/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060831.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 31, 2006, Vol. 7, No. 173 Headlines A U S T R I A BAUMEISTER MULLY: Property Manager Declares Insufficient Assets BRUCK TECHNOLOGIES: Vienna Court Orders Business Shutdown C GASTRONOMIEBETRIEB: Vienna Court Orders Closing of Business CLAVORA: Wiener Neustadt Court Orders Closing of Business DANLIS: Vienna Court Orders Business Shutdown FOTO STUDIO: Wiener Neustadt Court Orders Closing of Business GM ANTIKE: Court of Wiener Neustadt Closes Business GULU: Property Manager Declares Insufficient Assets KOLOSS: Vienna Court Orders Business Shutdown NEUDORFER: Claims Registration Ends September 4 B U L G A R I A DARKO: Sofia Court Declares Ice Cream Producer Bankrupt F R A N C E ALCATEL S.A.: French Firm Advises Shareholders to Reject Merger G E O R G I A BANK OF GEORGIA: Fitch Revises Outlook to Positive on B- IDR TBC BANK: Fitch Changes Outlook to Positive & Keeps B- IDR G E R M A N Y BANKGESELLSCHAFT BERLIN: Fitch Withdraws Individual C/D Rating FKS FERTIGUNGSTECHNIK: Claims Registration Ends September 27 FSE COMPUTER: Creditors' Meeting Slated for September 26 GBS GENERALUEBERNEHMER: Claims Registration Ends Sept. 20 JANSEN & KLEIN: Claims Registration Ends September 27 KARSTADTQUELLE AG: Loses Claim Over Wertheim Properties KNAUP DISPLAY: Claims Registration Ends September 27 KOMPLEX-BAU: Claims Registration Ends September 22 LANDESBANK BERLIN: Fitch Assigns C/D on Individual Rating PACKAGE-FACTORY: Claims Registration Ends September 26 PILLMAYR GMBH: Claims Registration Ends September 25 SARA MEDIA-SERVICE: Claims Registration Ends September 24 THEVEN FORM: Claims Registration Ends September 25 I R E L A N D EUROCASTLE CDO II: Fitch Affirms BB Rating on GBP3-Mln Notes EUROCASTLE CDO III: Fitch Affirms BB Rating on EUR3.75-Mln Notes I T A L Y LOTTOMATICA SPA: Acquisition Cues Moody's to Put Low-B Ratings K A Z A K H S T A N ALAN: Creditors Must File Claims by Oct. 7 ALATAU: Creditors Must File Claims by Oct. 7 GLEKNER I K: Proof of Claim Deadline Slated for Oct. 7 INFORMATSIONNYI CENTRE: Claims Registration Ends Oct. 7 OKS: Proof of Claim Deadline Slated for Oct. 7 SAMALTRANS: Claims Registration Ends Oct. 7 SEKA: Creditors' Claims Due Oct. 7 TRADE-2004: Creditors' Claims Due Oct. 7 K Y R G Y Z S T A N FLASH CO: Proof of Claim Deadline Slated for Oct. 4 N E T H E R L A N D S BUHRMANN NV: Acquisition Prompts Moody's to Affirm Ba3 Rating BUHRMANN NV: Acquisition Spurs S&P to Affirm BB- Rating ORTHOFIX INTERNATIONAL: Earns US$12.7 Million in Second Quarter STICHTING MARS: Moody's Assigns (P)Ba3 Rating to Class D Notes STICHTING MARS: S&P Rates EUR91-Mln Class E & F Notes at Low-B P O L A N D GLIMAR SA: Receiver Places Oil Refinery on Sale Table R U S S I A AGRO-PROM-ENERGO: Court Names S. Vasilyev as Insolvency Manager ANGARSK-OIL-PRODUCT: Court Starts Bankruptcy Supervision ARDATOV-AGRO-PROM-SNAB: Court Starts Bankruptcy Supervision ARKHANGELSKIY POTATO: Court Names O. Rezvyj Insolvency Manager BANK ZENIT: Fitch Affirms Issuer Default at B BUILDER: Kirov Court Starts Bankruptcy Supervision EKSIM-AGRO-TEKH: Court Names V. Boldyrev as Insolvency Manager FERRUM: Rostov Court Names S. Novoshitskiy as Insolvency Manager KIMOVSKIY BUTTER-MAKING: T. Alekseeva to Manage Assets LENINGRADSKOYE RECLAMATION: N. Taranovskiy to Manage Assets LUKOIL OAO: Creates Balkan Joint Venture with Slovenia's Petrol MARKSOVSKIY: Court Names A. Kharitonov as Insolvency Manager NATIONAL AIR-LINES: Court Names B. Gusev as Insolvency Manager ORENBURG-GAS-REM-STROY: S. Suvorova to Manage Insolvency Assets OZERKI: Tula Court Starts Bankruptcy Supervision POCHEP-SEL-KHOZ-KHIMIYA: M. Anikin to Manage Insolvency Assets PROMSVYAZBANK: Citigroup Arranges US$45-Mln Loan by PSB Finance PROMSVYAZBANK: Commerzbank Mulls Purchase of 15.3% Equity Stake RUBIKON: Court Names Mr. L. Lazarenko as Insolvency Manager SNEZHKA: Bryansk Court Names A. Platonov as Insolvency Manager STEEL: Orel Court Names S. Romanchin as Insolvency Manager STROY-INVEST: Court Names A. Parollo as Insolvency Manager VORKUTINSKIY BREWERY: Komi Court Starts Bankruptcy Supervision S W I T Z E R L A N D NOVELIS INC: Earns US$90 Million for Fiscal Year 2005 NOVELIS INC: Declares $0.01 Dividend on Outstanding Common Stock U K R A I N E ADAMPIL BREAD: Court Names Andrij Nadlonok as Insolvency Manager AGAT: Volinska Court Names M. Zinchuk to Liquidate Assets ARKO: Ivano-Frankivsk Court Starts Bankruptcy Supervision CHERNIGIV RADIO-TV: Court Starts Bankruptcy Supervision NOVGORODSKE MACHINE: Donetsk Court Starts Bankruptcy Supervision PROMMONOLIT: Court Names Oleksij Zhimojda as Insolvency Manager RADUSHNA BREAD: Court Commences Bankruptcy Supervision SHAMSHU: Harkiv Court Names Sergij Moroz as Insolvency Manager SVERDLOVSK AUTO-TRANSPORT 10913: Mikola Hajlo to Manage Assets TRIADA: Kyiv Court Starts Bankruptcy Supervision ZDOLBUNIV NON-STANDARD: Court Starts Bankruptcy Supervision U N I T E D K I N G D O M A & P ESSEX: Appoints Liquidator from Tenon Recovery ADDISCOMBE GROUP: Creditors' Meeting Slated for September 7 AFFYMETRIX INC: Defaults Under 0.75% Senior Note Indenture AFFYMETRIX INC: Court Issues Markman Order in Illumina Suit APAC COMPUTER: Names Gordon Allan Mart Simmonds Liquidator ASHTON COURT: Brings In Ernst & Young as Administrators ATLAS MOVING: Peter John Bridger Leads Liquidation Procedure BIG TENT: Taps Laurence S. Burt to Liquidate Assets BOOKPRINT 2000: Hires Liquidator from Leigh & Co. C & G LEISURE: Taps Vantis to Administer Assets CAFE BLU: Appoints Joint Administrators from Benedict Mackenzie CAITHNESS GLASS: Crystal Ware Manufacturer Up for Sale CAMDELL SERVICES: Creditors Confirm Liquidator's Appointment CAPERDI TRADING: Appoints Michael Williams as Liquidator COLLINS & AIKMAN: Court OKs Expedited Lease Rejection Procedures COLLINS & AIKMAN: Fabric (DE) Balks at Lease Rejection Request CONISTON ELECTRICAL: Joint Liquidators Take Over Operations CREST SERVICES: Appoints Administrators from KPMG D.A.P. PROPERTIES: Names Joint Administrators from KPMG EEC ELECTRICAL: Names Barry Gibson Mitchell to Liquidate Assets FIELDS DISTRIBUTION: Claims Filing Period Ends Sept. 27 FIRST CAPITAL: Brings In Administrators from Baker Tilly G DYTHAM: Brings In Joint Liquidators from CBA GLASS COMPACTION: Hires Robert Day to Liquidate Assets GRAZ LIMITED: Hires Grant Thornton as Joint Administrators GUS PLC: Shareholders Approve Argos & Experian Split HADEN MACLELLAN: Claims Registration Ends Sept. 30 HEXFAX LIMITED: Hires Berg Kaprow to Administer Assets HMH PROCESS: Creditors' Claims Due Sept. 30 IMPACT DATA: Taps Liquidator from Stones & Co. JFL AUTOMOTIVE: Train Parts Business Up for Sale JON LLOYD: Liquidator Sets Dec. 7 Claims Bar Date KERNOW SCREEN: Names Liquidator from Bishop Fleming LAPTOP SUPERSTORE: Claims Registration Ends Oct. 11 LYNTON REGENERATION: Calls In Joint Liquidators from Baker Tilly MILLENNIUM PROJECTS: David Field Leads Liquidation Procedure MILLFIELD GROUP: Creditors' Meeting Slated for Sept. 8 MILLFIELD MANAGEMENT: Creditors' Meeting Slated for Sept. 8 MILLFIELD PARTNERSHIP: Creditors' Meeting Slated for Sept. 7 NEWLINE DISPLAY: Brings In DTE to Administer Assets ORRELL BUILDING: Claims Filing Period Ends Oct. 6 P.GARNETT & SON: Hires RE10 as Joint Administrators PMD BUILDING: Creditors Confirm Ian William Kings as Liquidator REAL DEAL: Creditors' Claims Due Oct. 3 RIPPONDEN LOGISTICS: Brings In KPMG to Administer Assets ROSECO LIMITED: Appoints Joint Liquidators to Wind Up Business SAVORY FENCING: Claims Filing Period Ends Sept. 7 SAXON RESOURCES: Names Ninos Koumettou as Administrator SHIRE GLASS: Taps Administrators from Bridgestones SIMON PHOTOGRAPHIC: Calls In Joint Liquidators from BRI SOLVITOL LIMITED: Hires Cresswall Associates as Administrators SPOT DISTRIBUTION: Hires Martin Williamson to Liquidate Assets STERLING TRADE: Taps Joint Liquidators from BDO Stoy Howard STREAMDOOR GROUP: Appoints Atherton Bailey as Administrators SUNSET RESTAURANTS: Brings In Administrators from Herron Fisher TYKE SHOPFITTING: Appoints Joint Administrators from Mazars LLP TYPETEX U.K.: Appoints John C. Moran as Liquidator U.K. GOLF: Names Geoffrey Stuart Kinlan Liquidator UNITEDHEALTH GROUP: Rejects Debt Holders' Default Notice * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BAUMEISTER MULLY: Property Manager Declares Insufficient Assets --------------------------------------------------------------- Mag. Stefan Jahns, the court-appointed property manager for LLC Baumeister Mully (FN 245318m), declared on July 7 that the Debtor's property is insufficient to cover creditors' claim. 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 29 (Bankr. Case No. 45 S 44/06h). The property manager and his representative can be reached at: Mag. Stefan Jahns c/o Mag. Michael Neuhauser Esslinggasse 9 1010 Vienna, Austria Tel: 536 50 Fax: 536 50 14 E-mail: officewien@aaa-law.at BRUCK TECHNOLOGIES: Vienna Court Orders Business Shutdown --------------------------------------------------------- The Trade Court of Vienna entered an order on July 7 shutting down the business of LLC Bruck Technologies (FN 118741w). Court-appointed property manager Alexander Schoeller 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. 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 Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 3 (Bankr. Case No. 45 S 46/06b). Stephen Riel represents Dr. Schoeller in the bankruptcy proceedings. C GASTRONOMIEBETRIEB: Vienna Court Orders Closing of Business ------------------------------------------------------------- The Trade Court of Vienna entered an order on July 6 closing the business of LLC C Gastronomiebetrieb (FN 220156i). 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 May 3 (Bankr. Case No. 2 S 70/06s). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. CLAVORA: Wiener Neustadt Court Orders Closing of Business --------------------------------------------------------- The Land Court of Wiener Neustadt entered an order on July 6 closing the business of LLC Clavora (FN 238528b). Court- appointed property manager Gerald Gerstacker determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Mag. Gerald Gerstacker Schrannenplatz 3/I 2340 Moedling, Austria Tel: 02236/864567 Fax: 02236/864567-1 E-mail: g.gerstacker@utanet.at Headquartered in Laxenburg, Austria, the Debtor declared bankruptcy on July 6 (Bankr. Case No. 11 S 43/06v). DANLIS: Vienna Court Orders Business Shutdown --------------------------------------------- The Trade Court of Vienna entered an order on July 6 shutting down the business of LLC Danlis (FN 221621p). Court-appointed property manager Astrid A. Haider determined that the continuing operation of the business would reduce the value of the estate. The property manager and her representative can be reached at: Mag. Astrid A. Haider c/o Dr. Ute Toifl Tuchlauben 12/20 1010 Vienna, Austria Tel: 535 46 11 Fax: 535 46 11-11 E-mail: haider@thr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 21 (Bankr. Case No. 5 S 83/06z). Ute Toifl represents Mag. Haider in the bankruptcy proceedings. FOTO STUDIO: Wiener Neustadt Court Orders Closing of Business ------------------------------------------------------------- The Land Court of Wiener Neustadt entered an order on July 6 closing the business of LLC Foto - Studio Landau (FN 83820s). Court-appointed property manager Thomas Wanek 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. Thomas Wanek c/o Mag. Valentin Piskernik High Route 31 2380 Perchtoldsdorf, Austria Tel: 01/8693888 Fax: 01/869166033 E-mail: anwalt@aon.at Headquartered in Perchtoldsdorf, Austria, the Debtor declared bankruptcy on April 24 (Bankr. Case No. 11 S 45/06p). Valentin Piskernik represents Dr. Wanek in the bankruptcy proceedings. GM ANTIKE: Court of Wiener Neustadt Closes Business --------------------------------------------------- The Land Court of Wiener Neustadt entered an order on July 6 closing the business of LLC GM Antike Baustoffe (FN 255186z). Court-appointed property manager Petra Klingenschmid determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Mag. Petra Klingenschmid Kaiser Franz Joseph Ring 5 2500 Baden bei Wien, Austria Tel: 02252/86366 Fax: 02252/863662 E-mail: klingenschmid@forsthuber.at Headquartered in Traiskirchen, Austria, the Debtor declared bankruptcy on April 21 (Bankr. Case No. 11 S 44/06s). GULU: Property Manager Declares Insufficient Assets --------------------------------------------------- Dr. Ulrike Bauer, the court-appointed property manager for Construction LLC Gulu (FN 261546b), declared on July 7 that the Debtor's property is insufficient to cover creditors' claim. 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 27 (Bankr. Case No. 45 S 42/06i). The property manager and his representative can be reached at: Dr. Ulrike Bauer c/o Mag. Michael Rebasson Elizabeth Route 26 1010 Vienna, Austria Tel: 587 78 20 Fax: 587 78 20 9 E-mail: ra.bauer@aon.at KOLOSS: Vienna Court Orders Business Shutdown --------------------------------------------- The Trade Court of Vienna entered an order on July 7 shutting down the business of LLC Koloss (FN 254536v). Court-appointed property manager Stefan Langer 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. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna, Austria Tel: 712 63 02 Fax: 713 61 92-22 E-mail: kanzlei@kosesnik-langer.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 30 (Bankr. Case No. 3 S 92/06h). Annemarie Kosesnik- Wehrle represents Dr. Langer in the bankruptcy proceedings. NEUDORFER: Claims Registration Ends September 4 ----------------------------------------------- Creditors owed money by LLC Neudorfer (FN 108845t) have until Sept. 4 to file written proofs of claims to court-appointed property manager Alois Nussbaumer at: Dr. Alois Nussbaumer Stadtplatz 19 4840 Voecklabruck, Austria Tel: 07672/72607 Fax: 07672/75567 E-mail: rae.nuss-hoff-herz@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 a.m. on Sept. 14 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Wels Hall 101 1st Floor Maria Theresia Str.12, Austria Headquartered in Hausruckwald, Austria the Debtor declared bankruptcy on July 6 (Bankr. Case No. 20 S 84/06p). =============== B U L G A R I A =============== DARKO: Sofia Court Declares Ice Cream Producer Bankrupt ------------------------------------------------------- The city court of Sofia has declared Darko bankrupt over a BGN100,000 debt owed to supplier Longa Prima, Dnevnik reports. The court has ordered the appointment of an administrator to take over the financial management of the company. According to Darko manager Petar Tsvetkov, which holds 60% of the Bulgarian ice-cream producer, the company will appeal the bankruptcy ruling. He insists that the debt amount stated is disputable. The company's creditors will meet in mid-September to review a recovery plan for the company. Dnevnik says Darko is currently in talks with Wing Equity regarding the enlistment of the Austrian fund as a strategic investor. Headquartered in Sofia, Bulgaria, Darko -- http://www.darko.bg/ -- produces ice-cream, ice-cream cakes and other specialties. It distributes its products in Sandanski, Pazardzhik, Dimitrovgrad, Sliven, Panagjurishte, Veliko Tarnovo and Vidin. Caresback Bulgaria, an affiliate of Small Enterprise Assistance Fund of the U.S., holds a 40% equity stake in the company. =========== F R A N C E =========== ALCATEL S.A.: French Firm Advises Shareholders to Reject Merger --------------------------------------------------------------- French investor-advisory firm Proxinvest is urging shareholders of Alcatel S.A. to reject a proposed merger with U.S. rival Lucent Technologies Inc., disclosing that they were paying too much for Lucent, Leila Abboud writes for The Wall Street Journal. "The outlook for Lucent has significantly worsened since the deal was announced," said Richard Windsor, an analyst at Nomura Securities, was quoted by WSJ as saying. "The strategic rationale for the deal is still there but I just think Alcatel is offering too much and should pay less." The firm has criticized the financial terms of the proposed merger, asserting that the exchange rate should be closer to seven Lucent shares for each Alcatel share instead of the current five-for-one value specified in the merger deal, given Lucent's falling share price and weak performance. Alcatel spokeswoman Regine Coqueran told WSJ that the company's board had done an exhaustive and "prudent analysis of Lucent's business and believed that the price set in April was appropriate. The value of a company depends more on long-term perspectives than on one or two quarters," said Ms. Coqueran. Proxinvest also criticized a proposal that would require votes from two-thirds of members to remove either the CEO or the chairman of the combined company, the paper reports. Ms. Coqueran clarifies that the rule would only last three years and was aimed at ensuring management stability after the merger, the paper discloses. According to Ms. Abboud, Proxinvest's position differs from U.S.