enron's stock price and credit rating to drop sharply. Judge Gonzalez confirmed the Company's Modified Fifth Amended Plan on July 15, 2004, and numerous appeals followed. The Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004. Martin J. Bienenstock, Esq., and Brian S. Rosen, Esq., at Weil, Gotshal & Manges, LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy, LLP, represent the Official Committee of Unsecured Creditors. EVANS BUILDING: Claims Registration Ends Sept. 30 ------------------------------------------------- Appointed Liquidator Michael F. McCarthy of Walletts Insolvency Services requires creditors of Evans Building & Civil Engineering Contractors Limited to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) on or before Sept. 30. The company can be reached at: Evans Building & Civil Engineering Contractors Ltd. Ashfields Stoke-on-Trent Staffordshire ST4 7QH United Kingdom Tel: 01782 411 470 EVERYDAYLIVES LTD: Hires Joint Liquidators from Valentine & Co -------------------------------------------------------------- Everydaylives Limited is voluntarily liquidating its assets after creditors proved the company could no longer continue its operations due to liabilities. Robert Valentine and Mark Reynolds, of Valentine & Co, were appointed Joint Liquidators. The company can be reached at: Everydaylives Ltd. 6 Grove Avenue Twickenham Middlesex TW1 4HY United Kingdom Tel: 020 8892 6699 FINE COLOUR: GE Commercial Taps Receivers from Deloitte & Touche ---------------------------------------------------------------- GE Commercial Finance Ltd. appointed Ian Brown and Christopher James of Deloitte & Touche LLP joint administrative receivers of Fine Colour Packaging Limited (Company Number 01106147) on June 15. Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. Headquartered in Nottingham, United Kingdom, Fine Colour Packaging Limited is engaged in commercial printing. GAINSBOROUGH HOLDINGS: Appoints Grant Thornton as Administrators ---------------------------------------------------------------- Andrew Hosking and Daniel Robert Whiteley Smith of Grant Thornton U.K. LLP were appointed joint administrators of Gainsborough Holdings Limited (Company Number 04416155) on June 12. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. Headquartered in London, Gainsborough Holdings Limited provides serviced offices. GBC MANAGEMENT: Brings In Grant Thornton as Administrators ---------------------------------------------------------- Andrew Hosking and Daniel Robert Whiteley Smith of Grant Thornton U.K. LLP were appointed joint administrators of GBC Management Limited (Company Number 05251290) on June 13. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. GBC Management Limited can be reached at: 100 Pall Mall London SW1Y 5HP United Kingdom GLOBAL TRADE: HSBC Bank Hires Moore Stephens as Receivers --------------------------------------------------------- HSBC Bank PLC appointed Phillip Sykes and David Rolph of Moore Stephens LLP joint administrative receivers of The Global Trade Centre Limited (Company Number 3165692) on June 15. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. Headquartered in London, The Global Trade Centre Limited is engaged in trade promotion. GENERAL MOTORS: Planned Alliance Won't Affect Rating, Fitch Says ---------------------------------------------------------------- The potential alliance between General Motors Corp, Renault and Nissan, as currently proposed, would not have implications for the credit rating of GM, according to Fitch Ratings. Although certain benefits could be realized from such an alliance over the long term, the ratings for GM (IDR rated B and on Rating Watch Negative) in near term will be driven primarily by the turnaround efforts at its North American auto operations. The resolution of the Delphi situation and completion of the sale of a controlling interest in GMAC are also key factors in the current rating. GM's challenges in North America, on the revenue and the cost side, remain numerous, and an alliance is unlikely to have a significant effect on either in the short term. Over the long- term, the alliance could result in purchasing synergies and other engineering, design and manufacturing efficiencies. However, these synergies typically require a timeframe of at least four years to be realized to a meaningful degree, even if implemented successfully, as frequently demonstrated through the industry. GM is already undertaking such an effort on