/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060825.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 Friday, August 25, 2006, Vol. 7, No. 169 Headlines A U S T R I A AGENS CAR: Property Manager Declares Insufficient Assets BODD: Vienna Court Orders Closing of Business BRUCK TECHNOLOGIES: Claims Registration Period Ends August 28 ENGEL: Graz Court Closes Business Until August 31 GUELSEN: Claims Registration Period Ends September 12 KAUF-HAUS: Awaits Final Distribution & Closing Protocol PERKAL & PARTNER: Vienna Court Orders Business Shutdown STUKKATEUR: Property Manager Declares Insufficient Assets V.A.G. SCHLACHER: Creditors' Meeting Slated for September 5 VIDOSAV PETRASKOVIC: Creditors' Meeting Slated for September 6 ZACH: Eisenstadt Court Orders Business Shutdown B E L G I U M FERRO CORP: Sells Specialty Plastics Business for US$133 Million B U L G A R I A JETFINANCE INT'L: S&P Assigns B/B Counterparty Creding Ratings F R A N C E ASYST TECHNOLOGIES: Rejects Claims of Indenture Default NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network G E R M A N Y ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter ASYST TECHNOLOGIES: Rejects Claims of Indenture Default BANKGESELLSCHAFT BERLIN: Fitch Keeps Individual Rating at C/D BAUCONZEPT & DESIGN: Claims Registration Ends September 27 BUELOWSTRASSE 9: Creditors' Meeting Slated for September 5 ELWEMA GMBH: Claims Registration Ends September 15 GRITZAN BAUAUSFUEHRUNG: Creditors' Meeting Slated for Sept. 21 LUCI'S MODE: Claims Registration End September 20 SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders SPECTRUM BRANDS: Fitch Junks Rating on US$2.3 Billion Debt I T A L Y TEXCHEM RESOURCES: Obtains Approval to List Unit in SGX-ST K A Z A K H S T A N ALI-INFORM: Creditors Must File Claims by Sept. 15 DUNAIAGRO: Proof of Claim Deadline Slated for Sept. 15 JOLAUSHY & K: Creditors' Claims Due Sept. 15 MERUERT-LTD: Claims Registration Ends Sept. 15 ORION-T: Claims Filing Period Ends Sept. 15 K Y R G Y Z S T A N GREEN GEM: Creditors Must File Claims by Sept. 28 L U X E M B O U R G NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network N E T H E R L A N D S HARBOURMASTER PRO-RATA: Fitch Rates EUR17.5 Million Notes at BB N O R W A Y TELLER AS: Fitch Assigns BB+ Rating on Issuer Default R O M A N I A CFR MARFA: Financial Constraints Spur S&P to Cut Rating to B R U S S I A BRICKWORKS ABASHEVSKIY: V. Skorikov to Manage Assets CONFECTIONARY IRKUTSKAYA: S. Ivasyuk to Manage Insolvency Assets ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue NORILSK NICKEL: Moody's Assigns Ba2 Rating on Notes Under Review SHELEKHOVSKIY DIARY: I. Boldakov to Manage Insolvency Assets SHOP OF TOYS: Court Names Sh. Fazailov as Insolvency Manager STROY-INDUSTRY: Court Names O. Filippova as Insolvency Manager WOOD-PROCESSING FACTORY 1: A. Ezhov to Manage Insolvency Assets YAKUTSK-DIAMOND: Court Names Mr. K. Popov as Insolvency Manager YUKOS OIL: Moscow Court Rejects Debtor's Bankruptcy Appeal YUKOS OIL: Bankruptcy Administrator Taps E&Y to Prepare Sale S W E D E N SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders T U R K E Y FINANSBANK A.S.: Fiba Group Closes 46% Stake Sale to Greek Bank U K R A I N E ALFA BANK: Moody's Assigns E+ Financial Strength Rating BAR BREAD: Regional Bankruptcy Agency to Liquidate Assets BAR LIQUOR-VODKA: Regional Bankruptcy Agency to Liquidate Assets KONONIVKA BREAD: Court Names Oleg Bilera as Insolvency Manager KRIMPRODMASH-1: AR Krym Court Starts Bankruptcy Supervision MOLODOVA: Court Names Anatolij Rovnij as Insolvency Manager MONTAZH: Court Names Leonid Talan as Insolvency Manager PEREMOGA: Harkiv Court Names M. Sorokin as Insolvency Manager RAJAGROSHLYAHBUD: Regional Bankruptcy Agency to Liquidate Assets SEBEK: Dnipropetrovsk Court Names Leonid Talan as Liquidator TORIS: Kyiv Court Names Volodimir Sirota as Insolvency Manager VIKTORIYA: Sumi Court Starts Bankruptcy Supervision ZHITNITSYA PODILLYA: Bankruptcy Agency to Liquidator Assets U N I T E D K I N G D O M A.R.E. LIMITED: Brings In Administrators from BDO Stoy ABBEY SECURITY: Nominates Zafar Igbal as Liquidator ACE CABS: Claims Filing Period Ends Sept. 15 AIRE VALLEY: Fitch Affirms BB Rating on Class D Notes AIRTEC 2000: Appoints Tony Mitchell as Liquidator ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter ANGLIA VALE: Taps P&A to Administer Assets AXS-ONE INC: June 30 Balance Sheet Upside-Down by US$7.08 Mln BBB NETWORK: FSCS Affirms Default Declaration BIG-TALK NETWORK: Claims Filing Period Ends Nov. 17 BRITANNIA ROLL: Appoints Joint Administrators from Buchanans BRADSHAW BEDS: Joint Liquidators Take Over Operations BRAYNSTON SQUARE: Brings In Joint Liquidators from KPMG LLP BRIDGEMAN TANSEY: Claims Registration Ends Sept. 15 CATALYST AUTOMOTIVE: Appoints Begbies Traynor as Administrators CLASSIQUE HOLIDAY: Names Martin Paul Halligan as Administrator COLLINS & AIKMAN: Gains Panel's Support Over GM Tooling Dispute COLLINS & AIKMAN: Bankruptcy Court Permits Sale of GE Equipment CORNICHE MARKETING: Taps Joint Liquidators from Insol House DAVISON BIRD: Taps Wilkins Kennedy as Joint Administrators EAGLE SOLUTIONS: Appoints Liquidator from B & C Associates EIRCOM FUNDING: To Redeem Outstanding 8.25% Sr. Sub. Notes ENVOY U.K.: Calls In Joint Liquidators from Recovery hjs FARNBOROUGH TOWN: Brings In Administrators from Begbies Traynor FEDERAL-MOGUL: Wants to Enter Into Hercules Payment Agency Pact FERRO CORP: Sells Specialty Plastics Biz for US$133 Million FINE COLOUR: Creditors' Meeting Slated for September 12 FLOOR SANDING: Kikis Kallis Leads Liquidation Procedure FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO G.M.S. SYSTEMS: Names Joint Liquidators from Lines Henry G. T. ALMAX: Creditors' Meeting Slated for August 30 GENERAL MOTORS: Indian Unit to Enter Used-Car Business in 2007 GOLF AND LEISURE: Claims Registration Ends Oct. 9 HEAVENMADE FOODS: Bank of Scotland Appoints KPMG as Receivers HYBRID 4: Appoints Joint Administrators from Begbies Traynor ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue IDEAL MACHINERY: Taps Asher Miller to Liquidate Assets K & J LOCKIE: Hires Geoffrey Martin as Administrators LED SCREEN: Names Administrators from Tenon Recovery MP COMPUTERS: Creditors' Claims Due Aug. 31 MISS LONDON: Creditors' Claims Due Oct. 27 MONOPLAS INDUSTRIES: Creditors Must File Claims by Nov. 1 MONTCLAIRE LIMITED: Liquidator Sets Nov. 4 Claims Bar Date NASHURST ELECTRONICS: Creditors Must File Claims by Sept. 12 NEW JARROLD: Appoints PwC to Administer Assets OWEN SKIP: Appoints Joint Liquidators to Wind Up Business PROFESSIONAL BRAND: Hires Liquidator from Centrum Recovery QAONLINE LIMITED: Liquidator Sets Nov. 30 Claims Bar Date SANS FRONTIERS: Hires T. Papanicola to Liquidate Assets SAVAGE DESIGNS: Brings In Liquidator from HKM LLP SKI RENTAL: Appoints Begbies Traynor to Administer Assets SLIK FASTENERS: Appoints Administrators from Begbies Traynor STARWORK LIMITED: Names Andrew T. Clay as Administrator SUPPLYLANE LIMITED: Names T. Papanicola as Administrator SWINBURNE JAMES: Taps David R. Acland to Liquidate Assets TELL LIMITED: Creditors Confirm Liquidator's Appointment THERMATECH TIMBER: Taps Administrators from Deloitte & Touche TREVOR PRICE: Claims Registration Ends Nov. 9 TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit WEST HEATH: Appoints Gerald Frederick Davis as Administrator WINWARD COMPANY: Names Roderick Graham Butcher Liquidator XTEC GLOBAL: Hires Joint Liquidators from Insol House YAWFORGE LIMITED: Taps Kevin Thomas Brown to Liquidate Assets ********* ============= A U S T R I A ============= AGENS CAR: Property Manager Declares Insufficient Assets -------------------------------------------------------- Mag. Herbert Premur, the court-appointed property manager for LLC Agens Car Company Trading (FN 252914h), declared on June 30 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Klagenfurt is yet to rule on the property manager's claim. Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on June 1 (Bankr. Case No. 41 S 27/06b). The property manager can be reached at: Mag. Herbert Premur Pierlstrasse 33 9020 Klagenfurt, Austria Tel: 0463/55976 Fax: 0463/55365 E-Mail: herbert.premur@seeber-lawconsult.at BODD: Vienna Court Orders Closing of Business --------------------------------------------- The Trade Court of Vienna entered an order on July 3 closing the business of LLC Bodd (FN 262025g). Court-appointed property manager Gerhard Bauer determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Mag. Gerhard Bauer c/o Dr. Josef Ebner Mahlerstrasse 7 1010 Vienna, Austria Tel: 512 97 06 Fax: 512 97 06 20 E-mail: ra-g.bauer@aon.at rae.ebner.eisner@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 25 (Bankr. Case No. 45 S 24/06t). Josef Ebner represents Mag. Bauer in the bankruptcy proceedings. BRUCK TECHNOLOGIES: Claims Registration Period Ends August 28 ------------------------------------------------------------- Creditors owed money by LLC Bruck Technologies (FN 118741w) have until Aug. 28 to file written proofs of claims to court- appointed property manager Alexander Schoeller at: Dr. Alexander Schoeller c/o Dr. Stephan Riel Reischachstrasse 3/12A 1010 Vienna, Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Sept. 11 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 2102 Vienna, Austria Headquartered in Vienna, Austria the Debtor declared bankruptcy on July 3 (Bankr. Case No. 45 S 46/06b). Stephan Riel represents Dr. Schoeller in the bankruptcy proceedings. ENGEL: Graz Court Closes Business Until August 31 ------------------------------------------------- The Land Court of Graz entered an order on June 29 closing the business of LLC Engel (FN 68135z) until Aug. 31. Court- appointed property manager Gerhard Petrowitsch determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Dr. Gerhard Petrowitsch Kadagasse 11 8430 Leibnitz, Germany Tel: 03452/82837 Fax: 03452/82837-7 E-mail: ra.dr.petrowitsch@aon.at Headquartered in Tieschen, Austria, the Debtor declared bankruptcy on April 10 (Bankr. Case No. 40 S 17/06g). Nikolaus Vogt represents Dr. Riess in the bankruptcy proceedings. Manager Erwin Johann Engel and firm of attorneys from Boehm & Reckenzaun represent the Debtor in the bankruptcy proceedings. GUELSEN: Claims Registration Period Ends September 12 ----------------------------------------------------- Creditors owed money by KEG Guelsen (FN 258666t) have until Sept. 12 to file written proofs of claims to court-appointed property manager Johannes Muehllechner at: Mag. Johannes Muehllechner Graben 21/3 4020 Linz, Austria Tel: 0732/772200 Fax: 0732/7722004 E-mail: muehllechner@eurojuris.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Sept. 26 to consider the adoption of the rule by revision. The first meeting of creditors will be held at: The Land Court of Linz Hall 552 5th Floor Linz, Austria Headquartered in Kleintransport, Austria, the Debtor declared bankruptcy on July 3 (Bankr. Case No. 38 S 32/06v). KAUF-HAUS: Awaits Final Distribution & Closing Protocol ------------------------------------------------------- The Land Court of Leoben will close the bankruptcy case of LLC & KEG Kauf-Haus (FN 219808y) following the Debtor's final distribution to creditors. The court-appointed property manager submitted a draft on the property allocation to the court on June 30. Under the proposal, creditors will recover 6.2% on account of their claim. Headquartered in Steiermark, Austria, the Debtor declared bankruptcy on Aug. 29, 2005 (Bankr. Case No. 17 S 66/05g). The property manager can be reached at: Kreissl & Pichler & Walther Rechtsanwalte Rathausplatz 4 8940 Liezen, Austria Tel: 03612-22997 Fax: 03612-22997-83 E-mail: hkp1@hkp1.at PERKAL & PARTNER: Vienna Court Orders Business Shutdown ------------------------------------------------------- The Trade Court of Vienna entered an order on June 30 shutting down the business of OEG Perkal & Partner (FN 222545y). Court- appointed property manager Walter Kainz determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna, Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 20 (Bankr. Case No. 6 S 58/06f). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. STUKKATEUR: Property Manager Declares Insufficient Assets --------------------------------------------------------- Mag. Norbert Abel, the court-appointed property manager for LLC Stukkateur (FN 198308f), declared on June 30 that the Debtor's property is insufficient to cover creditors' claims. As yet, the business remains closed. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 21 (Bankr. Case No. 5 S 84/06x). Johanna Abel-Winkler represents Mag. Abel in the bankruptcy proceedings. The property manager and his representative can be reached at: Mag. Norbert Abel c/o Mag. Johanna Abel-Winkler Franz-Josefs-Kai 49/19 1010 Vienna, Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at V.A.G. SCHLACHER: Creditors' Meeting Slated for September 5 ----------------------------------------------------------- Creditors owed money by LLC V.A.G. Schlacher Industriemontagen (FN 198801f) are encouraged to attend the creditors' meeting at 9:00 a.m. on Sept. 5 to consider the adoption of the rule by revision. The creditors' meeting will be held at: The Trade Court of Vienna Room 2102 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 18 (Bankr. Case No. 45 S 23/06w). Kurt Bernegger serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Kurt Bernegger Jacquingasse 21 1030 Vienna, Austria Tel: 799 15 80/0 Fax: 796 59 14 E-mail: kanzlei@bernegger-wt.com VIDOSAV PETRASKOVIC: Creditors' Meeting Slated for September 6 -------------------------------------------------------------- Creditors owed money by KEG Vidosav Petraskovic (FN 168523d) are encouraged to attend the creditors' meeting at 11:30 a.m. on Sept. 6 to consider the adoption of the rule by revision. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 2nd Floor Korneuburg, Austria Headquartered in Fischamend, Austria, the Debtor declared bankruptcy on July 3 (Bankr. Case No. 36 S 71/06t). Viktor Igali-Igalffy serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Viktor Igali-Igalffy Landstrasser Main Street 34 1030 Vienna, Austria Tel: 01/713 80 57 Fax: 01/713 07 76 E-mail: vii@aon.at ZACH: Eisenstadt Court Orders Business Shutdown ----------------------------------------------- The Land Court of Eisenstadt entered an order on June 30 shutting down the business of LLC Zach (FN 125536m). Court- appointed property manager Adalbert Hausmann determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Mag. Adalbert Hausmann Esterhazyplatz 6a 7000 Eisenstadt, Austria Tel: 02682/64044 Fax: 02682/64044 30 E-mail: ra.schreiner@aon.at Headquartered in Neckenmarkt, Austria, the Debtor declared bankruptcy on June 29 (Bankr. Case No. 26 S 64/06y). Radel Stampf Supper, the manager, represents the Debtor in the bankruptcy proceedings. ============= B E L G I U M ============= FERRO CORP: Sells Specialty Plastics Business for US$133 Million ---------------------------------------------------------------- Ferro Corp. entered into an asset purchase agreement with Olympic Plastics, Inc., a wholly owned subsidiary of Wind Point Partners. Under the agreement, Ferro has agreed to sell, and Olympic has agreed to buy, substantially all of the assets of Ferro's specialty plastics business, which develops and produces customized thermoplastic compounds and alloys, plastic colorants, gelcoats, and thermoset pastes that are marketed to manufacturers in a broad range of markets. In exchange for the Business, Olympic will pay approximately US$133 million in cash and will assume certain liabilities of the Business. Further, Olympic will enter into transition services agreements with Ferro with respect to certain Business locations. The sale is scheduled to close in the third quarter of 2006. Ferro plans to use the sale proceeds to reduce outstanding debt. "We are focused on transforming Ferro into a high-performance company, both operationally and financially," said CEO James F. Kirsch. "Our new management is moving aggressively to drive profitability and to position our operations for accelerated growth in new geographic and customer end markets. "We continue to evaluate our business for divestment opportunities with the goals of reducing debt and leveraging technology and production synergies across a narrower set of related, core businesses that have strong growth characteristics." The sale of Specialty Plastics is consistent with Ferro's strategy to drive performance improvement and position the Company for long-term growth. The Company has been moving aggressively to strengthen its financial results through portfolio management, operational restructurings, business streamlining and management realignment, as well as productivity and pricing initiatives. It recently announced that it is embarking on a restructuring of the European operations of its Inorganic Specialties businesses. The restructuring is expected to generate annualized savings of US$40 million to US$50 million by the end of 2009. A full-text copy of the Asset Purchase Agreement is available for free at http://ResearchArchives.com/t/s?104c Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE) -- http://www.ferro.com/-- produces performance materials for manufacturers, including coatings and performance chemicals. The Company has operations in 20 countries and has approximately 6,800 employees globally. In Europe, the company maintains operations in Belgium, France, Germany, Italy, Netherlands, Portugal, Spain, and the United Kingdom. * * * As reported in the Troubled Company Reporter on April 3, 2006, Standard & Poor's Ratings Services lowered its ratings on Ferro Corp., including its corporate credit rating to 'B+' from 'BB'. All ratings remain on CreditWatch with negative implications, where they were placed Nov. 18, 2005. =============== B U L G A R I A =============== JETFINANCE INT'L: S&P Assigns B/B Counterparty Creding Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B/B' counterparty credit ratings to JetFinance International AD. The outlook is stable. "The ratings reflect JetFinance's concentrated business in the developing and fast-growing consumer finance market in Bulgaria, which generically has a high risk/reward nature; its short operating track record; and funding constraints," said Standard & Poor's credit analyst Alise Ross. Positive rating factors include the company's good market position, an efficient and well-run business model, and strong profitability and capitalization, although capitalization is being eroded by rapid asset growth. JetFinance's performance also benefits from positive economic trends, however, after a rapid buildup of consumer debt in Bulgaria recently, delinquency levels are starting to increase, but remain at manageable levels. The stable outlook balances the well-run business model that management has imposed, includes good risk-management systems, and tight efficiency and strong capitalization, against the high-risk nature of consumer finance in a fast-developing business in a country that still has above-average industry and economic risks. The ratings on JetFinance could be raised if it continues to maintain strong levels of profitability and asset quality, robust levels of capitalization, and successfully diversifies its funding and product range into less risky areas. "A negative rating action would occur if JetFinance's performance is severely affected by a deterioration of asset quality, a lack of funding diversification to alleviate rollover risk, or rapid loan