-based firms Institutional Shareholder Services' and Glass, Lewis & Co.'s recommendation that shareholders of both firms support the deal. A two-thirds vote by shareholders of each company is needed for the merger to be approved. Shareholders are scheduled to vote on the deal on Sept. 7. Merger Deal Alcatel and Lucent entered into a definitive merger agreement in April 2006, which will have an aggregate market capitalization of approximately EUR30 billion (US$36 billion), based upon the closing prices on March 31. Based on calendar 2005 sales, the combined company will have revenues of approximately EUR21 billion ($25 billion), divided almost evenly among North America, Europe and the rest of the world. The combined company created by this merger of equals is incorporated in France, with executive offices located in Paris. The North American operations will be based in New Jersey, U.S.A., where global Bell Labs will remain headquartered. The board of directors of the combined company will be composed of 14 members and will have equal representation from each company, including Alcatel CEO Serge Tchuruk and Lucent CEO Patricia Russo, five of Alcatel's current directors and five of Lucent's current directors. The board will also include two new independent European directors to be mutually agreed upon. About Lucent Headquartered in New Jersey, United States of America, Lucent Technologies (NYSE: LU) -- http://www.lucent.com/-- designs and delivers the systems, services and software that drive next- generation communications networks. Backed by Bell Labs research and development, Lucent uses its strengths in mobility, optical, software, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for its customers, while enabling them to quickly deploy and better manage their networks. Lucent's customer base includes communications service providers, governments and enterprises worldwide. About Alcatel Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user-centric broadband world. With sales of EUR13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in TCR-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. ============= G E O R G I A ============= BANK OF GEORGIA: Fitch Revises Outlook to Positive on B- IDR ------------------------------------------------------------ Fitch Ratings revised the Outlook on Bank of Georgia to Positive from Stable. At the same time, the agency affirmed the bank's ratings at Issuer Default B-, Short-term B, Individual D and Support 5. Bank of Georgia's local currency Issuer Default and Short-term ratings have also been affirmed. The change in Outlook reflects the gradually improving operating environment and the bank's expanding franchise and scale and improving funding profiles. The Positive Outlook on Bank of Georgia, in addition to the factors outlined above, reflects the sound asset quality and profitability achieved under the new management team. A continuation of current trends in respect to both the operating environment and the bank's financial profile, coupled with an extension of the new management team's sound track record, could result in an upgrade. However, Fitch also notes Bank of Georgia's small size, high credit risks resulting from rapid growth and relatively new risk management procedures. The bank's development strategy is aggressive but feasible, and Fitch understands there is strong demand for the bank's equity, both from current and potential investors. In February 2006, the bank purchased the business of the troubled Intellectbank and plans to complete its integration by September 2006. As part of the deal, the regulator has provided the bank with a GEL20 million liquidity facility and a year-long waiver for compliance with prudential regulations. During the first eight months of 2006, the bank was only marginally incompliant with (generally strict) prudential liquidity and capital requirements. In Fitch's view, the bank's liquidity and capitalization were acceptable, although the former is rather aggressively managed. Bank of Georgia is the second largest Georgian bank by assets and a market leader in retail and micro finance lending. The bank is the successor of the state Zhilsotsbank, privatized in 1994. From H204, the bank was put under new management with international experience. The bank is broadly held, and since 2005 foreign portfolio investors have, in aggregate, held a majority stake. TBC BANK: Fitch Changes Outlook to Positive & Keeps B- IDR ---------------------------------------------------------- Fitch Ratings revised the Outlook of Georgia-based TBC Bank to Positive from Stable. At the same time, the agency affirmed the bank's ratings at Issuer Default B-, Short-term B, Individual D and Support 5. The change in Outlook reflects the gradually improving operating environment and the bank's expanding franchise and scale and improving funding profiles. In addition, the Positive Outlook on TBC's IDR reflects its adequate risk management and, as a result, a relatively long track record of sound profitability and asset quality, which should be sustainable in the medium term in the absence of significant economic shocks. A continuation of current trends in respect to both the operating environment and the bank's financial profile could result in an upgrade. However, Fitch also notes the small size of TBC, high credit risks arising from a rapidly growing and concentrated loan book and an aggressive development strategy, which is contingent on new sources of capital. Fitch has been informed that TBC is negotiating a sale of up to 20% of its common stock to a new foreign shareholder through a share issue. Pending the completion of this transaction, the National Bank of Georgia has acknowledged the capital contribution plan postponement and resultant incompliance with regulatory capital requirements to end-October 2006; however, TBC's BIS capital ratio stood at a sound 19.9% at end-H106. TBC bank is the largest Georgian bank by assets with substantial market shares in both corporate and retail sectors. The bank was established in 1992 and remains under the control of two Georgian businessmen. Other shareholders are the International Finance Corporation (31%) and Deutsche Investitions- und Entwicklungsgesellschaft (13%), both of which have increased their stakes in Q106. ============= G E R M A N Y ============= BANKGESELLSCHAFT BERLIN: Fitch Withdraws Individual C/D Rating -------------------------------------------------------------- Fitch Ratings affirmed and withdrew Bankgesellschaft Berlin's ratings at Issuer Default BBB+ with Evolving Outlook, Short-term F2, Support 2 and Individual C/D. The rating action follows the entry onto the commercial register of the transfer of all BGB's businesses to Landesbank Berlin AG. BGB is being renamed Landesbank Berlin Holding AG and will act as a financial holding company without banking license. As Berliner Hypotheken- und Pfandbriefbank is now a subsidiary of LBB, LBB is the only asset of the holding company. While legally LBB is the successor of Landesbank Berlin Girozentrale, analytically and commercially it compares with the former BGB, now LBBH. FKS FERTIGUNGSTECHNIK: Claims Registration Ends September 27 ------------------------------------------------------------ Creditors of FKS Fertigungstechnik 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 9:40 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 FKS Fertigungstechnik GmbH on Aug. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: FKS Fertigungstechnik GmbH Alter Kirchweg 3 -5 32584 Loehne, Germany Attn: Wolfgang Schormann, Manager Postweg 2 32657 Lemgo, Germany The administrator can be contacted at: Hans-Achim Ernst Bunsenstr. 3 32052 Herford, Germany FSE COMPUTER: Creditors' Meeting Slated for September 26 -------------------------------------------------------- The court-appointed provisional administrator for FSE Computer- Handel GmbH & Co. KG, Thomas Maier, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 3:00 p.m. on Sept. 26. The meeting of creditors and other interested parties will be held at: The District Court of Pirmasens Hall 153 Station Route 22-26 66953 Pirmasens, Germany The Court will also verify the claims set out in the administrator's report at 3:00 p.m. on Oct. 24 at: The District Court of Pirmasens Room 20 Station Route 22-26 66953 Pirmasens, Germany Creditors have until Oct. 10 to register their claims with the court-appointed provisional administrator. The District Court of Osnabrueck opened bankruptcy proceedings against FSE Computer-Handel GmbH & Co. KG on July 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FSE Computer-Handel GmbH & Co. KG Pond Route 15-19 66953 Pirmasens, Germany Attn: Alexander Frey, Manager Goethestrasse 4 66978 Leimen, Germany The administrator can be reached at: Thomas Maier Pirmasenser Road 18 66994 Dahn, Germany Tel: 06391/92280 Fax: 06391/922899 E-mail: insolvenz@stb-maier.de GBS GENERALUEBERNEHMER: Claims Registration Ends Sept. 20 --------------------------------------------------------- Creditors of GBS Generaluebernehmer fuer Bau- und Sanierungsarbeiten u. Bautrager GmbH have until Sept. 20 to register their claims with court-appointed provisional administrator Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Leipzig Hall 056 Leipzig, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Leipzig opened bankruptcy proceedings against GBS Generaluebernehmer fuer Bau- und Sanierungsarbeiten u. Bautrager GmbH on July 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GBS Generaluebernehmer fuer Bau- und Sanierungsarbeiten u. Bautrager GmbH Zeppelinstr. 2 04509 Wiedemar, Germany Attn: Anton Spaniol, Manager Buchenweg 14 04425 Taucha, Germany The administrator can be contacted at: Ruediger Bauch Island Road 29 04103 Leipzig, Germany JANSEN & KLEIN: Claims Registration Ends September 27 ----------------------------------------------------- Creditors of Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH have until Sept. 27 to register their claims with court- appointed provisional administrator Winfried Bongartz. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy proceedings against Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Jansen & Klein Heizungs-Sanitar-Luelftungs GmbH Siemens Road 1 41363 Juechen, Germany Attn: Peter Klein, Manager North Road 60 41363 Juechen, Germany Achim Jansen, Manager North Road 64 41363 Juechen, Germany The administrator can be contacted at: Winfried Bongartz Brucknerallee 6 41236 Moenchengladbach, Germany KARSTADTQUELLE AG: Loses Claim Over Wertheim Properties ------------------------------------------------------- Kartadtquelle AG is facing more than EUR145 million in damages after the Federal Office for Central Services and Unresolved Property Issues (Bundesamt fuer zentrale Dienste und offene Vermoegensfragen -- BADV) ruled that the Jewish Claims Conference, which pursued the case for Weirtheim heirs, owns the disputed properties in central Berlin, Patrick Donahue writes for Bloomberg News. According to the report, BADV ruled that Kartadtquelle was not the legal owner of the properties when it sold them in 2000. The real estate authority based the decision on a ruling by the Leipzig Federal Court in 2005, BADV spokeswoman Ellen Haendler told Bloomberg. Central Berlin Properties In the 1930s, Adolf Hitler's government sequestered the Wertheim-owned Bisheim properties and Potsdamer Platz. The properties were to the Hertie department store chain after the Second World War. In 1994, Hertie was acquired by KarstadtQuelle, which then sold the properties to Otto Beisheim, founder of retailer Metro AG, for EUR145 million in 2000. Wertheim's descendants have been seeking for restitution of the properties, arguing that the assets never belonged to KarstadtQuelle. In 2005, the Leipzig Federal Court awarded the properties to the Wertheims, ruling that that restitution claims under German law "aim to compensate the fate of the damaged person during the 1930s and not the fate of the company." "Everything was already clear last year," lawyer Matthias Druba, counsel for the Wertheims, was quoted by Bloomberg as saying. Mr. Druba said the court decision provided a precedent for the Beisheim property and rendered KarstadtQuelle's argument nil. "This is about morality," Gideon Taylor, executive vice president of the JCC, told Bloomberg. "We call on Karstadt to take the honorable step and ensure that justice is finally done after more than 60 years." KarstadtQuelle Appeal Joerg Howe, KarstadtQuelle's spokesman, said the company would appeal against BADV's decision. Mr. Howe stressed that the Berlin property has a "totally different history" from the other properties because it was handed over to the West Berlin government in 1988, Bloomberg relates. Mr. Howe, added that the property had been held by British and then Soviet occupants, by the East German government, then West Berlin before Germany reunified. Mr. Howe said that KartadtQuelle is bracing for a lengthy legal battle, adding that the company has nor made provisions for the EUR145 million in possible claims. About KarstadtQuelle Headquartered in Essen, Germany, KarstadtQuelle AG -- http://www.karstadtquelle.com/-- operates department stores and mail order businesses. It has annual sales of EUR15.5 billion and employs around 70,000. The retailer has been suffering from sluggish consumption and high unemployment rate in Germany. KarstadtQuelle posted an EBITDA of -EUR428 million in 2004. The group is currently restructuring operations by selling off non- core assets and implementing cost-saving measures. The group achieved and exceeded its targets for the 2005 financial year. Group sales, adjusted for the strong impact of the realignment, were EUR15.45 billion, compared to EUR16.14 billion in the previous year, down 4.2 percent. Adjusted EBITDA improved by 5.1 percent to EUR544 million, compared to EUR518 million in the previous year. In 2005, net financial liabilities were reduced by a third to EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion in the previous year. KNAUP DISPLAY: Claims Registration Ends September 27 ---------------------------------------------------- Creditors of Knaup Display GmbH & Co. KG 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 11:30 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 Knaup Display GmbH & Co. KG on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Knaup Display GmbH & Co. KG Attn: Ute Wehmeier, Manager Schelmenbrink 10 32278 Kirchlengern, Germany The administrator can be contacted at: Hans-Achim Ernst Bunsenstr. 3 32052 Herford, Germany KOMPLEX-BAU: Claims Registration Ends September 22 -------------------------------------------------- Creditors of Komplex-Bau Sachsen GmbH have until Sept. 22 to register their claims with court-appointed provisional administrator Klaus Siemon. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on 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 Chemnitz Hall 24 Law Courts Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against Komplex-Bau Sachsen GmbH on July 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Komplex-Bau Sachsen GmbH Attn: Josef Enichlmayr, Manager Koenigswalder Road 10 09471 Baerenstein/OT Kuehberg, Germany The administrator can be contacted at: Klaus Siemon Road of the Nations 51 09111 Chemnitz, Germany Web: http://www.kanzlei-siemon.de/ LANDESBANK BERLIN: Fitch Assigns C/D on Individual Rating --------------------------------------------------------- Fitch Ratings assigned Landesbank Berlin AG an Individual rating of C/D. The other ratings are affirmed at Issuer Default BBB+ with Evolving Outlook, Short-term F2 and Support 2, as are LBB's guaranteed obligations at Long-term AAA. LBB's public sector Pfandbriefe are rated AAA. The rating action follows the entry onto the commercial register of the transfer of all Bankgesellschaft Berlin's businesses to LBB. BGB is being renamed Landesbank Berlin Holding AG and will act as a financial holding company without banking license. As Berliner Hypotheken- und Pfandbriefbank is now a subsidiary of LBB, LBB is the only asset of the holding company. While legally LBB is the successor of Landesbank Berlin Girozentrale, analytically and commercially it compares with the former BGB, now LBBH. LBB's Issuer Default rating is at its Support floor and takes into account highly likely further support from the State of Berlin, in case of necessity. LBB's Evolving Outlook reflects 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; however, Fitch views the transfer of BGB's businesses as major step in the restructuring process to be ready for the upcoming sale," disclosed Holger Horn from Fitch Ratings. The Individual rating reflects LBB's repositioning, improved profitability and, strong market share in Berlin. It also takes into account a substantial legacy problem loan book and like many of its peers a need to demonstrate sustainable improvement in revenue generation which should help the bank to improve its capital structure. PACKAGE-FACTORY: Claims Registration Ends September 26 ------------------------------------------------------ Creditors of Package-Factory GmbH have until Sept. 26 to register their claims with court-appointed provisional administrator Stephan Laubereau. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Oct. 17 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden E 36 A 3rd Floor Building E Moritzstrasse 5 Hinterhaus 65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings against Package-Factory GmbH on July 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Package-Factory GmbH Kreuzberger Ring 21 65205 Wiesbaden, Germany Attn: Eric Rolf Dornwass, Manager Jahnstrasse 42 65185 Wiesbaden, Germany The administrator can be contacted at: Dr. Stephan Laubereau Kanzlei Kuebler Buero Frankfurt/M. Wolf-Heidenheim-Strasse 12 60489 Frankfurt/Main, Germany Tel: 069/71379830 Fax: 069/71379833 Web: http://www.kuebler-gbr.de/ E-mail: frankfurt@kuebler-gbr PILLMAYR GMBH: Claims Registration Ends September 25 ---------------------------------------------------- Creditors of Pillmayr GmbH have until Sept. 25 to register their claims with court-appointed provisional administrator Stephan Ammann. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Oct. 24 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 Munich, 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 Munich opened bankruptcy proceedings against Pillmayr GmbH on July 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Pillmayr GmbH Tonus Schmid Road 26 81825 Munich, Germany The administrator can be contacted at: Stephan Ammann Barthstr. 