its own as it moves to a global design process, with the ultimate benefits yet to be determined. At GM, Ford and DaimlerChrysler, either internally or through alliances, moving to global platforms has proven to be a long- term challenge, while transplant manufacturers continue to realize the benefits of further leveraging existing platforms. Historically, the industry's track record with regard to alliances, and GM's in particular, has been notably poor. With GM's purchasing, design, engineering and manufacturing strategies still evolving, further alliances could certainly complicate and/or cause revisions to existing efforts before realizing any ultimate benefits. Should the alliance progress, there could also be an adverse impact on the supply base, which is already experiencing substantial stress. It is also unlikely that an alliance, or a higher-profile role by Mr. Ghosn, would have a near term effect on one of GM's primary structural cost issues -- the lack of flexibility incorporated in GM's existing UAW contract. Over the long-term, any alliance strategy would certainly address the partners' global manufacturing footprint, including capacity issues. Given GM's high manufacturing cost base in the U.S., an alliance could be expected to try and steer production to more cost efficient plants and locations. This is likely to cause the UAW to weigh in on the alliance, potentially complicating and alliance agreement and the September 2007 contract talks where GM will already be seeking further concessions to existing wages, benefits and other structural terms. Prior to any alliance agreement, Fitch expects that GM's board and its potential alliance partners would clearly delineate areas of cooperation and the decision-making process between the partners. If the major reason Tracinda is encouraging an alliance is to have Carlos Ghosn take on a primary role in GM's restructuring, this would certainly be an area of substantive deliberation at GM's board. At this stage of GM's restructuring efforts, Fitch expects that this decision would not be taken lightly or quickly. On the revenue side, GM has benefited from recent product introductions in the higher-priced SUV segment, but remains exposed to sliding market share, a continuing industry decline in the mid-size and full-size SUV market, price competition and concerns surrounding volumes and pricing in the important heavy- duty pickup market. On the cost side, GM has made progress in certain cost areas, including health care and its employee buyout program, but remains exposed to operating and financial stresses in its supply base, high commodity costs and other fixed costs. Despite progress on the cost side, other cost and revenue pressures make it unlikely that GM will reverse negative operating cash flows in 2006. GOLDCREST FURNITURE: Appoints Grant Thornton as Administrators -------------------------------------------------------------- Richard Hawes and Nigel Morrison of Grant Thornton U.K. LLP were appointed joint administrators of Goldcrest Furniture Limited (Company Number 02556240) on June 7. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. Goldcrest Furniture Limited -- http://www.goldcrest.co.uk/-- is one of the UK's major wooden furniture manufacturers. The company was founded in 1991 in Kingstone just outside Hereford. GREENWAYS MEDIA: League Paper Publisher Up for Sale --------------------------------------------------- Joint Administrators Geoff Rowley and Nick O'Reilly offer for sale the business and assets of Greenways Media Limited, publisher of leading title on non-league football, "The Non- League Paper." Features: -- established over six years with a weekly readership of 100,000 -- two editions on Friday and Sunday; -- combined weekly circulation of over 50,000; -- publisher of U.K.'s only dedicated League football title, "The League Paper"; -- total turnover of GBP2.2 million; and -- based in South West London with a dedicated editorial and advertising team. Inquiries can be addressed to: Mark Siddall Vantis Business Recovery Services PO Box 2653 66 Wigmore Street London W1A 3RT United Kingdom Tel: 020 7467 4000 Headquartered in the United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. GRENEHURST LTD: Brings In Joint Liquidators from Insol House ------------------------------------------------------------ Grenehurst Limited is liquidating its assets after creditors opted to wind up the company on April 19. Richard Frank