growth that is not matched by appropriate levels of capitalization," added Ms. Ross. =========== F R A N C E =========== ASYST TECHNOLOGIES: Rejects Claims of Indenture Default ------------------------------------------------------- Asyst Technologies Inc. has dismissed reports that it has defaulted on its convertible subordinated notes, Mark LaPedus writes for EETimes. U.S. Bank National Association, the trustee under the indenture related to Asyst's 5-3/4% convertible subordinated notes due 2008, asserted that the firm is in default under the indenture because of "the previously announced delays in filing its Form 10-K for the fiscal year ended March 31, 2006, and Form 10-Q for the fiscal quarter ended June 30, 2006." The company previously disclosed that it is not in a position to report full financial results or file its delayed reports until a special committee of independent directors completes its previously announced inquiry into the company's past stock option grants and practices, and the company and its independent auditors complete the related accounting review. The default will be cured if the delayed reports are filed within 60 days or the default is waived by a majority of the outstanding noteholders. "If an 'event of default' were to occur, the holders of the notes, of which US$86.3 million principal amount is outstanding, may accelerate maturity of the notes," according to Asyst. "Asyst does not agree with the trustee's assertion that the delayed filing of the annual and quarterly reports is a default, and reserves its rights to contest this and other aspects of asserted default in the letter." Nasdaq Delisting Notice The Nasdaq Listing Qualifications Department informed Asyst on Aug. 14, that it is not in compliance with the filing requirements for continued listing on the Nasdaq Global Market as set forth in Nasdaq Marketplace Rule 4310(c)(14). The notice came in light of the company's announcement relating to delayed reports filing. The company said it received a similar letter on June 30, 2006, related to the delayed filing of its Form 10-K for the fiscal year ended March 31, 2006. It made a timely request for a hearing before a Nasdaq Listings Qualifications Panel to address that filing delay. A hearing has been scheduled for Aug. 31, 2006. The latest Nasdaq letter indicates that the company should address at the hearing its views with respect to this additional filing deficiency and that Nasdaq will consider this matter in rendering a determination regarding the company's continued listing on the Nasdaq Global Market. The company expects at the Nasdaq hearing to request additional time to remedy its filing delinquency; however there can be no assurance that Nasdaq will grant additional time or that Nasdaq will not seek to de-list the company's stock from the Nasdaq Global Market. Headquartered in Fremont, California, Asyst Technologies Inc. -- http://www.asyst.com/-- provides automation solutions for the semiconductor, flat panel display, and related industries worldwide. The company also maintains offices in France and Germany. NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network ---------------------------------------------------------------- Nortel Networks Corp. disclosed that Bouygues Telecom selected Nortel as one of its suppliers for its national high-speed mobile internet and voice network. The Company disclosed that the advanced UMTS network, based on its HSDPA technology, is being designed to provide customers in France with services such as high-quality live TV, high definition video on demand, MP3 streaming and multi-user mobile gaming when it goes live in early 2007. The Company also disclosed that the new 5-year contract stipulates that it is Responsible for rolling out the network in 4 out of 6 of the Bouygues' operational regions in France; including the Western, South Western, Northeastern and Mediterranean regions. "We have strong ties with Bouygues Telecom, having supplied their network from their first GSM implementation through to our EDGE solutions, and now we will help them take the important next step to 3.5G," Michel Clement, the Company's president of Southern Europe, said. "Nortel's HSDPA technology allows mobile operators to provide new real-time services that increase the end-user's experience and helps build customer loyalty." The Company is currently a key supplier of the Bouygues' EDGE and GPRS networks. The current infrastructure provides the Bouygues with the appropriate foundation for the new network upgrade. The Company achieved the industry's first HSDPA mobile call in January 2005. It completed the first live test calls using a commercial handset solution for HSDPA in March 2005. In June 2005, the Company became the first wireless network supplier to complete the TL9000 registration standard for Quality Management System Requirements and Measurements across its HSDPA, UMTS and GSM wireless infrastructure solutions. In addition to Bouygues Telecom, the Company has worked with a number of wireless operators on HSDPA deployments, including Orange France, Vodafone Spain in Barcelona, during 3GSM World Congress in February 2006, EDGE Wireless in the US, SKT and KTF in Korea, Partner Communications in Israel, and Mobilkom Austria. Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges. Nortel does business in more than 150 countries. * * * As reported in the Troubled Company Reporter on July 10, 2006, Dominion Bond Rating Service confirmed the long-term ratings of Nortel Networks Capital Corporation, Nortel Networks Corporation, 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. DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A, Non-Cumulative Redeemable Preferred Shares. As reported in the Troubled Company Reporter on June 20, 2006, Moody's Investors Service affirmed the B3 corporate family rating of Nortel; assigned a B3 rating to the proposed US$2 billion senior note issue; downgraded the US$200 million 6.875% Senior Notes due 2023 and revised the outlook to stable from negative. Standard & Poor's also affirmed its 'B-' long-term and 'B-2' short-term corporate credit ratings on the company, and assigned its 'B-' senior unsecured debt rating to the company's proposed US$2 billion notes. S&P said the outlook is stable. ============= G E R M A N Y ============= ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter ------------------------------------------------------------- Aleris International Inc. reported record results for the second quarter of 2006 and the six months ended June 30, 2006. Operating income increased to a quarterly record of US$102.6 million for the second quarter of 2006 from last year's US$30.8 million, an increase of US$71.8 million, or 233%. Second quarter net income was a record US$55.4 million, at an estimated tax rate of 36.9%, compared with reported net income of US$18.9 million in the second quarter of 2005, based on an estimated tax rate of 9.8%. Aleris reported second quarter 2006 revenues of US$1.01 billion. For the second quarter of 2005, Aleris reported revenues of US$603.6 million. Merger-related synergies from the Commonwealth acquisition and company wide productivity initiatives aggregated US$15 million for the quarter while synergies related to the 2005 acquisitions totaled approximately US$11 million, exceeding the Company's expectations. The Company is raising its estimate of merger-related synergies from the Commonwealth acquisition and company wide productivity initiatives to be realized within 18 to 24 months of the merger to US$65 million from US$50 million. On Aug. 1, 2006 Aleris closed the acquisition of the downstream aluminum business of Corus Group plc for a purchase price of approximately US$887 million. Simultaneously, the Company entered into new credit agreements, the proceeds from which were used to fund the acquisition and refinance substantially all of the Company's existing indebtedness. The Company expects to incur charges in the third quarter of approximately US$53.5 million related to the refinancing. Steven J. Demetriou, Chairman and Chief Executive Officer of Aleris, said, "We are extremely pleased with the record results we achieved for the second quarter of 2006 with operating income increasing more than 200% from the prior-year period. The results not only exceeded our expectations but also reaffirmed the strength of our businesses. Our rolled products business benefited from acquisitions, strengthened margins from improved scrap spreads, the favorable FIFO impact of the rising London Metal Exchange on a year- over-year basis and continued productivity improvements. Aluminum recycling increased the momentum begun over the last several quarters, while zinc continued to generate record earnings. We are particularly pleased with the impact of the acquisitions we made in 2005 which are contributing substantially to our increased profitability." Outlook Mr. Demetriou said, "We are particularly pleased to have completed the Corus acquisition, which should strengthen our product portfolio, expand our global capabilities and contribute significantly to our future profitability. We welcome all 4,600 former Corus employees onto the Aleris team and look forward to building a world-class global aluminum company. In addition, we remain focused on achieving maximum benefit from the original Commonwealth merger and are again raising our estimated synergy target to US$65 million from US$50 million to be achieved within 18 to 24 months of the original merger." A full-text copy of the Company's quarterly report is available for free at http://researcharchives.com/t/s?103C Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris International, Inc. -- http://www.aleris.com/-- manufactures aluminum rolled products and extrusions, aluminum recycling and specification alloy production. The Company is also a recycler of zinc and a leading U.S. manufacturer of zinc metal and value- added zinc products that include zinc oxide and zinc dust. The Company operates 50 production facilities in North America, Europe, South America and Asia, and employs approximately 8,600 employees. * * * As reported in the Troubled Company Reporter on Aug. 11, 2006, Standard & Poor's Ratings Services placed its 'BB-' corporate credit and other ratings on Aleris on CreditWatch with negative implications. As reported in the Troubled Company Reporter on Aug. 10, 2006, Moody's Investors Service placed Aleris' ratings under review for possible downgrade. The review was prompted by the Company's announcement of a merger agreement with Texas Pacific Group. Ratings placed under review possible downgrade include the B1 Corporate Family Rating and the Ba3 Senior Secured Bank Credit Facility rating. ASYST TECHNOLOGIES: Rejects Claims of Indenture Default ------------------------------------------------------- Asyst Technologies Inc. has dismissed reports that it has defaulted on its convertible subordinated notes, Mark LaPedus writes for EETimes. U.S. Bank National Association, the trustee under the indenture related to Asyst's 5-3/4% convertible subordinated notes due 2008, asserted that the firm is in default under the indenture because of "the previously announced delays in filing its Form 10-K for the fiscal year ended March 31, 2006, and Form 10-Q for the fiscal quarter ended June 30, 2006." The company previously disclosed that it is not in a position to report full financial results or file its delayed reports until a special committee of independent directors completes its previously announced inquiry into the company's past stock option grants and practices, and the company and its independent auditors complete the related accounting review. The default will be cured if the delayed reports are filed within 60 days or the default is waived by a majority of the outstanding noteholders. "If an 'event of default' were to occur, the holders of the notes, of which US$86.3 million principal amount is outstanding, may accelerate maturity of the notes," according to Asyst. "Asyst does not agree with the trustee's assertion that the delayed filing of the annual and quarterly reports is a default, and reserves its rights to contest this and other aspects of asserted default in the letter." Nasdaq Delisting Notice The Nasdaq Listing Qualifications Department informed Asyst on Aug. 14, that it is not in compliance with the filing requirements for continued listing on the Nasdaq Global Market as set forth in Nasdaq Marketplace Rule 4310(c)(14). The notice came in light of the company's announcement relating to delayed reports filing. The company said it received a similar letter on June 30, 2006, related to the delayed filing of its Form 10-K for the fiscal year ended March 31, 2006. It made a timely request for a hearing before a Nasdaq Listings Qualifications Panel to address that filing delay. A hearing has been scheduled for Aug. 31, 2006. The latest Nasdaq letter indicates that the company should address at the hearing its views with respect to this additional filing deficiency and that Nasdaq will consider this matter in rendering a determination regarding the company's continued listing on the Nasdaq Global Market. The company expects at the Nasdaq hearing to request additional time to remedy its filing delinquency; however there can be no assurance that Nasdaq will grant additional time or that Nasdaq will not seek to de-list the company's stock from the Nasdaq Global Market. Headquartered in Fremont, California, Asyst Technologies Inc. -- http://www.asyst.com/-- provides automation solutions for the semiconductor, flat panel display, and related industries worldwide. The company also maintains offices in France and Germany. BANKGESELLSCHAFT BERLIN: Fitch Keeps Individual Rating at C/D ------------------------------------------------------------- Fitch Ratings affirmed Bankgesellschaft Berlin's ratings at Issuer Default BBB+ with Evolving Outlook, Short-term F2, Support 2 and Individual C/D. At the same time Fitch has affirmed its ratings to BGB's subsidiary, Landesbank Berlin's ratings at Issuer Default BBB+ with Evolving Outlook, Short-term F2 and Support 2, as well as LBB's guaranteed obligations at Long-term AAA. BGB's Issuer Default rating is at its Support floor and takes into account possible further support from the State of Berlin, in case of necessity. BGB's and LBB's Evolving Outlooks reflect Fitch's view that potential support from Berlin could weaken once the privatization process is completed, in 2007 at the latest. The bank's future ratings will be determined by the terms of its privatization and its future ownership. The Individual rating reflects the bank's turnaround achievements, improved underlying profitability and repositioning, as well as its strong market share in Berlin. The bank's main challenge is to improve the structure of its capital base and revenue generation, as well as further reducing problem loans and diversifying its asset base. "BGB benefited from further reduction of administrative expenses and moderate revenue growth mainly attributable to BGB's capital market business. The bank's operating profit more than doubled in 2005 from a low level. This trend continued in 2006, hence we expect this year's results to even exceed 2005," Holger Horn of Fitch's Banks team disclosed. "However, the most important driver of this improvement was the reduction in loan impairment charges. Problem loans remain substantial but are covered by reserves and collateral," Mr. Horn added. These exposure mostly refer to real estate assets that were acquired before 2002, many of them in the 1990's. Overall, commercial real estate financing accounts for 36% of the group's risk-weighted assets and the bank is showing high growth rates in the national market. Business expansion risk is somewhat mitigated by the general perception that after years of value declines, the real estate market has bottomed out in most regions across Germany. To prepare for the upcoming sale next year LBB was converted into an Aktiengesellschaft (publicly listed company) effective Jan. 1, 2006. BGB will transfer all its operations to LBB retrospectively from January 2006. "Upon this transfer BGB will be renamed Landesbank Berlin Holding AG and its ratings will be withdrawn; analytically LBB will become the relevant entity," Mr. Horn said. This transfer becomes effective after publication in the commercial register, which is expected by end-August 2006. LBB will then encompass the bank's retail, real estate and wholesale/capital market businesses. For the purpose of streamlining the still complex group structure and in particular to comply with EC requirements, the number of participations was further reduced. Deutsche Bank announced the acquisition of Berliner Bank in June 2006, which is expected to close at end-2006. Furthermore, the EC had demanded the transfer of the development bank Investitionsbank Berlin, which was already spun off in 2004. BGB Ireland was closed in early 2005 and the sale of Weberbank to WestLB AG was concluded in August 2005. BAUCONZEPT & DESIGN: Claims Registration Ends September 27 ---------------------------------------------------------- Creditors of bauconzept & design b.c.d. GmbH have until Sept. 27 to register their claims with court-appointed provisional administrator Hans-Achim Ernst. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 18 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 bauconzept & design b.c.d. GmbH on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: bauconzept & design b.c.d. GmbH Attn: Waldemar Benke, Manager Buender Road 373 32120 Hiddenhausen, Germany The administrator can be contacted at: Axel W. Bierbach Bunsenstr. 3 32052 Herford, Germany BUELOWSTRASSE 9: Creditors' Meeting Slated for September 5 ---------------------------------------------------------- The court-appointed provisional administrator for Buelowstrasse 9 KG Kibus Geschaftsfuehrungs-GmbH & Co., Christoph Schulte- Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on Sept. 5. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:35 a.m. on Jan. 2, 2007 at the same venue. Creditors have until Nov. 1 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Buelowstrasse 9 KG Kibus Geschaftsfuehrungs- GmbH & Co. on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buelowstrasse 9 KG Kibus Geschaftsfuehrungs-GmbH & Co. Brabanter Road 18 - 20 10713 Berlin, Germany The administrator can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin, Germany ELWEMA GMBH: Claims Registration Ends September 15 -------------------------------------------------- Creditors of ELWEMA GmbH have until Sept. 15 to register their claims with court-appointed provisional administrator Volker Grub. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 30 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aalen Hall 0.11 Ground Floor Stuttgarter Strasse 7 73430 Aalen, 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 Aalen opened bankruptcy proceedings against ELWEMA GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ELWEMA GmbH Attn: Michaela Manz, Manager Werkzeug- und Maschinenbau Dr.-Adolf-Schneider-Str. 21 73479 Ellwangen, Germany The administrator can be contacted at: Dr. Volker Grub Humboldtstr. 16 70178 Stuttgart, Germany Tel: 0711/966890 Fax: 0711/96689-99 GRITZAN BAUAUSFUEHRUNG: Creditors' Meeting Slated for Sept. 21 -------------------------------------------------------------- The court-appointed provisional administrator for Gritzan Bauausfuehrung GmbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:05 a.m. on Sept. 21. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:50 a.m. on Dec. 14 at the same venue. Creditors have until Oct. 30 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Gritzan Bauausfuehrung GmbH on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gritzan Bauausfuehrung GmbH Geraer Str. 29 12209 Berlin, Germany The administrator can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin, Germany LUCI'S MODE: Claims Registration End September 20 ------------------------------------------------- Creditors of Luci's Mode GmbH have until Sept. 20 to register their claims with court-appointed provisional administrator Martin Wiedemann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Landau in der Pfalz Hall 231 Marienring 13 76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy proceedings against Luci's Mode GmbH on July 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Luci's Mode GmbH Attn: Lucia Bork Reiterstr. 3 76829 Landau in der Pfalz, Germany The administrator can be contacted at: Martin Wiedemann Kanzlei feb Rechtsanwalte O3 68161 Mannheim, Germany Tel: 0621/16680 SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders ----------------------------------------------------------- Sanmina-SCI Corp. is soliciting consents from the holders of the US$400 million aggregate outstanding principal amount of its 6-3/4% Senior Subordinated Notes due 2013 and the holders of the US$600 million aggregate outstanding principal amount of its 8.125% Senior Subordinated Notes due 2016. The Company is requesting a waiver, until Dec. 14, 2006, of any default or event of default that may arise by virtue of the Company's failure to file with the Securities and Exchange Commission and furnish to the trustee and holders of notes, certain reports required to be filed by the Company under the Securities Exchange Act of 1934, as amended. The Company also disclosed that, it has not yet filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the fiscal quarter ended July 1, 2006. The Company is offering a consent fee of US$16.25 in cash for each US$1,000 in principal amount of its 6-3/4% Senior Subordinated Notes due 2013. The Company is offering a consent fee of US$10 in cash for each US$1,000 in principal amount of its 8.125% Senior Subordinated Notes due 2016. The consent solicitation will expire at 5:00 p.m., New York City time, on Sept. 6, 2006. Holders may tender their consents to the Tabulation Agent at any time before the expiration date. The Company has retained Global Bondholder Services Corporation to serve as its Information Agent and Tabulation Agent for the consent solicitation. Requests for documents should be directed to Global Bondholder Services at (866) 470-3800 or (212) 430-3774. The Company has also retained Banc of America Securities LLC and Citigroup Corporate and Investment Banking as joint solicitation agents for the consent solicitation. Questions concerning the terms of the consent solicitation must be directed to: Banc of America Securities LLC (888) 292-0070; or (704) 388-4813 Citigroup Corporate and Investment Banking (800) 558-3745; or (212) 723-6106 (collect). Headquartered in San Jose, California, Sanmina-SCI Corporation is one of the largest electronics contract manufacturing services companies providing a full spectrum of integrated, value added solutions. In Europe, the company has operations in Finland, France, Ireland, Germany, Sweden, Hungary, and Spain. * * * As reported in TCR-Europe on Aug. 16, Moody's Investors Service placed the ratings of Sanmina-SCI Corp. on review for possible downgrade following the announcement by the Company updating the status of the on-going investigation into its stock option administration practices and confirming that Sanmina will not be able to file with the U.S. Securities and Exchange Commission its 10-Q for the quarter ended July 1, 2006, by the required deadline as result of the investigation. The investigations are on-going and inconclusive and the Company cannot quantify their potential impact on its financial statements at this time. However, Moody's notes that Sanmina will most likely breach a financial covenant in its bond indenture requiring it to file financial statements in a timely manner. The current delay could place Sanmina in a technical default with its creditors. At the same time, Standard & Poor's Ratings Services placed its 'BB-' corporate credit and other ratings on San Jose, California-based Sanmina-SCI Corp. on CreditWatch with negative implications. SPECTRUM BRANDS: Fitch Junks Rating on US$2.3 Billion Debt ---------------------------------------------------------- Fitch Ratings has initiated rating coverage of Spectrum Brands, Inc.: -- Issuer Default Rating (IDR) CCC; -- Senior secured bank facility B/RR1; and -- Senior subordinated debentures CCC-/RR5. The Rating Outlook is Stable. Approximately US$2.3 billion of debt is covered by these actions. The rating reflects SPC's high leverage with FFO adjusted leverage of 8.06 times as well as debt/EBITDA of 7.68x for the last 12 months ending July 2, 2006. Much of SPC's US$2.3 billion in total debt was the result of seven acquisitions completed since the fiscal year ended Sept. 30, 2003, with the bulk occurring in 2005. The acquisitions served to lessen the company's reliance on essentially one product - the Rayovac battery. However, poor performance in batteries combined with high levels of acquisition-related debt has hampered free cash flow which declined from US$163.5 million at the FYE Sept. 30, 2005 to US$22 million at the LTM ending July 2, 2006. There has also been a declining trend in interest coverages since the 2005 acquisitions. EBITDA/interest has fallen steadily from 3.09x at FYE03 to 1.75x at LTM July 2. The company's high leverage provided little flexibility for a myriad of issues over the past two years: competitive actions in grooming, a structural change in the European battery market, retailer inventory adjustments in batteries and lawn & garden during 2005 and 2006 in North America and escalating commodity costs which served to more than offset restructuring savings and price increases. SPC is a leading provider of private label batteries in its Europe/Rest of World (ROW) segment. Batteries represent 70% of this segment and about half is private label. Private label is growing rapidly, however margins are significantly less robust than SPC's branded batteries and continues to be under pressure. The Europe/ROW segment represented 29% of revenues and 30% of operating income for the nine months ending July 3, 2005 with a nine month operating margin of 14.6%. For the comparable period in 2006, revenues have declined 17% with operating profits down 43%. Part of the revenue decline was the company walking away from US$30 million in low-margined revenues. SPC intends to remain a private-label participant. Given that the pressure is expected to continue while the company works on lowering its operating costs, profits from this key region is expected to be a drag on the consolidated performance in the near term. Additionally, while the company has hedged it zinc exposure through the first half of FYE07, the reset in light of expected tightness in the zinc market and other energy related costs will contribute to margin pressure as well. The current trajectory in the near term appears negative without actions to provide additional financial flexibility. SPC's management has historically been able to achieve cost savings ahead of schedule. The company is in the process of three separate actions -acquisition integration, flattening the North American organization, and reorganizing its European operation. These are expected to lead to cost savings of US$150 million by 2008. The company reports that it is on track with all initiatives. The ability to execute on cost savings and the company's leading brands are also encompassed in the ratings. The company has had to amend their financial covenants twice in the past year to address declining operations. Thus, a concern is that continued declines in Europe which will take several quarters to address, potential competitive actions by participants who have substantially more resources, as well as increased commodity costs still exist and could continue to pressure margins and complying with covenants. SPC reports that it should comply with its covenants into the foreseeable future but the ratios appear to be relatively tight. SPC's ability to continue working well with its bank group is necessary. The Rating Outlook is Stable as the company has announced their discomfort with the present levels of leverage given underperformance against forecast and has hired Goldman Sachs to evaluate potential asset sales. The company's intent is to review its line of business with a plan to begin executing asset sales by next spring. Lines of businesses to be sold, cash flow lost and amount of debt reduction is unknown at present. The goal to de-leverage is viewed positively in light of recent performance trends. Incorporated into the Stable Outlook is the expectation that the company will be able to receive waivers, if needed, from its debt-holders. The Recovery Ratings and notching in the debt structure reflect Fitch's recovery expectations under a scenario in which distressed enterprise value is allocated to the various debt classes. The recovery ratings for the bank facility benefit from a substantial enterprise value which more than covers maximum outstanding. There is also covenants and conditions precedent to each loan that provides protection and precludes sizeable amounts of debt without sizeable increases in cash flow. The senior subordinated debentures reflect the expectation of below average recovery prospects in a distressed case. Virtually all of SPC's revenue growth from US$573 million in FYE02 to the US$2.359 billion in FYE05 was derived from acquisitions. Revenues in the nine months ending July 2, 2006 also increased 13% to US$1.943 billion benefiting from late FYE05 acquisitions. It is to be noted however that if sales were adjusted to assume that all acquisitions during 2005 were treated as if they had been completed on the first day of fiscal 2005, net sales for the nine months would have declined 6%. On an as reported basis, FYE05's gross margin declined 480bps to 37.9% due to mix (320bps) and purchase accounting inventory value charges (160bps), which increased costs of goods, sold. A normalized EBITDA margin with the 160bps added back would be 14%. However, poor performance in batteries and escalating commodity costs during the nine months ending July 2, 2006 reduced the EBITDA margin to 11.5% -250bps below prior year. Thus while leverage is down slightly to 7.7x from 7.9x at the end of the fiscal year, LTM July 2, 2006 EBITDA/interest has continued to weaken as the current fiscal year bears the full brunt of the debt and interest rate increases as the financial covenants were amended in December and May. SPC is a global branded consumer products company with operations in seven product categories: consumer batteries; lawn and garden; pet supplies; electric shaving and grooming; household insect control; electric personal care products, and portable lighting. Today, batteries represent just 33% of global revenues from 90% in 2002 (41% derived internationally). ========= I T A L Y ========= TEXCHEM RESOURCES: Obtains Approval to List Unit in SGX-ST ---------------------------------------------------------- The Singapore Exchange Limited granted Texchem Resources Berhad a conditional eligibility-to-list its subsidiary Texchem-Pack Holdings (S) Limited on the Singapore Exchange Securities Trading Limited. The listing approval is subject to the condition that the eligibility-to-list is valid for three calendar months from Aug. 18, 2006. About Texchem Resources Headquartered in Penang Malaysia, Texchem Resources Berhad -- http://www.texchemgroup.com/-- is principally engaged in trading in industrial chemicals and other products. Other activities include manufacturing of family care products and household insecticides and distribution and marketing of a wide range of consumer and family care products; manufacturing and marketing of raw surimi, fishmeal, feedmeal and seafood products; manufacturing and selling of packaging products for the electronics, electrical, semiconductor and disk drive industries and investment holding. The Group's operations are located in Malaysia, Thailand, Singapore, Indonesia, China, Vietnam, Myanmar and Italy. * * * Texchem is currently undergoing a financial rationalization and restructuring program, which involves the disposal of a number of dormant subsidiaries. As reported by the Troubled Company Reporter - Asia Pacific, Texchme Resources, on March 25, 2005, applied to voluntarily wind up Texchem-Pack. The Company's members approved the petition on March 23, 2006. =================== K A Z A K H S T A N =================== ALI-INFORM: Creditors Must File Claims by Sept. 15 -------------------------------------------------- LLP Ali-Inform has declared insolvency. Creditors have until Sept. 15 to submit written proofs of claim to: LLP Ali-Inform Micro District Merey, 1-5 Kyzylorda, Kazakhstan DUNAIAGRO: Proof of Claim Deadline Slated for Sept. 15 ------------------------------------------------------ LLP Dunaiagro has declared insolvency. Creditors have until Sept. 15 to submit written proofs of claim to: LLP Dunaiagro Orenburgskaya Str.2-37 Almaty, Kazakhstan JOLAUSHY & K: Creditors' Claims Due Sept. 15 -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Jolaushy & K insolvent on June 23. Creditors have until Sept. 15 to submit written proofs of claim at: LLP Jolaushy & K Zelenaya Str. 40 Baiserke Ilyisk District Almaty Region Tel: 8 (3333) 15-19-66 MERUERT-LTD: Claims Registration Ends Sept. 15 ---------------------------------------------- LLP Meruent-Ltd. has declared insolvency. Creditors have until Sept. 15 to submit written proofs of claim to: LLP Meruent-Ltd Kosmonavtov Str.7-2 Tekeli Almaty Region Kazakhstan ORION-T: Claims Filing Period Ends Sept. 15 ------------------------------------------- LLP Orion-T has declared insolvency. Creditors have until Sept. 15 to submit written proofs of claim to: LLP Orion-T Jeltoksan Str.28-1 Saryark District Astana, Kazakhstan =================== K Y R G Y Z S T A N =================== GREEN GEM: Creditors Must File Claims by Sept. 28 ------------------------------------------------- LLC Green Gem Traiding Ltd. has declared insolvency. Creditors have until Sept. 28 to submit written proofs of claim to: LLC Green Gem Traiding Ltd. K. Akiev Str.53-54 Bishkek, Kyrgyzstan Tel: (0-502) 38-65-94 =================== L U X E M B O U R G =================== NORTEL NETWORKS: To Supply Bouygues Telecom's High-Speed Network ---------------------------------------------------------------- Nortel Networks Corp. disclosed that Bouygues Telecom selected Nortel as one of its suppliers for its national high-speed mobile internet and voice network. The Company disclosed that the advanced UMTS network, based on its HSDPA technology, is being designed to provide customers in France with services such as high-quality live TV, high definition video on demand, MP3 streaming and multi-user mobile gaming when it goes live in early 2007. The Company also disclosed that the new 5-year contract stipulates that it is Responsible for rolling out the network in 4 out of 6 of the Bouygues' operational regions in France; including the Western, South Western, Northeastern and Mediterranean regions. "We have strong ties with Bouygues Telecom, having supplied their network from their first GSM implementation through to our EDGE solutions, and now we will help them take the important next step to 3.5G," Michel Clement, the Company's president of Southern Europe, said. "Nortel's HSDPA technology allows mobile operators to provide new real-time services that increase the end-user's experience and helps build customer loyalty." The Company is currently a key supplier of the Bouygues' EDGE and GPRS networks. The current infrastructure provides the Bouygues with the appropriate foundation for the new network upgrade. The Company achieved the industry's first HSDPA mobile call in January 2005. It completed the first live test calls using a commercial handset solution for HSDPA in March 2005. In June 2005, the Company became the first wireless network supplier to complete the TL9000 registration standard for Quality Management System Requirements and Measurements across its HSDPA, UMTS and GSM wireless infrastructure solutions. In addition to Bouygues Telecom, the Company has worked with a number of wireless operators on HSDPA deployments, including Orange France, Vodafone Spain in Barcelona, during 3GSM World Congress in February 2006, EDGE Wireless in the US, SKT and KTF in Korea, Partner Communications in Israel, and Mobilkom Austria. Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges. Nortel does business in more than 150 countries. * * * As reported in the Troubled Company Reporter on July 10, 2006, Dominion Bond Rating Service confirmed the long-term ratings of Nortel Networks Capital Corporation, Nortel Networks Corporation, 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. DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A, Non-Cumulative Redeemable Preferred Shares. As reported in the Troubled Company Reporter on June 20, 2006, Moody's Investors Service affirmed the B3 corporate family rating of Nortel; assigned a B3 rating to the proposed US$2 billion senior note issue; downgraded the US$200 million 6.875% Senior Notes due 2023 and revised the outlook to stable from negative. Standard & Poor's also affirmed its 'B-' long-term and 'B-2' short-term corporate credit ratings on the company, and assigned its 'B-' senior unsecured debt rating to the company's proposed US$2 billion notes. S&P said the outlook is stable. ===================== N E T H E R L A N D S ===================== HARBOURMASTER PRO-RATA: Fitch Rates EUR17.5 Million Notes at BB --------------------------------------------------------------- Fitch Ratings assigned Harbourmaster Pro-Rata CLO 2 B.V.'s issue of EUR602 million floating- and fixed-rate notes due 2022 final ratings. The transaction, a European arbitrage collateralized loan obligation, is a securitization of primarily senior secured loans. -- EUR150 million Class A1VF variable funding floating-rate notes: AAA; -- EUR199 million Class A1T (XS0262176364) floating-rate notes: AAA; -- EUR120 million Class A2 (XS0262176794) floating-rate notes: AAA; -- EUR43.5 million Class A3 (XS0262176877) floating-rate notes: AA; -- EUR6 million Class A4E (XS0262177172) floating-rate notes: A; -- EUR6.75 million Class A4F (XS0262177255) fixed-rate notes: A; -- EUR2 million Class B1E (XS0262177339) floating-rate notes: BBB; -- EUR14.5 million Class B1F (XS0262640575) fixed-rate notes: BBB; -- EUR17.5 million Class B2 (XS0262177412) floating-rate notes: BB; -- EUR15 million Class S1 (XS0262178907) combination notes: BBB; -- EUR15 million Class S2 (XS0262179202) combination notes: BBB; -- EUR3 million Class S3 (XS0262179384) combination notes: BBB; and -- EUR6 million Class S4 (XS0262179467) combination notes: A- The ratings of the Class A1VF, A1T and A2 notes address ultimate repayment of principal at maturity and timely payment of interest according to the terms of the notes. For all other rated Classes of notes, the ratings address ultimate payment of principal and interest, including any deferred interest, at maturity according to the terms of the notes. The ratings assigned to the Class S1, S2 and S3 combination notes address the ultimate payment of principal from funds received on their components, while for the S4 combination notes the rating addresses the ultimate payment of principal and interest at a coupon rate of 0.25% on the outstanding rated balance. The ratings also take into account the quality and diversity of the portfolio of assets, which are selected by the collateral manager subject to the guidelines outlined in the collateral management agreement. The said guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. Fitch assigned Harbourmaster a CDO Asset Manager Rating of 2 for leveraged loans in September 2004 that was affirmed in November 2005, based on the manager's strong credit underwriting and workout experience. The ratings are also based on the credit enhancement provided to the various Classes of notes, which consists of the subordinated notes, structural protection covenants and excess spread. The deal is one of the first transactions that include exposure to the revolving delayed draw down credit facilities of European leveraged loans and follows the issue of Harbourmaster Pro-Rata CLO 1 in June 2006. This transaction is the eighth European CLO to be managed by Harbourmaster Capital Limited. This is one of the first European arbitrage CLOs that enable the manager to have larger exposure to the traditionally bank- dominated revolving credit facility and term loan A portion of European leveraged loan transactions. The multi-currency nature of the revolving credit facilities is addressed through the multi-currency Class A1VF variable funding note and several foreign exchange hedging mechanisms. The issuer is a company with limited liability, incorporated under the laws of the Netherlands. The net proceeds from the note issuance will be used to purchase a portfolio of primarily European senior secured loans. =========== N O R W A Y =========== TELLER AS: Fitch Assigns BB+ Rating on Issuer Default ----------------------------------------------------- Fitch Ratings assigned Norway-based Teller AS ratings of Issuer Default BB+, Short-term B and Support 3 and affirmed its Individual rating at C. The Outlook on the Issuer Default rating is Stable. The IDR, Short-term rating and Individual rating reflect Teller's strong franchise in the domestic card payment sector and its low inherent credit risk operations. They also consider its small capital base, the potentially high operational risks and the challenges it faces as the business expands, in an increasingly competitive environment. The Support rating is driven by Fitch's view that there is a moderate probability that support could be forthcoming from shareholders, or from the Norwegian government, given Teller's place at the heart of Norway's card payment systems. Historically, Teller operated exclusively with the Visa brand, but since 2003 MasterCard services have been introduced and next year, American Express services will also be offered. In light of the positive market share gains already demonstrated by the MasterCard operations, Fitch is confident that the multi-brand strategy will help Teller to face the growing competition in its home market. Teller has no debt to service and does not require external funding due to its seven-day deferred settlement, where payments to merchants are made seven days on average after funds are received from the issuing bank. Risk management is adequate and has enabled Teller to manage the increasing volume of transactions with relatively low provisioning levels. However, Fitch notes there are operational challenges for the business as it grows. Although Teller's capital ratios are adequate, no capital charge is required under Basel I for operational risk, Teller's primary risk. In absolute terms, capital is small but has strengthened as a result of a Board decision not to make any dividend distribution for the last two years. The maintenance of this policy and the expected capital raising in the last quarter of this year in relation to the Amex contract, are sensible given the operational risk capital requirement under Basel II. Teller is owned by a group of 41 banks, which are all customers of the company, the largest being DnB NOR Bank (A+/F1) with a 40% stake. Established in 1977, Teller provides Visa and MasterCard card issuing services to banks, including transaction handling, emergency cash cards, card-stop, authorizing, and fraud detection. Its business has grown rapidly and it supported about five million cards at end-2005. Teller's remaining business is multi-brand merchant acquiring. It is a market leader in Norway with around 58,000 merchants. To diversify its business geographically, it also targets merchants in Europe. At end-2005, it employed 122 staff, all based in Oslo. ============= R O M A N I A ============= CFR MARFA: Financial Constraints Spur S&P to Cut Rating to B ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit rating on 100% Romanian-state-owned rail freight company CFR Marfa S.A. to 'B' from 'B+'. At the same time, the rating was removed from CreditWatch, where it had been placed, with negative implications, on March 16. The outlook is negative. "The rating action reflects the constraints on direct state financial support for Marfa under state-aid rules that will apply on Romania's expected accession to the EU in 2007," said Standard & Poor's credit analyst Eugene Korovin. "In addition, the risk of privatization has increased." Standard & Poor's regards Marfa as a commercial entity, and factors state support into its ratings on the company. The weakening of such support impairs Marfa's credit quality, which increasingly depends on its stand-alone creditworthiness. The rating on Marfa is constrained by: -- continued deterioration of the company's market position u nder strong competitive pressure from roads, river, and other rail carriers; -- its aged rolling-stock fleet, which will require significant capital expenditures over the medium term; -- refinancing risk associated with Marfa's EUR120 million Eurobond, which falls due in December 2007; and -- poor information disclosure and late reporting under IFRS. These risks are offset by: -- Marfa's strong, albeit weakening, position in the Romanian transportation market; -- some probability of state support with regard to refinancing of the Eurobond; -- improved financial performance, and -- adequate cash flow protection measures for the rating. "Standard & Poor's has increasing concerns about the repayment of Marfa's Eurobond," said Mr. Korovin. "Failure to negotiate refinancing closer to the bond's due date could result in a further downgrade." A substantial delay in providing financial information, including the already delayed 2005 financial report under IFRS, will put further pressure on the rating. "The rating could also be lowered if Marfa's financial profile weakens over the medium term as a result of increased competition after Romania's EU accession," added Mr. Korovin. "A further deterioration in Marfa's rail traffic levels, and limitations on the company's ability to pass on rising costs to customers through tariff increases, will likely put pressure on Marfa's profitability and cash-flow generation, and impair its cash-flow protection." =========== R U S S I A =========== BRICKWORKS ABASHEVSKIY: V. Skorikov to Manage Assets ---------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. V. Skorikov as Insolvency Manager for LLC Brickworks Abashevskiy. He can be reached at: V. Skorikov Kirova Str. 64-68 Novokuznetsk 654018 Kemerovo Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-5987/2006-4. The Debtor can be reached at: LLC Brickworks Abashevskiy Strelochnyj Tupik 12 Novokuznetsk 564086 Kemerovo Region Russia CONFECTIONARY IRKUTSKAYA: S. Ivasyuk to Manage Insolvency Assets ---------------------------------------------------------------- The Arbitration Court of Irkutsk Region appointed Mr. S. Ivasyuk as Insolvency Manager for CJSC Confectionary Irkutskaya. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-37560/05-38. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: CJSC Confectionary Irkutskaya Partizanskaya Str. 36 Irkutsk Region Russia ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue -------------------------------------------------------------- ICICI Bank has reportedly set an indicative yield range of 250 to 270 basis points above 10-year U.S. Treasuries for its first hybrid tier-1 securities issue, Reuters reports, citing market sources. The issue size has not yet been fixed but sources disclose that the Bank had planned to sell US$250 million in tier I perpetual bonds, Reuters relates. According to Reuters, the tier-I issue will be the first from an Indian issuer since the central Bank authorized lenders in July to raise capital overseas through hybrid instruments like perpetual bonds. The Bank has tapped JPMorgan, Merrill Lynch and Morgan Stanley as joint bookrunners for the proposed perpetual issue that is callable in 2016, Reuters says. As reported by the Troubled Company Reporter - Asia Pacific on Aug. 17, 2006, Moody's Investors Service has assigned a Baa2 rating to the proposed tier I offer, while Standard & Poor's rates it at BB-. About ICICI Bank ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. ICICI Bank is headquartered in Mumbai, India. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings gave ICICI a 'C' Individual Rating. On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. NORILSK NICKEL: Moody's Assigns Ba2 Rating on Notes Under Review ---------------------------------------------------------------- Moody's Investors Service placed Ba1 corporate family ratings of Norilsk Nickel, Aa1.ru national scale rating and Ba2 rating on its notes under review for possible upgrade. The review was prompted by: -- Norilsk Nickel's strengthening credit profile in terms of robust cash flows and low levels of absolute debt; -- the decision to divest its gold assets; and -- the overall flexibility afforded to the company from its low cost operations. The review will focus on: -- the developing operating and financial profile of Norilsk Nickel; -- the Company's ability to continue to mitigate domestic inflation and maintain its competitive cost position, as well as the Company's sensitivity to movements in metal (in particular nickel) prices and exchange rates; -- the developments associated with the company's corporate governance and financial strategies; and -- the credit implications, on Norilsk, if any, of the developing industrial policy in Russia in shaping the long-term fundamentals of the mining and metals industry. Moody's will also consider the current notching affecting the unsecured bonds in the context of the progress being made by the company to reduce priority debt in the capital structure. In 2005 and 1H 2006, Norilsk Nickel performance was robust. The Company maintained its competitive cost position and further improved profitability, supported by peak pricing for its key commodities. At the end of 2005, Norilsk Nickel leverage was very low with Total Adjusted Debt / EBITDA of x0.3 as the Company maintained low level of indebtedness at the peak of the cycle, in spite of US$763 million stock repurchase and acquisitions made in the energy sector. The balance sheet strength was further bolstered by US$922 million cash balance. Norilsk Nickel is one of the world leading producers of nickel and palladium and Russia's largest privately held mining company benefiting from a high quality portfolio of assets and vast reserves in nickel, copper, palladium as well as other metals. In 2005, Norilsk Nickel produced 243 tones of nickel and 452 tonnes of copper and reported US$7.2 billion in Revenues and US$3.2 billion in EBIT. SHELEKHOVSKIY DIARY: I. Boldakov to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Irkutsk Region appointed Mr. I. Boldakov as Insolvency Manager for OJSC Shelekhovskiy Diary. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-12-63/06-29. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: OJSC Shelekhovskiy Diary Kulutukskiy Trakt, 18. Shelekhov 666034 Irkutsk Region Russia SHOP OF TOYS: Court Names Sh. Fazailov as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Moscow appointed Mr. Sh. Fazailov as Insolvency Manager for CJSC Shop of Toys (TIN 7706006455). He can be reached at: Mr. Sh. Fazailov as Insolvency Manager Mira Pr. 101 V 129085 Moscow Region Russia Tel: 785-69-65 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-20886/06-124-131B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Shop of Toys Room 3 Krymskiy val 9 117049 Moscow Region Russia STROY-INDUSTRY: Court Names O. Filippova as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Amur Region appointed Ms. O. Filippova as Insolvency Manager for CJSC Stroy-Industry. She can be reached at: O. Filippova Pervomayskaya Str. 1 Blagoveshensk Amur Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A04-10407/05-7/103 B. The Debtor can be reached at: CJSC Stroy-Industry Gorkogo Str. 240/3 Blagoveshensk Amur Region Russia WOOD-PROCESSING FACTORY 1: A. Ezhov to Manage Insolvency Assets --------------------------------------------------------------- The Arbitration Court of Kareliya Republic appointed Mr. A. Ezhov as Insolvency Manager for LLC Wood-Processing Factory 1. He can be reached at: A. Ezhov Primorskoye Shosse 261-91 197706 St. Petersburg Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A26-10826/2005-18. The Debtor can be reached at: LLC Wood-Processing Factory 1 Leningradskoye Shosse 64 Lakhdenpokhya 186730 Kareliya Republic Russia YAKUTSK-DIAMOND: Court Names Mr. K. Popov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Sakha Republic-Yakutiya appointed Mr. K. Popov as Insolvency Manager for CJSC Yakutsk-Diamond. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-8277/05. He can be reached at: K. Popov Krupskoy Str. 35 Yakutsk 677007 Sakha Republic-Yakutiya Russia The Debtor can be reached at: CJSC yakutsk-diamond Room 403 Kulakovskogo Str. 28 Yakutsk 677007 Sakha Republic-Yakutiya Russia YUKOS OIL: Moscow Court Rejects Debtor's Bankruptcy Appeal ---------------------------------------------------------- The Moscow Arbitration Court rejected Wednesday OAO Yukos Oil Co.'s appeal against an Aug. 1 bankruptcy ruling, upholding the decision by creditors to liquidate the company, according to published reports. As previously reported in TCR-Europe, creditors voted on July 25 to liquidate what was once Russia's biggest oil firm rejecting a management rescue plan that valued the company's assets at about US$30 billion. The vote came after bankruptcy manager Eduard Rebgun said Yukos couldn't pay its debts in the time allotted by law. Subsequently, the court declared the oil firm bankrupt on Aug. 1 after three years of litigation over back taxes. The company is facing up to US$16.6 billion in claims filed by more than 20 creditors including, among others: Yuganskneftegas US$4.07 billion Federal Tax Service US US$11.6 billion OAO Rosneft Oil Co. US US$482 million The Prosecutor General's Office launched a probe on Aug. 8 into alleged fraud during the oil group's bankruptcy procedure. Russian prosecutors have accused former Yukos officials of embezzling money by securing a US$4.5 billion loan from Yukos Capital SARL, a Luxembourg-based unit and major creditor for Yukos, through legal entities affiliated with the company. Investigators alleged that the ex-Yukos officials masterminded a plan to sell crude oil through trading companies Fargoil and Ratibor under their control, acting both as fictitious owners and buyers, RIA Novosti relates. According to the Russian news agency, Mr. Rebgun agreed with investigators that Yukos Capital had offered Yukos its own assets. While Yukos was in external administration, Yukos Capital filed a motion to participate in the first creditors' meeting and filed claims against Yukos, which the court subsequently rejected. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. YUKOS OIL: Bankruptcy Administrator Taps E&Y to Prepare Sale ------------------------------------------------------------ Eduard Rebgun, the bankruptcy administrator for OAO Yukos Oil Co., has hired Gazprombank and Ernst & Young to help him prepare the sale of the company's assets, The Moscow Times reports. As previously reported in TCR-Europe, creditors voted on July 25 to liquidate what was once Russia's biggest oil firm rejecting a management rescue plan that valued the company's assets at about US$30 billion. The vote came after bankruptcy manager Eduard Rebgun said Yukos couldn't pay its debts in the time allotted by law. Subsequently, the court declared the oil firm bankrupt on Aug. 1 after three years of litigation over back taxes. Mr. Rebgun needs to sell off the firm's assets or refloat its subsidiaries to raise enough cash to pay off at least US$16.6 billion in claims. "There were talks [with Gazprombank] about what we need to do to carry out all these procedures," Mr. Rebgun said. "We realized that they could offer what we needed, so we are going to transfer [Yukos'] accounts to them." Gazprombank is a unit of Gazprom, which tried to purchase several Yukos assets on the eve of its bankruptcy, the paper relates. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On July 25, Yukos creditors voted to liquidate the oil firm after rejecting a management rescue plan, which valued the company's assets at about US$30 billion. This would have permitted Yukos to continue its operations and attempt to pay off US$18 billion in debts through asset sales. The Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate Yukos Oil and declared what was once Russia's biggest oil firm bankrupt on Aug. 1. The expected court ruling paves the way for the company's liquidation and auction. =========== S W E D E N =========== SANMINA-SCI CORP: Solicits Waiver Consents from Noteholders ----------------------------------------------------------- Sanmina-SCI Corp. is soliciting consents from the holders of the US$400 million aggregate outstanding principal amount of its 6-3/4% Senior Subordinated Notes due 2013 and the holders of the US$600 million aggregate outstanding principal amount of its 8.125% Senior Subordinated Notes due 2016. The Company is requesting a waiver, until Dec. 14, 2006, of any default or event of default that may arise by virtue of the Company's failure to file with the Securities and Exchange Commission and furnish to the trustee and holders of notes, certain reports required to be filed by the Company under the Securities Exchange Act of 1934, as amended. The Company also disclosed that, it has not yet filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the fiscal quarter ended July 1, 2006. The Company is offering a consent fee of US$16.25 in cash for each US$1,000 in principal amount of its 6-3/4% Senior Subordinated Notes due 2013. The Company is offering a consent fee of US$10 in cash for each US$1,000 in principal amount of its 8.125% Senior Subordinated Notes due 2016. The consent solicitation will expire at 5:00 p.m., New York City time, on Sept. 6, 2006. Holders may tender their consents to the Tabulation Agent at any time before the expiration date. The Company has retained Global Bondholder Services Corporation to serve as its Information Agent and Tabulation Agent for the consent solicitation. Requests for documents should be directed to Global Bondholder Services at (866) 470-3800 or (212) 430-3774. The Company has also retained Banc of America Securities LLC and Citigroup Corporate and Investment Banking as joint solicitation agents for the consent solicitation. Questions concerning the terms of the consent solicitation must be directed to: Banc of America Securities LLC (888) 292-0070; or (704) 388-4813 Citigroup Corporate and Investment Banking (800) 558-3745; or (212) 723-6106 (collect). Headquartered in San Jose, California, Sanmina-SCI Corporation is one of the largest electronics contract manufacturing services companies providing a full spectrum of integrated, value added solutions. In Europe, the company has operations in Finland, France, Ireland, Germany, Sweden, Hungary, and Spain. * * * As reported in TCR-Europe on Aug. 16, Moody's Investors Service placed the ratings of Sanmina-SCI Corp. on review for possible downgrade following the announcement by the Company updating the status of the on-going investigation into its stock option administration practices and confirming that Sanmina will not be able to file with the U.S. Securities and Exchange Commission its 10-Q for the quarter ended July 1, 2006, by the required deadline as result of the investigation. The investigations are on-going and inconclusive and the Company cannot quantify their potential impact on its financial statements at this time. However, Moody's notes that Sanmina will most likely breach a financial covenant in its bond indenture requiring it to file financial statements in a timely manner. The current delay could place Sanmina in a technical default with its creditors. At the same time, Standard & Poor's Ratings Services placed its 'BB-' corporate credit and other ratings on San Jose, California-based Sanmina-SCI Corp. on CreditWatch with negative implications. =========== T U R K E Y =========== FINANSBANK A.S.: Fiba Group Closes 46% Stake Sale to Greek Bank --------------------------------------------------------------- Finansbank's majority shareholder Fiba Group has finalized the sale of 46% of the Bank's ordinary shares (nominal value of ordinary shares is TRY575,000,000) and 100% of its founders' shares to National Bank of Greece within the context of the share purchase agreement signed on April 3. NBG paid in cash US$2,323 million for 46% of the ordinary shares in Finansbank (valuing 100% of the ordinary shares at US$5,050 million) and US$451 million for 100% of the founders' shares. As part of the agreement, Finansbank has also completed the sale of its international participations, Finans International Holding N.V. (100% directly owned by Finansbank) and Finansbank Romania S.A. (28.05% directly owned by Finansbank) to Fiba Holding A.S. for US$600 million and bought back 99.99% of the shares of Finansbank Malta Ltd. for US$48 million, from Finans International Holding N.V. From this sale, Finansbank recorded TRY546.2 million in participation sale profit. NBG will submit an application to the Capital Markets Board of Turkey for approval of a mandatory tender offer for the remaining 44.3% of the ordinary share capital of Finansbank (eg, excluding the 9.68% of Finansbank retained by the Fiba Group), in accordance with the relevant regulatory requirements. If NBG acquires less than a 4% plus one ordinary share additional stake in Finansbank during the Mandatory Offer, Fiba Holding and its affiliates will sell to NBG sufficient ordinary shares, such that NBG will achieve a 50% plus one ordinary share ownership position in Finansbank. Fiba Group's remaining 9.68% share is subject to performance based put and call arrangements with NBG. "We are delighted with the timely conclusion of this transformational transaction for NBG, a transaction which comprises a cornerstone of the strategy presented in our three year business plan. It heralds a turning point for the Group," Mr. Takis Arapoglou, Chairman and CEO of NBG, commented. "This investment brings together NBG's leading position in the SEE region and Finansbank's growth potential in the Turkish Market. The resulting synergies will accelerate the bank's existing superior growth in the Turkish market and further enhance its market leading profitability under the current management," Mr. Husnu Ozyeoin, Chairman of Finansbank commented. As reported in TCR-Europe on April 6, Mr. Ozyegin will keep a minority stake in the Company and will continue in his role as Finansbank chairman. In addition, the management team of Finansbank will continue to manage Finansbank post the completion of this transaction. Finansbank will retain ownership of Finansbank Malta Ltd., a corporate banking business used to support Finansbank's Turkish banking operations. Finansbank's shareholding structure after the share transfer consists of: National Bank of Greece 46.00% Fiba Holding A.S. 9.68% Public Shares 44.32% About NBG Headquartered in Athens, Greece, National Bank of Greece, the oldest and largest among Greek banks, provides investment banking services, brokerage, insurance, asset management, leasing and factoring. About Finansbank Headquartered in Turkey, Finansbank is the fifth largest private bank Turkey according to its 2005 consolidated asset size of US$14 billion. On top of its banking operations in Turkey, Finansbank has an extensive international banking network with its subsidiaries in the Netherlands, Switzerland, Romania Russia and Malta. Finansbank provides a wide range of products and services from commercial banking to private banking and investment banking. Finansbank with its staff of 10,300 people operates in 12 countries with 287 branches. * * * As reported in TCR-Europe on July 6, Fitch Ratings affirmed Turkey-based Finansbank A.S.'s ratings at foreign currency Issuer Default BB-, Short-term foreign and local currency B and Individual C/D. Fitch said the Outlook on the foreign currency Issuer Default rating is Positive. At the same time, Fitch is keeping the bank's local currency IDR BB-, National Long-term A and Support 4 ratings on the Rating Watch Positive. The RWP was initiated following the announcement on April 3 from National Bank of Greece that is planning to acquire a 46% controlling stake in the bank. ============= U K R A I N E ============= ALFA BANK: Moody's Assigns E+ Financial Strength Rating ------------------------------------------------------- Moody's Investors Service has assigned these ratings to Alfa Bank Ukraine: -- B2 long-term and Not-Prime short-term foreign currency deposit ratings; -- B1 long-term and Not-Prime short-term local currency deposit ratings; -- E+ financial strength rating; -- Aa2.ua long-term National Scale Rating. The outlooks on all global scale ratings are stable, while the bank's NSR carries no specific outlook. According to Moody's, the global scale deposit ratings reflect global default and loss expectation, while the Aa2.ua NSR reflects the standing of the bank's credit quality relative to its domestic peers. Alfa Bank Ukraine until recently has been majority owned by one of the largest private banks in Russia -- Alfa Bank. Although the shareholder structure of ABU is undergoing modifications, the bank will still remain controlled by the same beneficial owners of Alfa Group through different entities. Moody's believes that the parent bank/group would be willing to support ABU's relatively small operations in case of need in order not to jeopardize the confidence in the "Alfa" name that has been built over the years. Therefore ABU's long-term local currency deposit rating is notched up to the B1 level based on implicit support the bank may receive from affiliated companies; the Ba2 deposit rating of Alfa Bank (Russia) is used as a proxy for evaluating the capacity to provide such support, although this bank may not necessarily be the supporting entity itself. The bank's B2/Not-Prime foreign currency deposit ratings are constrained by the country ceiling for such deposits and primarily reflect the weak macroeconomic operating environment and political volatility in Ukraine that result in a high level of foreign currency transfer risk. Moody's notes that the bank's E+ Financial Strength Rating reflects ABU's narrow independent franchise in the Ukrainian market, limited customer base to date -- which, however, includes a number of first-class customers -- and its weak financial fundamentals. At the same time the bank's FSR is underpinned by the potential to grow its franchise as well as by its access to Alfa Banking Group resources and transfer of knowledge and skills, which represents a significant advantage relative to other Ukrainian banks of a similar size. Headquartered in Kiev (Ukraine), ABU reported total IFRS assets of US$422 million as at year-end 2005 and net loss of US$1.9 for the year 2005. BAR BREAD: Regional Bankruptcy Agency to Liquidate Assets --------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional Sector of Bankruptcy Questions as Liquidator for LLC Bar Bread Receiving Enterprise (code EDRPOU 32090467). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 13. The case is docketed under Case No. 10/88-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: LLC Bar Bread Receiving Enterprise Vokzalna Str. 26 Bar 23000 Vinnitsya Region Ukraine BAR LIQUOR-VODKA: Regional Bankruptcy Agency to Liquidate Assets ---------------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional Sector of Bankruptcy Questions as Liquidator for LLC Bar Liquor-Vodka Plant (code EDRPOU 32697275). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 20. The case is docketed under Case No. 5/171-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: LLC Bar Liquor-Vodka Plant Lisova Str. 2 Mizhlissya Bar District 23032 Vinnitsya Region Ukraine KONONIVKA BREAD: Court Names Oleg Bilera as Insolvency Manager --------------------------------------------------------------- The Economic Court of Cherkassy Region appointed Oleg Bilera as Liquidator/Insolvency Manager for OJSC Kononivka Bread Receiving Enterprise (code EDRPOU 00956862). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 9. The case is docketed under Case No. 10-14-01/1765. The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region Ukraine The Debtor can be reached at: OJSC Kononivka Bread Receiving Enterprise Poshtova Str. 2 Kononivka Drabivskij District Cherkassy Region Ukraine KRIMPRODMASH-1: AR Krym Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on LLC Krimprodmash-1 (code EDRPOU 32150651). The case is docketed under Case No. 2-5/8045-2006. The Temporary Insolvency Manager is: Larisa Petuhova Peremogi Avenue 235-A/3 Simferopol 95022 AR Krym Region Ukraine 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: LLC Krimprodmash-1 Dzubanov Str. 11 Simferopol 95006 AR Krym Region Ukraine MOLODOVA: Court Names Anatolij Rovnij as Insolvency Manager ----------------------------------------------------------- The Economic Court of Harkiv Region appointed Anatolij Rovnij as Liquidator/Insolvency Manager for Agricultural LLC Agrofirm Molodova (code EDRPOU 00852861). The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 3. The case is docketed under Case No. B-24/64-06. The Economic Court of Harkiv Region is located at: Derzhprom 8th Entrance Svobodi Square 5 61022 Harkiv Region Ukraine The Debtor can be reached at: Agricultural LLC Agrofirm Molodova Solovyov Str. 19 Molodova Vovchanskij District Harkiv Region Ukraine MONTAZH: Court Names Leonid Talan as Insolvency Manager ------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Leonid Talan as Liquidator/Insolvency Manager for LLC Montazh (code EDRPOU 19382889). He can be reached at: Leonid Talan a/b 7 49000 Dnipropetrovsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 11. The case is docketed under Case No. B 24/176-06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Montazh Peremogi Str. 44/1 Naberezhna 49000 Dnipropetrovsk Region Ukraine PEREMOGA: Harkiv Court Names M. Sorokin as Insolvency Manager ------------------------------------------------------------- The Economic Court of Harkiv Region appointed Mr. M. Sorokin as Liquidator/Insolvency Manager for Agricultural LLC Peremoga (code EDRPOU 00708160). The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 3. The case is docketed under Case No. B-39/155-06 The Economic Court of Harkiv Region is located at: Derzhprom 8th Entrance Svobodi Square 5 61022 Harkiv Region Ukraine The Debtor can be reached at: Agricultural LLC Peremoga Lenin Str. 268 Bogoduhiv Harkiv Region Ukraine RAJAGROSHLYAHBUD: Regional Bankruptcy Agency to Liquidate Assets ---------------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional Sector of Bankruptcy Questions as Liquidator for LLC Rajagroshlyahbud (code EDRPOU 03579414). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/61-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: LLC Rajagroshlyahbud Polyova Str. 2 Tomashpil 24200 Vinnitsya Region Ukraine Liquidator SEBEK: Dnipropetrovsk Court Names Leonid Talan as Liquidator ------------------------------------------------------------ The Economic Court of Dnipropetrovsk Region appointed Leonid Talan as Liquidator/Insolvency Manager for LLC Sebek (code EDRPOU 33577383). He can be reached at: Leonid Talan a/b 7 49000 Dnipropetrovsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 11. The case is docketed under Case No. B 24/177-06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Sebek Shors Str. 4 49033 Dnipropetrovsk Region Ukraine TORIS: Kyiv Court Names Volodimir Sirota as Insolvency Manager -------------------------------------------------------------- The Economic Court of Kyiv Region appointed Volodimir Sirota as Liquidator/Insolvency Manager for LLC Scientific-Production Commercial Firm Toris (code EDRPOU 21502355). The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 14. The case is docketed under Case No. 43/456. 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 Scientific-Production Commercial Firm Toris Zhovtnya Avenue 15-a 40-richya 03039 Kyiv Region Ukraine VIKTORIYA: Sumi Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on LLC Agrofirm Viktoriya (code EDRPOU 30902144) on July 6. The case is docketed under Case No. 8/327-06. The Temporary Insolvency Manager is: Sergij Polyakov Gorkij Str. 23/1-67 Sumi Region Ukraine The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Agrofirm Viktoriya Miru Str. 17 Zhigajlivka Trostyanets District Sumi Region Ukraine ZHITNITSYA PODILLYA: Bankruptcy Agency to Liquidator Assets ----------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional Sector of Bankruptcy Questions as Liquidator for LLC Zhitnitsya Podillya (code EDRPOU 31250673). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/161-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: LLC Zhitnitsya Podillya Gorkij Str. 11 Hmilnik 22000 Vinnitsya Region Ukraine =========================== U N I T E D K I N G D O M =========================== A.R.E. LIMITED: Brings In Administrators from BDO Stoy ------------------------------------------------------ David Harry Gilbert and Dermot Coakley of BDO Stoy Hayward LLP were appointed joint administrators of A.R.E. Limited (Company Number 01124942) on July 25. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Headquartered in Surrey, United Kingdom, A.R.E. Limited sells motor vehicle parts. ABBEY SECURITY: Nominates Zafar Igbal as Liquidator --------------------------------------------------- Zafar Iqbal of Cooper Young was nominated Liquidator of Abbey Security Limited on Aug. 11 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Abbey Security Limited Eastern Way Bury St. Edmunds Suffolk IP327AB United Kingdom Tel: 01284 768 832 Web: http://www.abbeysecurity.co.uk/ ACE CABS: Claims Filing Period Ends Sept. 15 -------------------------------------------- Creditors of Ace Cabs Limited, which is being voluntarily wound up, are required, on or before Sept. 15, to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Lloyd Biscoe, of Begbies Traynor at: Lloyd Biscoe Begbies Traynor The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG United Kingdom The company can be reached at: Ace Cabs Limited 44 Duffield Road Chelmsford CM2 9RS United Kingdom Tel: 01245 478 100 AIRE VALLEY: Fitch Affirms BB Rating on Class D Notes ----------------------------------------------------- Fitch Ratings affirmed Aire Valley master trust program's previous two issues via Aire Valley Mortgages 2004-1 PLC and Aire Valley Mortgages 2005-1 PLC, respectively. This follows the assignment of the final ratings to its third issue. The latest bonds are issued by Valley Mortgages 2006-1 PLC. In rating the latest transaction, it is necessary to ensure that the previous issuances from the master trust pass Fitch's stress scenarios. All Classes of notes are backed by mortgage loans secured by residential properties in England, Scotland and Wales. Aire Valley Mortgages 2004-1 PLC: -- Class A: AAA; -- Class B: AA; -- Class C: BBB; and -- Class D: BB. Aire Valley Mortgages 2005-1 PLC: -- Class A: AAA; -- Class B: AA; and -- Class C: BBB. AIRTEC 2000: Appoints Tony Mitchell as Liquidator ------------------------------------------------- Tony Mitchell of Cranfield Recovery Limited was appointed Liquidator of Airtec 2000 Limited on Aug. 9 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Airtec 2000 Limited Unit 2 Exis Court Veasey Close Attleborough Fields Ind Est Nuneaton Warwickshire CV116RT United Kingdom Tel: 024 7634 3123 ALERIS INTERNATIONAL: Earns US$55.4 Million in Second Quarter ------------------------------------------------------------- Aleris International, Inc. reported record results for the second quarter of 2006 and the six months ended June 30, 2006. Operating income increased to a quarterly record of US$102.6 million for the second quarter of 2006 from last year's US$30.8 million, an increase of US$71.8 million, or 233%. Second quarter net income was a record US$55.4 million, at an estimated tax rate of 36.9%, compared with reported net income of US$18.9 million in the second quarter of 2005, based on an estimated tax rate of 9.8%. Aleris reported second quarter 2006 revenues of US$1.01 billion. For the second quarter of 2005, Aleris reported revenues of US$603.6 million. Merger-related synergies from the Commonwealth acquisition and company wide productivity initiatives aggregated US$15 million for the quarter while synergies related to the 2005 acquisitions totaled approximately US$11 million, exceeding the Company's expectations. The Company is raising its estimate of merger-related synergies from the Commonwealth acquisition and company wide productivity initiatives to be realized within 18 to 24 months of the merger to US$65 million from US$50 million. On Aug. 1, 2006 Aleris closed the acquisition of the downstream aluminum business of Corus Group plc for a purchase price of approximately US$887 million. Simultaneously, the Company entered into new credit agreements, the proceeds from which were used to fund the acquisition and refinance substantially all of the Company's existing indebtedness. The Company expects to incur charges in the third quarter of approximately US$53.5 million related to the refinancing. Steven J. Demetriou, Chairman and Chief Executive Officer of Aleris, said, "We are extremely pleased with the record results we achieved for the second quarter of 2006 with operating income increasing more than 200% from the prior-year period. The results not only exceeded our expectations but also reaffirmed the strength of our businesses. Our rolled products business benefited from acquisitions, strengthened margins from improved scrap spreads, the favorable FIFO impact of the rising London Metal Exchange on a year- over-year basis and continued productivity improvements. Aluminum recycling increased the momentum begun over the last several quarters, while zinc continued to generate record earnings. We are particularly pleased with the impact of the acquisitions we made in 2005 which are contributing substantially to our increased profitability." Outlook Mr. Demetriou said, "We are particularly pleased to have completed the Corus acquisition, which should strengthen our product portfolio, expand our global capabilities and contribute significantly to our future profitability. We welcome all 4,600 former Corus employees onto the Aleris team and look forward to building a world-class global aluminum company. In addition, we remain focused on achieving maximum benefit from the original Commonwealth merger and are again raising our estimated synergy target to US$65 million from US$50 million to be achieved within 18 to 24 months of the original merger." A full-text copy of the Company's quarterly report is available for free at http://researcharchives.com/t/s?103C Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris International, Inc. -- http://www.aleris.com/-- manufactures aluminum rolled products and extrusions, aluminum recycling and specification alloy production. The Company is also a recycler of zinc and a leading U.S. manufacturer of zinc metal and value- added zinc products that include zinc oxide and zinc dust. The Company operates 50 production facilities in North America, Europe, South America and Asia, and employs approximately 8,600 employees. * * * As reported in the Troubled Company Reporter on Aug. 11, 2006, Standard & Poor's Ratings Services placed its 'BB-' corporate credit and other ratings on Aleris on CreditWatch with negative implications. As reported in the Troubled Company Reporter on Aug. 10, 2006, Moody's Investors Service placed Aleris' ratings under review for possible downgrade. The review was prompted by the Company's announcement of a merger agreement with Texas Pacific Group. Ratings placed under review possible downgrade include the B1 Corporate Family Rating and the Ba3 Senior Secured Bank Credit Facility rating. ANGLIA VALE: Taps P&A to Administer Assets ------------------------------------------ Christopher Michael White and John Russell of The P&A Partnership were appointed joint administrators of Anglia Vale Medical Limited (Company Number 0144401) on July 31. 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 Headquartered in Peterborough, United Kingdom, Anglia Vale Medical Limited supplies medical equipment. AXS-ONE INC: June 30 Balance Sheet Upside-Down by US$7.08 Mln ------------------------------------------------------------- AXS-ONE Inc. reported a net loss of US$2.5 million for the second quarter ended June 30, 2006, compared with a net loss of US$4.4 million in the second quarter of last year. Total revenues for the second quarter were US$8 million, an increase of 6.8% compared with revenues of US$7.5 million for the second quarter of 2005 and up 6.5% sequentially compared to the US$7.5 million reported for the first quarter. For the first six months of 2006, total revenues were US$15.5 million compared with total revenues of US$15.5 million for the first six months of 2005. The net loss for the first six months of 2006 was US$5.2 million, compared to a net loss of US$7.5 million for the comparable prior-year period. At June 30, 2006, the Company's balance sheet showed US$9,799,000 in total assets and US$16,887,000 in total liabilities, resulting in a US$7,088,000 stockholders' deficit. The Company completed the quarter with US$3.3 million in cash and cash equivalents. The Company's accounts receivable were US$4.3 million as of June 30, and the company completed the quarter with US$1.7 million of borrowing availability on its US$4 million line of credit. "While we saw an increase in deal closings during the second quarter, specifically with our partner Sun Microsystems, our reported results are below our expectations," commented Bill Lyons, chairman and CEO of AXS-One. "We continue to experience lengthy sales cycles which resulted in a number of deals that were anticipated to close being pushed out into subsequent quarters. However, recently released industry studies that highlight AXS-One's complete integrated platform solution validate our belief that our software is appropriately positioned within this growing and dynamic market. These factors, combined with improved execution on our sales pipeline, should allow us to grow revenues and continue our progress toward a return to profitability." A full-text copy of the Company's quarterly report is available for free at http://researcharchives.com/t/s?1031 About AXS-ONE Inc. AXS-One Inc. (AMEX: AXO) -- http://www.axsone.com/-- provides high performance Records Compliance Management solutions. The AXS-One Compliance Platform enables organizations to implement secure, scalable and enforceable policies that address records management for corporate governance, legal discovery and industry regulations such as SEC17a-4, NASD 3010, Sarbanes- Oxley, HIPAA, The Patriot Act and Gramm-Leach Bliley. Headquartered in Rutherford, New Jersey, AXS-One has offices worldwide including in the United States, Australia, Singapore, United Kingdom and South Africa. BBB NETWORK: FSCS Affirms Default Declaration --------------------------------------------- The Financial Services Compensation Scheme confirmed that BBB Network Limited (fka Berkeley Independent Advisors Limited) has been declared in default, Emma Ann Hughes writes for the Financial Times Adviser. The default opens the door for consumers to claim up to GBP48,000 in compensation as a result of the firm's negligent advice, Mr. Hughes relates. "It is important for consumers to know that if they have had dealings with this firm, and believe they may have lost money as a result of negligent advice, they can contact us," FSCS CEO Loretta Minghella said. On Feb. 28, Berkeley Berry Birch plc completed the sale of the businesses of Berkeley Independent Advisers Limited and Berry Birch & Noble Financial Planning Limited to Tenet Group Limited. The total maximum consideration for the disposal is GBP2.3 million, comprising GBP1.15 million in respect of BIA and GBP1.20 million in respect of BBN FP. Berkeley Birch's directors concluded in March 2006 that administration would achieve a better result for the company's creditors as a whole than a winding-up proceeding. Accordingly, Finbarr O'Connel from KPMG LLP was appointed administrator for the company. Meanwhile, Rob Hunt, Mark Hopkins and Mark Batten from PricewaterhouseCoopers were appointed as joint administrators in respect of Berkeley Birch's subsidiaries including: -- Berkeley Independent Advisers Limited; -- Berry Birch & Noble Financial Planning Limited; and -- Berry Birch & Noble Financial Planning (Weston) Limited, all of which have sold their businesses and are no longer trading. In addition, Rob Hunt and Mark Hopkins have been appointed as joint administrators of Berkeley Berry Birch Group Support Services Limited. Headquartered in Coventry, Berkeley Berry Birch Plc -- http://www.bbb.co.uk/-- was formerly known as Berry Birch & Noble Plc. The Group's principal activity is that of an investment holding company. Its subsidiaries include the provision of financial planning, employee benefits, insurance broking services and the provision of support services to independent financial advisers. On January 2002, the Group acquired Berkeley Financial Services Group PLC. Its financial services accounted for 87% of fiscal 2002 revenues and insurance broking, 13%. BIG-TALK NETWORK: Claims Filing Period Ends Nov. 17 --------------------------------------------------- Creditors of Big-Talk Network Limited, which is being voluntarily wound up, are required, on or before Nov. 17, to send in the full particulars of their debts or claims to appointed Liquidator Mark Jonathan Botwood of Muras Baker Jones at: Mark Jonathan Botwood Muras Baker Jones Regent House Bath Avenue Wolverhampton WV1 4EG United Kingdom The company can be reached at: Big-Talk Network Limited 65 High Street Bilston West Midlands WV140HH United Kingdom Tel: 01902 403 000 BRITANNIA ROLL: Appoints Joint Administrators from Buchanans ------------------------------------------------------------ Peter Anthony Hall and Alan Peter Whalley of Buchanans were appointed joint administrators of Britannia Roll Manufacturing Company Limited (Company Number 01082407) on July 31. The administrators can be reached at: Buchanans PLC Latimer House 5 Cumberland Place Southampton SO15 2BH United Kingdom Tel: 023 8022 1222 Headquartered in Hove, United Kingdom, Britannia Roll Manufacturing Company Limited manufactures printed paper and cardboard. BRADSHAW BEDS: Joint Liquidators Take Over Operations ----------------------------------------------------- Ronald Stanley Harding and Richard John Elwell of Elwell Watchorn & Saxton LLP were Joint Liquidators of Bradshaw Beds Limited on Aug. 4 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Bradshaw Beds Limited 38-58 Queens Road Nottingham NG2 3AS United Kingdom Tel: 0115 986 9314 BRAYNSTON SQUARE: Brings In Joint Liquidators from KPMG LLP ----------------------------------------------------------- Finbarr Thomas O'Connell and Jane Bronwen Moriarty of KPMG LLP were appointed Joint Liquidators of Byranston Square Limited on Aug. 7 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Byranston Square Limited Armadores House 69-70 Mark Lane London EC3R 7HS United Kingdom Tel: 020 7480 4101 BRIDGEMAN TANSEY: Claims Registration Ends Sept. 15 --------------------------------------------------- Creditors of Bridgeman Tansey Associates Limited, which is being voluntarily wound up, are required, on or before Sept. 15, to prove their debts by sending written statements of the amounts they claim to be due to them from the company to appointed Liquidator Gary Bell of Cowgill Holloway Business Recovery LLP at: Gary Bell Cowgill Holloway Business Recovery LLP Regency House 45-51 Chorley New Road Bolton BL1 4QR United Kingdom The company can be reached at: Bridgeman Tansey Associates Limited Eaton Place Business Centre 114 Washway Road Sale Cheshire M33 7RF United Kingdom Tel: 0161 374 0713 CATALYST AUTOMOTIVE: Appoints Begbies Traynor as Administrators --------------------------------------------------------------- Paul Finnity and Peter A. Balair of Begbies Traynor were appointed joint administrators of Catalyst Automotive Limited (Company Number 04104380) on July 26. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Staffordshire, United Kingdom, Catalyst Automotive Limited sells motor vehicles. CLASSIQUE HOLIDAY: Names Martin Paul Halligan as Administrator -------------------------------------------------------------- Martin Paul Halligan of MPH Recovery was named administrator of Classique Holiday Homes Limited (Company Number 03350190) on July 28. The administrator can be reached at: MPH Recovery 9 Campus Road Listerhills Science Park Bradford West Yorkshire BD7 1HR United Kingdom Tel: 01274 370070 Headquartered in Sandholme, United Kingdom, Classique Holiday Homes Limited manufactures static caravan holiday homes. COLLINS & AIKMAN: Gains Panel's Support Over GM Tooling Dispute --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Collins & Aikman Corporation and its debtor-affiliates agrees with the Debtors' conclusion that, pursuant to Rule 7001 of the Federal Rules of Bankruptcy Procedure, General Motors Corporation's request to obtain possession of certain tooling must be coursed through an adversary proceeding. GM is seeking a "contingent" lift stay to take possession of all tooling related to a particular purchase order upon the happening of certain speculative future events. Under the tooling purchase orders, upon GM's payment of amounts properly invoiced by the Debtors and validly due, GM would own the Tooling. GM asserted it had paid all the amounts due to the Debtors and as a consequence, the Tooling is GM's property and the Debtors' obligation to turn the Tooling over to GM was absolute and unconditional. The Debtors sought to dismiss GM's request to obtain possession of the tooling. The Debtors argued that GM has failed to remit all amounts due for the Tooling and that the request is not properly the subject of a motion, but rather an adversary proceeding, which GM has failed to commence. Michael S. Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP, in New York, points out that although GM attempts to disguise its request to recover property as a lift stay request, it seeks "immediate access to and possession of the Tooling." This is clearly an action to recover property, Mr. Stamer says. "GM plainly seeks not merely a cursory adjudication as to whether it has a colorable claim to the Tooling, but an order of this Court granting it the authority to access the Debtors' facilities to take immediate possession of Tooling," argues Mr. Stamer. Mr. Stamer explains that a determination of these issues requires the commencement of an adversary proceeding resulting in a trial on the merits, during which GM must submit evidence substantiating its claims. Accordingly, the Committee asks the Court to approve the Debtors' request to dismiss GM's Lift Stay Motion. GM Responds to Objections Scott A. Wolfson, Esq., at Honigman Miller Schwartz and Cohn LLP, in Detroit, Michigan, argues that the Debtors' dismissal request: -- misinterprets the fundamental purpose of a lift stay request; -- ignores express provisions of the Federal Rules of Bankruptcy Procedure; and -- fails to address GM's specific requests. Mr. Wolfson explains that GM never asserted that approval of its request would give it immediate possession of the Tooling. Instead, GM asked the Court to lift the automatic stay to take all "necessary actions" to recover the Tooling upon the occurrence of certain events. These "necessary actions" may include filing a complaint in state court for a final adjudication of GM's interest in the Tooling and ultimately recovery by GM, Mr. Wolfson says. Mr. Wolfson contends that GM does not request recovery of the Tooling; the determination of the validity, priority or extent of its interest in the Tooling; and a declaratory judgment. No adversary proceeding is required for disposition of the Tooling Request because the Court need only determine whether GM has presented a colorable claim to lift the automatic stay, Mr. Wolfson notes. If the Court wants to consider the Debtors' claims and defenses as they relate to GM's interest in the Tooling, the Court may do so without requiring an adversary proceeding, maintains Mr. Wolfson. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 37; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Bankruptcy Court Permits Sale of GE Equipment --------------------------------------------------------------- In connection with the wind-down of their fabrics business and other miscellaneous operations, Collins & Aikman Corporation and its debtor-affiliates obtained authority from the U.S. Bankruptcy Court for the Eastern District of Michigan to sell or abandon equipment in which General Electric Capital Corporation asserts an interest, pursuant to these procedures: (a) The Debtors will identify to GECC any Equipment that the Debtors claim to be economically obsolete or surplus to their needs. (b) The Debtors will give GECC seven days' notice of the opportunity to retain the Equipment. The Debtors and GECC reserve their rights as to the value of any Equipment retained by GECC. (c) If GECC does not elect to retain the Equipment, the Debtors will sell the Equipment in a commercially reasonable manner to the highest bidder; provided that the Debtors are authorized to abandon the Equipment if it would be more economical for them. In the event of any sale of the Equipment, the Debtors will deposit and hold the proceeds in an interest bearing segregated account pending further Court order or final resolution of GECC's claims against the Debtors. In the event that the Debtors' Master Lease Agreements with GECC are re-characterized as secured financing agreements, the Debtors' interest in the sale proceeds, if any, will be subject to the terms and conditions of the Amended and Restated Revolving Credit, Term Loan and Guaranty Agreement, dated as of July 28, 2005. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CORNICHE MARKETING: Taps Joint Liquidators from Insol House ----------------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss of Insol House were appointed Joint Liquidators of Corniche Marketing Limited on Aug. 8 for the purposes of the creditors' voluntary winding- up. The company can be reached at: Corniche Marketing Limited Wandle House Riverside Drive Mitcham Surrey CR4 4BU United Kingdom Tel: 020 8648 1717 Web: http://www.shopfittingdirectory.co.uk/ DAVISON BIRD: Taps Wilkins Kennedy as Joint Administrators ---------------------------------------------------------- Simon James Underwood and Keith Aleric Stevens of Wilkins Kennedy were appointed on Jan. 31 joint administrators of: -- Davison Bird & Associates Limited (Company Number 3299869), -- KP Personnel Limited (Company Number 2719100), -- Network Engineering Recruitment Limited (Company Number 2504591), -- Driving Professionals Limited (Company Number 5004920), and -- Workbase Wesources Limited (Company Number 5078703). The administrators can be reached at: Wilkins Kennedy Bridge House London Bridge London SE1 9QR United Kingdom Tel: 020 7403 1877 Fax: 020 7403 1605 Headquartered in London, United Kingdom, Davison Bird & Associates Limited, KP Personnel Limited, Network Engineering Recruitment Limited, Driving Professionals Limited, and Workbase Wesources Limited are engaged in labor recruitment services. EAGLE SOLUTIONS: Appoints Liquidator from B & C Associates ---------------------------------------------------------- Jeffrey Mark Brenner, of B & C Associates was appointed Liquidator of Eagle Solutions Limited on July 28 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Eagle Solutions Limited Ogan 391 City Road London EC1V1NE United Kingdom Tel: 020 7249 5800 EIRCOM FUNDING: To Redeem Outstanding 8.25% Sr. Sub. Notes ---------------------------------------------------------- eircom Funding, the financing company of eircom Group PLC, will redeem all of its outstanding 8.25% Senior Subordinated Notes due 2013 pursuant to Section 3.1 of the Indenture and the last paragraph of Section 7 of the Notes. The principal amount of the Notes to be redeemed is the full outstanding principal amount of the Notes. The Redemption Date will be Sept. 21. The Redemption Price shall be equal to 100% of the principal amount thereof plus the Applicable Premium and accrued and unpaid interest and Additional Amounts, if any, to the date of redemption. The Notes called for redemption must be surrendered to the Principal Paying Agent in order to collect the Redemption Price. Unless the Issuer defaults in making the redemption payment, interest on the Notes called for redemption ceases to accrue on and after the Redemption Date and the only remaining right of the Holders is to receive payment of the Redemption Price plus, without duplication, accrued interest and Additional Amounts, if any, to the Redemption Date upon surrender of the Notes to the Paying Agent. Redemption of the Notes is subject to the satisfaction of certain conditions, including, but not limited to, the delivery of documentation and the availability to the Issuer, together with its affiliates, of funds sufficient to make payment for all of the Notes called for redemption. The Issuer reserves the right, in its sole discretion, to waive any and all conditions to the redemption of the Notes. The Indenture dated Aug. 7, 2003, was entered into between eircom funding, as the issuer and Valentia Telecommunications, eircom Limited and Valentia Holdings Limited (now eircom Group plc), as the guarantors, The Bank of New York, as trustee and principal paying agent, The Bank of New York (Luxembourg) S.A., as Luxembourg paying agent, and AIB/BNY Fund Management (Ireland) Limited, as Irish paying agent. About Eircom Group PLC Headquartered in Dublin, Ireland, eircom Group PLC -- http://eircom.net/-- is the principal provider of fixed-line telecommunications services in Ireland, as well as the leading Internet service provider and, following its acquisition of Meteor, the third largest mobile operator in Ireland. * * * As reported in TCR-Europe on Aug. 7, Moody's Investors Service downgraded the Corporate Family Rating of eircom Group plc to Ba3 from Ba2. Moody's also downgraded the rating of Valentia Telecommunications Unlimited's EUR550 million unsecured notes due 2013 to B2 from Ba3 and the rating of eircom Funding plc's EUR285 million and US$250 million senior subordinated notes due 2013 to B2 from B1. The rating on the existing EUR1.4 billion senior secured credit facilities was also downgraded to Ba3 and is expected to be withdrawn once it is refinanced by a new EUR3.5 billion secured credit facility. These rating actions conclude the review for possible downgrade initiated on May 23 following the announcement by eircom that BCM Ireland Holdings Limited had launched a full offer for the company. The outlook on the ratings is stable. Moody's notes that BCM Ireland Holdings Limited, the financial sponsor-owned entity that acquired eircom Group plc in a leveraged buy-out, has tendered for the Valentia Telecommunications Unlimited and eircom Funding plc bonds. The ratings of these bonds reflect Moody's assessment of the potential credit risk for any bonds that are not tendered. Moody's expects to rate shortly the new debt that BCMIH and its parent BCM Ireland Finance Ltd. intend to issue. ENVOY U.K.: Calls In Joint Liquidators from Recovery hjs -------------------------------------------------------- Shane Biddlecombe and Gordon Johnston of Recovery hjs were appointed Liquidators of Envoy U.K. Limited on Aug. 7 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Envoy U.K. Limited Lower Walsall Street Wolverhampton WV1 2ES United Kingdom Tel: 01902 457 152 FARNBOROUGH TOWN: Brings In Administrators from Begbies Traynor --------------------------------------------------------------- Ian Michael Rose and Robert Michael Young of Begbies Traynor were appointed joint administrators of Farnborough Town Football & Social Club Limited (Company Number 02278768) on July 26. 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. Farnborough Town Football & Social Club Limited can be reached at: John Roberts Ground Cherrywood Road Farnborough Hampshire GU14 8UD United Kingdom Tel: 01252 541 469 Fax: 01252 375 613 FEDERAL-MOGUL: Wants to Enter Into Hercules Payment Agency Pact --------------------------------------------------------------- Federal-Mogul Corporation, T&N Limited, Ferodo America, Inc. and Gasket Holdings Inc., together with the Official Committee of Asbestos Claimants and Professor Eric D. Green, as the duly appointed legal representative for future asbestos-related personal injury claimants, seek the authority of the United States Bankruptcy Court for the District of Delaware to enter into a payment agency agreement relating to the Hercules asbestos liability policy. The core of the Hercules Agreement, James E. O'Neill, Esq., at Pachulski Stang Ziehl Young Jones & Weintraub LLP, in Wilmington, Delaware, says, is the provision of a mechanism for distribution of recoveries obtained under the Hercules Policy to: 1. a trust to be established for the Debtors' U.K. and certain non-U.K. asbestos personal injury claimants; and 2. a trust to be established for the Debtors' U.S. and certain non-U.S. asbestos personal injury claimants. The distribution will be made in accordance with the division of insurance recoveries that the Court previously approved as part of the U.K. Global Settlement Agreement, Mr. O'Neill adds. The Hercules Agreement is conditioned on the approval of the U.K. Debtors' company voluntary arrangements that, among others, establish the priority scheme of the distribution of the Hercules Recoveries. Hercules Policy The Hercules Policy obligates the insurer to indemnify T&N for all "Ultimate Net Loss" in excess of the retained limit, without limitation, for claims made or brought on or after July 1, 1996, that relate to the exposure of asbestos, asbestos products, asbestos dust, or asbestos fibers that were mined, manufactured, sold, installed or distributed prior to July 1, 1996. The Policy covers liabilities of T&N as well as certain T&N subsidiaries and subsidiary undertakings existing on July 1, 1996. However, T&N is the sole policyholder and is the only entity entitled to payment under the policy -- although it may be the case that GHI and Ferodo are entitled to a certain proportion of the Hercules Recoveries once they have been paid to T&N. The Hercules Policy has an aggregate limit of GBP500 million -- approximately US$895 million -- with a retained limit of GBP690 million -- approximately US$1.235 billion. The retained limit has diminished to GBP361,802,160. Thus, before either the U.K. Asbestos Trust or the U.S. Asbestos Trust can access coverage under the policy, the retention must be exhausted. The Policy, purchased by T&N in 1996, is underwritten by T&N's captive insurance company, Curzon Insurance, Ltd., and reinsured by three reinsurance companies. Hercules Payment Agency Agreement The parties to the Hercules Agreement are: -- T&N -- the U.K. Administrators -- Phillip Rodney Sykes and Jeremy Mark Willmont; -- the T&N Asbestos Trustee Company Limited -- the U.K. Asbestos Trustee; -- the Asbestos Committee; -- the Futures Representative; -- Federal-Mogul; and -- Ferodo and GHI, potential additional beneficiaries. Messrs. Sykes and Willmont will serve as payment agents under the Hercules Agreement, acting solely as agents of T&N, the U.K. Asbestos Trustee and the U.S. Asbestos Trust, once the U.S. Asbestos Trustee has acceded to the Hercules Agreement. The Hercules Agreement contemplates that after the creation of the U.S. Asbestos Trust, the U.S. Asbestos Trustees will accede to the Agreement. Upon the trustee's accession, the U.S. Asbestos Trust will be deemed to be a party in place of the Asbestos Committee, the Futures Representative, Ferodo and GHI. Even after they will be substituted by the U.S. Asbestos Trust, the Asbestos Committee and the Futures Representative will maintain rights to: a. consult with the Payment Agents and the U.K. Asbestos Trustee in determining an appropriate reserve to pay claims handling costs or costs associated with obtaining the Hercules Recoveries; b. act unanimously and instruct the Payment Agents in investing any funds held prior to the establishment of the U.S. Asbestos Trust; c. consult with the U.K. Asbestos Trustee regarding any remuneration to be paid to the Payment Agents; d. notify the Payment Agents if no further Hercules Recoveries will be paid; and e. together with T&N and the U.K. Asbestos Trustee, terminate either or both Payment Agent(s) and participate in the appointment of successor Payment Agents. The competing interests of the U.S. and the U.K. Asbestos Trusts and T&N in the Hercules Recoveries necessitate a structure where the recoveries are administered and distributed by a third- party, Mr. O'Neill tells the Court. Pursuant to the terms of the CVAs -- and, after it comes into effect, the Debtors' Plan of Reorganization -- Mr. O'Neill says T&N will hold in trust all recoveries obtained under the Hercules Policy for the ultimate benefit of asbestos personal injury claimants. If T&N should receive any Hercules Recoveries, those amounts will be held in trust by T&N for the Payment Agents. Any Hercules Recoveries received by T&N will be held by T&N in an account in its name -- the Hercules Receipt Account -- from which the Payment Agents will have sole authority to transfer or withdraw funds. The Payment Agents will collect all Hercules Recoveries into an account to be established jointly in the names of the U.K. Asbestos Trustee and the U.K. Asbestos Trust -- the Hercules Waterfall Account. The Payment Agents will give instructions to the bank at which the Hercules Receipt Account is maintained to transfer all funds in the Hercules Receipt Account to the Hercules Waterfall Account on the day the funds are received, ensuring that Hercules Recoveries are aggregated as soon as possible into the Hercules Waterfall Account. A full-text copy of the Hercules Agreement is available for free at http://ResearchArchives.com/t/s?101e Agreement is Ministerial but Necessary GHI and Ferodo are parties to the Hercules Agreement because they may ultimately be determined to be entitled to a portion of the Hercules Recoveries and, accordingly, have an interest in preserving those recoveries pending the creation of the U.S. Asbestos Trusts, Mr. O'Neill explains. Federal-Mogul will enter into the Agreement as the parent company of all of the Debtors, and because it has certain responsibilities and rights under the Agreement. The Debtors assert that entering into the Hercules Agreement is largely ministerial, but nonetheless necessary. The Agreement provides for fair, third-party control over the Hercules Recoveries are allocated as contemplated in the U.K. Global Settlement, the CVAs and, when effective, the Debtors' Plan of Reorganization. Because the Debtors believe that the U.K. Asbestos Trust will be established before the U.S. Asbestos Trust, they believe it is necessary for the parties to enter into the Hercules Agreement now and provide for the possibility that T&N may receive Hercules Recoveries before the U.S. Trust is established. Hence, the Debtors, the Asbestos Committee and the Futures Representative want to enter into the Agreement because it is possible that the Hercules Recoveries will come into the Payment Agents' control before the U.S. Asbestos Trust is established. About Federal-Mogul Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some US$6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. (Federal-Mogul Bankruptcy News, Issue No. 112; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) FERRO CORP: Sells Specialty Plastics Biz for US$133 Million ----------------------------------------------------------- Ferro Corp. entered into an asset purchase agreement with Olympic Plastics, Inc., a wholly owned subsidiary of Wind Point Partners. Under the agreement, Ferro has agreed to sell, and Olympic has agreed to buy, substantially all of the assets of Ferro's specialty plastics business, which develops and produces customized thermoplastic compounds and alloys, plastic colorants, gelcoats, and thermoset pastes that are marketed to manufacturers in a broad range of markets. In exchange for the Business, Olympic will pay approximately US$133 million in cash and will assume certain liabilities of the Business. Further, Olympic will enter into transition services agreements with Ferro with respect to certain Business locations. The sale is scheduled to close in the third quarter of 2006. Ferro plans to use the sale proceeds to reduce outstanding debt. "We are focused on transforming Ferro into a high-performance company, both operationally and financially," said CEO James F. Kirsch. "Our new management is moving aggressively to drive profitability and to position our operations for accelerated growth in new geographic and customer end markets. "We continue to evaluate our business for divestment opportunities with the goals of reducing debt and leveraging technology and production synergies across a narrower set of related, core businesses that have strong growth characteristics." The sale of Specialty Plastics is consistent with Ferro's strategy to drive performance improvement and position the Company for long-term growth. The Company has been moving aggressively to strengthen its financial results through portfolio management, operational restructurings, business streamlining and management realignment, as well as productivity and pricing initiatives. It recently announced that it is embarking on a restructuring of the European operations of its Inorganic Specialties businesses. The restructuring is expected to generate annualized savings of US$40 million to US$50 million by the end of 2009. A full-text copy of the Asset Purchase Agreement is available for free at http://ResearchArchives.com/t/s?104c Headquartered in Cleveland, Ohio, Ferro Corporation (NYSE:FOE) -- http://www.ferro.com/-- produces performance materials for manufacturers, including coatings and performance chemicals. The Company has operations in 20 countries and has approximately 6,800 employees globally. In Europe, the company maintains operations in Belgium, France, Germany, Italy, Netherlands, Portugal, Spain, and the United Kingdom. * * * As reported in the Troubled Company Reporter on April 3, 2006, Standard & Poor's Ratings Services lowered its ratings on Ferro Corp., including its corporate credit rating to 'B+' from 'BB'. All ratings remain on CreditWatch with negative implications, where they were placed Nov. 18, 2005. FINE COLOUR: Creditors' Meeting Slated for September 12 ------------------------------------------------------- Creditors of Fine Colour Packaging Limited (Company Number 01106147) will meet at 1:00 p.m. on Sept. 12 at: The Strathdon Thistle Hotel Derby Road Nottingham NG1 5FT 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 Sept. 11 at: D. L. Z. Wong Joint Administrative Receiver Deloitte & Touche LLP 1 Woodborough Road Nottingham NG1 3FG United Kingdom Tel: +44 (0) 115 950 0511 Fax: +44 (0) 115 959 0060 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. FLOOR SANDING: Kikis Kallis Leads Liquidation Procedure ------------------------------------------------------- Kikis Kallis of Kallis & Co. was appointed Liquidator of The Floor Sanding Warehouse Limited on Aug. 8 for the purposes of the creditors' voluntary winding-up. The company can be reached at: The Floor Sanding Warehouse Limited Unit 3 124-128 Brixton Hill Brixton London SW2 1RS United Kingdom Tel: 020 8678 8878 Web: http://djembe.co.uk FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO ------------------------------------------------------------ Ford Motor Co.'s Chief Executive Officer William Clay Ford Jr., was in talks with Carlos Ghosn, the Chief Executive Officer of Nissan-Renault, published reports say. Renault-Nissan is a collaboration between Nissan Motor Co., Ltd., and Renault S.A. The talk is one of the many efforts Ford is undertaking to improve its profitability and regain its market share. Ford incurred a US$254 million net loss for the second quarter of 2006. In July 2006, reports came in that Ford was overtaken by Toyota as the automaker with the 2nd biggest market share in the world. Toyota has 13%. Ford came in third with 12.4%. General Motors still has the top spot though sales have been slipping. The most recent effort was to offer credit to people with low credit reports to get rid of excess auto inventory. Any potential bad debts in the future will be seen as a marketing expense. Recent restructuring efforts include: -- closing more factories; -- cutting more management jobs by another 10% to 30%; and -- reducing benefits Renault-Nissan was first in talks with GM in July as one of GM's shareholders aggressively pushed the idea for an alliance. GM and Renault-Nissan is on its first month of evaluating the proposed three-way deal. Mr. Ford told BusinessWeek that Ford is not a stranger to alliances. Ford is currently on operational alliance with Peugeot, GM and Mazda. Mr. Ford, however, clarified that there are no formal discussions about anything yet with other auto companies. But the proposed GM-Renault-Nissan alliance had everybody thinking that they should all be talking about it. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Company -- http://www.ford.com/-- manufactures and distributes automobiles in 200 markets across six continents. With more than 324,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. * * * As reported in the Troubled Company Reporter on Aug. 22, 2006, Dominion Bond Rating Service placed long-term debt rating of Ford Motor Company Under Review with Negative Implications following announcement that Ford will sharply reduce its North American vehicle production in 2006. DBRS lowered on July 21, 2006, Ford Motor Company's long-term debt rating to B from BB, and lowered its short-term debt rating to R-3 middle from R-3 high. DBRS also lowered Ford Motor Credit Company's long-term debt rating to BB(low) from BB, and confirmed Ford Credit's short-term debt rating at R-3(high). Fitch Ratings also downgraded the Issuer Default Rating of Ford Motor Company and Ford Motor Credit Company to 'B' from 'B+'. Fitch also lowered the Ford's senior unsecured rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured rating to 'BB-/RR2' from 'BB/RR2'. The Rating Outlook remains Negative. Standard & Poor's Ratings Services also placed its 'B+' long- term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor Credit Co., and related entities on CreditWatch with negative implications. As reported in the Troubled Company Reporter on July 24, 2006, Moody's Investors Service lowered the Corporate Family and senior unsecured ratings of Ford Motor Company to B2 from Ba3 and the senior unsecured rating of Ford Motor Credit Company to Ba3 from Ba2. The Speculative Grade Liquidity rating of Ford has been confirmed at SGL-1, indicating very good liquidity over the coming 12-month period. The outlook for the ratings is negative. G.M.S. SYSTEMS: Names Joint Liquidators from Lines Henry -------------------------------------------------------- Neil Henry and Michael Simister of Lines Henry were appointed Joint Liquidators of G.M.S. Systems Limited on Aug. 3 for the purposes of the creditors' voluntary winding-up. The company can be reached at: G.M.S. Systems Limited 2 Park Road Estate Timperley Altrincham Cheshire WA145QH United Kingdom Tel: 0161 905 8430 G. T. ALMAX: Creditors' Meeting Slated for August 30 ---------------------------------------------------- Creditors of G. T. Almax Limited (Company Number 01125395) will meet at 12:00 a.m. on Aug. 30 at: Holiday Inn Express Hotel 65 Lionel Street Birmingham B3 1JE 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 Aug. 29 at: Mark Bowen Joint Administrator Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB United Kingdom Tel: 0121 233 2557 Fax: 0121 200 2558 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. GENERAL MOTORS: Indian Unit to Enter Used-Car Business in 2007 -------------------------------------------------------------- General Motors' Indian subsidiary is keen on venturing into the used car business early next year, Business Line reports. According to Business Line, GM India is currently forging a joint venture with Automart India for the new business plan. GM India expects Automart India to share its used-car business know-how and provide the necessary training so the joint venture could proceed in the shortest time possible, Business Line relates. The Company is yet to give a name to the new business as plans are still in progress. GM's decision came after rivals Toyota Kirloskar, Hyundai, and Tata Motors, made known their intentions to foray into the used- car business, Business Line adds. 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 India. 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. On June 30, 2006, Standard & Poor's Ratings Services held all its ratings on General Motors Corp. -- including the 'B' corporate credit rating and the 'B+' bank loan rating, but excluding the '1' recovery rating -- on CreditWatch with negative implications, where they were placed March 29, 2006. On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1' to General Motor's 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. On June 21, 2006, Moody's Investors Service assigned a B2 rating to the secured tranches of the amended and extended secured credit facility of up to 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. GOLF AND LEISURE: Claims Registration Ends Oct. 9 ------------------------------------------------- Creditors of Golf and Leisure Breaks Limited, which is being voluntarily wound up, are required, on or before Oct. 9, to send in their full names, their addresses, and the names and addresses of their Solicitors (if any), to appointed Liquidator Helen Phillips of Phillips & Co. at: Helen Timothe Phillips Phillips & Co. 21-23 Station Road Gerrards Cross Buckinghamshire SL9 8ES United Kingdom The company can be reached at: Golf and Leisure Breaks Limited Golf House Greys Road Henley-On-Thames Oxfordshire RG9 1RY United Kingdom Tel:01491 576 861 HEAVENMADE FOODS: Bank of Scotland Appoints KPMG as Receivers ------------------------------------------------------------- The Bank of Scotland appointed James Money and Allan Graham of KPMG Restructuring joint administrative receivers of Heavenmade Foods Limited (Company Number 04522476) on Aug. 11 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. Headquartered in London, United Kingdom, Heavenmade Foods Limited processes and manufactures frozen food. HYBRID 4: Appoints Joint Administrators from Begbies Traynor ------------------------------------------------------------ Kenneth Stephen Chalk and Simon Robert Haskew of Begbies Traynor were appointed joint administrators of Hybrid 4 Limited (Company Number 04067096) on Aug. 2. Headquartered in Bristol, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Corsham, United Kingdom, Hybrid 4 Limited develops software for pharmaceutical and healthcare industry. ICICI BANK: Sets Bonds Indicative Yield for First Hybrid Issue -------------------------------------------------------------- ICICI Bank has reportedly set an indicative yield range of 250 to 270 basis points above 10-year U.S. Treasuries for its first hybrid tier-1 securities issue, Reuters reports, citing market sources. The issue size has not yet been fixed but sources disclose that the Bank had planned to sell US$250 million in tier I perpetual bonds, Reuters relates. According to Reuters, the tier-I issue will be the first from an Indian issuer since the central Bank authorized lenders in July to raise capital overseas through hybrid instruments like perpetual bonds. The Bank has tapped JPMorgan, Merrill Lynch and Morgan Stanley as joint bookrunners for the proposed perpetual issue that is callable in 2016, Reuters says. As reported by the Troubled Company Reporter - Asia Pacific on Aug. 17, 2006, Moody's Investors Service has assigned a Baa2 rating to the proposed tier I offer, while Standard & Poor's rates it at BB-. About ICICI Bank ICICI Bank Limited -- http://www.icicibank.com/-- is a financial services group providing a variety of banking and financial services, including project and corporate finance, working capital finance, venture capital finance, investment banking, treasury products and services, retail banking, broking and insurance. It also has interests in the software development, software services and business process outsourcing businesses. The Company's operations have been classified into three segments: Commercial Banking, Investment Banking and Others. ICICI Bank is headquartered in Mumbai, India. It has subsidiaries in the United Kingdom, Canada and Russia, branches in Singapore and Bahrain, and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. * * * Fitch Ratings gave ICICI a 'C' Individual Rating. On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd. IDEAL MACHINERY: Taps Asher Miller to Liquidate Assets ------------------------------------------------------ Asher Miller of David Rubin & Partners was appointed Liquidator of Ideal Machinery Limited (formerly Vera Gold Limited) on Aug. 8 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Ideal Machinery Limited Unit 1a Harwell Road Nuffield Industrial Estate Poole Dorset BH170GE United Kingdom Tel: 01202 678 666 Web: http://www.ideal-machinery.com/ K & J LOCKIE: Hires Geoffrey Martin as Administrators ----------------------------------------------------- Stephen Hull and John Twizell of Geoffrey Martin & Co. were appointed joint administrators of K & J Lockie Limited (Company Number 05090199) on July 25. The administrators can be reached at: Geoffrey Martin & Co. St. James's House 28 Park Place Leeds West Yorkshire LS1 2SP United Kingdom Tel: 0113 244 5141 Fax: 0113 242 3851 Headquartered in Mereyside, United Kingdom K & J Lockie Limited -- http://www.kj-lockie.co.uk/-- manufactures paper stationery. LED SCREEN: Names Administrators from Tenon Recovery ---------------------------------------------------- S. R. Thomas and S. J. Parker of Tenon Recovery were appointed joint administrators of Led Screen Hire Company Ltd. (Company Number 4637284) on July 28. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Led Screen Hire Company Ltd. can be reached at: Bonners Barn Norton Farm Selborne Road Alton Hampshire GU34 3NB United Kingdom Tel: 01420 511 115 Fax: 01420 511 055 MP COMPUTERS: Creditors' Claims Due Aug. 31 ------------------------------------------- Creditors of MP Computers Supply Limited have until Aug. 31 to send in their full names and addresses, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Bruce Gomer Talfryn Rees at: Bruce Gomer Talfryn Rees 14 Tawe Business Village Swansea Enterprise Park Swansea SA7 9LA United Kingdom The company can be reached at: MP Computers Supply Limited 3 Kestrel Close Bridgend Ind Est Bridgend Mid Glamorgan CF313RW United Kingdom Tel: 01656 769 091 Web: http://www.mpcomputersdirect.com/ MISS LONDON: Creditors' Claims Due Oct. 27 ------------------------------------------ Creditors of Miss London Styles Limited, which is being voluntarily wound up, are required, on or before Oct. 27, to send their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidators Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP at: Stewart Trevor Bennett James Preston Bradney Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW United Kingdom The company can be reached at: Miss London Styles Limited 11-13 Downham Road London N1 5AA United Kingdom Tel: 020 7275 8282 MONOPLAS INDUSTRIES: Creditors Must File Claims by Nov. 1 --------------------------------------------------------- Creditors of Monoplas Industries Limited, which is being voluntarily wound up, are required, on or before Nov. 1, to prove their debts by sending written statements of the amounts they claim to be due to them from the company to appointed Joint Liquidator J. N. R. Pitts of Begbies Traynor at: J. N. R. Pitts Begbies Traynor Glendevon House Hawthorn Park Coal Road Leeds LS14 1PQ United Kingdom The company can be reached at: Monoplas Industries Limited Allen Wks Badger Lane Halifax West Yorkshire HX3 8PW United Kingdom Tel: 01422 201 161 Web: http://www.recycle.mcmail.com/ MONTCLAIRE LIMITED: Liquidator Sets Nov. 4 Claims Bar Date ---------------------------------------------------------- Creditors of Montclaire Limited, which is being voluntarily wound up, are required, on or before Nov. 4, to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Kevin Thomas Brown of Marriotts LLP at: Kevin Thomas Brown Marriotts LLP 4th Floor Allan House 10 John Princes Street London W1G 0AH United Kingdom The company can be reached at: Montclaire Limited 25 Suttons Lane Hornchurch Essex RM126RD United Kingdom Tel: 01708 471 563 NASHURST ELECTRONICS: Creditors Must File Claims by Sept. 12 ------------------------------------------------------------ Creditors of Nashurst Electronics Limited, which is being voluntarily wound up, are required, on or before Sept. 12, to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidator Mark Newman of Vantis Business Recovery Services at: Mark Newman Vantis Business Recovery Services Judd House 16 East Street Tonbridge TN9 1HG United Kingdom The company can be reached at: Nashurst Electronics Limited Mercury House Station Road Edenbridge Kent TN8 6HL Tel: 01732 868 686 Web: http://www.nashurst.com/ NEW JARROLD: Appoints PwC to Administer Assets ---------------------------------------------- Stephen Mark Oldfield, Colin Michael Trevethyn Haig and David Christian Chubb of PricewaterhouseCoopers LLP were appointed joint administrators of New Jarrold Printing Limited (Company Number 04976866) on Aug. 1. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides, among others, auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. New Jarrold Printing Limited can be reached at: Holland CT The Close Norwich NR1 4DX United Kingdom Tel: 01603 660 661 OWEN SKIP: Appoints Joint Liquidators to Wind Up Business --------------------------------------------------------- David Leighton Cockshott and Gary Edgar Blackburn of BWC Business Solutions Limited were appointed Joint Liquidators of Owen Skip Hire Limited on Aug. 4 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Owen Skip Hire Limited Lingard Lane Bredbury Stockport Cheshire SK6 2RN United Kingdom Tel: 0161 430 5650 PROFESSIONAL BRAND: Hires Liquidator from Centrum Recovery ---------------------------------------------------------- David Field of Centrum Recovery was appointed Liquidator of Professional Brand Management Limited on Aug. 2 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Professional Brand Management Limited Point 65 Business Centre Greenbank Road Blackburn BB1 3EA United Kingdom Tel: 01254 695 469 QAONLINE LIMITED: Liquidator Sets Nov. 30 Claims Bar Date --------------------------------------------------------- Creditors of QAOnline Limited, which is being voluntarily wound up, are required, on or before Nov. 30, to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Mark Jonathan Botwood of Muras Baker Jones at: Mark Jonathan Botwood Muras Baker Jones Regent House Bath Avenue Wolverhampton WV1 4EG United Kingdom The company can be reached at: QAOnline Limited 19 Victoria Street Wolverhampton West Midlands WV1 3NP United Kingdom Tel: 01902 585 820 Web: http://www.qaonline.co.uk/ SANS FRONTIERS: Hires T. Papanicola to Liquidate Assets ------------------------------------------------------- T. Papanicola of Bond Partners LLP was appointed Liquidator of Sans Frontieres Collection Limited on July 26 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Sans Frontieres Collection Limited 26 Danbury Street London N1 8JU United Kingdom Tel: 020 7454 1230 SAVAGE DESIGNS: Brings In Liquidator from HKM LLP ------------------------------------------------- Kirankumar Mistry of HKM LLP was appointed Liquidator of Savage Designs Limited on Aug. 3 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Savage Designs Limited 8 Talbot Road Old Trafford Manchester Lancashire M16 0PF United Kingdom Tel: 0161 872 1899 SKI RENTAL: Appoints Begbies Traynor to Administer Assets --------------------------------------------------------- David Paul Hudson and Lloyd Biscoe of Begbies Traynor were appointed joint administrators of Ski Rental Shops Limited (Company Number 02606619) on July 26. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Crawley, United Kingdom, Ski Rental Shops Limited hires and sells ski equipments. SLIK FASTENERS: Appoints Administrators from Begbies Traynor ------------------------------------------------------------ G. N. Lee and S. L. Conn of Begbies Traynor were appointed joint administrators of Slik Fasteners Limited (Company Number 00318811) on July 28. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Manchester, United Kingdom, Slik Fasteners Limited -- http://www.slikzips.com/-- manufactures and supplies all types of zippers internationally. STARWORK LIMITED: Names Andrew T. Clay as Administrator ------------------------------------------------------- Andrew T. Clay of Andrew Michaels & Co. Ltd. was named administrators of Starwork Limited (Company Number 05078320) on July 12. The administrator can be reached at: Andrew Michaels & Co. Ltd. Concept House Brooke Street Cleckheaton Bradford BD19 3RY West Yorkshire Tel: 0870 750 5411 Fax: 0870 750 5412 E-mail: info@andrew-michaels.com Starwork Limited can be reached at: 4 Rivers House Fentiman Walk Fore Street Hertford SG14 1DB United Kingdom SUPPLYLANE LIMITED: Names T. Papanicola as Administrator -------------------------------------------------------- T. Papanicola of Bond Partners LLP was appointed administrator of Supplylane Limited (Company Number 04680670) on July 31. The administrator can be reached at: Bond Partners LLP The Grange 100 High Street London N14 6TG United Kingdom Tel: 020 8444 2000 Fax: 020 8444 3400 Headquartered in Bristol, United Kingdom, Supplylane Limited is engaged in freight transport. SWINBURNE JAMES: Taps David R. Acland to Liquidate Assets --------------------------------------------------------- David R. Acland of Begbies Traynor was appointed Liquidator of Swinburne James Limited (formerly Wildcrown Trading Limited) on Aug. 3 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Swinburne James Limited Telegraphic House Waterfront Quay Salford M50 3XW United Kingdom Tel: 0161 888 0888 TELL LIMITED: Creditors Confirm Liquidator's Appointment -------------------------------------------------------- Melanie R. Giles of JonesGiles Ltd. was appointed Liquidator of Tell Limited on Aug. 8 for the purposes of the company's voluntary winding-up. The appointment was confirmed at a meeting of creditors held on the same day. The company can be reached at: Tell Limited Tamar Science Park Davy Road Plymouth PL6 8BX United Kingdom Tel: 01752 764 242 Web: http://www.protender.biz/ http://www.tamarconsultants.co.uk/ http://www.tell-com.com/ http://www.tellonline.com/ THERMATECH TIMBER: Taps Administrators from Deloitte & Touche ------------------------------------------------------------- Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of Deloitte & Touche LLP were appointed joint administrators of Thermatech Timber Structures Limited (Company Number 02784587) on July 26. 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 Cornwall, United Kingdom, Thermatech Timber Structures Limited -- http://www.thermatechtimberstructures.co.uk/-- designs and manufactures timber frames for self-build development and commercial buildings. TREVOR PRICE: Claims Registration Ends Nov. 9 --------------------------------------------- Creditors of Trevor Price Music Limited, which is being voluntarily wound up, are required, on or before Nov. 9, to send in their full names, their addresses and descriptions, full particulars of their debts or claims and the names and addresses of their Solicitors (if any) to appointed Liquidator George Henry Wilson Griffith of George H. W. Griffith Ltd. at: George Henry Wilson Griffith George H. W. Griffith Ltd. Century House 31 Gate Lane Boldmere Sutton B73 5TR United Kingdom The company can be reached at: Trevor Price Music Limited 18 Victoria Road Tamworth Staffordshire B79 7HR United Kingdom Tel: 01827 620 69 Web: http://www.trinitymusic.co.uk/ TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit ----------------------------------------------------------- Tru-Tech Holdings Berhad was not be able to make the monthly deposit of MYR1,500,000 due on Aug. 17, 2006, into the sinking fund account maintained for the purposes of redemption of the MYR55,000,000 redeemable unsecured loan stock, due to Tru-Tech's current tight cash flow position. There has been no material development in respect of the Company's default pursuant to Practice Note 1/2001. The principal outstanding of all other credit facilities granted to Tru-Tech and its subsidiaries as of June 30, 2006, is MYR61,619,807. About Tru-Tech Holdings Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings Berhad's principal activity is the manufacturing of electronic components and products. Its other activities include development and distribution of switch-mode power supplies and investment holding. The Group operates in Malaysia, Singapore, United States and United Kingdom. On May 27, 2004, Tru-Tech announced a series of proposed corporate exercises to address its losses. These include the incorporation of a new entity as Tru-Tech's holding company, and the disposal of its existing contract-assembly business to a third party. Much of Tru-Tech's future performance will hinge on its ability to restructure its debts and resolve its poor liquidity. Bursa Malaysia Securities Berhad, on May 26, 2006, decided to suspend trading in the securities of Tru-Tech Holdings Berhad from June 5, 2006, as the Company has failed to regularize its financial condition pursuant to the Bourse's Listing Requirements. The Company's March 31, 2006, balance sheet showed total assets of MYR43,930,000 and total liabilities of MYR131,614,000, resulting into a stockholders' deficit of MYR87,684,000. WEST HEATH: Appoints Gerald Frederick Davis as Administrator ------------------------------------------------------------ Gerald Frederick Davis of Heathcote & Coleman was appointed administrator of West Heath Press Limited (Company Number 726711) on Aug. 2. The administrator can be reached at: Heathcote & Coleman Heathcote House 136 Hagley Road Birmingham West Midlands B16 9PN United Kingdom Tel: 0121 454 4141 Fax: 0121 454 4949 E-mail: gfd@heathcote-coleman.co.uk West Heath Press Limited can be reached at: 55 Mott Street Birmingham B19 3HE United Kingdom Tel: 0121 236 0507 Fax: 0121 236 1088 WINWARD COMPANY: Names Roderick Graham Butcher Liquidator --------------------------------------------------------- Roderick Graham Butcher of Butcher Woods was appointed Liquidator of The Windward Company Limited on Aug. 7 for the purposes of the creditors' voluntary winding-up. The company can be reached at: The Windward Company Limited Albion Wks Bryant Street Birmingham B18 4BH United Kingdom Tel: 0121 554 9881 XTEC GLOBAL: Hires Joint Liquidators from Insol House ----------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss of Insol House were appointed Joint Liquidators of Xtec Global Limited on Aug. 9 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Xtec Global Limited The Mill Setch Road Blackborough End King's Lynn Norfolk PE32 1SL United Kingdom Tel: 01553 842264 YAWFORGE LIMITED: Taps Kevin Thomas Brown to Liquidate Assets ------------------------------------------------------------- Kevin Thomas Brown of Marriotts LLP was appointed Liquidator of Yawforge Limited on Aug. 2 for the purposes of the creditors' voluntary winding-up. The company can be reached at: Yawforge Limited 7 Mercers Place London W6 7BZ United Kingdom Tel: 020 7603 8608 ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ ********* 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 Zamesa 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. 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