16 80339 Munich, Germany Tel: 089/8589633 Fax: 089/85896350 SARA MEDIA-SERVICE: Claims Registration Ends September 24 --------------------------------------------------------- Creditors of SARA Media-Service GmbH Werbe- und Vertriebsgesellschaft have until Sept. 24 to register their claims with court-appointed provisional administrator Ulrich Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Oct. 24 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Room 1240 12th Floor Luxemburger Road 101 50939 Cologne, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Cologne opened bankruptcy proceedings against SARA Media-Service GmbH Werbe- und Vertriebsgesellschaft on July 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SARA Media-Service GmbH Werbe- und Vertriebsgesellschaft Attn: Ralf Schueller, Manager Hoehenweg 39 51465 Bergisch Gladbach, Germany The administrator can be contacted at: Ulrich Kuehn Riehler Str. 26 50668 Cologne, Germany THEVEN FORM: Claims Registration Ends September 25 -------------------------------------------------- Creditors of Theven Form- & Entwicklungstechnik GmbH have until Sept. 25 to register their claims with court-appointed provisional administrator Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 16 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 Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach, 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 Moenchengladbach opened bankruptcy proceedings against Theven Form- & Entwicklungstechnik GmbH on Aug. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Theven Form- & Entwicklungstechnik GmbH Friedhofsallee 24 41751 Viersen, Germany Attn: Helmut Theven, Manager Nettetaler Road 45 41751 Viersen, Germany The administrator can be contacted at: Michael Bremen Sternstrasse 58 40479 Duesseldorf, Germany ============= I R E L A N D ============= EUROCASTLE CDO II: Fitch Affirms BB Rating on GBP3-Mln Notes ------------------------------------------------------------ Fitch Ratings affirmed EUROCASTLE CDO II PLC's floating-rate notes due 2060: -- GBP204 million Class A-1: AAA; -- GBP33 million Class A-2: AAA; -- GBP28.5 million Class B: AA; -- GBP8.25 million Class C: A; -- GBP9.75 million Class D: BBB; and -- GBP3 million Class E: BB. The affirmation is based on the current portfolio stratifications and the transaction's compliance with all of its portfolio and coverage tests. The ratings also take into account the analysis performed for the restructuring of the transaction in July 2006, which simulated the current portfolio sized up to account for the pro-rata increase of the capital structure. The portfolio proposed by the manager was analyzed using Fitch's CDO rating criteria. Portfolio default levels and the applied recovery rate for each target rating were derived from Fitch's Default Vector Model. Furthermore the bucket of assets featuring an available funds cap was extended to 15%, with a sub-bucket of 5% for assets rated BB+ and below. The collateral is actively managed by Fortress Investment Group LLC over the five-year reinvestment period. The portfolio is selected 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. Moreover, the manager will have to run the Vector model prior to each purchase to address risks associated with reinvestment. The ratings of the Class A-1, A-2 and B notes address ultimate repayment of principal at maturity and timely payment of interest when due. For the Class C, D and E notes, which can defer interest, the ratings address ultimate payment of principal and interest, including deferred interest at maturity. Eurocastle CDO II plc is a limited liability company incorporated under the laws of Ireland. The proceeds from the note issuance were used to purchase a portfolio of structured finance securities, including primarily residential and commercial mortgage-backed securities and to a lesser extent, collateralized debt obligations, asset-backed securities and whole business-backed securities. Some 73% of the issuance proceeds were initially invested. Before the restructuring the portfolio represented around 96% of the maximum balance. Due to the pro-rata increase by a factor of 1.5 this has dropped to around 64% of the increased target balance with the remaining 46% to be ramped-up until the payment date in December 2006. EUROCASTLE CDO III: Fitch Affirms BB Rating on EUR3.75-Mln Notes ---------------------------------------------------------------- Fitch Ratings affirmed EUROCASTLE CDO III PLC's floating-rate notes due 2060: -- EUR350 million Class A-1: AAA; -- EUR55 million Class A-2: AAA; -- EUR42.5 million Class B: AA; -- EUR15 million Class C: A; -- EUR12.5 million Class D: BBB; and -- EUR3.75 million Class E: BB. The affirmation is based on the current portfolio stratifications and the transaction's compliance with all of its portfolio and coverage tests. The ratings also take into account the analysis performed for the restructuring of the transaction in July 2006, which simulated the current portfolio sized up to account for the pro-rata increase of the capital structure. The portfolio proposed by the manager was analyzed using Fitch's CDO rating criteria. Portfolio default levels and the applied recovery rate for each target rating were derived from Fitch's Default Vector Model. Furthermore the bucket of assets featuring an available funds cap was extended to 15%, with a sub-bucket of 5% for assets rated BB+ and below. The collateral is actively managed by Fortress Investment Group LLC over the five-year reinvestment period. The portfolio is 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. Moreover, the manager will have to run the Vector model prior to each purchase to address risks associated with reinvestment. The ratings of the Class A1, A2 and B notes address ultimate repayment of principal at maturity and timely payment of interest when due. For the Class C, D and E notes, which can defer interest, the ratings address ultimate payment of principal and interest, including deferred interest at maturity. Eurocastle CDO III PLC is a limited liability company incorporated under the laws of Ireland. The proceeds from the note issuance were used to purchase a portfolio of structured finance securities, including primarily residential and commercial mortgage-backed securities and to a lesser extent, collateralized debt obligations, asset-backed securities and whole business-backed securities. At closing, the issuance proceeds had reached 60% of the initial target balance. In July 2006 the capital structure was increased pro-rata by a factor of 1.25. Prior to the restructuring the portfolio was fully ramped-up. Given the portfolio increase, this leaves 20% of the portfolio balance to be invested until December 2006. ========= I T A L Y ========= LOTTOMATICA SPA: Acquisition Cues Moody's to Put Low-B Ratings -------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings, with stable outlook, to Lottomatica S.p.A., following the announcement that Lottomatica has closed its acquisition of GTECH Holdings Corporation: -- Baa3 corporate family rating; -- Ba1 issuer rating; -- Baa3 guaranteed rating of the EUR360 million senior unsecured notes due 2008; -- Ba3 rating of the EUR750 million deeply subordinated notes due 2066; and -- Baa3 rating of the US$2.76 billion senior unsecured bank facilities borrowed by Gold Acquisition Corp., a transitory special vehicle created for the purpose of the GTECH acquisition and guaranteed by Lottomatica. These ratings were assigned on a provisional basis on Jan. 10, March 29 and May 2. Moody's explains that all debt and equity instruments have been issued, all guarantees implemented and that the capital structure at closing is slightly more conservative than expected, reflecting more equity (EUR1.5 billion versus EUR1.4 billion) and a lower purchase price (EUR3.9 billion versus EUR4.0 billion due to a weaker US dollar) than initially contemplated. Moody's continues to recognize the relative stability of the group's lottery revenues though operating profit slightly deviates from initial expectations due mainly to more negative FX movements and the loss of the Brazilian contract a few months earlier than anticipated. Lottomatica's ratings and stable outlook continue to factor Moody's view that the group will improve its credit metrics to a level commensurate with the Baa3 rating category by end-2007, i.e. a retained cash flow pre-WC/Net Adjusted Debt in excess of 15% and a Net Adjusted Debt/EBITDAR of around 3.0 times. The company's ability to retain its major lottery contracts and the use of sound business practices in getting new contracts are also key drivers of the rating stability. Lottomatica S.p.A is the concessionaire of the Lotto game in Italy and reported net revenues of around EUR583 million in FYE December 2005. GTECH Holdings Corporation is the worldwide leader in online lottery systems and reported net revenues of approximately US$1.3 billion in FYE February 2006. =================== K A Z A K H S T A N =================== ALAN: Creditors Must File Claims by Oct. 7 ------------------------------------------ LLP Alan (RNN 600700201662) has declared insolvency. Creditors have until Oct. 7 to submit written proofs of claim to: LLP Alan Tolebi Str. 73a Almaty, Kazakhstan ALATAU: Creditors Must File Claims by Oct. 7 -------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region has entered an order placing LLP Alatau into compulsory liquidation. Creditors have until Oct. 7 to submit written proofs of claim to: LLP Alatau Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan GLEKNER I K: Proof of Claim Deadline Slated for Oct. 7 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Glekner I K insolvent. Creditors have until Oct. 7 to submit written proofs of claim to: LLP Glekner I K Proletarskaya Str. 93-47 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan INFORMATSIONNYI CENTRE: Claims Registration Ends Oct. 7 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Informational Centre Informatsionnyi Centre insolvent. Creditors have until Oct. 7 to submit written proofs of claim to: LLP Informatsionnyi Centre Proletarskaya Str. 93-47 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan OKS: Proof of Claim Deadline Slated for Oct. 7 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Oks insolvent on July 12. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Oct. 7 to submit written proofs of claim. Inquiries can be addressed to 8 (3292) 50-97-23. SAMALTRANS: Claims Registration Ends Oct. 7 ------------------------------------------- OJSC Samaltrans has declared insolvency. Creditors have until Oct. 7 to submit written proofs of claim to: OJSC Samaltrans Pervomayskaya Str. 54 Oskarovka Karaganda Region -- or -- OJSC Samaltrans Skladskaya Str. 2a Karaganda Karaganda Region Kazakhstan SEKA: Creditors' Claims Due Oct. 7 ---------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region has ordered to place LLP Seka into compulsory liquidation. Creditors have until Oct. 7 to submit written proofs of claim to: Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan TRADE-2004: Creditors' Claims Due Oct. 7 ---------------------------------------- LLP Trade-2004 has declared insolvency. Creditors have until Oct. 7 to submit written proofs of claim to: LLP Trade-2004 Chokin Str. 38-20 Pavlodar Pavlodar Region Kazakhstan =================== K Y R G Y Z S T A N =================== FLASH CO: Proof of Claim Deadline Slated for Oct. 4 --------------------------------------------------- LLC Flash Co. declared insolvency. Creditors have until Oct. 4 to submit written proofs of claim to: LLC Flash Co. Tolstoi Str.50 Bishkek, Kyrgyzstan ===================== N E T H E R L A N D S ===================== BUHRMANN NV: Acquisition Prompts Moody's to Affirm Ba3 Rating ------------------------------------------------------------- Moody's Investors Service affirmed Buhrmann N.V.'s corporate family rating at Ba3 following its announcement to acquire Andvord Tybring-Gjedde A.S.A. Concurrently, Moody's affirmed all other ratings. The outlook for all ratings is stable. The acquisition is planned to be funded by increasing senior secured credit facilities at Buhrmann U.S. Inc. by EUR175 million, use of an accounts receivable securitization program and EUR28 million in cash on hand. The increase in senior secured credit facilities has been underwritten and will be facilitated by increasing the existing term loan D tranche, with the existing terms, conditions and maturity to apply. Credit metrics indicated a profile towards the stronger side of the Ba3 category prior to this largely debt funded acquisition. On a pro-forma basis using Moody's calculations, total debt to EBITDA is expected to move to around 4.8 times and EBIT interest cover to remain above two times. Pro-forma metrics continue to support a Ba3 rating, however, these together with new execution risks and reduced financial flexibility push the credit profile towards the lower side of the category. Liquidity and financial flexibility will reduce as the securitization facility will become fully utilized and cash on hand will reduce. Headroom under senior credit facilities will remain unchanged at around EUR175 million. The EUR254 million-increase in senior debt will see a higher percentage of total debt ranking ahead of the 2014 and 2015 subordinated notes and 2010 convertible bonds. While this percentage will move from around 72% on a fully drawn basis to around 76%, Moody's already applies a two-notch differential from the corporate family rating to reflect the high level of subordination. Buhrmann's ratings continue to be constrained by the cyclicality of the company's business combined with the low margin fundamentals of the distribution sector. The company's business is largely driven by trends in the number of white-collar office workers. Even with the ATG acquisition and additional geographic diversification obtained, with over 50% of total revenues generated from the US, any downturn in that market could lead to a rapid change in credit metrics. Execution risks are noted, however, the rating factors partial mitigation through: -- limited overlap in the Norwegian and Swedish markets; -- conservative forecast synergies at EUR5 million per annum, requiring only EUR 4 million to achieve; -- common strategic agendas; -- retention of local management; and -- integration of Buhrmann's existing Swedish business into ATG and ATG to become the Scandinavian arm of Buhrmann's European business. Management calculated that ATG generates around 19% of EBITDA and a significant part of net profit from its retail business. Retail is not Buhrmann's strategic market and this is likely to require a different management focus. The combined business is expected to generate material positive operating cash flows after debt servicing costs and capital expenditures. While the company does not specify a target financial profile, Moody's expect a component of free cash flow to be directed to debt repayment. The rating factors the possibility of smaller bolt on acquisitions but does not allow for further material corporate activity. The stable outlook reflects Moody's view of Buhrmann's market positions and brands, it core competitive strengths, stability in its operating performance and an expectation of its ability to remain broadly cash flow positive during cyclical downturns. Headquartered in Amsterdam, Netherlands, Buhrmann N.V. is an international business-to-business services and distribution group, supplying office products and graphics systems and related services to the business market. Reported revenues for the FYE Dec. 31, 2005 were EUR5,890 million. BUHRMANN NV: Acquisition Spurs S&P to Affirm BB- Rating ------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on The Netherlands-based office products distributor Buhrmann N.V. following the announcement of its intention to acquire Andvord Tybring-Gjedde ASA (ATG), an office products group in the Nordic region, for EUR282 million (including debt and costs). The outlook remains stable. The purchase will be funded by debt facilities and will, therefore, increase Buhrmann's pro forma adjusted-debt-to-EBITDA ratio to 4.7x, from 4.2x at June 30, 2006. "The acquisition will exhaust all the group's financial flexibility within the ratings, including that for add-on acquisitions," said Standard & Poor's credit analyst Sunita Kara. Although leverage of 4.2x is commensurate for the ratings, the flexibility to peak at 4.7x was factored into the ratings, albeit for the event of a cyclical downturn in the industry as opposed to headroom for discretionary cash outflows. Therefore, the acquisition has left Buhrmann with no headroom for operational underperformance. "Despite this, the ratings have been affirmed based on a clear commitment from management that leverage has peaked and the group will deleverage to pre-acquisition levels over the short term," said Ms. Kara. "S&P will continue to review with management whether its plans for growth and further shareholder value creation will allow the group to sustain the ratings." S&P expects Buhrmann to improve its financial profile following the acquisition of ATG. The ratings are likely to be lowered if adjusted debt to EBITDA increases to more than 4.7x, due to either acquisitions or operating underperformance. S&P would consider a positive rating action in the currently unlikely event that the group's financial profile significantly improves. In the context of the cyclical industry in which Buhrmann operates, this is currently defined as adjusted debt to EBITDA of less than 3.5x. ORTHOFIX INTERNATIONAL: Earns US$12.7 Million in Second Quarter --------------------------------------------------------------- Orthofix International N.V. disclosed that sales for the second quarter ended June 30, 2006, were a record US$84.7 million, an increase of 7% over the US$79.5 million reported during the same period in 2005. The impact of foreign currency on sales for the second quarter of 2006 was a negative US$300,000. Net income in the second quarter was US$12.7 million compared with US$9.4 million for the same period in 2005. Net