Simms and Martin Richard Buttriss, of Insol House, were appointed Joint Liquidators. The company can be reached at: Grenehurst Limited Unit 6 The Colonades 17 London Road Pulborough West Sussex RH201AS United Kingdom Tel: 01798 875 952 Fax: 01798 875 963 Web: http://www.grenehurst.com/ HEART MEDIA: Creditors Resolve to Liquidation --------------------------------------------- Creditors of Heart Media Group Limited resolved to liquidate the company's assets during an extraordinary general meeting on April 19. Subsequently, David Hughes was appointed Liquidator. The company can be reached at: Heart Media Group Limited Drayton Mill Drayton Belbroughton Stourbridge DY9 0BT United Kingdom Tel: 01562 734 040 Fax: 01562 731 934 Web: http://www.heartmedia.co.uk/ HERBALIFE INT'L: To Undertake Potential Refinancing Deal -------------------------------------------------------- Herbalife Ltd. and its indirect subsidiary Herbalife International, Inc., disclosed that it is considering a potential refinancing transaction with a new senior secured credit facility. If the refinancing is consummated, certain of the proceeds may be used to repay or redeem substantially all of Herbalife's existing debt, including its outstanding 9-1/2% Notes due 2011 and fund closing costs. About Herbalife Herbalife (NYSE:HLF) -- http://www.herbalife.com/-- is a global network marketing company that sells weight-management, nutritional supplements and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 62 countries through a network of more than one million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to bring good nutrition to children. * * * As reported in the Troubled Company Reporter on July 4, Moody's Investors Service rated the proposed bank loan of Herbalife International, Inc. at Ba1 and upgraded the corporate family rating to Ba1. Herbalife will use proceeds from the new debt to repay the existing term loan and to redeem the US$165 million issue of 9.5% senior subordinated notes. At the same time, Standard & Poor's Ratings Services raised its ratings on Herbalife International Inc., including its corporate credit rating to 'BB+' from 'BB'. Standard & Poor's also raised its ratings on Herbalife's parent, Herbalife Ltd., including the corporate credit rating to 'BB+' from 'BB'. The outlook is stable. MAJESTIC ALUMINUM: Names A. Turpin to Liquidator ------------------------------------------------ A. Turpin of Poppleton & Appleby was named Liquidator of Majestic Aluminum Finishing Co. Limited after creditors decided to wind up the company on April 18. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. Majestic Aluminum Finishing Co. Limited can be reached at: Queen Street Premier Business Pk Walsall WS2 9NU United Kingdom Tel: 01922 628 596 Fax: 01922 628 597 Web: http://www.majestics.org.uk/ NORTHUMBRIAN INTERIORS: Creditors Opt to Liquidate Assets --------------------------------------------------------- Creditors of Northumbrian Interiors Limited opted to liquidate the company's assets during an extraordinary general meeting on April 12. William Paxton and Peter William Gray of Robson Laidler LLP were appointed Joint Liquidators. The company can be reached at: Northumbrian Interiors Limited 18 Stanley Street Blyth Northumberland NE242BU United Kingdom Tel: 01670 505 882 OFFICE TRADES: Michael Lyon Leads Liquidation Procedure ------------------------------------------------------- Michael Lyon of Mazars LLP was appointed Liquidator of Office Trade Services Limited after creditors resolved to liquidate the company's assets on April 18. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Office Trade Services Limited can be reached at: 66 Derby Road Long Eaton Nottingham NG104QP United Kingdom Tel: 0115 849 1777 OHN HAMPDEN: Vantis Offers Garment Packaging Business For Sale -------------------------------------------------------------- The Administrative Receivers, L Robert Bailey and S Hopper of Vantis Business Recovery, offer for sale the business and assets of Ohn Hampden Packaging Limited. Ohn Hampden is a major global supplier of branded packaging to the garment industry, with international operations in the Middle and Far East. Features: -- GBP10 million turnover; -- operates from freehold premises in Heanor, Derbyshire; -- extensive range of plant & machinery -- 40-strong skilled workforce; and -- key supplier to major U.K. garment retailers Inquiries can be addressed to: Littlechild Vantis Business Recovery Services Stoughton House Harborough Road Oadby Leicester LE2 4LP United Kingdom Fax: 0116 2710597 E-mail: caryn.littlechild@vantisplc.com Headquartered in the United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. REFCO INC: Court to Consider Excl. Period Requests on July 20 ------------------------------------------------------------- The Hon. Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York adjourned, to July 20, 2006, the hearing to consider Refco Inc., and its debtor- affiliates' request to extend their: * Exclusive Plan Filing Period to Sept 1, 2006; and * Exclusive Solicitation Period to Oct. 31, 2006. The Court had previously set the hearing for June 27. About Refco Inc. Headquartered in 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. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. 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. 34; Bankruptcy Creditors' Service, Inc., 215/945- 7000). REFCO INC: U.S. Court Extends Removal Period to Sept. 13 -------------------------------------------------------- The Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York extended, until Sept. 13, 2006, the time within which Refco Inc. and its debtor-affiliates may file notices of removal pursuant to Rule 9006(b) of the Federal Rules of Bankruptcy Procedure. As reported in the Troubled Company Reporter on June 28, 2006, the Debtors told the Court that the request has the consent of Marc S. Kirschner, the Chapter 11 trustee of the estate of Refco Capital Markets, Ltd. Prior to filing for bankruptcy, the Debtors were plaintiffs in approximately 37 actions and proceedings in a variety of state and federal courts throughout the country. Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, in New York, relates that the Debtors have not yet reviewed all the Actions to determine whether any Actions should be removed. The Debtors have continued to focus primarily on stabilizing and maximizing the value of the wind-down of their businesses. The RCM trustee also needs additional time to evaluate the Actions to determine whether they should be removed. Moreover, the Debtors and the RCM Trustee are engaged in a bankruptcy plan formulation process, which may impact decisions with respect to the Actions. Ms. Henry asserts that extension of the Removal Period will afford the Debtors sufficient opportunity to assess whether the Actions can and should be removed, thus, protecting the Debtors' valuable right to adjudicate lawsuits under 28 U.S.C. Section 1452. About Refco Inc. Headquartered in 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. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. 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. 34; Bankruptcy Creditors' Service, Inc., 215/945- 7000). RENAISSANCE GRP: Winds Up Business & Appoints Joint Liquidators --------------------------------------------------------------- Creditors of Renaissance GRP Limited decided to wind up the company's operations during an extraordinary general meeting on April 12. Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork were appointed Joint Liquidators. The company can be reached at: Renaissance GRP Limited 262 Handsworth Road Handsworth Sheffield S13 9BS United Kingdom Tel: 0114 244 6622 RESIDENTIAL MORTGAGE: Moody's Rates GBP16 Million Notes at Ba3 -------------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to these classes of Notes issued by Residential Mortgage Securities 22 PLC: -- GBP100,000,000 Class A1a Notes with Class A Ordinary Coupons due 2031: Aaa, -- Class A1a Detachable Coupons due 2009: Aaa; -- Class A1a Detachable Coupons due 2011: Aaa; -- US$320,000,000 Class A1b Notes with Class A Ordinary Coupons due 2031: Aaa; -- Class A1b Detachable Coupons due 2009: Aaa; -- Class A1b Detachable Coupons due 2011: Aaa; -- EUR64,400,000 Class A1c Notes with Class A Ordinary Coupons due 2031: Aaa; -- Class A1c Detachable Coupons due 2009: Aaa; -- Class A1c Detachable Coupons due 2011: Aaa; -- EUR116,200,000 Class A2c Notes with Class A Ordinary Coupons due 2039: Aaa; -- Class A2c Detachable Coupons due 2009: Aaa; -- Class A2c Detachable Coupons due 2011: Aaa; -- GBP207,600,000 Class A3a Notes with Class A Ordinary Coupons due 2039: Aaa, -- Class A3a Detachable Coupons due 2009: Aaa; -- Class A3a Detachable Coupons due 2011: Aaa; -- EUR105,000,000 Class A3c Notes with Class A Ordinary Coupons due 2039: Aaa; -- Class A3c Detachable Coupons due 2009: Aaa; -- Class A3c Detachable Coupons due 2011: Aaa; -- GBP43,300,000 Class M1a Notes due 2039: Aa3; -- EUR15,000,000 Class M1c Notes due 2039: Aa3; -- GBP11,000,000 Class M2a Notes due 2039: A3; -- EUR22,400,000 Class M2c Notes due 2039: A3; -- GBP15,000,000 Class B1a Notes due 2039: Baa3; -- EUR13,100,000 Class B1c Notes due 2039: Baa3; -- GBP16,000,000 Class B2 Notes due 2039: Ba3; and -- Mortgage Early Redemption Certificates, due 2039: Aaa. This transaction represents the 22nd securitization of non-conforming and impaired credit loans originated by entities that trade under the name of Kensington Mortgage Company. Moody's previously assigned provisional ratings to the Notes on June 16. The ratings of the Notes are based upon: -- an analysis of the characteristics of the mortgage pool backing the Notes; -- the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool; and -- the legal and structural integrity of the issue. The credit enhancement available in the deal is provided in the form of excess spread, reserve fund of original note balance, subordination of the Class M1, M2, B1 and B2 Notes. Subject to certain conditions being met, the reserve fund may amortize up to a floor of 0.68% of the original note balance. The ratings address the expected loss posed to investors by the legal final maturity. Moody's believes the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. The Class A Detachable Coupons (I/O) do not receive any payments of principal, and earn interest at a rate of 1.35% per annum calculated on the outstanding balance of the Class A Notes. The Class A1 I/O 2009, Class A2 I/O 2009, and Class A3 I/O 2009 earn interest from the first interest payment date until the interest payment date on November 2009. The Class A1 I/O 2011, Class A2 I/O 2011 and Class A3 I/O 2011 earn interest from the interest payment date on November 2009 to the interest payment date falling on November 2011. The rating of the I/O addresses the Issuer's ability to make the promised payment of interest. However, it does not address the size of balance used to calculate the amount due. The Mortgage Early Redemption Certificates (MERC) are backed solely by mortgage early redemption charges that may become payable by borrowers in the pool on early redemption of their loans within a certain period. The Aaa rating on the MERC's addresses the likelihood of receipt by MERC holders of such amounts if the Issuer receives them. It assumes, without any independent investigation, that payment of the mortgage early redemption charges under the mortgage loans is legally valid, binding and enforceable, and that such amounts are actually collected from borrowers and received by the Issuer. The amount receivable by MERC holders also depends on prepayment rates within the pool. The rating does not address such prepayment rates. RESIDENTIAL MORTGAGE: Fitch Rates GBP16-Mln Class B2 Notes at BB ---------------------------------------------------------------- Fitch Ratings assigned final ratings to Residential Mortgage Securities 22 PLC's GBP800 million equivalent multi-currency mortgage-backed floating-rate notes. -- Class A1a notes GBP100 million due 2031: AAA; -- A1a detachable coupons due 2009 and 2011: AAA; -- Class A1b notes US$320 million due 2031: AAA; -- A1b detachable coupons due 2009 and 2011: AAA; -- Class A1c notes EUR64.4 million due 2031: AAA; -- A1c detachable coupons due 2009 and 2011: AAA; -- Class A2c notes EUR116.2 million due 2039: AAA; -- A2c detachable coupons due 2009 and 2011: AAA; -- Class A3a notes GBP207.6 million due 2039: AAA; -- A3a detachable coupons due 2009 and 2011: AAA; -- Class A3c notes EUR105 million due 20391: AAA; -- A3c detachable coupons due 2009 and 2011: AAA; -- Class M1a notes GBP43.3 million due 2039: AA; -- Class M1c notes EUR15 million due 2039: AA; -- Class M2a notes GBP11 million due 2039: A; -- Class M2c notes EUR22.4 million due 2039: A; -- Class B1a notes GBP15 million due 2039: BBB; -- Class B1c notes EUR13.1 million due 2039: BBB; -- Class B2 notes GBP16 million due 2039: BB; and -- Mortgage early redemption certificates N.A.: AAA. This transaction is a securitization of non-conforming residential mortgages originated and located in the U.K. and is the 22nd in the series. Structurally, this is the third transaction to trap excess cap cash flows within the deal for use in future periods. The final ratings are based on the quality of the collateral, available credit enhancement, the underwriting criteria of Kensington Group PLC and its subsidiaries, the primary servicing capabilities of Homeloan Management Ltd. and the special servicing capabilities Kensington Mortgages Ltd, and the sound legal structure of the transaction. Credit enhancement for the Class A1, A2 and A3 notes totals 15.9% and is provided by the subordination of the Class M1 (6.7%), Class M2 (3.3%) Class B1 (3%), Class B2 (2%) and an initial reserve fund representing 0.9% of the initial issue size. The reserve fund is expected to increase to a target amount equating to 1.35% of the initial issue size, funded from available excess spread. The rating of the MERCs addresses the likelihood of receipt of MERC payments assuming that payment of the mortgage early repayment charges is legally valid, binding and enforceable against the borrowers and such mortgage early repayment charges are actually collected from borrowers, and not waived by the seller. STENBUY LIMITED: Creditors' Meeting Slated for July 13 ------------------------------------------------------ Creditors of Stenbuy Limited (Company Number 03127681) will meet at 10:00 a.m. on July 13 at: David Rubin & Partners 26-28 Bedford Row London WC1R 4HE United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on July 12 at: Paul Appleton and Henry Lan Joint Administrators Rubin & Partners 26-28 Bedford Row London WC1R 4HE United Kingdom David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. SUCCESSFUL SOLUTIONS: Creditors Confirm Liquidator's Appointment ---------------------------------------------------------------- Creditors of Successful Solutions Wealth Management Limited confirmed the appointment of Roderick Graham Butcher as Liquidator on April 18. The company can be reached at: Successful Solutions Wealth Management Limited 57 Huntsmans Drive Kinver Stourbridge DY7 6BA United Kingdom Tel: 01384 877 152 T.M. WASTE: HSBC Bank Brings In PKF as Administrative Receivers --------------------------------------------------------------- HSBC Bank appointed Jonathan D. Newell and Kerry Bailey of PKF (U.K.) LLP joint administrative receivers of T.M. Waste Management Limited (Company Number 4229843) on June 14. PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the UK's leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Headquartered in Liverpool, United Kingdom, T.M. Waste Management Limited recycles non-metal waste and scrap. TEKELEC: Restates Quarterly Reports for 2005 and 2004 ------------------------------------------------------ Tekelec filed with the U.S. Securities and Exchange Commission its quarterly reports on Form 10-Q/A for the three months ended March 31, 2005, June 30, 2005, and Sept. 30, 2005, in which it restates its previously issued consolidated financial statements for each of the quarters during the nine months ended Sept. 30, 2005, and 2004. The company's Statement of Operations (in US$) showed: For the three months ended ----------------------------- Quarter Quarter 03/31/04 03/31/05 ----------- ------------ Revenue 75,974,000 138,863,000 Net (Loss) 17,475,000 5,314,000 For the three and six months ended ------------------------------------------------------ Quarter Quarter Quarter Quarter 06/30/04 06/30/05 06/30/04 06/30/05 ----------- ------------ ------------ ------------ Revenue 95,196,000 122,728,000 171,170,000 261,591,000 Net (Loss) (1,440,000) 785,000 3,874,000 18,260,000 For the three and nine months ended ------------------------------------------------------ Quarter Quarter Quarter Quarter 09/30/04 09/30/05 09/30/04 09/30/05 ----------- ------------ ------------ ------------ Revenue 96,894,000 120,980,000 268,064,000 382,571,000 Net (Loss) 9,519,000 (4,078,000) 13,393,000 14,182,000 The company's Balance Sheet showed: For the period ended ---------------------------------------------- Quarter Quarter Quarter Quarter 12/31/04 03/31/05 06/30/05 09/30/05 ------------ ------------ ------------ ------------ Current Assets 403,761,000 416,084,000 449,363,000 494,867,000 Total Assets 774,983,000 787,182,000 823,994,000 831,524,000 Current Debts 254,457,000 251,075,000 287,292,000 290,425,000 Total Debts 383,602,000 382,844,000 418,159,000 423,517,000 Total Stockholders' Equity 373,753,000 391,492,000 823,994,000 400,627,000 Restated Quarterly Financial Statements The Restated Quarterly Financial Statements include adjustments to the Company's previously issued Unaudited Consolidated Balance Sheets, Statements of Operations, Statements of Comprehensive Income (Loss), and