income in the second quarter of 2006 included a non-recurring net tax benefit of US$2.9 million resulting from the Company's election to adopt a new tax provision in Italy allowing for the revaluation of trademarks for tax purposes only. Additionally, results in the second quarter of this year included a charge of US$1.6 million (US$1.1 million after taxes) related to FAS 123R, a new accounting standard adopted in the first quarter of 2006 that revised the requirements of accounting for share-based compensation expense and the treasury method of calculating fully diluted shares outstanding. "Orthofix's second quarter results demonstrate the fundamental strength of the Company's core operations," said CEO Alan Milinazzo. "The Company's operating earnings per share, which have been at the high end of our range of guidance for the first two quarters of this year, reflect the continued strong growth in demand for our market-leading spine stimulation products coupled with the successful launch of a new line of functional braces at our Breg subsidiary. Additionally, we are pleased with the positive response we have received in the U.S. and abroad for our most recently introduced internal fixation products." Furthermore, reflecting normal seasonality, the Company indicated that third quarter revenues are expected to be between US$82 and US$84 million. Balance Sheet and Cash Flow At June 30, 2006, total cash increased by US$1.4 million during the quarter, to US$50 million. The cash flow from operations during the first six months of 2006 totaled US$1.6 million, down from US$13.1 million over the first half of last year. Year-to-date cash flow during the first half of 2006 was impacted by increased investments in inventory and a higher level of accounts receivable. The inventory increase was the result of the Company's previously announced restructuring activities around the world, including the opening of a new international distribution center in Italy and the purchase of a safety stock associated with the relocation of A-V Impulse System pad production from the U.K to Mexico. Orthofix International, N.V. (NASDAQ: OFIX) -- http://www.orthofix.com/-- is a global diversified orthopedic products company. It offers a broad line of minimally invasive surgical, and non-surgical, products for the Spine, Reconstruction, and Trauma market sectors that address the lifelong bone-and-joint health needs of patients of all ages. * * * As reported in the Troubled Company Reporter on Aug. 9, Standard & Poor's Ratings Services revised the CreditWatch implications on its 'BB-' corporate credit rating for Orthofix International to negative from positive. STICHTING MARS: Moody's Assigns (P)Ba3 Rating to Class D Notes -------------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to five classes of Notes to be issued by STICHTING MARS 2006, a foundation established in the Netherlands: -- EUR135,000,000 Class A Floating Rate Credit-Linked Notes due 2014: (P)Aaa; -- EUR91,800,000 Class B Floating Rate Credit-Linked Notes due 2014: (P)Aa1; -- EUR92,700,000 Class C Floating Rate Credit-Linked Notes due 2014: (P)Aa2; -- EUR91,800,000 Class D Floating Rate Credit-Linked Notes due 2014: (P)Baa2; and -- EUR45,900,000 Class E Floating Rate Credit-Linked Notes due 2014: (P)Ba3. The EUR3,997,800,000 Senior Credit Default Swap and the EUR45,000,000 Class F Floating Rate Credit Linked Notes have not been rated by Moody's. The Notes have their scheduled maturity date in August 2012, directly after the end of the revolving period of six years (with a legal maturity in 2014). No triggers related to performance which would result in the revolving period ending early are included in the transaction but various replenishment criteria linked, inter-alia, to the internal rating of the obligors are included. Stichting MARS 2006 is the second securitization of loans from the Dutch SME corporate lending portfolio of ING Bank N.V., following the MARS 2004 B.V. transaction in 2004. Under this transaction, ING buys protection against losses incurred on loans granted to small and medium-sized corporate borrowers. The initial amount of the reference portfolio is EUR4.5 billion. In comparison to other transactions the pool exhibits a high degree of granularity with over 29,000 different debtor groups and with a maximum loan size of 0.35 per cent of the reference pool. The maximum Industrial concentration is 15% and the portfolio is well diversified over the various regions. According to Moody's, the ratings take account of the following factors, among others. The reference pool is very granular and diversified, replicating the Dutch SME sector. Various replenishment criteria must be satisfied at each replenishment of the reference pool. Historical dynamic and static default data is available for six consecutive years showing good overall performance. Finally, the notes amortize sequentially, starting with the more senior Classes of Notes, whereas the allocation of losses follows a reverse sequential order, starting with the more junior Classes of Notes. Moody's issues provisional ratings in advance of the final sale of securities, but these ratings only represent Moody's preliminary credit opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the Notes. A definitive rating may differ from a provisional rating. Moody's will disseminate the assignment of any definitive ratings through its Client Service Desk. The ratings address the expected loss posed to investors by the legal final maturity of the Notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. STICHTING MARS: S&P Rates EUR91-Mln Class E & F Notes at Low-B -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR502.2 million floating-rate credit- linked notes to be issued by STICHTING MARS 2006, a special purpose vehicle. MARS 2006 will be ING's second transaction that references loans to Dutch SMEs. The first transaction was MARS 2004 B.V., which closed on Dec. 2, 2004. MARS 2006 will issue class A, B, C, D, E, and F notes, credit- linked to a reference portfolio that has an initial notional amount of EUR4.5 billion. The issuer will sell credit protection to ING Bank N.V. under a CDS linked to this reference portfolio. In return, ING will pay swap premiums quarterly to the issuer. ING will be able to replenish the reference portfolio with new reference obligations, provided that the applicable eligibility criteria and replenishment conditions are met. Unless the issuer redeems the notes early, the replenishment period will end on the scheduled maturity date. Proceeds from the issuance of the notes will be deposited in an account with the London branch of ING. On any interest payment date on which losses are due to be allocated to the notes, the issuer will draw the amount required to cover losses from the cash deposit account. On the swap termination date, the issuer will pay the amount on deposit to the noteholders. The transaction has a synthetic threshold amount that acts as cushion before losses are allocated to the notes. Ratings List STICHTING MARS 2006 EUR502.2 Million Floating-Rate Credit-Linked Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A AAA 135.0 B AA 91.8 C A 92.7 D BBB 91.8 E BB+ 45.9 F BB- 45.0 =========== P O L A N D =========== GLIMAR SA: Receiver Places Oil Refinery on Sale Table ----------------------------------------------------- The Official Receiver of Rafineria Nafty Glimar S.A. offers for sale the company's Hydrokompleks plant, which features: -- deep processes petroleum heavy fractions; -- annual capacity of up to 225,000 tons; and -- obtain petroleum light fractions, solvents and group II and III base oils. Starting price, as evaluated by Roland Berger Strategy Consultants sp. z o.o., is set at PLN326.44 million. Letters of Intent are accepted at: Capricorn sp. z o.o. ul. Paderewskiego 36/2 33-300 Nowy Sacz tel (0-18) 443-58-76 The company can be reached at: Rafineria Nafty Glimar S.A. ul. Michalusa 1 38-300 Gorlice Malopolskie Poland Web: http://www.glimar.pl/ =========== R U S S I A =========== AGRO-PROM-ENERGO: Court Names S. Vasilyev as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region appointed Mr. S. Vasilyev as Insolvency Manager for CJSC Agro-Prom-Energo. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-7744/2006. The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: CJSC Agro-Prom-Energo Komsomolskaya Str. Bogotol 661060 Krasnoyarsk Region Russia ANGARSK-OIL-PRODUCT: Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Irkutsk Region commenced bankruptcy supervision procedure on OJSC Angarsk-Oil-Product. The case is docketed under Case No. A19-7593/06-29. The Temporary Insolvency Manager is: A. Krulikovskiy Krasnokazachya Str. 119 664081 Irkutsk Region Russia 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 Angarsk-Oil-Product K. Marksa Str. 6 Angarsk Irkutsk Region Russia ARDATOV-AGRO-PROM-SNAB: Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Arbitration Court of Mordoviya Republic commenced bankruptcy supervision procedure on OJSC Ardatov-Agro-Prom-Snab (TIN/KPP 1301000398/130101001). The case is docketed under Case No. A39-1926/06-72/7. The Temporary Insolvency Manager is: E. Kondratsikovskiy Sovetskaya Str. 33 Saransk 430000 Mordoviya Republic Russia The Arbitration Court of Mordoviya Republic is located at: Kommunisticheskaya Str. 33 Saransk Mordoviya Republic Russia The Debtor can be reached at: OJSC Ardatov-Agro-Prom-Snab Ardatov St. Ardatovskiy Region 431850 Mordoviya Republic Russia ARKHANGELSKIY POTATO: Court Names O. Rezvyj Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Arkhangelsk Region appointed Mr. O. Rezvyj as Insolvency Manager for State Enterprise Arkhangelskiy Potato (TIN 2901117706, OGRN 103290025949). He can be reached at: O. Rezvyj Suvorova Str. 11 163045 Arkhangelsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A05-17017/05-21. The Debtor can be reached at: State Enterprise Arkhangelskiy Potato Lenina Pr. 4 163000 Arkhangelsk Region Russia BANK ZENIT: Fitch Affirms Issuer Default at B --------------------------------------------- Fitch Ratings affirmed Russia-based Bank Zenit's ratings at Issuer Default B, Short-term B, Individual D, Support 5 and National Long-term BBB-. The Outlooks on the Issuer Default and National Long-term ratings are Stable. Zenit's Issuer Default, Short-term and Individual ratings reflect its highly concentrated loan book, still-extensive business with related parties, modest core profitability, as well as weaknesses in the Russian operating environment. The ratings also take into account the bank's good asset quality to date, reasonable liquidity and relatively strong risk management. "Upside potential to the ratings lies in Zenit's efforts to grow its franchise and scale of business through the development of its business, and the integration of the recently purchased Devon-Kredit Bank. This should further reduce its dependence on related parties and improve core profitability," Alexei Kechko, Associate Director in Fitch's Financial Institutions team disclosed. "Downward pressure on the ratings could result from increased operations with related parties, or a higher appetite for market risk," Mr. Kechko added. Zenit ranks among Russia's 20 largest banks. It concentrates on corporate and investment banking, but is also developing private and retail banking. Tatneft, Russia's fifth-largest oil company is one of its main shareholders and customers. BUILDER: Kirov Court Starts Bankruptcy Supervision -------------------------------------------------- The Arbitration Court of Kirov Region commenced bankruptcy supervision procedure on OJSC Builder. The case is docketed under Case No. A28-38/06-38/24. The Temporary Insolvency Manager is: S. Andronovich Pervomayskaya Str. 149 Syktyvkar Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Builder Polyarnaya Str. 2 Podosinovets Podosinovskiy Region Kirov Region Russia EKSIM-AGRO-TEKH: Court Names V. Boldyrev as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Krasnodar Region appointed Mr. V. Boldyrev as Insolvency Manager for CJSC Agro Company Eksim-Agro- Tekh (TIN 2330027903). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-45530/2005-46/536-B. The Arbitration Court of Krasnodar Region is located at: Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: CJSC Agro Company Eksim-Agro-Tekh Pervorechenskoye Dinskoy Region Lenina Str. 221. Krasnodar Region Russia FERRUM: Rostov Court Names S. Novoshitskiy as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Rostov Region appointed Mr. S. Novoshitskiy as Insolvency Manager for LLC Ferrum (TIN 6143036285). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-5851/2006-S2-36. The Arbitration Court of Rostov Region is located at: Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: LLC Ferrum Stroiteley Per. 13 Volgodonsk 347360 Rostov Region Russia KIMOVSKIY BUTTER-MAKING: T. Alekseeva to Manage Assets ------------------------------------------------------ The Arbitration Court of Tula Region appointed Ms. T. Alekseeva as Insolvency Manager for OJSC Kimovskiy Butter-Making Plant. She can be reached at: T. Alekseeva Arsenalnaya Str. 1D 300002 Tula Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-278/B-06. The Debtor can be reached at: OJSC Kimovskiy Butter-Making Plant Pervomayskaya Str. 22a Kimovsk Tula Region Russia LENINGRADSKOYE RECLAMATION: N. Taranovskiy to Manage Assets ----------------------------------------------------------- The Arbitration Court of Krasnodar Region appointed Mr. N. Taranovskiy as Insolvency Manager for OJSC Leningradskoye Reclamation Enterprise. He can be reached at: N. Taranovskiy Sadovaya Str. 87 Kanevskoy Region 353720 Krasnodar Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 32-7096/06-38/137-B. The Arbitration Court of Krasnodar Region is located at: Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: OJSC Leningradskoye Reclamation Enterprise Yubileynaya Str. 1 Leningradskaya St. Leningradskiy Region 353740 Krasnodar Region Russia LUKOIL OAO: Creates Balkan Joint Venture with Slovenia's Petrol --------------------------------------------------------------- OAO Lukoil and Petrol d.d. Ljubljana have reached a framework agreement to establish a joint venture for sales of oil products in the Balkan countries. The new JV will be managed on a parity basis; Petrol will hold a 51% stake and Lukoil, 49%. It is expected that Petrol will place stock capital in JV shares of four companies, which own fuel stations in Slovenia, Croatia, Bosnia and Serbia. Lukoil will contribute shares in its subsidiary companies - Lukoil-Beopetrol (Serbia) and Lukoil- Macedonia. The contributions will be made based on an independent asset valuation and partially in cash to complete the input value. The framework agreement received the approval of Lukoil's and Petrol's governing bodies. The closing of the deal on establishment of the JV is subject to a number of conditions precedent. The parties anticipate finalizing the incorporation of the JV by the end of 2006. "The terms and conditions of this joint venture deal were mutually beneficial," said Vagit Alekperov, President of OAO Lukoil. "We are keen to expand our presence in the Balkans market. To a great extent this is where we can achieve the synergy among Lukoil's existing Eastern European assets." About Petrol Headquartered in Ljubljana, Slovenija, Petrol d.d. Ljubljana -- http://www.petrol.si/-- is the principal strategic supplier of oil and other energy products to the Slovenian market. Through an extensive distribution network of proprietary service stations, Petrol provides drivers on Slovenia's roads and highways with a broad range of automotive goods and services and a wide selection of household and food products and other merchandise. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil, is the country's largest vertically integrated oil & gas company in terms of reserves, and one of the largest oil & gas companies in the world. In the first nine months of 2005, the group produced 1.92 million barrels of oil equivalent (boe) per day and in 2004 had refinery throughput of 44 million tons. Total SPE reserves in 2004 were just over 20 billion boe. The group's 2005 nine- month revenues were US$40.6 billion. * * * As reported in TCR-Europe on July 12, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Lukoil OAO to 'BB+' from 'BB'. S&P said the outlook is positive. As reported in the TCR-Europe on Jan. 26, Moody's Investors Service has changed the outlook of OAO Lukoil's Ba1 Corporate Family Rating and Ba2 Issuer Rating to positive from stable. Moody's last rating action on LUKOIL was on April 26, when the agency upgraded the company's ratings from Ba2/Ba3 to Ba1/Ba2. MARKSOVSKIY: Court Names A. Kharitonov as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Saratov Region appointed Mr. A. Kharitonov as Insolvency Manager for OJSC Brewery Marksovskiy. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-8661/06-49. The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: OJSC Brewery Marksovskiy Zagorodnaya Rosha 27 Marks Saratov Region Russia NATIONAL AIR-LINES: Court Names B. Gusev as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. B. Gusev as Insolvency Manager for OJSC National Air-Lines. He can be reached at: B. Gusev Partizanskaya Str. 1 Kovrov 601914 Vladimir Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-19225/06-38-84 B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: OJSC National Air-Lines Airport Sheremetye K-340 Moscow Region Russia ORENBURG-GAS-REM-STROY: S. Suvorova to Manage Insolvency Assets --------------------------------------------------------------- The Arbitration Court of Orenburg Region appointed Ms. S. Suvorova as Insolvency Manager for CJSC Orenburg-Gas-Rem-Stroy. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-11793/05-14GK. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: CJSC Orenburg-Gas-Rem-Stroy Plodopitomnik Arkhangelsk Region Russia OZERKI: Tula Court Starts Bankruptcy Supervision ------------------------------------------------ The Arbitration Court of Tula Region commenced bankruptcy supervision procedure on CJSC Ozerki. The case is docketed under Case No. A68-2114/06-177/B. The Temporary Insolvency Manager is: Y. Kutlin Arsenalnaya Str. 1-d. 300002 Tula Region Russia The Debtor can be reached at: CJSC Ozerki Ozerki Novomoskovskiy Region 301686 Tula Region Russia POCHEP-SEL-KHOZ-KHIMIYA: M. Anikin to Manage Insolvency Assets -------------------------------------------------------------- The Arbitration Court of Bryansk Region appointed Mr. M. Anikin as Insolvency Manager for OJSC Pochep-Sel-Khoz-Khimiya. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A09-3019/06-26. He can be reached at: M. Anikin Room 203 Elektrozavodskaya Str. 7 600009 Vladimir Region Russia The Arbitration Court of Bryansk Region is located at: Room 602 Trudovoy Per. 5 Bryansk Region Russia The Debtor can be reached at: OJSC Pochep-Sel-Khoz-Khimiya Pochep Bryansk Region Russia PROMSVYAZBANK: Citigroup Arranges US$45-Mln Loan by PSB Finance --------------------------------------------------------------- JSCB Promsvyazbank disclosed that Citigroup acted as arranger of a 69-month subordinated loan worth US$45 million for the company. The transaction was structured as an issue of loan participation notes by PSB Finance S.A., a Luxembourg special purpose vehicle, to fund a loan to Promsvyazbank. The loan participation notes feature a unique remarketing provision that permits Promsvyazbank to cause the notes to be remarketed on a date, selected by Promsvyazbank in its sole discretion, within nine months of the issue date of the loan participation notes. The remarketing feature is the first of its kind to be included in a debt offering by a Russian issuer. The deal was managed as private placement, and the Notes were issued according to Reg S. The underlying subordinated loan was approved as Supplemental (Tier 2) Capital by The Central Bank of Russia. The funds raised will be used to consolidate Promsvyazbank's capital base in order to support the fast growing assets segment, which will be generated primarily by an increase in corporate and retail lending. The Bank of Russia has registered the funds as II Tier capital of the bank. About Promsvyazbank Headquartered in Moscow, Russia, JSCB Promsvyazbank -- http://www.psbank.ru/eng-- provides a wide range of banking services for the large communication enterprises. The bank is also an active player on the loan and investment markets, securities and interbank loans market as well as the international and Russian plastic cards market. * * * In February 2006, Fitch assigned the following ratings to the company, with a stable outlook: * Short-term: B; * Long-term: B; * Individual: D; * Support: 5; In December 2005, Moody's Investors Services assigned these ratings to the company: * Long and Short-term foreign currency deposits: Ba3/NP * Financial Strength Rating: D- * Stable outlook, while Standard & Poor's Ratings Services assigned these ratings in September 2005: * 'B/C' long- and short-term counterparty credit and certificate of deposit ratings; * Stable outlook. PROMSVYAZBANK: Commerzbank Mulls Purchase of 15.3% Equity Stake --------------------------------------------------------------- JSCB Promsvyazbank has reached an agreement with Commerzbank AG, Germany, providing participation of the last in the prospective capital increase of Promsvyazbank planned for this autumn. Upon closing of emission, Commerzbank will get a share of 15.3% in the capital of the Russian bank for an undisclosed amount. The transaction is to be approved by the Bank of Russia. The parties also consider the possibility of further increase of Commerzbank's share in the capital of Promsvyazbank. According to Commerzbank, the prospective transaction is going to become a significant step on the way to further intensive development of Promsvyazbank, growth of its corporate and retail credit portfolio, rise of its productivity and competitiveness, strengthening of its market positions. About Commerzbank Commerzbank was established in 1870 and is Germany's second- largest bank and one of the leading banks in Europe. Its consolidated balance-sheet total stands at EUR615 billion. Roughly 35,000 employees, 8,100 of them active outside Germany, look after more than 8 million customers worldwide. Commerzbank provides financial services for private and business customers as well as for small to medium-sized companies and serves numerous major corporations and multinationals. In Germany, the Commerzbank Group maintains a nationwide network of more than 1,000 outlets. In corporate business, Western, Central and Eastern Europe also count as core markets. All told, it is represented with outlets of its own in more than 40 countries. Commerzbank already has a subsidiary in Russia, Commerzbank (Eurasija) SAO, which opened there in 1999. About Promsvyazbank Headquartered in Moscow, Russia, JSCB Promsvyazbank -- http://www.psbank.ru/eng-- provides a wide range of banking services for the large communication enterprises. The bank is also an active player on the loan and investment markets, securities and interbank loans market as well as the international and Russian plastic cards market. * * * In February 2006, Fitch assigned the following ratings to the company, with a stable outlook: * Short-term: B; * Long-term: B; * Individual: D; * Support: 5; In December 2005, Moody's Investors Services assigned these ratings to the company: * Long and Short-term foreign currency deposits: Ba3/NP * Financial Strength Rating: D- * Stable outlook, while Standard & Poor's Ratings Services assigned these ratings in September 2005: * 'B/C' long- and short-term counterparty credit and certificate of deposit ratings; * Stable outlook. RUBIKON: Court Names Mr. L. Lazarenko as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Kurgan Region appointed Mr. L. Lazarenko as Insolvency Manager for CJSC Rubikon. He can be reached at: L. Lazarenko Aviatsionnaya Str. 5. 302010 Orel Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A34-1440/2006. The Debtor can be reached at: CJSC Rubikon Kurtamysh Kurtamyshskiy Region Kurgan Region Russia SNEZHKA: Bryansk Court Names A. Platonov as Insolvency Manager ------------------------------------------------------ The Arbitration Court of Bryansk Region appointed Mr. A. Platonov as Insolvency Manager for OJSC Poultry Farm Snezhka. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A09-2537/06-27. The Arbitration Court of Bryansk Region is located at: Room 602 Trudovoy Per. 5 Bryansk Region Russia The Debtor can be reached at: OJSC Poultry Farm Snezhka Putevka 241519 Bryansk Region Russia STEEL: Orel Court Names S. Romanchin as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Orel Region appointed Mr. S. Romanchin as Insolvency Manager for LLC Steel. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-1907/06-20B. The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: LLC Steel Metallurgov Str. 15 302000 Orel Region Russia STROY-INVEST: Court Names A. Parollo as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Komi Republic appointed Mr. A. Parollo as Insolvency Manager for LLC Building Company Stroy-Invest. He can be reached at: A. Parollo Ordzhonikidze Str. 49A-212 Syktyvkar Komi Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A29-3680/06-3B. The Debtor can be reached at: LLC Building Company Stroy-Invest Pervomayskaya Str. 149 Syktyvkar Komi Republic Russia VORKUTINSKIY BREWERY: Komi Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Komi Republic commenced bankruptcy supervision procedure on OJSC Vorkutinskiy Brewery (TIN 1103016396). The case is docketed under Case No. A29-4056-3B. The Temporary Insolvency Manager is: A. Kokarev Post User Box 512 197046 St. Petersburg Region Russia The Debtor can be reached at: OJSC Vorkutinskiy Brewery Promyshlennoy Industrii Str. 3a Vorkuta 169900 Komi Republic Russia ===================== S W I T Z E R L A N D ===================== NOVELIS INC: Earns US$90 Million for Fiscal Year 2005 ----------------------------------------------------- Novelis Inc. filed on Aug. 25, its Annual Report under Form 10-K for the fiscal year ended Dec. 31, 2005, with the U.S. Securities and Exchange Commission. The Company's net sales increased to US$8.36 billion in 2005 compared to US$7.76 billion in 2004, an increase of US$608 million, or 8%. The improvement was primarily the result of an increase in LME metal pricing, which was 10% higher on average during 2005 compared to 2004. The Company reported net income of US$90 million, for the year ended Dec. 31, 2005, compared net income of US$55 million, in 2004. Interest expense and amortization of debt issuance costs - net was US$194 million in 2005, significantly higher than the US$48 million allocated to the Company by Alcan for 2004. The increase resulted from the debt the Company undertook to finance the spin-off. In addition, the Company incurred US$11 million in debt issuance costs on undrawn credit facilities that were used to back up the Alcan notes it received in January 2005 as part of the spin-off, and included such costs in interest expense and amortization of debt issuance costs - net. In previous quarters during 2005, the costs were included in "Other income - net". The Company disclosed that it has material weaknesses in its internal control over financial reporting and that its disclosure controls and procedures were not effective. The Company is working to remediate the weaknesses to enable it to timely and accurately prepare and file its reports with the United States Securities and Exchange Commission. The Company also disclosed, it restated its consolidated and combined financial statements for the quarters ended March 31 and June 30, 2005. Other filings were delayed or remain outstanding, including its quarterly reports on Form 10-Q for the quarters ended Mar. 31, 2006 and June 30, 2006. The expenses incurred in connection with the restatement and review process were approximately US$30 million through June 30, 2006. These expenses include professional fees, audit fees, credit waiver and consent fees, and special interest on its US$1.4 billion 7.25% senior unsecured debt securities due 2015, which it will continue to incur until, among other things, the Company is current with its SEC filings and complete its registered exchange offer for its Senior Notes. A full text-copy of Novelis Inc's financial report may be viewed at no charge at http://ResearchArchives.com/t/s?108f Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL) -- http://www.novelis.com/-- provides customers with a regional supply of technologically sophisticated rolled aluminum products throughout Asia, Europe, North America, and South America. The company operates in 11 countries and has approximately 13,000 employees. Through its advanced production capabilities, the company supplies aluminum sheet and foil to the automotive and transportation, beverage and food packaging, construction and industrial, and printing markets. * * * As reported in the Troubled Company Reporter on May 18, 2006, Moody's Investors Service placed the ratings of Novelis Inc., and its subsidiary, Novelis Corp., under review for possible downgrade. Novelis Corporation's Ba2 senior secured bank credit facility rating was placed on review for possible downgrade. Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured bank credit facility and B1 senior unsecured regular bond/debenture were placed on review for possible downgrade. NOVELIS INC: Declares $0.01 Dividend on Outstanding Common Stock ---------------------------------------------------------------- The Board of Directors of Novelis Inc., declared a quarterly dividend of $0.01 per share on its outstanding common stock, payable on Sept. 25, 2006, to shareholders of record at the close of business on Sept. 7, 2006. There are approximately 74 million common shares of the Company stock outstanding. The Company disclosed that its Board reduced the dividend for the quarter in consideration of corporate cost increases and higher interest rates, as well as the limitations under its credit agreement related to dividend payments. The Company also disclosed that it will mail copies of its Annual Report on Form 10-K to each shareholder along with its proxy materials. The Company's annual report is currently available for download on its Web site. Shareholders who require printed copies in advance of the mailing of proxy materials may contact the Investor Relations department by telephone at 404-814-4212. Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL) -- http://www.novelis.com/-- provides customers with a regional supply of technologically sophisticated rolled aluminum products throughout Asia, Europe, North America, and South America. The company operates in 11 countries and has approximately 13,000 employees. Through its advanced production capabilities, the company supplies aluminum sheet and foil to the automotive and transportation, beverage and food packaging, construction and industrial, and printing markets. * * * As reported in the Troubled Company Reporter on May 18, 2006, Moody's Investors Service placed the ratings of Novelis Inc., and its subsidiary, Novelis Corp., under review for possible downgrade. Novelis Corporation's Ba2 senior secured bank credit facility rating was placed on review for possible downgrade. Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured bank credit facility and B1 senior unsecured regular bond/debenture were placed on review for possible downgrade. ============= U K R A I N E ============= ADAMPIL BREAD: Court Names Andrij Nadlonok as Insolvency Manager ---------------------------------------------------------------- The Economic Court of Hmelnitskij Region appointed Andrij Nadlonok as Liquidator/Insolvency Manager for CJSC Adampil Bread Combine (code EDRPOU 32430583). He can be reached at: Andrij Nadlonok Zubrivska Str. 25a/33 79066 Lviv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 7. The case is docketed under Case No. 3/165-B. The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: CJSC Adampil Bread Combine Privokzalna Str. 1 Adampil Starosinyavskij District 31416 Hmelnitskij Region Ukraine AGAT: Volinska Court Names M. Zinchuk to Liquidate Assets --------------------------------------------------------- The Economic Court of Volinska Region appointed M. Zinchuk of Kovel City State Tax Inspection as Liquidator for LLC Agat (code EDRPOU 21740959). M. Zinchuk Kovel City State Tax Inspection Stepan Bandera Str. 5 Kovel 45000 Volinska Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 12. The case is docketed under Case No. 1/78-B. The Economic Court of Volinska Region is located at: Voli Avenue 54-a 43010 Lutsk Volinska Region Ukraine The Debtor can be reached at: LLC Agat Kutuzov Str. 27 Kovel 45000 Volinska Region Ukraine ARKO: Ivano-Frankivsk Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Ivano-Frankivsk Region commenced bankruptcy supervision procedure on LLC Production-Trade Firm Arko (code EDRPOU 24684345). The case is docketed under Case No. B-8/136. The Temporary Insolvency Manager is: Ivan Vatutin Novodvorskij Str. 24 Kolomiya 78200 Ivano-Frankivsk Region Ukraine The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 76000 Ivano-Frankivsk Region Ukraine The Debtor can be reached at: LLC Production-Trade Firm Arko a/b 222 Stefanik Str. 16/8 Kolomiya 78200 Ivano-Frankivsk Region Ukraine CHERNIGIV RADIO-TV: Court Starts Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Chernigiv Region commenced bankruptcy supervision procedure on State Enterprise Chernigiv Regional Radio-TV Transmitting Center (code EDRPOU 14251651) on May 18. The case is docketed under Case No. 5/229 b The Temporary Insolvency Manager is: T. Tanska Rokosovskij 16/122 14000 Chernigiv Region Ukraine The Economic Court of Chernigiv Region is located at: Miru Avenue 20 14000 Chernigiv Region Ukraine The Debtor can be reached at: State Enterprise Chernigiv Regional Radio-TV Transmitting Center Komsomolska Str. 53-B 14000 Chernigiv Region Ukraine NOVGORODSKE MACHINE: Donetsk Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy supervision procedure on OJSC Novgorodske Machine Building Plant (code EDRPOU 00165764) on June 26. The case is docketed under Case No. 42/134 B. The Temporary Insolvency Manager is: Yanina Geza a/b 6 Golovposhtamt 83000 Donetsk Region Ukraine The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Novgorodske Machine Building Plant Petrovskij Str. 1 Novgorodske Dzerzhinsk 85294 Donetsk Region Ukraine PROMMONOLIT: Court Names Oleksij Zhimojda as Insolvency Manager --------------------------------------------------------------- The Economic Court of Donetsk Region appointed Oleksij Zhimojda as Liquidator/Insolvency Manager for LLC Wood Processing Complex Prommonolit (code EDRPOU 32359527). He can be reached at: Oleksij Zhimojda Artema Str. 116/37 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 17. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Wood Processing Complex Prommonolit Shadrinska Str. 13 Kramatorsk 84302 Donetsk Region Ukraine RADUSHNA BREAD: Court Commences Bankruptcy Supervision ------------------------------------------------------ The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on OJSC Radushna Bread Receiving Enterprise (code EDRPOU 00959547) on June 6. The case is docketed under Case No. B 29/143/05. The Temporary Insolvency Manager is: Mikola Lukashik a/b 2558 Krivij Rig 50051 Dnipropetrovsk Region Ukraine The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: OJSC Radushna Bread Receiving Enterprise Zavodska Str. 6 Radushna Krivij Rig District Dnipropetrovsk Region Ukraine SHAMSHU: Harkiv Court Names Sergij Moroz as Insolvency Manager -------------------------------------------------------------- The Economic Court of Harkiv Region appointed Sergij Moroz as Liquidator/Insolvency Manager for LLC Shamshu (code EDRPOU 33413511). He can be reached at: Sergij Moroz Academic Proskura Str. 1 61070 Harkiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 17. The case is docketed under Case No. B-39/70-06. 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: LLC Shamshu Darvin Str. 20 Harkiv Region Ukraine SVERDLOVSK AUTO-TRANSPORT 10913: Mikola Hajlo to Manage Assets -------------------------------------------------------------- The Economic Court of Lugansk Region appointed Mikola Hajlo as Liquidator/Insolvency Manager for OJSC Sverdlovsk Auto-Transport Enterprise 10913 (code EDRPOU 03113221). He can be reached at: Mikola Hajlo Karbishev Str. 12/157 Stahanov 94000 Lugansk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 22. The case is docketed under Case No. 10/41 b. The Economic Court of Lugansk Region is located at: Geroiv VVV Square 3a 91000 Lugansk Region Ukraine The Debtor can be reached at: OJSC Sverdlovsk Auto-Transport Enterprise 10913 Lutugin Str. 13 Sverdlovsk 94850 Lugansk Region Ukraine TRIADA: Kyiv Court Starts Bankruptcy Supervision ------------------------------------------------ The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Production Commercial Firm Triada (code EDRPOU 24726724). The case is docketed under Case No. 43/396. The Temporary Insolvency Manager is: Ivan Gusar a/b 29 01030 Kyiv Region Ukraine The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Production Commercial Firm Triada Tupolev Str. 7-V Kyiv Region Ukraine ZDOLBUNIV NON-STANDARD: Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Rivne Region commenced bankruptcy supervision procedure on OJSC Zdolbuniv Non-Standard Equipment Plant (code EDRPOU 05461415) on June 21. The case is docketed under Case No. 9/32. The Temporary Insolvency Manager is: O. Franko Guryev Str. 13 33000 Rivne Region Ukraine The Economic Court of Rivne Region is located at: Yavornitski Str. 59 33001 Rivne Region Ukraine The Debtor can be reached at: OJSC Zdolbuniv Non-Standard Equipment Plant Grushevskij Str. 28 Zdolbuniv 35705 Rivne Region Ukraine =========================== U N I T E D K I N G D O M =========================== A & P ESSEX: Appoints Liquidator from Tenon Recovery ---------------------------------------------------- Duncan R. Beat of Tenon Recovery was appointed Liquidator of A & P (Essex) Limited on June 19 for the purposes of the company's voluntary winding-up. The appointment of the Liquidator was confirmed at a meeting of creditors held on the same day. The company can be reached at: A & P (Essex) Limited 75 Springfield Road Chelmsford Essex CM2 6JG United Kingdom Tel: 01245 602 339 ADDISCOMBE GROUP: Creditors' Meeting Slated for September 7 ----------------------------------------------------------- Creditors of Addiscombe Group Limited (formerly Interalliance Group PLC) (Company Number 02850080) will meet at 2:00 p.m. on Sept. 7 at: New Connaught Rooms 61-65 Great Queen Street London WC2B 5DA 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. 6 at: M. J. A. Jervis and D. Y. Schwarzmann Joint Administrators PricewaterehouseCoopers LLP Plumtree Court London EC4A 4HT United Kingdom Tel: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 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. AFFYMETRIX INC: Defaults Under 0.75% Senior Note Indenture ---------------------------------------------------------- Affymetrix Inc. received a notice of default on Aug. 17 under the indenture governing its US$120 million 0.75% Senior Convertible Notes due 2033 from noteholders owning over 25% of the principal amount of the outstanding notes. The default notice came as a result of the filing delay of the company's Form 10-Q for the quarter ended June 30, 2006, with the U.S. Securities and Exchange Commission, in light of Affymetrix's decision to restate its financial statements. Under the indenture, the Company has 60 days to cure a breach. If the company does not cure the breach within that period, either the trustee or the holders of at least 25% aggregate principal amount of outstanding Notes may accelerate the maturity of the Notes, causing the outstanding principal amount plus accrued interest to be immediately due and payable. The Company expects to file its restated financial statements and its Form 10-Q for the period ending June 30, 2006, by Sept. 30, 2006, which would cure the purported default. All required interest and principal payments have been timely made on the Notes. As of June 30, 2006, the Company had approximately US$261 million of cash and short-term investments. About Affymetrix Headquartered in Santa Clara, California, Affymetrix Inc. -- http://www.affymetrix.com/-- analyzes complex genetic information that are used by pharmaceutical, biotechnology, agrichemical, diagnostics and consumer products companies. The Company has manufacturing facilities in Sacramento, California, and Bedford, Massachussetts, and maintains important sales and marketing operations in Europe and Asia and has about 1,100 employees worldwide. AFFYMETRIX INC: Court Issues Markman Order in Illumina Suit ----------------------------------------------------------- The Hon. Joseph J. Farnan of the United States District Court for the District of Delaware issued a Markman order in the litigation brought by Affymetrix against Illumina. Affymetrix has accused Illumina of infringing U.S. Patent Nos. 6,355,432, 6,646,243, 5,545,531, 6,399,365, and 5,795,716. In a Markman decision, the District Court interprets disputed claim language. The Court's Aug. 16 Order addressed 15 disputed claim terms in the five patents-in-suit. The Court agreed with Affymetrix's proposed constructions for most terms and adopted only two of Illumina's proposed constructions. The Court rejected Illumina's primary contentions, and found instead that: -- the patents-in-suit are not limited to in situ synthesis. -- the patents-in-suit are not limited to probes chemically linked to a single surface. -- the patents-in-suit are not limited to placement of probes at predetermined locations (and therefore cover random assembly of arrays). The Court's decision affirms the breadth of Affymetrix' patent portfolio in covering the DNA microarray field and related technology. In a separate decision, the Court also denied Illumina's motion to dismiss the '716 patent for lack of standing. The Court affirmed Affymetrix' ownership of and right to sue on the '716 patent. "We are pleased with the Court's Markman decision and look forward to proceeding to trial," said Barbara Caulfield, Affymetrix' Executive Vice President and General Counsel. Trial is scheduled to begin on Oct. 16. Affymetrix is seeking remedies including lost profits, a reasonable royalty, trebled damages for willfulness, and a permanent injunction. A full-text copy of the Markman memorandum and opinion is available at no charge at: http://www.affymetrix.com/corporate/media/illumina_announcement.affx About Affymetrix Headquartered in Santa Clara, California, Affymetrix Inc. -- http://www.affymetrix.com/-- analyzes complex genetic information that are used by pharmaceutical, biotechnology, agrichemical, diagnostics and consumer products companies. The Company has manufacturing facilities in Sacramento, California, and Bedford, Massachussetts, and maintains important sales and marketing operations in Europe and Asia and has about 1,100 employees worldwide. * * * Affymetrix Inc.'s noteholders issued a notice of default on Aug. 17 under the indenture governing the US$120 million 0.75% Senior Convertible Notes due 2033 as a result of the company's failure to file its Form 10-Q for the quarter ended June 30, 2006, with the U.S. Securities and Exchange Commission. APAC COMPUTER: Names Gordon Allan Mart Simmonds Liquidator ---------------------------------------------------------- Gordon Allan Mart Simmonds was appointed Liquidator of APAC Computer Training Limited on July 3 for the purposes of the company's voluntary winding-up procedure. The company can be reached at: APAC Computer Training Limited Princess House 105-107 Princess Street Manchester M1 6DD United Kingdom Tel: 0161 228 7783 ASHTON COURT: Brings In Ernst & Young as Administrators ------------------------------------------------------- Colin Peter Dempster and Robert Hunter Kelly of Ernst & Young LLP were appointed joint administrators of Ashton Court Developments Limited (Company Number 05645758) on Aug. 7. Ernst & Young -- http://www.ey.com/-- is global organization help companies in businesses across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. It has 107,000 people in 140 countries around the globe pursue the highest levels of integrity, quality and professionalism to provide clients with a broad array of services relating to audit and risk-related services, tax, and transactions. Headquartered in Harrogate, United Kingdom, Ashton Court Developments Limited is engaged in property development. ATLAS MOVING: Peter John Bridger Leads Liquidation Procedure ------------------------------------------------------------ Peter John Bridger of Bridgers was appointed Liquidator of Atlas Moving Limited on June 20 for the purposes of the company's voluntary wind-up. The company can be reached at: Atlas Moving Limited 4 Acre Road Reading Berkshire RG2 0SU United Kingdom Tel: 0118 931 1229 BIG TENT: Taps Laurence S. Burt to Liquidate Assets --------------------------------------------------- Laurence S. Burt of Ganley Burt was appointed Liquidator of Big Tent Limited on July 5 for the purposes of the company's voluntary winding-up. The company can be reached at: Big Tent Limited 2A Osbourne Court Thelwall New Road Grappenhall Warrington Cheshire WA4 2LS United Kingdom Tel: 01925 606060 BOOKPRINT 2000: Hires Liquidator from Leigh & Co. ------------------------------------------------- Martin Henry Linton of Leigh & Co. was appointed Liquidator of BookPrint 2000 Limited on June 23 for the purposes of the company's voluntary winding-up. The company can be reached at: BookPrint 2000 Limited Unit 6 7 Milland Road Industrial Estate Neath West Glamorgan SA111NJ United Kingdom Tel: 01639 638 005 C & G LEISURE: Taps Vantis to Administer Assets ----------------------------------------------- Mark Newman and Peter Nicholas Wastell of Vantis Business Recovery Services were appointed joint administrators of C & G Leisure & Amusements Limited (Company Number 4009738) on Aug. 8. Headquartered in West Sussex, Vantis PLC -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. C & G Leisure & Amusements Limited can be reached at: Stanton House 41 Blackfriars Road Salford Lancashire M3 7DB United Kingdom CAFE BLU: Appoints Joint Administrators from Benedict Mackenzie --------------------------------------------------------------- Anthony Peter McQueen Benedict and Ian Donald Williams of Benedict Mackenzie LLP were appointed joint administrators of Cafe Blu Limited (Company Number 04467561) on Aug. 10. The administrators can be reached at: Benedict Mackenzie LLP 62 Wilson Street London EC2A 2BU United Kingdom Tel: 020 7247 1174 Fax: 020 7247 3494 Cafe Blu Limited can be reached at: 13 Station Parade Virginia Water Surrey GU25 4AB United Kingdom Tel: 01344 843 369 CAITHNESS GLASS: Crystal Ware Manufacturer Up for Sale ------------------------------------------------------ The Administrator, Deloitte & Touche LLP, offers for sale the business and assets Caithness Glass Company Limited. Features: -- manufacturer of glass giftware, crystal tableware and associated products; -- manufacturing facility, warehouse and visitor center at Perth; -- demonstration center and retail outlet at Kings Lynn; -- broad customer base throughout the U.K.; -- experienced and committed workforce; and -- turnover of GBP3.4 million in 2006 and GBP3.5 million in 2005. Inquiries can be addressed to: Monika Bretmaisser Deloitte & Touche LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2DB Tel: 0131 535 7428 Fax: 0131 535 7777 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. CAMDELL SERVICES: Creditors Confirm Liquidator's Appointment ------------------------------------------------------------ Martin Williamson of DS Insolvency Services Ltd. was appointed Liquidator of Camdell Services Limited on July 7 for the purposes of the company's voluntary winding-up. The appointment of the Liquidator was confirmed at a meeting of creditors held on the same day. The company can be reached at: Camdell Services Limited 1 Marychurch Road Stoke-On-Trent ST2 9BJ United Kingdom Tel: 01782 206 008 CAPERDI TRADING: Appoints Michael Williams as Liquidator -------------------------------------------------------- Michael Williams of Michael Williams and Company was appointed Liquidator of Caperdi Trading Limited on July 10 for the purposes of the company's voluntary wind-up. The company can be reached at: Caperdi Trading Limited Unit 8 Vale Park Industrial Estate Hazelbottom Road Manchester M8 0GF United Kingdom Tel: 0161 203 6658 COLLINS & AIKMAN: Court OKs Expedited Lease Rejection Procedures ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan approved the expedited procedures for the rejection of unnecessary and burdensome executory contracts and unexpired leases proposed by Collins & Aikman Corporation and its debtor- affiliates. Salient terms of the Debtor's rejection procedures include: (a) The Debtors will file a notice to reject a Contract, setting forth: (i) the Contracts to be rejected; (ii) the name and address of the counterparties to the Contracts; (iii) the effective date of the rejection for the Contracts; and (iv) the deadlines and procedures for filing objections to the Rejection Notice. (b) The Debtors will serve the Rejection Notice by an overnight delivery service on: (i) the Contract counterparties affected by the Rejection Notice; (ii) counsel to the Committee; (iii) counsel to the agent for the prepetition secured lenders; (iv) counsel to the agent for the postpetition secured lenders; and (v) the Office of the United States Trustee. (c) Parties objecting to the rejection must file and serve a written objection with the Court no later than 10 days after the date the Debtors serve the relevant Rejection Notice. (d) If an objection is not timely filed, the Debtors will file a certificate of no objection with a proposed order rejecting the Contracts. (e) If an objection is timely filed and not withdrawn or resolved, the Debtors will file a notice for a hearing to consider the objection for the Contracts to which the objection relates. If an objection is overruled or withdrawn, the Contracts will be rejected. 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. 38; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Fabric (DE) Balks at Lease Rejection Request -------------------------------------------------------------- Fabric (DE) GP asks the U.S. Bankruptcy Court for the Eastern District of Michigan deny Collins & Aikman Corporation and its debtor-affiliates request to reject portions of a Master Lease Agreement, relating to premises in Manchester, Michigan, and Farmville, North Carolina. Timothy A. Fusco, Esq., at Miller, Canfield, Paddock & Stone, PLC, in Detroit, Michigan, argues that the Lease cannot be rejected in part. Section 365 of the Bankruptcy Code does not authorize the rejection of real property; rather, the trustee or debtor-in-possession only is authorized to "assume or reject any executory contract or unexpired lease of the debtor," Mr. Fusco explains. Mr. Fusco, citing In re Rachels Industries, Inc., 109 B.R. 797, 802 (Bankr. W.D. Tenn. 1990), points out that the Debtors bear the burden of proving that the Lease as to the Manchester and Farmville premises should be severed. Mr. Fusco asserts that Debtors failed to satisfy this burden. The Debtors argue that the Lease is severable because it covers six properties in different locations and the Manchester and Farmville properties allegedly operated on a stand-alone basis. Mr. Fusco contends that this perspective is far too narrow and does not reflect the parties' views when the original lease was entered. According to Mr. Fusco, the Lease was executed with Fabric purchasing simultaneously from the Debtors all of the premises. That sale treated the leased premises collectively for all purposes including: * Fabric obtained a single loan to acquire all of the leased premises and secured that loan by giving the Lender mortgages on all of the leased premises; * There was one Subordination, Non-Disturbance and Attornment Agreement provided by the Tenant to the Lender, which was signed by all of the applicable Debtors; * Fabric obtained only one policy for each type of insurance coverage for the six premises; and * C&A Corp. issued a single guaranty of all of Tenant's obligations under the Lease. "[O]nly very recently did the Debtors begin characterizing the Lease as severable," Mr. Fusco notes. "[T]he Debtors' newfound position reflects not the parties' intent, but rather the Debtors' current economic preference." In the event that the Court approves the rejection, Fabric asks the Court to set the lease effective date of rejection on the later of: -- June 29, 2006, for the Manchester premises and December 31, 2006, for the Farmville premises; or -- the date by which the Debtors have fully vacated and surrendered possession of the Premises and paid all postpetition amounts due. 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. 38; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CONISTON ELECTRICAL: Joint Liquidators Take Over Operations ----------------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork were appointed Joint Liquidators of Coniston Electrical Services Limited on June 22 for the purposes of the company's voluntary wind-up. The company can be reached at: Coniston Electrical Services Limited Lowgate House Lowgate Hull North Humberside HU1 1EL United Kingdom Tel: 01482 322 261 CREST SERVICES: Appoints Administrators from KPMG ------------------------------------------------- Richard James Philpott and Allan Watson Graham of KPMG LLP were appointed joint administrators of Crest Services and Supplies Limited (Company Number 02101209) 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 Leicester, United Kingdom, Crest Services and Supplies Limited is engaged in the production of aluminum window frames. D.A.P. PROPERTIES: Names Joint Administrators from KPMG ------------------------------------------------------- Richard John Hill and Jonathan Scott Pope of KPMG LLP were appointed joint administrators of D.A.P. Properties U.K. Limited (Company Number 05227692) on Aug. 10. 