Statements of Cash Flows for: (i) the three months ended March 31, 2005, and 2004; A full-text copy of the Company's restated financial statements is available for free at: http://researcharchives.com/t/s?d2b (ii) the three and six months ended June 30, 2005, and 2004; A full-text copy of the Company's restated financial statements is available for free at: http://researcharchives.com/t/s?d2d (iii) the three and nine months ended Sept. 30, 2005, and 2004. A full-text copy of the Company's restated financial statements is available for free at: http://researcharchives.com/t/s?d2f The restated unaudited results for each of the three quarters in the nine months ended Sept. 30, 2005, and 2004 had previously been disclosed in summary form in Note 18 of the Notes to the Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2005. Tekelec expected that it would file on July 12 its First Quarter 2006 Form 10-Q and has scheduled a conference call on that date for senior management to discuss first quarter results. The Company also plans to discuss during this call and to provide on its web site prior to historical non-GAAP numbers for each of the quarters in 2004 and 2005, the full years 2004 and 2005 and the first quarter of 2006. With the filing of the First Quarter 2006 Form 10-Q, the Company believed that it will have met all the conditions set by a Nasdaq Listing Qualifications Panel for the continued listing of the Company's Common Stock on the Nasdaq National Market System, which conditions require that the Company file with the Commission, on or before July 17, 2006, its 2005 Form 10-K, all required restatements and the First Quarter 2006 Form 10-Q. The Company also reported that it expects to timely file its Quarterly Report on Form 10-Q for the three months ended June 30, 2006. Events of Default In June 2003, the Company issued and sold US$125 million aggregate principal amount of its 2.25% Senior Subordinated Convertible Notes due June 15, 2008. The Indenture governing the Notes obligates the Company to provide Deutsche Bank Trust Company Americas, the Notes' Trustee with documents and reports as are required to be filed with the U.S. Securities and Exchange Commission. Because of the delayed filing of the Company's Annual Report for the year ended Dec. 31, 2005, with the SEC, the Company received a notice of default on April 1, 2006, from holders of more than 25% of the outstanding principal amount of the Notes. Because the Company filed its Annual Report with the SEC on May 30, the Company said that neither the Trustee nor the holders have the right to accelerate the Notes since it filed within the 60-day cure period. The Company also failed to timely deliver its quarterly report for the quarter ended March 31, 2006, to the SEC and to the Trustee on before May 25, 2006, which resulted in an additional default under the Indenture. The Company said that if the default is not cured or waived within 60 days after any notice of default is delivered by the Trustee or by the holders of the Notes, the Trustee or holders of the Notes have the right to accelerate the payment of indebtedness under the Indenture. The Company expects to file its first quarter report on or before July 17. The filing will be able to cure this default under the Indenture, the Company said. The Indenture also provides that if the Company's common stock ceases to be listed on the Nasdaq National Market, that constitute an event of default. Nasdaq Delisting The company received, on March 20, 2006, a notice from The Nasdaq Stock Market indicating that the Company's common stock is subject to potential delisting from the Nasdaq National Market as a result of its failure to comply with Marketplace Rule 4310(c)(14). This listing standard requires the Company to timely file all reports with the Securities and Exchange Commission, as required by the Securities Exchange Act of 1934, as amended. The Company intends to request a hearing before a Nasdaq Listing Qualifications Panel for review of the delisting determination. This request will automatically stay the delisting of the Company's common stock pending the Panel's review and decision. The Company's common stock will continue to trade on the Nasdaq National Market until the Panel issues a decision and any exception granted by the Panel expires. About Tekelec Tekelec (NASDAQ: TKLC) -- http://www.tekelec.com/-- develops traditional and next-generation signaling and switching telecommunications solutions, business intelligence tools and value-added applications. Tekelec's innovative software are widely deployed in traditional and next-generation wireline and wireless networks and contact centers worldwide. Corporate headquarters are located in Morrisville, N.C., with research and development facilities and sales offices throughout the world. In Europe, the company has offices in France and the United Kingdom. THPA FINANCE: S&P Assigns BB Rating to Class C Notes ---------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch with negative implications and affirmed the ratings on all classes of notes issued by THPA Finance Ltd. The ratings were placed on CreditWatch negative on Nov. 30, 2005, following PD Ports PLC's announcement that it had reached an agreement for its acquisition. Babcock & Brown Infrastructure Ltd. finalized the acquisition of PD Ports in January 2006 through its U.K. vehicle BBI Port Acquisition (UK) Ltd. Following the acquisition, Standard & Poor's has met PD Ports management and BBI to discuss the potential impact on the rated notes of both the acquisition structure and the group's likely strategy going forward. The rating actions are mainly based on: -- the acquisition structure having no impact on the entities that form the secured financing; -- the comfirmation that management's focus remains on developing the port operations in line with the current strategy; -- the likelihood that BBI, the new owner, will maintain a long-term commitment to PD Ports with no material diversion from the existing business plan; and -- that changes to the management team and board membership at PD Ports demonstrate continuity and affirmation of the existing business strategy. Because we do not expect any material change to the strategy and the business profile of the company, we do not expect a deterioration of the current cash flow. We consider that the ratings continue to reflect the underlying business risk of the assets and cash flows of the borrowers' port, logistics, and shipping business. The company expects to hold a bondholders' meeting in September to present the new management and the results for the year-end in June 2006. The transaction is a port corporate securitization that closed in April 2001. Ratings Removed From CreditWatch With Negative Implications and Affirmed: Ratings List THPA Finance Ltd. GBP305 Million Fixed- and Floating-Rate Notes Rating Class To From ----- -- ---- A2 A A/Watch Neg B BBB BBB/Watch Neg C BB BB/Watch Neg TOWN TYRE: Creditors Nominate Andreas Kakouris as Liquidator ------------------------------------------------------------ Creditors of Town Tyre & Brake Co. Limited nominated Andreas Georgiou Kakouris as Liquidator during an extraordinary general meeting on April 20. The company can be reached at: Town Tyre & Brake Co Limited 300 Wightman Road London N8 0LT United Kingdom Tel: 020 8341 1121 USP BRANDS: KPMG Selling Golfing Equipment Distributor ------------------------------------------------------ Joint Administrators Richard Fleming and Howard Smith offer for sale the business and assets of USP Brands Limited, a distributor of golfing equipment and clothing. Features: -- Established business with annual turnover GBP3 million; -- Intellectual property for Progen and Fazer own brands of golf clubs and bags; -- Distributor of Ogio golf bags and Sunice outwear in the U.K. and parts of Europe; -- High street retail and golf pro customer base; -- 15 staff and good network of sales agents; -- 13,000 sq. ft. leasehold manufacturing and distribution facility in Leeds near M621; and -- Stock circa GBP300,000 cost value. Inquiries can be addressed to: David Ryder KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW Phone: 0113 231 3105 Fax: 0113 231 3183 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. WHITE MOSS: Claims Filing Period Ends Sept. 19 ---------------------------------------------- Creditors of White Moss Amenities Limited have until Sept. 19 to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Liquidator, Michael F. McCarthy, of Walletts Insolvency Services. The company can be reached at: White Moss Amenities Limited Imex Spaces Radway Gr Cheshire CW2 5PR United Kingdom Tel: 01270 886 266 * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (23) 144 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (835) 8,881 (49) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* 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 * * *