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 Bristol, United Kingdom, D.A.P. Properties U.K. Limited develops real estate properties. EEC ELECTRICAL: Names Barry Gibson Mitchell to Liquidate Assets --------------------------------------------------------------- Barry Gibson Mitchell of Barry Mitchell & Company was appointed Liquidator of EEC Electrical Limited on June 23 for the purposes of the company's voluntary wind-up. The company can be reached at: EEC Electrical Limited 60 Cowbridge Road East Canton Cardiff South Glamorgan CF11 9DU United Kingdom Tel: 029 2034 2180 Web: http://www.eecelectrical.com/ FIELDS DISTRIBUTION: Claims Filing Period Ends Sept. 27 ------------------------------------------------------- Creditors of Fields Distribution Limited have until Sept. 27 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 William Antony Batty of Antony Batty & Co. at: William Antony Batty Antony Batty & Co. Third Floor 3 Field Court Gray's Inn London WC1R 5EF United Kingdom The company can be reached at: Fields Distribution Limited Rolleston Lane Tutbury Burton-On-Trent Staffordshire DE139HE United Kingdom Tel: 01283 815 666 FIRST CAPITAL: Brings In Administrators from Baker Tilly -------------------------------------------------------- Guy Edward Brooke Mander and Phillip Hartland Allen of Baker Tilly were appointed joint administrators of First Capital Ventures Limited (Company Number 03268053) on Aug. 10. Headquartered in Birmingham, United Kingdom, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Headquartered in Kingswinford, United Kingdom, First Capital Ventures Limited maintains and repairs motors. G DYTHAM: Brings In Joint Liquidators from CBA ---------------------------------------------- Neil Charles Money and Neil Richard Gibson of CBA were appointed Joint Liquidators of G Dytham & Sons Limited (formerly Summertown Limited) on June 29 for the purposes of the company's voluntary winding-up. Subsequently, creditors confirmed the appointment of the Joint Liquidators. The company can be reached at: G Dytham & Sons Limited Melbourne Road Lount Ashby-De-La-Zouch Leicestershire LE651RS United Kingdom Tel: 01530 566 566 GLASS COMPACTION: Hires Robert Day to Liquidate Assets ------------------------------------------------------ Robert Day of Robert Day and Company Limited was appointed Liquidator of Glass Compaction Services Limited on June 30 for the purposes of the company's voluntary wind-up. The company can be reached at: Glass Compaction Services Limited Upway Hammer Vale Haslemere Surrey GU271QG United Kingdom Tel: 01428 656 027 GRAZ LIMITED: Hires Grant Thornton as Joint Administrators ---------------------------------------------------------- Nicholas Wood and James Earp of Grant Thornton U.K. LLP were appointed joint administrators of Graz Limited (Company Number 05335799) on Aug. 8. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Graz Limited can be reached at: Waltham Forest Business Centre 5 Blackhorse Lane London E17 6DS United Kingdom GUS PLC: Shareholders Approve Argos & Experian Split ---------------------------------------------------- Shareholders of GUS plc approved the demerger and public listing of Argos Retail Group and Experian at a Court Meeting and an Extraordinary General Meeting on Aug. 29. Following this approval, the demerger will result in GUS shareholders receiving one share in each of ARG and Experian for every GUS share they hold. Terms of the Offer Under the proposals, GUS shareholders on the register at 4:30 p.m. on Oct. 6 will receive one ARG share and one Experian share in exchange for each GUS share they hold at the time. Holders of GUS ADRs will be entitled to receive one Experian ADR and the net proceeds of sale of their pro rata entitlement to ARG shares. The suspension of listing of and dealings in GUS shares is expected to take place at 4:30 p.m. on Oct. 6. Application will be made to the FSA for the ARG shares and the Experian shares to be admitted to the Official List and will be made to the London Stock Exchange for such shares to be admitted to trading on the London Stock Exchange. Dealings in ARG and Experian shares are expected to commence at 8:00 a.m. on Oct. 11. Application will be made to the London Stock Exchange to permit when issued dealings in ARG and Experian from 8:00 a.m. on Oct. 9 until Admission. If the demerger does not occur, all conditional dealings will be of no effect and any such dealings will be at the sole risk of the parties concerned. GUS will issue an update on trading for the five months to Aug. 31, on Sept. 14. The expected timetable for the proposal include: Date Event ---- ----- Sept. 14 2006 Approximate date of publication of ARG and Experian prospectuses. Oct. 6, 2006 Suspension of listing of, and dealings in, GUS shares at 4.30 p.m. Oct. 9, 2006 When issued dealings commence in ARG and Experian shares Oct. 10, 2006 Demerger becomes effective Oct. 11, 2006 Shares in ARG and Experian commence trading at 8:00 a.m. "We believe this demerger will create further value for our shareholders by enabling them to invest directly in ARG and Experian, both of which have clear strategies for growth," Sir Victor Blank, Chairman of GUS, said. "We are delighted that our shareholders have given their support to the demerger." In a TCR-Europe report on Aug. 3, HSBC Holdings Plc, the trustee for GUS Plc's bondholders, warned that GUS will default on its GBP350 million 5.625% bonds due 2013 should shareholders approve a plan to split the company into two. About the Company Headquartered in London, United Kingdom, GUS Plc -- http://www.gusplc.com/-- is a retail and business services group. Its activities comprise general merchandise retailing through Argos Retail Group and information and customer relationship management services through Experian. ARG is the UK's leading multi-brand, multi-channel retailer. It has two major businesses, Argos and Homebase. Experian is a global leader in the market for information solutions. It supports clients in more than 60 countries. HADEN MACLELLAN: Claims Registration Ends Sept. 30 -------------------------------------------------- Creditors of Haden MacLellan Limited, which has been voluntarily wound up, are required by Sept. 30, to send their full forenames and surnames, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidator Jeremy Willmont of Moore Stephens LLP at: Jeremy Willmont Moore Stephens LLP 1 Snow Hill London EC1A 2DH United Kingdom The company can be reached at: Haden MacLellan Limited Equipoint Coventry Road Yardley Birmingham B25 8AD United Kingdom Tel: 01452 880 500 HEXFAX LIMITED: Hires Berg Kaprow to Administer Assets ------------------------------------------------------ Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP were appointed joint administrators of Hexfax Limited (Company Number 01731212) on Aug. 4. The administrators can be reached at: Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW United Kingdom Tel: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 Headquartered in London, United Kingdom, Hexfax Limited is engaged in database design and management. HMH PROCESS: Creditors' Claims Due Sept. 30 ------------------------------------------- Creditors of HMH Process Engineering and Services Limited, which has been voluntarily wound up, are required by Sept. 30, to send their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidator Jeremy Willmont of Moore Stephens LLP at: Jeremy Willmont Moore Stephens LLP 1 Snow Hill London EC1A 2DH United Kingdom The company can be reached at: HMH Process Engineering and Services Limited 4th Fl Equipoint Coventry Road Yardley Birmingham B25 8AD United Kingdom Tel: 0121 765 4040 Web: http://www.endsdirectory.com/ http://www.hadenenvironmental.com/ IMPACT DATA: Taps Liquidator from Stones & Co. ---------------------------------------------- Gary Stones of Stones & Co. was appointed Liquidator of Impact Data Systems Limited on July 4 for the purposes of the company's voluntary winding-up. The company can be reached at: Impact Data Systems Limited 10 Bridge Street Aberystwyth Dyfed SY231PY United Kingdom Tel: 01970 627 980 JFL AUTOMOTIVE: Train Parts Business Up for Sale ------------------------------------------------ Mark Orton and Andy McGill, in their capacities as joint administrators of JFL Automotive Limited, offer for sale the company's business and assets. Features: -- lean manufacturer of power train components and assemblies including stainless steel fuel rail systems; -- operates from c.40,000 square foot leasehold premises in the West Midlands; -- furnace burning facilities for both low-carbon and stainless steel; -- stamping, tube bending and spinning manufacturing facilities; -- all required automotive quality accreditation including TS16949 and ISO14001; -- annual turnover currently around GBP5 million; -- skilled U.K. workforce of approximately 60 employees. Inquiries can be addressed to: Chris Pole KPMG LLP 2 Cornwall Street Birmingham B3 2DL Phone: (0121) 232 3000 Fax: (0121) 232 3500 KPMG LLP -- 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. JON LLOYD: Liquidator Sets Dec. 7 Claims Bar Date ------------------------------------------------- Creditors of Jon Lloyd Interiors Limited, which is being voluntarily wound up, are required, on or before Dec. 7, to send in their full particulars of their debts or claims and the names and addresses of their Solicitors (if any), to appointed Liquidator Michael F. McCarthy of Walletts Insolvency Services at: Michael F. McCarthy Walletts Insolvency Services 2-6 Adventure Place Hanley Stoke-on-Trent ST1 3AF United Kingdom The company can be reached at: Jon Lloyd Interiors Limited Victoria Mill Foundry Bank Congleton Cheshire CW121EE United Kingdom Tel: 01260 295 622 KERNOW SCREEN: Names Liquidator from Bishop Fleming --------------------------------------------------- Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed Liquidator of Kernow Screen Print Limited on July 3 for the purposes of the company's voluntary wind-up. The company can be reached at: Kernow Screen Print Limited 7 Halgavor Road Bodmin Cornwall PL311BW United Kingdom Tel: 01208 797 09 Fax: 01208 796 35 Web: http://www.screenprinters.org.uk/ LAPTOP SUPERSTORE: Claims Registration Ends Oct. 11 --------------------------------------------------- Creditors of Laptop Superstore Limited have until Oct. 11 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 William Antony Batty of Antony Batty & Co. at: William Antony Batty Antony Batty & Co. Third Floor 3 Field Court Gray's Inn London WC1R 5EF, United Kingdom The company can be reached at: Laptop Superstore Limited Unit 10 Hampton Heath Industrial Estate Hampton Malpas Cheshire SY148LU United Kingdom Tel: 0870 027 3466 Web: http://www.laptopsuperstore.co.uk/ LYNTON REGENERATION: Calls In Joint Liquidators from Baker Tilly ---------------------------------------------------------------- Phillip Hartland Allen and Guy Edward Brooke Mander of Baker Tilly were appointed Joint Liquidators of Lynton Regeneration Limited on June 22 for the purposes of the company's voluntary wind-up. The company can be reached at: Lynton Regeneration Limited Radclyffe House 66-68 Hagley Road Birmingham West Midlands B16 8PF United Kingdom Tel: 0121 410 6780 MILLENNIUM PROJECTS: David Field Leads Liquidation Procedure ------------------------------------------------------------ David Field of Centrum Recovery was appointed Liquidator of Millennium Projects Limited (t/a Morris James) on July 3 for the purposes of the company's voluntary wind-up. The company can be reached at: Millennium Projects Limited Point 65 Business Centre Greenbank Road Blackburn BB1 3EA United Kingdom Tel 01254 699 178 MILLFIELD GROUP: Creditors' Meeting Slated for Sept. 8 ------------------------------------------------------ Creditors of Millfield Group PLC (formerly YPCS 112 PLC) (Company Number 04132567) will meet at 2:00 p.m. on Sept. 8 at: Millfield Group PLC New Connaught Rooms 61-65 Great Queen Street London WC2B 5DA 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. 7 at: M. J. A. Jervis and D. Y. Schwarzmann Joint Administrators PricewaterehouseCoopers LLP Plumtree Court London EC4A 4HT United Kingdom Tel: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 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. MILLFIELD MANAGEMENT: Creditors' Meeting Slated for Sept. 8 ----------------------------------------------------------- Creditors of Millfield Management Services Limited (Company Number 03521953) will meet at 10:30 a.m. on Sept. 8 at: Millfield Management Services Limited New Connaught Rooms 61-65 Great Queen Street London WC2B 5DA 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. 7 at: M. J. A. Jervis and D. Y. Schwarzmann Joint Administrators PricewaterehouseCoopers LLP Plumtree Court London EC4A 4HT United Kingdom Tel: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 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. MILLFIELD PARTNERSHIP: Creditors' Meeting Slated for Sept. 7 ------------------------------------------------------------ Creditors of Millfield Partnership Limited (formerly Saxonfort Limited)) (Company Number 03472816) will meet at 10:30 a.m. on Sept. 7 at: Millfield Partnership Limited New Connaught Rooms 61-65 Great Queen Street London WC2B 5DA 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. 6 at: M. J. A. Jervis and D. Y. Schwarzmann Joint Administrators PricewaterehouseCoopers LLP Plumtree Court London EC4A 4HT United Kingdom Tel: [44] (20) 7583 5000 Fax: [44] (20) 7822 4652 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. NEWLINE DISPLAY: Brings In DTE to Administer Assets --------------------------------------------------- J. M. Titley and A. Poxon of DTE Leonard Curtis were appointed joint administrators of Newline Display (Brighouse) Limited (Company Number 05131455) on Aug. 11. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Headquartered in Brighouse, United Kingdom, Newline Display Limited manufactures office and shop furniture. ORRELL BUILDING: Claims Filing Period Ends Oct. 6 ------------------------------------------------- Creditors of Orrell Building & Joinery Contractors Limited, which is being voluntarily wound up, are required, on or before Oct. 6, 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 Daniel Paul Hennessy of Cresswall Associates at: Daniel Paul Hennessy Cresswall Associates Limited Maple View White Moss Business Park Skelmersdale Lancashire WN8 9TG United Kingdom The company can be reached at: Orrell Building & Joinery Contractors Limited 12 Adams Drive Wigan Lancashire WN3 5UH United Kingdom Tel: 01942 242 954 P.GARNETT & SON: Hires RE10 as Joint Administrators --------------------------------------------------- Nimish Patel and Bijal Shah of RE10 were appointed joint administrators of P.Garnett & Son Limited (Company Number 00298236) on Aug. 9. The administrators can be reached at: RE10 Trinity House Heather Park Drive Wembley Middlesex HA0 1SU United Kingdom Helpline: 870 787 2346 Headquartered in Otley, United Kingdom, P.Garnett & Son Limited manufactures paper and paperboard. PMD BUILDING: Creditors Confirm Ian William Kings as Liquidator --------------------------------------------------------------- Ian William Kings of Tenon Recovery was appointed Liquidator of PMD Building Services Limited on June 27 for the purposes of the company's voluntary winding-up. The appointment of the Liquidator was confirmed at a meeting of creditors held on the same day. The company can be reached at: PMD Building Services Limited 32 Villiers Street Sunderland Tyne and Wear SR1 1EJ United Kingdom Tel: 0191 5143444 REAL DEAL: Creditors' Claims Due Oct. 3 --------------------------------------- Creditors of Real Deal (Middleton) Limited have until Oct. 3 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidators D. Bailey and G. N. Lee of Begbies Traynor at: D. Bailey G. N. Lee Begbies Traynor Elliot House 151 Deansgate Manchester M3 3BP United Kingdom The company can be reached at: Real Deal (Middleton) Limited) 26-28 Fountain Street Middleton Manchester M24 1AF United Kingdom Tel: 0161 654 0909 RIPPONDEN LOGISTICS: Brings In KPMG to Administer Assets -------------------------------------------------------- Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Ripponden Logistics Limited (Company Number 5444550) on Aug. 8. 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 Brighouse, United Kingdom, Ripponden Logistics Limited is engaged in haulage. ROSECO LIMITED: Appoints Joint Liquidators to Wind Up Business -------------------------------------------------------------- Geoffrey Stuart Kinlan and Antony Nygate of BDO Stoy Hayward LLP were appointed Joint Liquidators of Roseco Limited on June 15 for the purposes of the company's voluntary winding-up. The appointment of the Joint Liquidators was confirmed at a meeting of creditors held on the same day. The company can be reached at: Roseco Limited Knightsbridge House 197 Knightsbridge City Of Westminster London SW7 1RB United Kingdom Tel: 020 7370 1080 SAVORY FENCING: Claims Filing Period Ends Sept. 7 ------------------------------------------------- Creditors of Savor Fencing Limited, which is being voluntarily wound up, are required, on or before Sept. 7, 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 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: Savory Fencing Limited 2 Neil Avenue Holt Norfolk NR25 6TG United Kingdom Tel: 01263 711443 SAXON RESOURCES: Names Ninos Koumettou as Administrator ------------------------------------------------------- Ninos Koumettou of Alexander Lawson Jacobs was named administrator of Saxon Resources Ltd. (Company Number 5583051) on Aug. 7. The administrator can be reached at: Alexander Lawson Jacobs 1 Kings Avenue Winchmore Hill London EC1V 2NJ United Kingdom Tel: 0845 260 0590 Headquartered in Crawley, United Kingdom, Saxon Resources is engaged in running an employment/recruitment agency. SHIRE GLASS: Taps Administrators from Bridgestones -------------------------------------------------- Jonathan Lord and Robert Cooksey of Bridgestones were appointed joint administrators of Shire Glass Services Limited (Company Number 04143582) on Aug. 4. The administrators can be reached at: Bridgestones 125-127 Union Street Oldham Lancashire OL1 1TE United Kingdom Tel: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk Headquartered in Shropshire, United Kingdom, Shire Glass Services Limited manufactures glass. SIMON PHOTOGRAPHIC: Calls In Joint Liquidators from BRI ------------------------------------------------------- Gary Steven Pettit and Peter John Windatt of BRI Business Recovery and Insolvency were appointed Joint Liquidators of Simon Photographic (M.K.) Limited on June 28 for the purposes of the company's voluntary winding-up. The company can be reached at: Simon Photographic (M.K.) Limited 17 Acorn Walk Milton Keynes MK9 3AD United Kingdom Tel: 01908 677 175 Web: http://www.ukcamera.com/ http://www.usedcamera.co.uk/ SOLVITOL LIMITED: Hires Cresswall Associates as Administrators -------------------------------------------------------------- Daniel Hennessy and Gordon Craig of Cresswall Associates Limited were appointed joint administrators of Solvitol Limited (Company Number 01423349) on Aug. 3. The administrators can be reached at: Cresswall Associates Limited West Lancashire Investment Centre Maple View White Moss Business Park Skelmersdale Lancashire WN8 9TG United Kingdom Tel: 01695 712683 Headquartered in County Durham, United Kingdom, Solvitol Limited manufactures, processes and distributes aerosols and chemical products. SPOT DISTRIBUTION: Hires Martin Williamson to Liquidate Assets -------------------------------------------------------------- Martin Williamson of DS Insolvency Services Ltd. was appointed Liquidator of Spot Distribution Limited on July 6 for the purposes of the company's voluntary winding-up. The appointment of the Liquidator was confirmed at a meeting of creditors held on the same day. The company can be reached at: Spot Distribution Limited Enterprise House Maesbury Road Industrial Estate Oswestry Shropshire SY108NS United Kingdom Tel: 01691 663 000 Web: http://www.spotdistribution.com/ STERLING TRADE: Taps Joint Liquidators from BDO Stoy Howard ----------------------------------------------------------- Mark Peter George Roach and Graham David Randall of BDO Stoy Hayward LLP were appointed Joint Liquidators of Sterling Trade Centre Limited on June 30 on for the purposes of the company's voluntary wind-up. The appointment of the Joint Liquidators was confirmed at a meeting of creditors held on the same day. The company can be reached at: Sterling Trade Centre Limited Sterling Trade Centres Bristol BS309WY United Kingdom Tel: 0117 967 1804 STREAMDOOR GROUP: Appoints Atherton Bailey as Administrators ------------------------------------------------------------ Malcolm Peter Fillmore and Ranjit Bajjon of Atherton Bailey LLP were appointed joint administrators of Streamdoor Group Limited (Company Number 04976814) on Aug. 3. The administrators can be reached at: Atherton Bailey LLP Arundel House 1 Amberley Court Whitworth Road West Sussex Crawley RH11 7XL United Kingdom Tel: 01293 410333 Streamdoor Group Limited can be reached at: 15 Church Road Poole Dorset BH14 8UF United Kingdom SUNSET RESTAURANTS: Brings In Administrators from Herron Fisher --------------------------------------------------------------- Christopher Herron and Nicola Jayne Fisher of Herron Fisher were appointed joint administrators of Sunset Restaurants Ltd. (Company Number 4982162) on Aug. 11. The administrators can be reached at: Herron Fisher Capital Business Centre 22 Carlton Road Croydon Surrey CR2 0BS United Kingdom Tel: 07956 640156 E-mail: chris.herron@begbies-traynor.com Sunset Restaurants Ltd. can be reached at: South Downs House South Farm Close Rodmell Lewes East Sussex BN7 3HW United Kingdom TYKE SHOPFITTING: Appoints Joint Administrators from Mazars LLP --------------------------------------------------------------- Robert Adamson and Paul Charlton of Mazars LLP were appointed joint administrators of Tyke Shopfitting Limited (Company Number 05027540) on Aug. 10. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Tyke Shopfitting Limited can be reached at: Unit 7 Ings Mill Dale Street Ossett West Yorkshire WF5 9HQ United Kingdom Tel: 01924 288 780 Fax: 01924 288 788 TYPETEX U.K.: Appoints John C. Moran as Liquidator -------------------------------------------------- John C. Moran of Parkin S. Booth & Co was appointed Liquidator of Typetex (U.K.) Limited on June 27 for the purposes of the company's voluntary winding-up. The company can be reached at: Typetex (U.K.) Limited Upper Parliment Street Liverpool L8 7BA United Kingdom Tel: 0151 709 6378 U.K. GOLF: Names Geoffrey Stuart Kinlan Liquidator -------------------------------------------------- Geoffrey Stuart Kinlan of BDO Stoy Hayward LLP was appointed Liquidator U.K.-Golf Shop Limited on June 27 for the purposes of the company's voluntary winding-up. The appointment of the Liquidator was confirmed at a meeting of creditors held on the same day. The company can be reached at: U.K.-Golf Shop Limited 66 Bedford Street Ampthill Bedford MK452NB United Kingdom Tel: 01525 404 171 Web: http://www.golfing-equipment.co.uk/ UNITEDHEALTH GROUP: Rejects Debt Holders' Default Notice -------------------------------------------------------- UnitedHealth Group received a purported notice of default on Aug. 28 from persons claiming to hold certain of its debt securities alleging a violation of the Company's indenture governing its debt securities. The notice came following the Company's failure to file its quarterly report on Form 10-Q for the quarter ended June 30, 2006, with the U.S. Securities and Exchange Commission. The Company believes it is not in default and intends to defend itself vigorously. The Company's indenture requires it to provide to the trustee copies of the reports the Company is required to file with the SEC, such as its quarterly reports, within 15 days of filing such reports with the SEC. Independent Review Earlier this month, the Group said it would delay the filing of its financial results in light of an independent review of the company's stock option programs from 1994 to present. The company's Board of Directors initiated the review in March 2006. During the 13-year period under review, the company made more than 45,000 separate option grants to roughly 15,000 individuals. If, upon conclusion of the independent review, the Company determines that certain stock options are subject to variable accounting, the resulting non-cash charges under APB 25 for 2005 and prior years are likely to be significant because of the substantial increase in the Company's stock price during the period under review. Under FAS 123R, the accounting standard currently applicable to the Company (and adopted for all historical periods), the Company believes that the potential impact of all stock option matters under review would not be material. On July 19, the Company announced its financial results for second quarter 2006 and increased its 2006 earnings outlook to a range of US$2.91 to US$2.95 per share, supported by expected cash flows from operations for 2006 of US$5.8 billion or more. About UnitedHealth Group Headquartered in Minneapolis, Minnesota, UnitedHealth Group -- http://www.unitedhealthgroup.com/-- offers a broad spectrum of products and services through six operating businesses: UnitedHealthcare, Ovations, AmeriChoice, Uniprise, Specialized Care Services and Ingenix. Through its family of businesses, UnitedHealth Group serves approximately 70 million individuals nationwide. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- September 6, 2006 TURNAROUND MANAGEMENT ASSOCIATION 4th Annual Alberta Golf Tournament Kananaskis Country Golf Course, Kananaskis, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ September 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Business Mixer TBA, Seattle, Washington Contact: 503-223-6222 or http://www.turnaround.org/ September 7-8, 2006 EUROMONEY Leveraged Finance Hotel Rey Juan Carlos I, Barcelona, Spain Contact: http://www.euromoneyplc.com/ September 7-8, 2006 TURNAROUND MANAGEMENT ASSOCIATION Saratoga Regional Conference Gideon Putnam Hotel, Saratoga Springs, New York Contact: http://www.turnaround.org/ September 7-9, 2006 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Wynn Las Vegas, Las Vegas, Nevada Contact: 1-703-739-0800; http://www.abiworld.org/ September 8-9, 2006 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium London, United Kingdom Contact: http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Marriott Tyson's Corner, Vienna, Virginia Contact: 703-912-3309 or http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBA, Secaucus, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION LI Turnaround Formal Event Long Island, New York Contact: http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Function Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Formal Event - Major Speaker to be Announced Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ September 13-15, 2006 TURNAROUND MANAGEMENT ASSOCIATION Texas Regional Conference Hyatt Regency Resort & Spa Lost Pines, TX Contact: 870-760-7116 or http://www.turnaround.org/ September 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Kick-Off Reception Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ September 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION BOK Review - Management Gardner Carton & Douglas, Chicago, IL Contact: 815-469-2935 or http://www.turnaround.org/ September 17-24, 2006 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Optional Alaska Cruise Seattle, Washington Contact: 800-929-3598 or http://www.nabt.com/ September 19-20, 2006 STRATEGIC RESEARCH INSTITUTE 2nd Annual Euro Distressed Debt Summit Le Meridien Parkhotel, Frankfurt, Germany Contact: http://www.srinstitute.com/ September 20, 2006 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Bankers Club, Miami, Florida Contact: 561-882-1331 or http://www.turnaround.org/ September 21, 2006 TURNAROUND MANAGEMENT ASSOCIATION Restructuring Workshop With US Bankruptcy Judges Hale, Nelms and Lynn Belo Mansion - The Pavilion, Dallas, TX Contact: http://www.turnaround.org/ September 24, 2006 TURNAROUND MANAGEMENT ASSOCIATION Restructuring the Troubled High Tech Company Arizona Contact: http://www.turnaround.org/ September 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Education Program with NYIC Joint Reception CFA/RMA/IWIRC Woodbridge Hilton, Iselin, NJ Contact: http://www.turnaround.org/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION 7th Annual Cross Border Business Restructuring and Turnaround Conference Banff, Alberta Contact: http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Commercial Lenders Breakfast Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 10, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Center Club, Baltimore, Maryland Contact: 703-912-3309 or http://www.turnaround.org/ October 11, 2006 TURNAROUND MANAGEMENT ASSOCIATION Professional Development Meeting Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 11-14, 2006 TURNAROUND MANAGEMENT ASSOCIATION 2006 Annual Conference Milleridge Cottage, Long Island, New York Contact: 312-578-6900; http://www.turnaround.org/ October 12, 2006 TURNAROUND MANAGEMENT ASSOCIATION UTS Fundamentals of Turnaround Management Mecure Hotel - Haymarket, Sydney, Australia Contact: http://www.turnaround.org/ October 17, 2006 TURNAROUND MANAGEMENT ASSOCIATION Updates on the New Bankruptcy Law Kansas City, Missouri Contact: http://www.turnaround.org/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION Billards Networking Night - Young Professionals TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Hedge Funds - Expanded Financing Opportunities in Business Turnarounds Arizona Contact: http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast with Coach Dan Reeves Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ October 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION BK/TMA Golf Tournament Orange Tree Golf Resort, AZ Contact: 623-581-3597 or http://www.turnaround.org/ October 30-31, 2006 Distressed Debt Summit: Preparing for the Next Default Cycle Financial Research Associates LLC Helmsley Hotel, New York, NY Contact: http://www.frallc.com/ October 31, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ October 31 - November 1, 2006 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Conference San Francisco, California Contact: http://www.iwirc.com/ November 1, 2006 TURNAROUND MANAGEMENT ASSOCIATION Halloween Isn't Over! - Ghosts of turnarounds past who remind you about what you should have done differently Portland, Oregon Contact: http://www.turnaround.org/ November 1-4, 2006 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges San Francisco, California Contact: http://www.ncbj.org/ November 2-3, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Third Annual Conference on Physician Agreements & Ventures Successful Strategies for Medical Transactions and Investments The Millennium Knickerbocker Hotel - Chicago Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Marriott, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Marriott Tyson's Corner, Vienna, Virginia Contact: 703-912-3309 or http://www.turnaround.org/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia National Conference Sydney, Australia Contact: http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Program St. Louis, Missouri Contact: 815-469-2935 or http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Reception with NYIC/NYTMA TBA, New York Contact: 908-575-7333 or http://www.turnaround.org/ November 15, 2006 LI TMA Formal Event TMA Australia National Conference Long Island, New York Contact: http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Bankruptcy Judges Panel Duquesne Club, Pittsburgh, Pennsylvania Contact: http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Dinner Program TBA, Seattle, Washington Contact: 503-223-6222 or http://www.turnaround.org/ November 23, 2006 TURNAROUND MANAGEMENT ASSOCIATION Martini Party Vancouver, British Columbia Contact: 403-294-4954 or http://www.turnaround.org/ November 27-28, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Thirteenth Annual Conference on Distressed Investing Maximizing Profits in the Distressed Debt Market The Essex House Hotel - New York Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Special Program TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Industry Trends Jasna Polana, Princeton, NJ Contact: http://www.turnaround.org/ November 30-December 2, 2006 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Hyatt Regency at Gainey Ranch, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ December 6, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Dinner Portland, Oregon Contact: 503-223-6222 or http://www.turnaround.org/ December 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast The Newark Club, Newark, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION LI TMA Holiday Party TBA, Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Christmas Function GE Commercial Finance, Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ December 20, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA, AVF & CFA Georgia Aquarium, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ January 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Lender's Panel Breakfast Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ February 8-11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Certified Turnaround Professional (CTP) Training NY/NJ Contact: http://www.turnaround.org/ February 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium San Juan, Puerto Rico Contact: 1-703-739-0800; http://www.abiworld.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Martini Madness Cocktail Reception with Geraldine Ferraro Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ March 15-18, 2007 NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES NABT Spring Seminar Ritz-Carlton Buckhead, Atlanta, GA Contact: http://www.NABT.com/ March 27-31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference Four Seasons Las Colinas, Dallas, Texas Contact: http://www.turnaround.org/ March 29-31, 2007 ALI-ABA Chapter 11 Business Reorganizations Scottsdale, Arizona Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ April 11-15, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, RI Contact: 1-703-739-0800; http://www.abiworld.org/ October 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Orlando, Florida Contact: http://www.ncbj.org/ October 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ December 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ September 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ October 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ October 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ October 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers - the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Emerging Role of Corporate Compliance Panels Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $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. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *