/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060927.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, September 27, 2006, Vol. 7, No. 192 Headlines A U S T R I A ARTICLE: Creditors' Meeting Slated for September 29 ELEKTRO SANDLEITEN: Creditors' Meeting Slated for September 29 EUR-CAR: Claims Registration Period Ends October 2 GOERBICZ GERHARD: Vienna Court Orders Closing of Business GRIMM MIRJAM: Property Manager Declares Insufficient Assets MA.RE. - HOLDING: Claims Registration Period Ends October 4 MEHA: Creditors to Recover 6.3% of Claims SCHELEX: Graz Court Orders Closing of Business VIP BAU-PROJEKT: Claims Registration Period Ends October 30 B E L G I U M DELTA LLOYD: S&P Rates EUR11.5-Mln Class F Notes at BB MEGA BRANDS: Moody's Assigns Loss-Given-Default Ratings PHIBRO ANIMAL: Moody's Assigns Loss-Given-Default Rating * Moody's Develops New Analytical Tool for Belgian RMBS B U L G A R I A ALLIANCE ONE: Moody's Assigns Loss-Given-Default Rating D E N M A R K TDC A/S: Buys Esbjerg Municipality's Cable-TV & Internet Assets F R A N C E ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings NORAMPAC INC: Moody's Assigns Loss-Given-Default Ratings G E R M A N Y BIOVEST INT'L: Equity Deficit Hikes to US$12.7MM at June 30 CAM GRUNDSTUECKSVERWALTUNG: Claims Registration Ends Oct. 4 CORNELSSEN GMBH: Claims Registration Ends October 5 DANNER GMBH: Claims Registration Ends October 2 GEORG BEHRENS: Creditors' Meeting Slated for October 5 GERKO-CAR: Claims Registration Ends October 4 GRINGEL MASCHINENBAU: Creditors' Meeting Slated for October 4 INCENIA - FINANCIAL: Claims Registration Ends October 4 LEAR CORP: Production Cuts to Lower 2006 Net Sales by US$300 Mln LIKURA LICHTKUPPEL: Claims Registration Ends October 2 LUENPHARMA GMBH: Claims Registration Ends October 4 NYCO HOLDINGS: Altana Acquisition Prompts S&P to Assign B Rating OBJEKTAUSSTATTUNG STEINBAUER: Claims Registration Ends October 4 PROSIEBENSAT.1 MEDIA: German Media Partners Deny Sale Talks SAN-HEI-TEC: Creditors' Meeting Slated for October 4 TEGATEX TEPPICH: Claims Registration Ends October 4 H U N G A R Y AES CORP: Indian Unit Won't Bid For Mundra Power Project I T A L Y BERRY PLASTICS: Apollo and Graham Complete BPC Holding Purchase BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln VALEANT PHARMA: Moody's Assigns Loss-Given-Default Ratings K A Z A K H S T A N AIS KYZYLORDA: Creditors Must File claims by Oct. 17 AKTUBE DEPARTMENT: Creditors Must File Claims by Oct. 17 ARKO TRADE: Proof of Claim Deadline Slated for Oct. 17 ARTEM GRAND: Proof of Claim Deadline Slated for Oct. 17 BAGANALY: Claims Registration Ends Oct. 17 FARMEKS: Claims Registration Ends Oct. 17 KOLOS: North Kazakhstan Court Opens Bankruptcy Proceedings KRUPTORG: Creditors' Claims Due Oct. 17 SK ALIN: Karaganda Court Begins Bankruptcy Proceedings STARTELEKOM: Karaganda Court Starts Bankruptcy Procedure K Y R G Y Z S T A N AIT-EMIR: Public Auction Scheduled for Oct. 12 OSH SOODA: Proof of Claim Deadline Slated for Nov. 8 SIMTEC: Creditors Must File Claims by Nov. 8 L U X E M B O U R G TMK CAPITAL: Parent Prices Latest Eurobond Issue at US$300 Mln N E T H E R L A N D S BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating FORNAX B.V.: Fitch Assigns Final BB Rating on EUR8 Mln Notes JUBILEE CDO I: Fitch Affirms BB Rating on Class E Senior Notes JUBILEE CDO II: Fitch Keeps BB Rating on Class D Notes P O R T U G A L SUNNY DELIGHT: Moody's Assigns Loss-Given-Default Ratings R U S S I A BOBROVSKIY REFINERY: S. Bogay to Manage Insolvency Assets BOROVICHSKIY FEED: Novgorod Court Starts Bankruptcy Supervision BRILLIANTS OF YAKUTIYA: A. Maltabar to Manage Assets CHERMISINOVSKIY BUTTER: Creditors Must File Claims by Oct. 19 CRYSTAL FACTORY: Vladimir Court Starts Bankruptcy Supervision DOLZHANSK-AGRO-PROM-KHIMIYA: S. Galakhov to Manage Assets FISHER: Court Names A. Pakhomov as Insolvency Manager FURNITURE-SALE: Novosibirsk Court Starts Bankruptcy Supervision IRKUT CORP: Pays RUR141.6 Mln Interest on Second Coupon Bonds KLINTSY-SEL-KHOZ-KHIMIYA: I. Goldova to Manage Assets KOVALEVSKIY: Omsk Court Starts Bankruptcy Supervision KURCHATOVSKIY FACTORY: E. Popov to Manage Insolvency Assets KURSKIY FACTORY: Court Names Y. Akulshin as Insolvency Manager KUZNETSK-SHOES: Penza Court Starts Reorganization Process MALOSERDOBINSKAYA WATER: Bankruptcy Hearing Slated for Dec. 7 METAL-PROM-TORG: Court Names S. Kuznetsov as Insolvency Manager NORTH-WEST TELECOM: Earns RUR1.03 Billion for First Half 2006 NOVATEK OAO: Buys 60% Equity Stake of Northern Energy Company OIL-KHIM-INVEST: Court Names L. Serdyuk as Insolvency Manager PRIOBSKOYE OIL: Court Names A. Zubairov as Insolvency Manager REINFORCED-CONCRETE 25: Creditors Must File Claims by Oct. 19 SHUYSKIY ENGINEERING: I. Borzov to Manage Insolvency Assets SOUTHERN TELECOMMUNICATIONS: Reveals 2006-2007 Investment Plan TMK OAO: Prices Latest Eurobond Issue at US$300 Million TYUMEN-GAS-STROY-MASH: Court Starts Bankruptcy Supervision USOLSKIY: Court Names E. Meshenkova as Insolvency Manager USPENSKAYA RAW: Krasnodar Court Starts Bankruptcy Supervision VITA MILK: Krasnodar Court Starts Bankruptcy Supervision VNESHTORGBANK JSC: Shareholders Okay Share Split VYSELKOVSKIY BAKERY: O. Sapronov to Manage Insolvency Assets WHEAT: Court Names I. Maslov as Insolvency Manager WHEAT KHOMUTOVSKAYA: Orel Court Starts Bankruptcy Supervision YASHKINSKIY BUTTER: A. Kolmagorov to Manage Insolvency Assets YUKOS OIL: RTS to Keep Shares Trading Until Liquidation ZAP-SIB-KUZBASS-COAL: F. Voytsik to Manage Insolvency Assets S P A I N SUNNY DELIGHT: Moody's Assigns Loss-Given-Default Ratings S W E D E N FALCON AIR: Carrier Declares Bankruptcy in Malmo WATSONS PHARMACEUTICALS: Moody's Puts Loss-Given-Default Ratings T U R K E Y ASYA KATILIM: Fitch Affirms Foreign & Local Default Rating at B U K R A I N E BAGET: Donetsk Court Names S. Lunkova as Insolvency Manager DNIPROMETBUD: Court Names Oleksandr Romantsov as Liquidator HIMREMMONTAZH: Court Names Kirilo Liseyev as Insolvency Manager INTERA: Chernivtsi Court Starts Bankruptcy Supervision Procedure MIRTA: Odessa Court Names Kirilo Liseyev as Insolvency Manager MISTSPETSPROEKT: Court Names Kirilo Liseyev as Liquidator QUINTILES TRANSNATIONAL: Moody's Puts Loss-Given-Default Rating TUDES: Court Names Oleg Chervinskij as Insolvency Manager U N I T E D K I N G D O M ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings ANDREWS SERVICES: Names Richard Ian Williamson Liquidator APPLETON PAPERS: Moody's Assigns Loss-Given-Default Ratings AQUARIUS BEAUTY: Creditors Confirm Liquidators' Appointment AVIALL INC: Boeing's Purchase Cues Moody's to Withdraw Ratings B.I. TRAINING: Taps Liquidators from Jacksons Joliffe Cork BARR LABORATORIES: Moody's Assigns Loss-Given-Default Rating BASEMENT NET: Brings In Administrators from Herron Fisher BOISE CASCADE: Moody's Assigns Loss-Given-Default Ratings BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln BRAKE BROS: PIK Notes Issuance Spurs Moody's to Cut Rating to B2 BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating C M T GAMES: J. N. Bleazard Leads Liquidation Procedure C P CONTRACTS: Appoints Administrators from Wilson Field CADOGAN BRISTOL: Creditors' Meeting Slated for September 29 CAPAS CONCEPT: Creditors' Meeting Slated for September 28 CELSIUS MECHANICAL: Brings In Joint Liquidators from Inson House CHASSERAL LIMITED: Joint Liquidators Take Over Operations CONSTRUCTION AND JOINERY: Appoints Ninos Koumettou as Liquidator COTT CORPORATION: Moody's Assigns Loss-Given-Default Rating CRYSTALEYES LIMITED: Creditors' Meeting Slated for October 2 DIGITAL TABLES: Taps Peter Maurice to Liquidate Assets DIRECT VENTURES: Hires James Paul Shaw to Liquidate Assets DRAIN EXPRESS: Creditors Confirm Voluntary Liquidation DYKEM 2003: Creditors Confirm Liquidator's Appointment EASTMANK KODAK: Moody's Assigns Loss-Given-Default Ratings ELEVATIONS LIMITED: Hires Joint Liquidators from KPMG LLP EURAMAX INTERNATIONAL: S&P Lowers Corporate Credit Rating to B EXP SOLUTIONS: Calls In Liquidator from Carter Clark FUTRONIX INC: Sibex Buys Bankrupt Assets for US$1.38 Million GEDDES GROUP: Claims Filing Period Ends Oct. 25 GH JOINERY: Appoints A. J. Clark to Liquidate Assets GLOSS CLOTHING: Appoints Administrators from Smith & Williamson GRAND UNION: Names Keith Barry Stout to Liquidate Assets GROW WITH US: Claims Registration Ends Oct. 17 HERBALIFE INT'L: Moody's Assigns Loss-Given-Default Rating HEVECO MUSHROOMS: Hires Tenon Recovery as Joint Administrators HOMESHIELD WINDOWS: Liquidator Sets Oct. 6 Claims Bar Date HOME-TEX DERBY: Brings In Joint Liquidators from Begbies Traynor IMPACT SECURITY: Hires David N. Hughes to Liquidate Assets INTELSAT LTD: Reports Anomaly on IS-802 Satellite JAUNOIR LIMITED: Taps RSM Robson to Administer Assets JOHN DENTON: Appoints Liquidator to Wind Up Business KEENETS LIMITED: Creditors' Meeting Slated for October 2 KRISPY KREME: Names Andrew J. Schindler to Board of Directors KRISPY KREME: Hires Charles A. Blixt as Interim General Counsel MASONS JOINERY: M. S. E. Solomons Leads Liquidation Proceeding MASON REVIS: Claims Filing Period Ends Oct. 16 MASONS PAINTERS: Taps M. S. E. Solomons to Liquidate Assets NBTY INC: Moody's Assigns Loss-Given-Default Rating OFFICE + LIMITED: Liquidator Sets Oct. 31 Claims Bar Date OUTFIT DESIGN: Brings In Liquidator from O'Hara & Co. PRO DRIVE: Hires Elizabeth Arakapiotis as Liquidator RSIS TRAINING: Creditors Confirm Liquidators' Appointment ROBERT LLOYD: Appoints Joint Liquidators from Harrisons SLC DRIVER: Creditors Confirm Liquidator's Appointment SPORT ROOM: Claims Filing Period Ends Nov. 24 SUNLIGHT LOFT: Taps Asher Miller to Liquidate Assets TRW AUTOMOTIVE: Fitch Keeps Issuer Default Rating at BB U.K. TRAN-STOR: Names Liquidator from BN Jackson Norton ULTRA SCAFFOLDING: Calls In Liquidator from Turpin Baker ZENITH PRODUCTIONS: Taps Liquidators from PricewaterhouseCoopers ********* ============= A U S T R I A ============= ARTICLE: Creditors' Meeting Slated for September 29 --------------------------------------------------- Creditors owed money by LLC Article (FN 227260g) are encouraged to attend the creditors' meeting at 9:30 a.m. on Sept. 29 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 17 (Bankr. Case No. 4 S 115/06y). Dr. Kurt Freyler serves as the court-appointed property manager of the bankrupt estate. Hans Rant represents Dr. Freyler in the bankruptcy proceedings. The property manager can be reached at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstaette 5 1010 Vienna, Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at ELEKTRO SANDLEITEN: Creditors' Meeting Slated for September 29 -------------------------------------------------------------- Creditors owed money by OEG Elektro Sandleiten Hufnagl & Dafert (FN 143782w) are encouraged to attend the creditors' meeting at 10:15 a.m. on Sept. 29 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 21 (Bankr. Case No. 4 S 116/06w). Andrea Prochaska serves as the court-appointed property manager of the bankrupt estate. Christoff Beck represents Mag. Prochaska in the bankruptcy proceedings. The property manager and his representative can be reached at: Mag. Andrea Prochaska c/o Mag. Christoff Beck Wassergasse 33/12 1030 Vienna, Austria Tel: 718 77 50 Fax: 718 77 50 15 E-mail: anwalt@andrea-prochaska.at EUR-CAR: Claims Registration Period Ends October 2 -------------------------------------------------- Creditors owed money by LLC Eur-Car (FN 106488a) have until Oct. 2 to file written proofs of claims to court-appointed property manager Hubert Koellensperger at: Dr. Hubert Koellensperger Schubertstrasse 20 4600 Wels, Austria Tel: 07242/44546-0 Fax: 07242/42849 E-mail: office@wels-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:40 p.m. on Oct. 12 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 Road 12 Wels, Austria Headquartered in Marchtrenk, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 20 S 101/06p). GOERBICZ GERHARD: Vienna Court Orders Closing of Business --------------------------------------------------------- The Trade Court of Vienna entered an order Aug. 23 closing the business of LLC Goerbicz Gerhard (FN 95730f). Court-appointed property manager Felix Stortecky determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Dr. Felix Stortecky Dr.-Karl-Lueger-Place 2 1010 Vienna, Austria Tel: 513 88 37 Fax: 514 35 40 E-mail: ra-stortecky@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 23 (Bankr. Case No. 4 S 108/06v). GRIMM MIRJAM: Property Manager Declares Insufficient Assets ----------------------------------------------------------- Dr. Kurt Bernegger, the court-appointed property manager for LLC Grimm Mirjam (FN 86720f), declared Aug. 23 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 22 (Bankr. Case No. 4 S 107/06x). Maria Kainer represents Dr. Bernegger in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Kurt Bernegger c/o Mag. Maria Kainer Jacquingasse 21 1030 Vienna, Austria Tel: 799 15 80/0 Fax: 796 59 14 E-mail: kanzlei@bernegger-wt.com MA.RE. - HOLDING: Claims Registration Period Ends October 4 ----------------------------------------------------------- Creditors owed money by LLC MA.RE. - HOLDING (FN 214710a) have until Oct. 4 to file written proofs of claims to court-appointed compensation manager Daniel Lampersberger at: Mag. Daniel Lampersberger Esteplatz 4 1030 Vienna, Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: engelhart@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Oct. 18 to consider the compensation payment. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared the beginning of compensation process on Aug. 24 (Case No. 3 Sa 2/06y). MEHA: Creditors to Recover 6.3% of Claims ----------------------------------------- The Land Court of Wiener Neustadt approved the final decision on allocation of Dr. Gernot Hain, the court-appointed property manager of LLC Meha (FN 109255 w), on Aug. 23. Under the property manager's project by final allocation, creditors will recover 6.3% of their claim. Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on June 30, 2003 (Bankr. Case No. 11 S 218/03z). The property manager can be reached at: Dr. Gernot Hain Main Place 14 2700 Wr.Neustadt, Austria Tel: 02622/84141 Fax: 02622/84141-23 E-mail: hain.advocat@netway.at SCHELEX: Graz Court Orders Closing of Business ---------------------------------------------- The Land Court of Graz entered an order Aug. 23 closing the business of LLC Schelex (FN 263284h). Court-appointed property manager Christoph Benda determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Mag. Christoph Benda Pestalozzistrasse 3 8010 Graz, Austria Tel: 0316/825417 Fax: 0316/825417-13 E-mail: christoph.benda@telering.at Headquartered in Graz, Austria, the Debtor declared bankruptcy on July 5 (Bankr. Case No. 25 S 57/06d). The Debtor's manager Semsudin Litric represents the Debtor in the bankruptcy proceedings. VIP BAU-PROJEKT: Claims Registration Period Ends October 30 ----------------------------------------------------------- Creditors owed money by LLC VIP Bau-Projekt (FN 94725b) have until Oct. 30 to file written proofs of claims to court- appointed property manager Susi Rathauscher at: Dr. Susi Rathauscher c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna, Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:20 a.m. on Nov. 13 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 2102 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 45 S 59/06i). Beate Holper represents Dr. Rathauscher in the bankruptcy proceedings. ============= B E L G I U M ============= DELTA LLOYD: S&P Rates EUR11.5-Mln Class F Notes at BB ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR1 billion mortgage-backed floating-rate notes to be issued by B-Arena N.V./S.A., a special purpose entith, acting through its Compartment No. 1. B-Arena will also issue EUR10 million of unrated notes that will be used to fund the reserve fund. B-Arena is the first securitization of mortgages originated by Delta Lloyd Bank N.V. (Belgium). The collateral consists of loans secured by first- and sequentially lower-ranking mortgages (and mandates to create lower-ranking mortgages) over residential property in Belgium. The ratings reflect the sound payment structure and cash flow mechanics of the transaction. The noteholders also benefit from strong protection provided by a combination of subordination, a liquidity facility, a reserve fund, and excess spread to cover credit losses and income shortfalls. Ratings List B-Arena N.V./S.A., Compartment No. 1 EUR1.01 Billion Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A AAA 920.0 B AA 20.0 C A 20.0 D BBB 18.0 E BBB- 10.5 F BB 11.5 G (1) NR 10.0 (1) The class G notes will be issued to fund the reserve fund. NR - Not rated. MEGA BRANDS: Moody's Assigns Loss-Given-Default Ratings ------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors, and Agricultural Cooperative sectors, the rating agency revised its Ba3 Corporate Family Rating to B1 for MEGA Brands Inc. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given-default ratings on these loans facilities: Issuer: MEGA Brands Inc. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Sec. Revolving Credit Facility Due 2010 Ba3 Ba2 LGD2 24% Sr. Sec. Term Loan A Due 2010 Ba3 Ba2 LGD2 24% Issuer: Mega Blocks US Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Sec. Revolving Credit Facility Due 2010 Ba3 Ba2 LGD2 24% Issuer: Mega Blocks Finco Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Sec. Term Loan B Due 2012 Ba3 Ba2 LGD2 24% Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as its research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%). Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc. -- http://www.megabloks.com/-- distributes a range of toys, puzzles, and craft-based products worldwide. The company has its European headquarters in Laagstraat, Belgium. PHIBRO ANIMAL: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. pharmaceutical sector this week, the rating agency confirmed its B2 Corporate Family Rating for Phibro Animal Health Corporation. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss- given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------ ------ ------- US$160 Million Senior Unsecured Notes due 2013 B3 B2 LGD3 48% US$80 Million Senior Subordinated Notes due 2015 Caa1 Caa1 LGD5 89% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Ridgefield Park, New Jersey, Phibro Animal Health Corporation is a diversified manufacturer of a broad range of animal health and nutritional products with operations in Belgium. For the twelve-month period ended March 31, 2006, Phibro reported net sales of approximately US$388 million. * Moody's Develops New Analytical Tool for Belgian RMBS ------------------------------------------------------- Moody's Investors Service's updated scoring model for residential mortgage loans in Belgium offers an enhanced analytical tool for Belgian Residential Mortgage-Backed Securities portfolios. The model is based on an in-depth analysis of the Belgian market, as well as a detailed assessment and comparison of major European residential mortgage markets, the rating agency explains in a new Rating Methodology report. Moody's Individual Loan Analysis is a benchmarking tool to be used in conjunction with Moody's Analyser of Residential Cash Flows in Moody's rating analysis of Belgian RMBS. This model quantifies the impact of specific loan, borrower, property and portfolio characteristics on obligor default probability as well as on the severity of the loss and determines the Aaa credit enhancement levels required for a given pool. "Based on our analysis, we expect to enhance the consistency and transparency of our residential mortgage analysis in Europe. At the same time, we have created a model that deals with those features that are unique to the Belgian market" says Alix Faure, a Moody's Analyst and the author of the report, entitled "Moody's Approach to Rating Belgian RMBS". MILAN is one of several tools that Moody's uses in rating RMBS portfolios. It relies primarily on the provision of good loan- by-loan data from originators. Ms. Faure explains that the MILAN results are further adjusted to account for structural and legal credit risks of a particular transaction as well as for additional risks resulting, for instance, from replenishment and substitutions over time. Moody's Rating Methodology report offers a detailed insight into the process of deriving a Belgian benchmark mortgage loan and portfolio along with the calculation of the benchmark credit enhancement. It provides details on the relationship between LTV and defaults as well as penalties and credits associated with certain types of asset characteristics that deviate from the Belgian benchmark loan and pool characteristics capturing additional frequency and severity drivers. Certain assumptions and input parameters within MILAN and its version for the Belgian -- such as house price indices, population density figures, classification of regions and house price stress rates -- will be updated in line with market developments, ensuring that MILAN remains a highly adaptable yet consistent and reliable rating technique over time. After limited activity in Belgium securitization over the past two years, Moody's expects new transactions to come soon to market. This Belgian MILAN report is the tenth of a series of reports providing insight into the use of MILAN across Europe, Middle East, Africa and Asia. MILAN reports have so far been published for Australia, France, Germany, Italy, the Netherlands, South Africa, Spain, Switzerland and the UK. =============== B U L G A R I A =============== ALLIANCE ONE: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the US Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors and Agricultural Cooperative sectors, the rating agency confirmed its B2 Corporate Family Rating for Alliance One International, Inc., and upgraded its B2 rating on the Company's $300 million senior secured revolver to B1. In addition, Moody's assigned an LGD3 rating to notes, suggesting noteholders will experience a 37% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Based in Morrisville, North Carolina, Alliance One International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a leaf tobacco merchant. The company has worldwide operations in Argentina, Bangladesh, Brazil, Bulgaria, Canada, China, France, Philippines, Malaysia, and Singapore. ============= D E N M A R K ============= TDC A/S: Buys Esbjerg Municipality's Cable-TV & Internet Assets --------------------------------------------------------------- TDC A/S has acquired Esbjerg Municipality's Cable-TV and Internet assets and activities. Esbjerg Municipality's Cable-TV and Internet assets and activities is already receiving TV-programs and broadband from TDC Kabel TV and is TDC Kabel TV's largest customer. The transaction, which is being concluded as an acquisition of assets whereby TDC acquires net and customers and takes over a number of employees, is taking place with effect from Nov. 15. Esbjerg Municipality's Cable-TV and Internet assets and activities will strengthen TDC Kabel TV's position in Esbjerg. About TDC Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.com/-- provides communications solutions in Denmark and is the second-largest telecommunications provider on the Swiss market. It has a presence in a number of select markets in Northern and Central Europe due to its shareholdings in major companies. * * * As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. =========== F R A N C E =========== ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer --------------------------------------------------------------- Acxiom(R) Corp. disclosed the final results of its modified "Dutch Auction" tender offer to purchase up to 11,111,111 shares of the company's common stock, which expired at 5:00 p.m., New York City time, on Tuesday, Sept. 12, 2006. Acxiom has accepted for payment an aggregate of 11,111,111 shares of its common stock at a purchase price of US$25.00 per share and an aggregate purchase price of approximately US$277.8 million. These shares represent approximately 12.6% of the shares outstanding immediately prior to completion of the tender offer. Computershare Trust Company, N.A., the depositary for the tender offer, have informed Acxiom that the final proration factor for the tender offer is 73.868515%. Based on the final count by the depositary (and excluding conditional tenders that were not accepted because the specified condition was not satisfied), 15,053,367 shares were properly tendered and not withdrawn at a price of US$25.00 per share. Any shares that were not properly tendered will be returned promptly to the tendering stockholders. Payment for the shares accepted for purchase, and return of all shares tendered and delivered and not accepted for purchase, will be carried out promptly by the depositary. As a result of the completion of the tender offer, Acxiom has approximately 77.4 million shares of common stock outstanding. Inquiries with regard to the tender offer may be directed to: Innisfree M&A Incorporated Information Agent Tel: (877) 750-9497, -- or -- J.P. Morgan Securities Inc. Dealer Manager Tel: (877) 371-5947 -- or -- Stephens Inc. Dealer Manager Tel: (800) 643-9691 About Acxiom Corp. Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. In Europe, Acxiom has operations in France, Germany, the Netherlands, Portugal, Spain, and the United Kingdom. * * * As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed US$800 million secured first-lien financing. The first-lien facilities consist of a US$200 million revolving credit facility and a US$600 million term loan. They are rated 'BB' (at the same level as the corporate credit rating on Acxiom) with a recovery rating of '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings ---------------------------------------------------------------- Acxiom(R) Corp. quantified the expected cumulative financial impact of the successful completion of the proxy contest with ValueAct Capital, the anticipated completion of the Dutch Auction Self Tender, an US$800 million credit facility, and other items reported on the first-quarter earnings conference call held July 26, 2006. The net impact of these items will reduce the midpoint of the original fiscal year 2007 Financial Road Map earnings target by six to seven cents per fully diluted share. The six- to seven-cent reduction reflects the anticipated impact for fiscal 2007 of these five items: The fiscal 2007 Road Map targets, communicated during the fiscal 2006 year-end conference call on May 17, 2006, were based on 90 million weighted average shares outstanding. Subsequently, the company reported a net 2 million share increase related to greater-than-expected exercises of 2.5 million stock options, partially offset by share repurchases of 0.5 million shares. The net increase of approximately 2 million shares will increase the fiscal 2007 weighted average share count to 91 million, a weighted average increase of 1 million shares that is expected to result in a reduction of one cent in fiscal 2007 EPS. The company incurred proxy contest expenses related to financial and non-financial advisory fees of approximately US$1.2 million in addition to expenses previously reported. These fees were not anticipated in the earlier fiscal 2007 Road Map targets and are expected to reduce fiscal 2007 EPS by approximately one cent. The company expects to repurchase up to US$300 million of its shares through the Dutch Auction Self Tender scheduled to close on Sept. 12, 2006. The impact on the weighted average fully diluted shares outstanding for fiscal 2007 is expected to be a reduction of approximately 6.0 to 6.5 million shares or an increase to fiscal 2007 EPS of approximately seven to eight cents. The company expects to incur incremental interest expense of approximately US$14.3 million related to the incremental borrowings under the new credit facilities scheduled to close on Sept. 15, 2006. These borrowings are to fund the DAST, restructure existing debt and be available for general corporate purposes. These costs are anticipated to result in an approximate 10-cent reduction in fiscal 2007 EPS. During the first-quarter earnings conference call, the company reported that its effective tax rate for fiscal year 2007 was expected to be 39%. Previously reported targets anticipated an effective tax rate of 38%. The one percentage point increase is expected to result in an approximate two-cent reduction in fiscal 2007 EPS. "Since the fiscal 2006 year-end conference call, we have publicly provided a significant amount of information to investors, and management is clarifying that information so that shareholders have a more complete view of Acxiom's full-year earnings expectation for fiscal year 2007. While the amounts for the DAST and the credit facilities continue to be estimates, we do not expect the final amounts to differ materially from our current expectations," said Frank Cotroneo, Acxiom's Chief Financial Officer. About Acxiom Corp. Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. In Europe, Acxiom has operations in France, Germany, the Netherlands, Portugal, Spain, and the United Kingdom. * * * As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed US$800 million secured first-lien financing. The first-lien facilities consist of a US$200 million revolving credit facility and a US$600 million term loan. They are rated 'BB' (at the same level as the corporate credit rating on Acxiom) with a recovery rating of '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. NORAMPAC INC: Moody's Assigns Loss-Given-Default Ratings -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the North American Forest Products sector, the rating agency confirmed its Ba3 Corporate Family Rating for Norampac Inc. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$325 mm Revolving Facility due 2011 Ba2 Ba1 LGD2 22% US$250 mm 6.75% Sr. Unsec. Notes due 2013 B1 B1 LGD5 74% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Quebec, Canada, Norampac Inc. -- http://norampac.com/-- operates 8 linerboard and corrugating medium mills and 26 box plants in Canada, the United States, and France. ============= G E R M A N Y ============= BIOVEST INT'L: Equity Deficit Hikes to US$12.7MM at June 30 ----------------------------------------------------------- BioVest International, Inc., reported a US$4.1 million net loss on US$2 million of net revenues for the three months ended June 30, 2006, compared to a US$2.5 million net loss on US$1.4 million of revenues in 2005, the Company disclosed in its third quarter financial statements on Form-10QSB filed with the U.S. Securities and Exchange Commission. At June 30, 2006, the Company's balance sheet showed US$10.8 million in total assets and US$23.6 million in total liabilities, resulting in a US$12.7 million stockholders' deficit. The Company's June 30 balance sheet also showed strained liquidity with US$6.5 million in total current assets available to pay US$11.3 million in total current liabilities coming due within the next 12 months. New Market Tax Credits On April 26, 2006, the Company, through its wholly owned subsidiary, Biovax, Inc., closed a financing transaction that was structured in an effort to obtain certain perceived advantages and enhancements from the New Market Tax Credit regulations adopted under the auspices of the United States Department of the Treasury in 2002 to provide incentive for investing in businesses located in "qualifying census tracts," or areas with a median income below the poverty line. In the Transaction, Biovax entered into a Convertible Loan Agreement where Telesis CDE purchased from Biovax a Subordinated Convertible Promissory Note dated as of April 25, 2006, in the principal amount of US$11.5 million. The CDE Loan has a maturity date of Oct. 27, 2013. The following parties were involved in the Transaction: Biovax, Accentia Biopharmaceuticals, Inc., the Company's majority shareholder, Biolender, LLC, Telesis CDE Two, LLC, Telesis CDE Corporation, Biovax Investment LLC, U.S. Bancorp Community Investment Corporation, First Bank and Laurus Master Fund, Ltd. Under an Asset Purchase Agreement dated as of April 18, 2006, the Company transferred all or substantially all of the assets of its vaccine manufacturing business situated at 377 Plantation Street, in Worchester, Massachusetts, and the Company's rights under that lease agreement for the Plant and that letter of intent with the landlord to potentially lease additional space adjacent to the Plant to Biovax. As full purchase price for the Equipment, Biovax paid the Company US$1.5 million and assumed certain liabilities, including a portion of a demand note payable to Accentia. In addition, Biovax advanced rental payments for the Leasehold in the amount of US$4.5 million. Under the Asset Purchase Agreement, the Company is required to treat the advance as unrestricted and non-segregated funds provided that we shall use the funds to make all required lease payments. Finally, Biovax also hired all of the Company's employees that are related to the vaccine manufacturing business and assumed responsibility for all accrued vacation time and maintenance of existing health and other benefits. A full-text copy of the Company's Quarterly Report is available for free at http://researcharchives.com/t/s?1258 Going Concern Doubt Aidman Piser & Co., PA, expressed substantial doubt about BioVest's ability to continue as a going concern after it audited the Company's financial statements for the fiscal years ended Sept. 30, 2005, and 2004. The auditing firm pointed to the Company's significant losses and working capital deficit at Sept. 30, 2005. BioVest International, Inc. -- http://www.biovest.com/-- is a biotechnology company that provides cell culture services to research institutions and the biopharmaceutical industry. BioVest also develops, manufactures and markets cell culture systems. For over 10 years the company has been designated, by the National Institutes of Health, as the National Cell Culture Center. Through its proprietary technology, BioVest provides cell culture services to research institutions, biotechnology companies and the pharmaceutical industry. The company is the holder of a Cooperative Research and Development Agreement with the National Cancer Institute for the commercialization of a personalized biologic therapeutic cancer vaccine for the treatment of non-Hodgkin's lymphoma currently in its phase III pivotal trial. The company has sales offices in China, Germany, Japan, Korea, Singapore, and Taiwan. CAM GRUNDSTUECKSVERWALTUNG: Claims Registration Ends Oct. 4 ----------------------------------------------------------- Creditors of CAM Grundstuecksverwaltung GmbH & Co. Vermietungs KG have until Oct. 4 to register their claims with court- appointed provisional administrator Josef Nachmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 CAM Grundstuecksverwaltung GmbH & Co. Vermietungs KG on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CAM Grundstuecksverwaltung GmbH & Co. Vermietungs KG Maximiliansplatz 5 80333 Munich, Germany The administrator can be contacted at: Josef Nachmann Theatinerstr. 32 80333 Munich, Germany Tel: 089/24217737 Fax: 089/24217738 CORNELSSEN GMBH: Claims Registration Ends October 5 --------------------------------------------------- Creditors of Cornelssen GmbH have until Oct. 5 to register their claims with court-appointed provisional administrator Christian Strauss. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on Oct. 26 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 Oldenburg Meeting Room 2nd Floor Elizabeth Route 6 26135 Oldenburg, 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 Oldenburg opened bankruptcy proceedings against Cornelssen GmbH on Aug. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Cornelssen GmbH Metjendorfer Str. 298 26180 Rastede, Germany Attn: Ralf Cornelssen, Manager Metjendorfer Str. 302 26180 Oldenburg, Germany Gerd Cornelssen, Manager Hakestr. 4 26180 Rastede, Germany The administrator can be contacted at: Dr. Christian Strauss Friedrich-Missler-Str. 42 28211 Bremen, Germany Tel: 0421/7926260 Fax: 0421/7926285 DANNER GMBH: Claims Registration Ends October 2 ----------------------------------------------- Creditors of Danner GmbH have until Oct. 2 to register their claims with court-appointed provisional administrator Michael Krebs. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 2 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 Aschaffenburg Meeting Room 5.103 1st Upper Floor Schlossplatz 5 63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy proceedings against Danner GmbH on Aug. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Danner GmbH Steinweg 1 63743 Aschaffenburg, Germany The administrator can be contacted at: Dr. Michael Krebs Frohsinnstr. 15 63739 Aschaffenburg, Germany Tel: 06021/30880 Fax: 06021/308899 GEORG BEHRENS: Creditors' Meeting Slated for October 5 ------------------------------------------------------ The court-appointed provisional administrator for Georg Behrens Holzelementebau GmbH & Co. KG, Haro Helms, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:30 a.m. on Oct. 5. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Court House (New Building) Ostertorstr. 25-31 28195 Bremen, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Dec. 6 at the same venue. Creditors have until Oct. 23 to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings Georg Behrens Holzelementebau GmbH & Co. KG on Aug. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Georg Behrens Holzelementebau GmbH & Co. KG Attn: Marc Behrens, Manager Marschstrasse 10B 28309 Bremen, Germany The administrator can be reached at: Haro Helms Schillerstr. 10 28195 Bremen, Germany Tel: 0421/337790 Fax: 0421/3377933 Web: http://www.dr-stankewitz.de/ E-mail: helms@drstankewitz.de GERKO-CAR: Claims Registration Ends October 4 --------------------------------------------- Creditors of Gerko-Car Grundbesitz GmbH Hasebrink GbR have until Oct. 4 to register their claims with court-appointed provisional administrator Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.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 Essen Hall 293 2nd Floor Principal Establishment Gelber Bereich Zweigertstr. 52 45130 Essen, 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 Essen opened bankruptcy proceedings against Gerko-Car Grundbesitz GmbH Hasebrink GbR on Aug. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gerko-Car Grundbesitz GmbH Hasebrink GbR Grabenstr. 32 45964 Gladbeck, Germany Attn: Hubertus C. Hasebrink, Manager Muehlenbach 20 45964 Gladbeck, Germany Klaus Th. Hasebrink, Manager Lessingstr. 12 45964 Gladbeck, Germany The administrator can be contacted at: Rolf Weidmann Alfredstr. 279 45133 Essen, Germany Tel: 0201/437760 Fax: 0201/4377620 GRINGEL MASCHINENBAU: Creditors' Meeting Slated for October 4 ------------------------------------------------------------- The court-appointed provisional administrator for Gringel Maschinenbau Verwaltungs GmbH, Achim Thomas Thiele, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:55 a.m. on Oct. 4. The meeting of creditors and other interested parties will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Court Place 1 44135 Dortmund, Germany The Court will also verify the claims set out in the administrator's report at 1:05 p.m. on Nov. 29 at the same venue. Creditors have until Oct. 11 to register their claims with the court-appointed provisional administrator. The District Court of Dortmund opened bankruptcy proceedings Gringel Maschinenbau Verwaltungs GmbH on Aug. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gringel Maschinenbau Verwaltungs GmbH Attn: Uwe Sass, Manager Schachtstr. 21 59379 Selm, Germany The administrator can be reached at: Achim Thomas Thiele Bronnerstrasse 7 44141 Dortmund, Germany INCENIA - FINANCIAL: Claims Registration Ends October 4 ------------------------------------------------------- Creditors of incenia - Financial Consultants GmbH have until Oct. 4 to register their claims with court-appointed provisional administrator Guenter Trutnau. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Essen Hall 293 2nd Floor Principal Establishment Gelber Bereich Zweigertstr. 52 45130 Essen, 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 Essen opened bankruptcy proceedings against incenia - Financial Consultants GmbH on Aug. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: incenia - Financial Consultants GmbH Blankenfeld 6-8 46238 Bottrop, Germany Attn: Alfons Bromkamp, Manager Bottroper Str. 4 46244 Bottrop, Germany Ulrich von Buttlar, Manager Schultenhardstr. 1 58093 Hagen, Germany The administrator can be contacted at: Dr. Guenter Trutnau III. Hagen 30 45127 Essen, Germany Tel: (0201) 1095-3 LEAR CORP: Production Cuts to Lower 2006 Net Sales by US$300 Mln ---------------------------------------------------------------- Lear Corporation discloses the impact of production cuts in North America by major customers on its 2006 financial outlook. The production cuts disclosed since the Company issued financial guidance on July 28, 2006 are expected to negatively impact 2006 net sales by about US$300 million and income before interest, other expense, income taxes, restructuring costs and other special items by about 15% compared with prior guidance levels of about US$18 billion in net sales and a range of US$400 to US$440 million in core operating earnings. The Company's revised outlook for full-year free cash flow is slightly positive. The Company is continuing to aggressively implement cost reduction and restructuring actions to mitigate the impact of the production cuts and to align the Company's cost structure to the current production outlook. "We know our customers and our shareholders expect us to operate as efficiently as we can, and we are proactively looking at every aspect of our business for further improvement," Bob Rossiter, chairman and chief executive officer, commented. "While we remain positive about the longer-term outlook, we are taking additional steps now to ensure that we remain financially strong and even more competitive in the long run." The Company further disclosed that while the production cuts will adversely impact both the third and fourth quarters and each of the Company's business segments, about two thirds of the decline is in the fourth quarter and a disproportionate amount is in the Interior segment. The Company will discuss and update its outlook for the remainder of 2006 and for 2007 when it releases third quarter financial results on Oct. 26, 2006. Headquartered in Southfield, Michigan, Lear Corporation (NYSE: LEA) -- http://www.lear.com/-- supplies automotive interior systems and components. Lear provides complete seat systems, electronic products and electrical distribution systems and other interior products. * * * Standard & Poor's affirmed the 'B+' rating on the US$1 billion first-lien term loan. Standard & Poor's corporate credit rating on Lear Corp. is B+/Negative/B-2. The speculative-grade rating reflects the company's depressed operating performance caused by severe industry pressures. The ratings were assigned since March 29, 2006. LIKURA LICHTKUPPEL: Claims Registration Ends October 2 ------------------------------------------------------ Creditors of LikuRa Lichtkuppel+Montagegesellschaft mbH have until Oct. 2 to register their claims with court-appointed provisional administrator Bernd Peters. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 27 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 Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller), 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 Verden opened bankruptcy proceedings against LikuRa Lichtkuppel+Montagegesellschaft mbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: LikuRa Lichtkuppel+Montagegesellschaft mbH Bruchstrasse 11A 27339 Riede, Germany Attn: Guenther Gericke, Manager Uphuser Dorfstrasse 56 28832 Achim, Germany The administrator can be contacted at: Dr. Bernd Peters Wall 146 28195 Bremen, Germany Tel: 0421/244009-0 Fax: 0421/244009-29 LUENPHARMA GMBH: Claims Registration Ends October 4 --------------------------------------------------- Creditors of LUENpharma GmbH have until Oct. 4 to register their claims with court-appointed provisional administrator Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on Nov. 8 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Court Place 1 44135 Dortmund, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dortmund opened bankruptcy proceedings against LUENpharma GmbH on Aug. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: LUENpharma GmbH Alsenstr. 3 44532 Luenen, Germany Attn: Guenter Hellmann, Liquidator Karl-Marx-Str. 22 44141 Dortmund, Germany The administrator can be contacted at: Dr. Sebastian Henneke Hansastrasse 61 44137 Dortmund, Germany NYCO HOLDINGS: Altana Acquisition Prompts S&P to Assign B Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on Denmark-based pharmaceuticals group Nyco Holdings 2 ApS (Nycomed) on CreditWatch with positive implications, following its announced acquisition of Altana Pharma AG, the pharmaceuticals business of Germany-based pharmaceuticals and specialty chemicals group Altana AG for EUR4.2 billion. The transaction, which is expected to be closed by year-end 2006, is subject to approval by European and U.S. regulatory authorities and the Altana shareholders. "The positive CreditWatch placement reflects the possible improvement in credit quality of the combined group if the transaction goes ahead," said Standard & Poor's credit analyst Michael Seewald. "We consider that the transaction will initially have a somewhat positive effect on Nycomed's business risk profile, as Altana Pharma will add critical size, business diversity, and a better R&D platform, despite being overdependent on one product with a major patent expiry pending." Altana Pharma reported 8% organic sales growth and an EBITDA margin of 30% for the six months to June 30, 2006. The company is present in Europe, the Americas, Asia, South Africa, and Australia, and achieved sales of EUR2.4 billion in 2005. Furthermore, Standard & Poor's expects the acquisition to have a positive initial effect on Nycomed's financial risk profile, even under the assumption that the transaction would be fully debt financed. Owing to Altana's currently strong cash generation capacity, Nycomed's post-acquisition leverage would decrease from the current level of 6.5x total adjusted debt to EBITDA, which is considered adequate for the current ratings. "Nevertheless, our reassessment of the rating will also take into account the integration risk related to the acquisition of a company that is more than three times the size of Nycomed, the aggressive track record of Nycomed's financial policy, resulting in a high leverage of its current financing structure, and management's need to find a response to the patent expiry of Altana Pharma's key product Pantoprazole, which accounts for 60% of group sales, from 2009 onward," said Mr. Seewald. Standard & Poor's will continue to monitor developments and seek to resolve the CreditWatch placement after the terms of the transaction are known and after discussion with management on future strategy and financial policy. OBJEKTAUSSTATTUNG STEINBAUER: Claims Registration Ends October 4 ---------------------------------------------------------------- Creditors of Objektausstattung Steinbauer und Zindel GmbH & Co. KG have until Oct. 4 to register their claims with court- appointed provisional administrator Harald Silz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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 Objektausstattung Steinbauer und Zindel GmbH & Co. KG on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Objektausstattung Steinbauer und Zindel GmbH & Co. KG Attn: Sigismund Steinbauer, Manager Wiesbadener Road 77 65197 Wiesbaden, Germany The administrator can be contacted at: Harald Silz Adolfsallee 24 65185 Wiesbaden, Germany Tel: 0611/15040 Fax: 0611/301774 PROSIEBENSAT.1 MEDIA: German Media Partners Deny Sale Talks ----------------------------------------------------------- German Media Partners LP, owner of ProSiebenSat.1 Media AG, denied holding sale talks with Apax Partners Worldwide LLP and Goldman Sachs Group Inc., Simon Thiel writes for Bloomberg News. "We are very pleased with ProSiebenSat.1's strong financial performance and remain confident in its operations under the leadership of the current management team," German Media Partners, which is composed of financial investors including U.S. billionaire Haim Saban, said. The group owns a 50.5% stake and an 88% voting rights in ProSiebenSat.1 The denial was in reaction to a report by Focus magazine, which said Apax Partner, Goldman Sachs and Societe Television Francaise 1 are trying to acquire ProSiebenSat.1, citing sources privy to the matter. Myriam Simmoneaux, a spokeswoman for Societe Television Francaise, denied any talks with ProSiebenSat.1. In February, publishing group Axel Springer Verlag terminated a EUR4.2 billion takeover deal with German Media Partners acquisition of ProSiebenSat.1 Media after failing to get regulatory approval from the Carter Office and The Commission to Determine Concentration in Media (KEK). KEK expressed concern on the resulting power of the combined companies. Springer had mulled to seek ministerial approval for the merger, but did not push through due to time constraint. A ministerial approval takes about four months to be granted. Analysts had been apprehensive that an Axel Springer Verlag- ProSiebenSat.1 Media merger would have created duopoly in the local media market, along with Bertelsmann AG. A merger would have doubled Springer's size in terms of sales. About ProSiebenSat.1 Headquartered in Munich, Germany, ProSiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces television programs through four German language television channels as well as a range of ancillary activities. It was formed in 2000 with the merger of Germany's leading broadcasters ProSieben Media AG and Sat.1. It is the largest and most successful television corporation in Germany with four stations -- Sat.1, ProSieben, kabel eins and N24. * * * ProsiebenSat.1 Media AG carries Ba1 senior unsecured and corporate family ratings from Moody's Investors Service. Outlook is stable. SAN-HEI-TEC: Creditors' Meeting Slated for October 4 ---------------------------------------------------- The court-appointed provisional administrator for San-Hei-Tec HSB GmbH, Hartwig Albers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Oct. 4. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:05 a.m. on Jan. 17, 2007 at the same venue. Creditors have until Nov. 17 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings San-Hei-Tec HSB GmbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: San-Hei-Tec HSB GmbH Wildenbruchstr. 5 a 12623 Berlin, Germany The administrator can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin, Germany TEGATEX TEPPICH: Claims Registration Ends October 4 --------------------------------------------------- Creditors of Tegatex Teppich-Gardinen-Textil-Handelsgesellschaft mbH have until Oct. 4 to register their claims with court- appointed provisional administrator Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 26 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 Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg, 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 Lueneburg opened bankruptcy proceedings against Tegatex Teppich-Gardinen-Textil-Handelsgesellschaft mbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Tegatex Teppich-Gardinen-Textil-Handelsgesellschaft mbH Attn: Norbert Hodick, Manager Sportplatz 4 21220 Seevetal, Germany The administrator can be contacted at: Peter-Alexander Borchardt Deichstr. 1 20459 Hamburg, Germany Tel: 040/3760100 Fax: 040/37601199 E-mail: hamburg@htg-wp.de ============= H U N G A R Y ============= AES CORP: Indian Unit Won't Bid For Mundra Power Project -------------------------------------------------------- AES India Pvt. Ltd., an arm of U.S.-based AES Corp., won't bid for a proposed 4,000-megawatt coal-fired power project to be built on India's western coast, a senior company official told Dow Jones Newswires. The official said AES has decided to drop out from the bidding contest for the Mundra project, as it will be unable to secure uninterrupted supply of coal to the power plant. The project will need 12 million metric tons of imported coal annually. Dow Jones explains that the Mundra power project, proposed to be built in the western state of Gujarat, is part of a government initiative to double India's power generation capacity to more than 200,000 MW by 2012. However, AES India is still considering bidding for another 4,000 MW coal-fired project to be set up in central India. Bids for both of these projects will close in November. Besides AES, nearly 27 domestic and foreign power companies have expressed interest in the projects. About the Company AES Corporation -- http://www.aes.com/-- is a global power company. The Company operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the Company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for nearly ten years, since it acquired three power plants in Hungary in 1996. Today, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. * * * As reported in the Troubled Company Reporter on May 25, Fitch affirmed The AES Corporation's Issuer Default Rating at 'B+'. Fitch also affirmed and withdrew the ratings for the company's junior convertible debt. Fitch said the rating outlook for all remaining instruments is stable. In March, Standard & Poor's Ratings Services raised its corporate credit rating on diversified energy company The AES Corp. to 'BB-' from 'B+'. S&P said the outlook is stable. As reported in the Troubled Company Reporter on Jan. 11, Moody's affirmed the ratings of The AES Corporation, including its Ba3 Corporate Family Rating and the B1 rating on its senior unsecured debt. Moody's said the rating outlook remains stable. ========= I T A L Y ========= BERRY PLASTICS: Apollo and Graham Complete BPC Holding Purchase --------------------------------------------------------------- Berry Plastics Group, Inc., an affiliate of the private equity firms Apollo Management, L.P. and Graham Partners completed their previously announced acquisition of BPC Holding Corporation, parent of Berry Plastics Corporation, from Goldman Sachs Capital Partners and JPMorgan Partners. Ira Boots will remain President and Chief Executive Officer and the existing senior management team will continue to lead Berry Plastics. "We are very excited about being acquired by Apollo Management and Graham Partners. Servicing our customers while meeting the needs of our employees, owners and investors will remain our focus. The management skills and packaging sector knowledge provided by Apollo Management and Graham Partners, coupled with the strength of Berry Plastics, will set the trend in leveraged buyouts," said Mr. Boots. "We are grateful for the past successes achieved by Berry Plastics under the leadership of Joe Gleberman, Goldman Sachs Capital Partners, and Mat Lori, CCMP Capital Advisors, LLC." About Apollo Management Apollo Management, L.P., founded in 1990, is among the most active and successful private investments firms in the United States in terms of both number of investment transactions completed and aggregate dollars invested. Since its inception, Apollo has managed the investment of an aggregate of approximately US$13 billion in equity capital in a wide variety of industries, both domestically and internationally. About Graham Partners Graham Partners is a middle market industrial private equity firm based in suburban Philadelphia with over US$850 million under management. Graham Partners is sponsored by the privately held Graham Group of York, Pennsylvania, an industrial and investment concern with global interests in plastics, packaging, machinery, building products and outsource manufacturing. Graham Partners seeks to acquire industrial companies that participate in growing manufacturing niches where Graham can leverage its unique combination of operating resources and financial expertise. About Berry Plastics Based in Evansville, Indiana, Berry Plastics Corporation -- http://www.berryplastics.com/-- manufactures and markets rigid plastic packaging products. Berry Plastics provides a wide range of rigid open top and rigid closed top packaging as well as comprehensive packaging solutions to over 12,000 customers, ranging from large multinational corporations to small local businesses. The company has 25 manufacturing facilities worldwide, including in Italy, England and Hong Kong and more than 6,800 employees. * * * Standard & Poor's Ratings Services lowered its corporate credit rating on Berry Plastics to 'B' from 'B+' following successful completion of the acquisition of the company by private equity firms, Apollo Management L.P. and Graham Partners. Standard & Poor's removed the ratings from CreditWatch, where they were placed with negative implications on Aug. 3, 2006. The outlook is stable. Moody's Investors Service confirmed the B3 rating on Berry Plastics Corp.'s US$335 million 10.75% senior subordinated notes, due July 15, 2012. BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln --------------------------------------------------------------- Bombardier Aerospace Corp., a subsidiary of Bombardier Inc., disclosed that My Way Airlines of Vicenza, Italy, has placed a firm order for 19 CRJ900 aircraft. Should Bombardier launch its CRJ900X program, 15 of these firm orders will be converted into CRJ900X aircraft. In the event program launch does not proceed, the firm order remains for 19 CRJ900 jets. The value of the contract based on the CRJ900 aircraft list price is approximately US$702 million. My Way Airlines serves scheduled destinations in Europe and the Middle East with a fleet of five Airbus A320 jets, and its wholly owned subsidiary, LTE, offers charter flights with its own fleet. The Bombardier CRJ900 aircraft will be operated on domestic and regional routes. "We were attracted to the Bombardier CRJ900 aircraft because of its low operating costs, quick turnaround times and outstanding passenger comfort," said Professor Carlo Bernini, President, My Way Airlines. "The CRJ900 jet is the ideal aircraft for our low-cost operations." "I also want to emphasize the environmentally friendly nature of the CRJ900," Professor Bernini added. "Emissions and noise are well below those permitted by international agreement, and fuel consumption has been reduced considerably." "My Way Airlines is the sixth European airline to recognize the significant benefits provided by this state-of-the art regional jet," said Steven Ridolfi, President, Bombardier Regional Aircraft. "The Bombardier CRJ900 has the lowest operating costs in its class, and independent surveys reveal strong praise from passengers for its cabin comfort and amenities." About Bombardier Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) -- http://www.bombardier.com/-- manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment. * * * As reported in the Troubled Company Reporter on May 25, 2006, Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational Products' CDNUS$250 million senior secured revolver and a B1 rating to BRP's CDNUS$880 million senior secured term loan. At the same time, Moody's affirmed BRP's B1 corporate family rating and revised the ratings outlook to negative from stable. VALEANT PHARMA: Moody's Assigns Loss-Given-Default Ratings ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. pharmaceutical sector last week, the rating agency confirmed its B1 Corporate Family Rating for Valeant Pharmaceuticals International, and its Ba3 rating on the company's US$300 million issue of 7% senior unsecured notes due 2011. Additionally, Moody's assigned an LGD3 rating to those bonds, suggesting noteholders will experience a 39% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Costa Mesa, California, Valeant Pharmaceuticals International -- http://www.valeant.com/-- is a global specialty pharmaceutical company with US$823 million of 2005 revenues. It has offices in Argentina, Italy, Singapore and Taiwan. =================== K A Z A K H S T A N =================== AIS KYZYLORDA: Creditors Must File claims by Oct. 17 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Ais Kyzylorda insolvent on Dec. 23. Creditors have until Oct. 17 to submit written proofs of claim to: LLP Ais Kyzylorda Jahaev Str. 7 Kyzylorda Kyzylorda Region Kazakhstan Tel: 8 (3242) 27-23-65 AKTUBE DEPARTMENT: Creditors Must File Claims by Oct. 17 -------------------------------------------------------- State Enterprise Aktube Department of West-Kazakhstan Rail Road has declared insolvency. Creditors have until Oct. 17 to submit written proofs of claim to: State Enterprise Aktube Department of West-Kazakhstan Rail Road Moldagulova Ave. 49 Aktobe Aktube Region Kazakhstan ARKO TRADE: Proof of Claim Deadline Slated for Oct. 17 ------------------------------------------------------ LLP Arko Trade has declared insolvency. Creditors have until Oct. 17 to submit written proofs of claim to: LLP Arko Trade Abai Ave.115 Almaty, Kazakhstan ARTEM GRAND: Proof of Claim Deadline Slated for Oct. 17 ------------------------------------------------------- LLP Artem Grand has declared insolvency. Creditors have until Oct. 17 to submit written proofs of claim to: LLP Artem Grand Tolstoy Str. 52 Kostanai Kostanai Region Kazakhstan BAGANALY: Claims Registration Ends Oct. 17 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region declared State Utility Enterprise Baganaly insolvent. Creditors have until Oct. 17 to submit written proofs of claim to: State Utility Enterprise Baganaly Baitursynova Str. 70 Kostanai Kostanai Region Kazakhstan FARMEKS: Claims Registration Ends Oct. 17 ----------------------------------------- LLP Farmeks has declared insolvency. Creditors have until Oct. 17 to submit written proofs of claim to: LLP Farmeks Rozybakiev Str. 136-141 Auezov District Almaty, Kazakhstan Tel: 8 (3272) 73-23-78 KOLOS: North Kazakhstan Court Opens Bankruptcy Proceedings ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region commenced bankruptcy proceedings against OJSC Kolos. KRUPTORG: Creditors' Claims Due Oct. 17 --------------------------------------- LLP Kruptorg has declared insolvency. Creditors have until Oct. 17 to submit written proofs of claim to: LLP Kruptorg Skladskaya Str. 2 Kostanai Kostanai Region Kazakhstan Tel: 8 (3272) 37-10-18 SK ALIN: Karaganda Court Begins Bankruptcy Proceedings ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda Region commenced bankruptcy proceedings against LLP Construction Company SK Alin Story (RNN 301200215455). The company is located at: SK Alin Story Abdirov Str. 4/1 Temirtau Karaganda Region Kazakhstan STARTELEKOM: Karaganda Court Starts Bankruptcy Procedure -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region commenced bankruptcy proceedings against LLP Startelekom (RNN 302000224845). The company is located at: LLP Startelekom Micro District Stepnoy-1, 12-72 Karaganda Karaganda Region Kazakhstan =================== K Y R G Y Z S T A N =================== AIT-EMIR: Public Auction Scheduled for Oct. 12 ---------------------------------------------- The Subdivision Service of the Court Officers of Talas will auction LLC Ait-Emir's starch shop equipment to the public at 10:00 a.m. on Oct. 12 at: LLC Ait-Emir Otorbaev Str. 2 Talas, Kyrgyzstan The starch shop equipment for sale include: -- Lot 1: aggregate APCH 25 (automatic frequency control). Starting price is KGS963,630. -- Lot 2: hot-water generator (two units). Starting price is KGS118,233. -- Lot 3: washing machine A9-KL. Starting price is KGS240,921. Participants have until Oct. 11 to submit their bids and deposit an amount equivalent to 10% of the starting price to the cashier of LLC Ait-Emir at: LLC Ait-Emir Otorbaev Str. 2 Talas Region Talas, Kyrgyzstan OSH SOODA: Proof of Claim Deadline Slated for Nov. 8 ---------------------------------------------------- LLP Osh-Sooda-Uyu has declared insolvency. Creditors have until Nov. 8 to submit written proofs of claim to: LLP Osh-Sooda-Uyu Kurmanjan Datka Str. 131 Osh Osh Region Kyrgyzstan SIMTEC: Creditors Must File Claims by Nov. 8 -------------------------------------------- LLC Simtec has declared insolvency. Creditors have until Nov. 8 to submit written proofs of claim to: LLC Simtec Shopokov Str. 34-22 Bishkek, Kyrgyzstan Tel: (0-543) 91-67-85 =================== L U X E M B O U R G =================== TMK CAPITAL: Parent Prices Latest Eurobond Issue at US$300 Mln -------------------------------------------------------------- OAO TMK has priced US$300 million of 8.5% Loan Participation Notes due Sept. 29, 2009. Citigroup, Credit Suisse and Dresdner Kleinwort acted as joint bookrunners and joint lead managers of the issue. The notes are to be issued by TMK Capital S.A., a special purpose entity incorporated in Luxembourg. TMK's obligations under the loan are initially unconditionally and irrevocably guaranteed by ZAO TMK Trade House and OAO Volzhsky Pipe Plant and are to be additionally unconditionally and irrevocably guaranteed by OAO Seversky Pipe Plant, OAO Sinarsky Pipe Plant and OAO Taganrog Metallurgical Works subject to corporate and shareholder approvals. About TMK Headquartered in Moscow, Russia, OAO TMK -- http://www.tmkgroup.ru/eng/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania which unite the four leading enterprises in the Russian pipe industry. * * * As reported in TCR-Europe on Sept. 11, Moody's Investors Service assigned a B1 corporate family rating to TMK and a (P)B2 senior unsecured rating to the loan participation notes issued by TMK Capital S.A., guaranteed by the operating subsidiaries of TMK. Moody's said the outlook on both ratings is positive. On Sept. 9, the TCR-Europe reported that Standard & Poor's Ratings Services assigned a 'B+' long-term corporate credit rating to OAO TMK. Standard & Poor's also assigned its 'B+' preliminary senior unsecured debt rating to TMK's proposed Eurobond, which will be issued by special-purpose vehicle TMK Capital S.A. ===================== N E T H E R L A N D S ===================== BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the oilfield service and refining and marketing sectors this week, the rating agency confirmed its Ba2 Corporate Family Rating for Bristow Group Inc. Moody's also confirmed its Ba2 rating on the company's 6.125% Senior Unsecured Guaranteed Global Notes Due 2013, and assigned the debentures an LGD4 rating suggesting noteholders will experience a 59% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Houston, Texas, Bristow Group Inc. -- http://www.bristowgroup.com/-- provides helicopter transportation services to the offshore oil and gas industry worldwide. Its services include helicopter transportation, maintenance, search, and rescue and aviation support, as well as oil and gas production management services. The company operates under the brand names of Air Logistics and Bristow Helicopters for its helicopter services, and Grasso Production Management for its production management services. As of March 31, 2006, the company operated 331 aircrafts and its unconsolidated affiliates operated an additional 146 aircrafts. The company has offices in Australia, China, India, the Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and the United States, among others. FORNAX B.V.: Fitch Assigns Final BB Rating on EUR8 Mln Notes ------------------------------------------------------------ Fitch Ratings assigned final ratings to FORNAX (ECLIPSE 2006-2) B.V.'s floating-rate notes due 2019: -- EUR104,480,000 Class A: AAA; -- EUR263,190,000 Class B: AAA; -- EUR57,860,000 Class C: AAA; -- EUR36,050,000 Class D: AA; -- EUR44,950,000 Class E: A; -- EUR30,500,000 Class F: BBB; and -- EUR8,000,000 Class G: BB. This transaction is a securitization of 18 commercial mortgage- backed loans and one VAT loan originated by Barclays Bank PLC and Barclays Bank SA for the Spanish loan. The loans are secured on properties located in Austria, Belgium, France, Germany, Italy and Spain. The loan pool is highly diversified, with the biggest loan making up 21.8% of the total outstanding balance, and the five largest representing a cumulative 55.1%. The final ratings reflect the credit enhancement provided to each Class by the subordination of Classes junior to it, the positive and negative features of the underlying collateral, and the integrity of the legal and financial structures. The final ratings address the timely payment of interest on the notes and the ultimate repayment of principal by final legal maturity in February 2019. Initial credit enhancement for the Class A notes is provided by subordination of the Class B, C, D, E, F and G notes. Likewise, initial credit enhancement for the Class B, Class C, Class D, Class E, and Class F notes is provided by the subordination of those notes junior to them. There is no initial credit enhancement provided to the Class G notes. Interest and principal for the notes will be paid quarterly in arrears on each payment date, commencing in November 2006. The Class G notes are subject to an available funds cap, which limits the interest receivable by the noteholders to the interest received under the loans. Repayment and prepayments of principal on the loans will be distributed according to a "bucket" structure that is based on the credit characteristics of each loan. The structure features a liquidity facility with the lower of EUR45 million or 11% of the notes balance, which is available to cover shortfalls in interest payments and senior expenses. Barclays is entitled to receive the excess of interest payable of the loans over interest payable on the notes, in the form of detachable coupons ranking senior to the Class D, E, F and G notes. JUBILEE CDO I: Fitch Affirms BB Rating on Class E Senior Notes -------------------------------------------------------------- Fitch Ratings affirmed Jubilee CDO I B.V.'s notes due July 2014, following a satisfactory performance review: -- Class A senior floating-rate notes ISIN XS0140076950 at AAA; -- Class B senior floating-rate notes ISIN XS0140078816 at AA+; -- Class C-1 senior floating-rate notes ISIN XS0140079897 at A-; -- Class C-2 zero coupon notes ISIN XS0140080390 at A-; -- Class C-3 senior fixed-rate notes ISIN XS0140081018 at A-; -- Class C-4 senior floating-rate notes ISIN XS0140081950 at A-; -- Class D-1 senior floating-rate notes ISIN XS0140082255 at BBB; -- Class D-2 zero coupon notes ISIN XS0140082925 at BBB; -- Class E senior floating-rate notes ISIN XS0140083493 at BB; -- Class P combination notes ISIN XS0140088534 at A-; -- Class R combination notes ISIN XS0140090431 at BB+; and -- Class S combination notes ISIN XS0140091249 at BBB. The rating on Class Q combination notes ISIN XS0140090191 previously at A- is withdrawn following the break-up of these notes into their constituent parts. The affirmations reflect the portfolio's stable performance. As of the last reporting date in August 2006 the transaction has passed all portfolio profile and coverage tests with the exception of the senior loan concentration test. There have been no defaults to date. The portfolio currently contains one asset rated CCC or below, a junior secured loan that represents 0.89% of the total exposure. The credit quality of the collateral remains similar to that at the review in May 2005 with the Weighted Average Fitch Factor remaining at 52, corresponding to a B rating. The deal is still within the reinvestment period until Dec. 10. The subordination in the capital structure and excess spread generated by the portfolio create sufficient credit enhancement to withstand the current rating stresses. The ratings of Class A and Class B notes address the timely payment of interest and ultimate payment of principal by the maturity date. The ratings of Class C-1, Class C-2, Class C-3, Class C-4, Class D-1, Class D-2 and Class E notes address the ultimate payment of full and compensating interest and ultimate principal by the maturity date. The ratings of Class P, Class R and Class S combination notes address the ultimate payment of principal by the maturity date. In December 2001, Jubilee CDO I B.V., a special purpose vehicle incorporated with limited liability under the laws of the Netherlands, issued EUR540.77 million of various Classes of notes and invested the proceeds in a portfolio of European leveraged loans and high-yield debt securities. The portfolio is managed by Alcentra. JUBILEE CDO II: Fitch Keeps BB Rating on Class D Notes ------------------------------------------------------ Fitch Ratings affirmed Jubilee CDO II B.V.'s notes due July 2015, following a satisfactory performance review: -- Class A-1 senior floating-rate notes ISIN XS0150182169 at AAA; -- Class A-2 zero coupon notes ISIN XS0150190774 at AAA; -- Class AX senior floating-rate notes ISIN XS0150203692 at AAA; -- Class B-1 floating-rate notes ISIN XS0150205713 at A; -- Class B-2 fixed-rate notes ISIN XS0150212099 at A; -- Class C-1 fixed-rate notes ISIN XS0150214467 at BBB; -- Class C-2 fixed-rate notes ISIN XS0150216322 at BBB; -- Class C-3 fixed-rate notes ISIN XS0150226040 at BBB; -- Class D floating-rate notes ISIN XS0150228764 at BB; -- Class P combination notes ISIN XS0150236866 at AAA; -- Class Q combination notes ISIN XS0150238052 at BBB; -- Class R combination notes ISIN XS0150238482 at A; and -- Class S combination notes ISIN XS0150238995 at BBB. Jubilee CDO II B.V. is a special purpose vehicle incorporated with limited liability under the laws of the Netherlands. At closing in July 2002, the proceeds from the EUR471.15 million notes issued were invested in a portfolio of European leveraged loans. Alcentra managed the portfolio. The affirmations reflect the portfolio's stable performance. As of the last reporting date in August 2006 the transaction has passed all portfolio profile and coverage tests. There have been no defaults to date. The portfolio currently contains two assets rated CCC+ and below which are senior secured loans and make up 2.96% of the total exposure. The credit quality of the collateral has slightly deteriorated since March 2005 as captured by the Weighted Average Fitch Factor of 53 versus 52 as of the review in March 2005, both corresponding to a B rating. The deal is still within the reinvestment period until July 15, 2007. The subordination in the capital structure and excess spread generated by the portfolio create sufficient credit enhancement to withstand the current rating stresses. The ratings of Class A-1 and Class AX notes address the timely payment of interest and ultimate payment of principal by the maturity date. The ratings of Class B-1, Class B-2, Class C-1, Class C-2, Class C-3 and Class D notes as well as Class R, Class Q and Class S combination notes address the ultimate payment of full and compensating interest and ultimate principal by the maturity date. The ratings of Class A-2 notes and Class P combination notes address the ultimate payment of principal by the maturity date. =============== P O R T U G A L =============== SUNNY DELIGHT: Moody's Assigns Loss-Given-Default Ratings --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors, and Agricultural Cooperative sectors, the rating agency revised its Caa1 Corporate Family Rating to Caa3 for Sunny Delight Beverages Company. Additionally, Moody's confirmed its probability-of-default ratings and assigned loss-given-default ratings on these loans facilities: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Sec. Revolving Credit Facility Due 2010 Caa1 Caa1 LGD2 24% Sr. Sec. Term Loan Due 2010 Caa1 Caa1 LGD2 24% Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as its research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%). Sunny Delight Beverages Company -- http://www.sunnyd.com/-- is a global manufacturer and distributor of juice drinks and sports beverages under the Sunny Delight brand name. The Company's U.S. headquarter is located at Cincinnati, Ohio, and its European headquarter is located at Barcelona, Spain. The company produces and markets SunnyD(R) Original, SunnyD Intense Sport(TM) and SunnyD Baja(TM). =========== R U S S I A =========== BOBROVSKIY REFINERY: S. Bogay to Manage Insolvency Assets --------------------------------------------------------- The Arbitration Court of Voronezh Region appointed Mr. S. Bogay as Insolvency Manager for OJSC Bobrovskiy Refinery (FD-Sugar). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-5353-2006/127/7b. The Debtor can be reached at: OJSC Bobrovskiy Refinery (FD-Sugar) Khrenovoye Bobrovskiy Region Voronezh Region Russia BOROVICHSKIY FEED: Novgorod Court Starts Bankruptcy Supervision --------------------------------------------------------------- The Arbitration Court of Novgorod Region commenced bankruptcy supervision procedure on OJSC Borovichskiy Feed Mill. The case is docketed under Case No. A44-840/2006-4k. The Temporary Insolvency Manager is: S. Egorin Lenina Str. 21b 150003 Yaroslavl Region Russia The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: OJSC Borovichskiy Feed Mill Pavlova Str. 15a Borovichi 174400 Novgorod Region Russia BRILLIANTS OF YAKUTIYA: A. Maltabar to Manage Assets ----------------------------------------------------- The Arbitration Court of Moscow appointed Mr. A. Maltabar as Insolvency Manager for LLC Brilliants Of Yakutiya. He can be reached at: A. Maltabar Post User Box 619 170006 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-28583/06-78-577B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: LLC Brilliants Of Yakutiya Building 1 Kozhukhovskaya Str. 15 Moscow Region Russia CHERMISINOVSKIY BUTTER: Creditors Must File Claims by Oct. 19 ------------------------------------------------------------- Creditors have until Oct. 19 to submit written proofs of claim to: V. Golovchenko, Insolvency Manager Post User Box 14 Kosmonavtov Str. 394038 Voronezh Region Russia The Arbitration Court of Kursk Region appointed for LLC Chermisinovskiy Butter Factory (TIN 4627002438). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-35-4417/06. The Debtor can be reached at: LLC Chermisinovskiy Butter Factory Cheremisinovo Cheremisinovskiy Region 305440 Kursk Region Russia CRYSTAL FACTORY: Vladimir Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Arbitration Court of Vladimir Region commenced bankruptcy supervision procedure on LLC Crystal Factory. The case is docketed under Case No. A11-3530/2006-K1-111B. The Temporary Insolvency Manager is: I. Borzov Kalinina Str. 28 Gus-Khrustalnyj Vladimir region Russia The Arbitration Court of Vladimir Region is located at: Oktyabrskiy Pr. 14 600025 Vladimir Region Russia The Debtor can be reached at: LLC Crystal Factory Gus-Khrustalnyj Vladimir Region Russia DOLZHANSK-AGRO-PROM-KHIMIYA: S. Galakhov to Manage Assets --------------------------------------------------------- The Arbitration Court of Orel Region appointed Mr. S. Galakhov as Insolvency Manager for Agricultural Chemical Company Ojsc Dolzhansk-Agro-Prom-Khimiya. He can be reached at: S. Galakhov Pugacheva Str. 93 302004 Orel Region Russia Tel.: (4862) 75-02-81 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-2635/06-16B. The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: Agricultural Chemical Company OJSC Dolzhansk-Agro-Prom- Khimiya Gagarina Dolgoe 303760 Orel Region Russia FISHER: Court Names A. Pakhomov as Insolvency Manager ----------------------------------------------------- The Arbitration Court of Orenburg appointed Mr. A. Pakhomov as Insolvency Manager for CJSC Fisher. He can be reached at: A. Pakhomov Turkestanskaya Str. 10A 460024 Orenburg Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-15059/2005-14GK. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: CJSC Fisher Borodinsk Tashlinskiy Region Orenburg Region Russia FURNITURE-SALE: Novosibirsk Court Starts Bankruptcy Supervision --------------------------------------------------------------- The Arbitration Court of Novosibirsk Region commenced bankruptcy supervision procedure on OJSC Furniture-Sale. The case is docketed under Case No. A45-13066/06-48/284. The Temporary Insolvency Manager is: O. Klemeshev Post User Box 174 630077 Novosibirsk Region Russia The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: OJSC Furniture-Sale Gipsovaya Str. 3. 630001 Novosibirsk Region Russia IRKUT CORP: Pays RUR141.6 Mln Interest on Second Coupon Bonds ------------------------------------------------------------- Irkut Corp. made an interest payment on the second coupon of its ruble-nominated A03 series bonds. The coupon interest payment totaled RUR141.6 million. The payments were made through the issue's paying agent, the National Depository Center. Irkut Corporation has paid RUR43.58 of coupon interest per bond with par value of RUR1,000. The fifth coupon rate is 8.74 % per annum. Headquartered in Moscow, Russia, Irkut Corporation -- http://www.irkut.com/en/-- manufactures military aircraft. The company is one of the largest company in the Russian aerospace & defense industry, with defense- related revenues in 2005 of over US$602 million and total company revenue of US$712 million. The order book in 2006 is estimated at US$5.1 billion. Irkut Corporation is the only public company in the Russian defense industry where the Government currently controls 12% through Sukhoi Holding. As reported in TCR-Europe on Sept. 18, Moody's Investors Service assigned a B1 corporate family rating to Irkut Corporation and placed the rating under review for possible upgrade. As one of Russia's leading military aircraft producers, the B1 rating also incorporates a moderate degree of implicit support from the Russian government. KLINTSY-SEL-KHOZ-KHIMIYA: I. Goldova to Manage Assets ----------------------------------------------------- The Arbitration Court of Bryansk Region appointed Ms. I. Goldova as Insolvency Manager for OJSC Klintsy-Sel-Khoz-Khimiya. She can be reached at: I. Goldova Romashina Str. 29 50 Bryansk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A09-5328/06-28. The Arbitration Court of Bryansk Region is located at: Room 602 Trudovoy Per. 5 Bryansk Region Russia The Debtor can be reached at: OJSC Klintsy-Sel-Khoz-Khimiya Zaymishenskaya Str. 177 Zaymishe Klintsy Bryansk Region Russia KOVALEVSKIY: Omsk Court Starts Bankruptcy Supervision ----------------------------------------------------- The Arbitration Court of Omsk Region commenced bankruptcy supervision procedure on LLC Diary Kovalevskiy. The case is docketed under Case No. A46-10090/2006. The Temporary Insolvency Manager is: V. Atroshenko Truda Str. 149 Voronezh Region Russia The Debtor can be reached at: LLC Diary Kovalevskiy Kalachinskiy Region Omsk Region Russia KURCHATOVSKIY FACTORY: E. Popov to Manage Insolvency Assets ----------------------------------------------------------- The Arbitration Court of Kursk Region appointed Mr. E. Popov as Insolvency Manager for OJSC Kurchatovskiy Factory of Large Panel House Building. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-35-2856/06 g. The Debtor can be reached at: OJSC Kurchatovskiy Factory of Large Panel House Building Promzona Kurskoy AES Kurchatov 307380 Kursk Region Russia KURSKIY FACTORY: Court Names Y. Akulshin as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Kursk Region appointed Mr. Y. Akulshin as Insolvency Manager for CJSC Kurskiy Factory of Silicate Brick. He can be reached at: Y. Akulshin 2nd Institutskaya Str. 32 e 305021 Kursk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-11777/05 g. The Arbitration Court of Kursk Region is located at: K. Marksa Str. 25 305004 Kursk Region Russia The Debtor can be reached at: Y. Akulshin 2nd Institutskaya Str. 32 e 305021 Kursk Region Russia KUZNETSK-SHOES: Penza Court Starts Reorganization Process --------------------------------------------------------- The Arbitration Court of Penza Region commenced external management bankruptcy procedure on OJSC Kuznetsk-Shoes. The case is docketed under Case No. A49-7337/2005-126b/2b. The External Insolvency Manager is: A. Felinskiy Sverdlova Str. 134 Kuznetsk 442500 Penza Region Russia The Arbitration Court of Penza Region is located at: Belinskogo Str. 2 440600 Penza Region Russia The Debtor can be reached at: OJSC Kuznetsk-Shoes Sverdlova Str. 134 Kuznetsk 442500 Penza Region Russia MALOSERDOBINSKAYA WATER: Bankruptcy Hearing Slated for Dec. 7 ------------------------------------------------------------- The Arbitration Court of Penza Region will convene at 2:00 p.m. on Dec. 7 to hear the bankruptcy supervision procedure on OJSC Maloserdobinskaya Water-Melioration. The case is docketed under Case No. A49-3459/2006-339b/26. The Temporary Insolvency Manager is: Y. Pimenova Lunacharskogo Str. 53 440061 Penza Region Russia The Arbitration Court of Penza Region is located at: Belinskogo Str. 2 440600 Penza Region Russia The Debtor can be reached at: OJSC Maloserdobinskaya Water-Melioration Patsaeva Str. 31 Malaya Serdoba Maloserdobinskiy Region 442844 Penza Region Russia METAL-PROM-TORG: Court Names S. Kuznetsov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. S. Kuznetsov as Insolvency Manager for CJSC Metal-Prom-Torg (TIN 7721094008). He can be reached at: S. Kuznetsov To be called for Mr. S. Kuznetsov 125009 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-24930/06-71-337B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Metal-Prom-Torg Ryazanskiy Pr. 83 101000 Moscow Region Russia NORTH-WEST TELECOM: Earns RUR1.03 Billion for First Half 2006 ------------------------------------------------------------- North-West Telecom summed up its business results for the first half of 2006 according to International Financial Reporting Standards. On an IFRS basis, core activity revenues were RUR9.830 billion. in the first half of 2006, while the costs were RUR8.014 billion. The highest growth was recorded for receipts from services to telecommunications operators. They rose more than fourfold to RUR2.266 billion. The increased earnings from this service is primarily related to liberalization of the telecommunications market and changes in relations between operators. Additionally, noticeable growth was observed for new services and data transmission services: compared to the similar period of last year, they increased 44.3% to RUR881.1 million. The increase in the revenues from new services is attributable to the company's successful actions on the new services market such as launching of Internet broadband service under the avangard trade name, and by strengthened efforts in the B2B market. Net income for the first half of 2006 was RUR1.031 billion according to IFRS, compared with RUR1.026 billion for the same period a year ago. EBITDA for H1 2006 was RUR3.493 billion -- a 20% increase against the first half of the previous year, while the EBITDA margin grew by 6.1, reaching 35.5%. "The improved business efficiency of North-West Telecom is an effect of the company restructuring in 2005, of revised marketing and investment priorities of the company, and of its enhanced customer facing," Vladimir Akulich, Chief Executive Officer, said. About North-West Telecom OAO North-West Telecom (OTC: NWTEY; RTS: SPTL) is one of Russia's major telecommunication companies, and the leading operator in the North-West Federal District, providing traditional telephone services, as well as Internet and advanced data services. NWT originated from the merger of 10 regional fixed line operators and is ranked among the Financial Times' Top 100 major Eastern European companies. NWT ranks eighth in Standard & Poor's Transparency Index of the 50 largest MICEX- listed companies and fifth in the S & P Corporate governance rating. NWT international debt is rated by S&P B+ with stable outlook and domestic debt ruA+. * * * As reported in TCR-Europe on Aug. 14, Fitch affirmed Russia- based OAO North-West Telecoms' Issuer Default rating at B+ with a Stable Outlook and Short-term rating at B. The reflect NWT's dominant market position as a regional incumbent telecoms operator. The company controls about 76% of the local services market and is well positioned to retain its dominance in this segment. Although its market share is strong, it is smaller in the corporate segment where it controls about 55% of fixed lines. Standard & Poor's has assigned B+ ratings to North-West Telecom's long-term foreign issuer and local issuer credit ratings. NOVATEK OAO: Buys 60% Equity Stake of Northern Energy Company ------------------------------------------------------------- OAO Novatek has acquired 60% of the share capital of Northern Energy Company. Northern Energy Company is a joint venture established by Novatek and Wholesale Generating Company 5 for the purpose of evaluating potential investment opportunities in the power generation sector. About Novatek Headquartered in Moscow, OAO Novatek (RTS: NVTK; LSE: NVTK; NASDAQ: NVATY) is Russia's second largest gas company after state-controlled Gazprom, and the largest of the country's independent gas producers. For the first half of 2006, Novatek posted RUR7.2 billion in net profit on RUR23.5 billion in revenues, compared to RUR7.9 billion in net profit on RUR17.4 billion in revenues for the same period in 2005. As of June 30, 2006, OAO Novatek had RU80.5 billion in total assets, RUR17.2 billion in total liabilities and RUR63.3 billion in total equity. * * * As reported in TCR-Europe on March 21, Standard & Poor's Services assigned its 'BB-' long-term corporate credit rating to OAO Novatek, Russia's largest independent gas producer. S&P said the outlook is stable. OIL-KHIM-INVEST: Court Names L. Serdyuk as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. L. Serdyuk as Insolvency Manager for CJSC Oil-Khim-Invest (TIN 7702144486). He can be reached at: L. Serdyuk Apartment 6 Building 3 Moldagulovoy Str. 16 111395 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-83632/05-88-192 B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Oil-Khim-Invest Gilyarovskogo Str. 31 129110 Moscow Region Russia PRIOBSKOYE OIL: Court Names A. Zubairov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy Autonomous Region appointed Mr. A. Zubairov as Insolvency Manager for CJSC Priobskoye Oil Gas Exploratory Enterprise. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-75-1101/2006. The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is located at: Lenina Str. 54/1 Khanty-Mansiysk Autonomous Region Russia The Debtor can be reached at: CJSC Priobskoye Oil Gas Exploratory Enterprise Lazareva Str. 18 Nyagan 628183 Khanty-Mansiyskiy Autonomous Region Russia REINFORCED-CONCRETE 25: Creditors Must File Claims by Oct. 19 ------------------------------------------------------------- Creditors of CJSC Factory of Reinforced-Concrete Goods-25 have until Oct. 19 to submit written proofs of claim to: D. Mishenko, Insolvency Manager Post User Box 16 Barnaul 656015 Altay Region Russia The Arbitration Court of Altay Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. AO3-23538/05-B. The Debtor can be reached at: CJSC Factory of Reinforced-Concrete Goods-25 Energetikov Str. 41 Barnaul 656922 Altay Region Russia SHUYSKIY ENGINEERING: I. Borzov to Manage Insolvency Assets ----------------------------------------------------------- The Arbitration Court of Ivanovo Region appointed Mr. I. Borzov as Insolvency Manager for CJSC Shuyskiy Engineering Factory. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A17-1402/06-1-B. The Debtor can be reached at: CJSC Shuyskiy Engineering Factory 1st Nagornaya Str. 16. Shuya 155900 Ivanovo Region Russia SOUTHERN TELECOMMUNICATIONS: Reveals 2006-2007 Investment Plan -------------------------------------------------------------- Southern Telecommunications Company (UTK) discloses of its basic guidelines for drafting the Company's 2006 investment plan and 2007 investment priorities. Among the chief cornerstones of UTK's 2006 investment plan are: -- minimization of investments in loss-making and low-yield projects, including rural telephony, provided the law "On Communications" requirements are met; -- investments in traditional telephony within the scope needed to finalize the projects launched in 2003-2004; -- boosting of investments in advanced technologies; and -- raising of investment efficiency through the reduction of payback period. To solidify the Company's financial position, its 2006 investment plan provides for cutting capital expenditures by 46% year-on-year to RUR1.7 billion. The operator intends to make investments within amounts required to retain the leadership status on the market for fixed-line services and reinforce positions on the VAS market. The bulk of investments in the Company's investment mix fall to traditional telephony -- 29.6%, followed by investments in the development of data transmission networks and infrastructure. On the whole, the projects on the rollout of advanced technologies and value-added services dominate the Company's 2006 investment plan. The share of investments in projects with financial and qualitative return does not meet the targets set by the Board of Directors. The domination of projects with qualitative return results from inability to slash investments in this area. Considerable number of projects in UTK's investment plan stems from the low investment volume at the Company on the whole. The upswing of the plan's profitability index (including investments with financial return) against the 2005 figure was driven by the optimization of the investment program and redistribution of investments in high-yield and promising projects. The 2006 investment plan is 100% financed from the Company's own funds. Implementation of the Company's investment plan will bring the operator's installed capacity to 4,347.5 lines as of Jan. 1, 2007, while the number of main telephone sets will surge by 43,500, digitalization rate will amount to 65.12%. Implementation of UTK's investment plan will enable it to solidify the Company's positions on the fixed-line market and ensure by 2006 at least an 82% share in the telecom market revenues, as well as to raise the carrier's presence on the VAS market to at least 50%. Basic criteria for 2007 investment activity: -- utmost economy of capital assets; -- completion of earlier launched investment projects given their viability and effectiveness; -- making new investments in high-yield projects and projects with short payback period alone; -- investing in projects with qualitative return, facilitating the Company's business activity and promoting implementation of the new requirements under the Federal Law "On Telecommunications." Key priorities of 2007 investment program: In terms of technical policy: -- to expand the operator's subscriber base; -- to raise digitalization rate of local and intra-zonal network; -- to rollout of high-speed data networks; -- to speed up development of value-added services and technologies. In terms of traditional telecom services: -- to roll out local voice services and make a whole range of services affordable to average- and high-yield consumer categories; -- to phase in universal payment cards for telecom services, cooperating with other entities on outsourcing principle; -- to seek ways to cut losses from non-profitable (but socially important) services; In terms of value-added services: -- to focus on the rollout and expansion of broadband xDSL access; -- to phase in advanced technologies and scale up the scope of high-yield services; -- to raise VAS competitiveness; -- to develop multi-service networks in the Southern federal district; -- to implement inter-regional service roaming; -- to offer packet services; -- to introduce and develop universal payment cards for communications services, allowing to pay for various services by one card. Financial sources for Company's 2007 investment plan To improve liquidity of balance and other 2007 financial metrics of the Company, "UTK" PJSC intends to finance its investment program by means of in-house funds alone (depreciation charges and profit). Rejection from supplementary borrowings exerts positive impact on the balance of own and borrowed funds, which shows on the gradual growth of equity ratio -- in the period from 01.01.05 to 01.01.07 this indicator is expected to go up from 28% to 30%. About the Company Headquartered in Krasnador, Russia, Southern Telecommunications Co. -- http://www.stcompany.ru/-- provides local, long- distance, and cellular telephone, paging and telegraph services. * * * Southern Telecommunications carries Moody's Investors' Service's Caa1 issuer rating and B3 long-term corporate family rating since 2004. Standard & Poor's also assigned junk ratings to the Company's issuer credit in 2005. TMK OAO: Prices Latest Eurobond Issue at US$300 Million ------------------------------------------------------- OAO TMK priced US$300 million of 8.5% Loan Participation Notes due Sept. 29, 2009. Citigroup, Credit Suisse and Dresdner Kleinwort acted as joint bookrunners and joint lead managers of the issue. The notes are to be issued by TMK Capital S.A., a special purpose entity incorporated in Luxembourg. TMK's obligations under the loan are initially unconditionally and irrevocably guaranteed by ZAO TMK Trade House and OAO Volzhsky Pipe Plant and are to be additionally unconditionally and irrevocably guaranteed by OAO Seversky Pipe Plant, OAO Sinarsky Pipe Plant and OAO Taganrog Metallurgical Works subject to corporate and shareholder approvals. About TMK Headquartered in Moscow, Russia, OAO TMK -- http://www.tmkgroup.ru/eng/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania which unite the four leading enterprises in the Russian pipe industry. * * * As reported in TCR-Europe on Sept. 11, Moody's Investors Service assigned a B1 corporate family rating to TMK and a (P)B2 senior unsecured rating to the loan participation notes issued by TMK Capital S.A., guaranteed by the operating subsidiaries of TMK. Moody's said the outlook on both ratings is positive. On Sept. 9, the TCR-Europe reported that Standard & Poor's Ratings Services assigned a 'B+' long-term corporate credit rating to OAO TMK. Standard & Poor's also assigned its 'B+' preliminary senior unsecured debt rating to TMK's proposed Eurobond, which will be issued by special-purpose vehicle TMK Capital S.A. TYUMEN-GAS-STROY-MASH: Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Tyumen Region commenced bankruptcy supervision procedure on OJSC Factory Tyumen-Gas-Stroy-Mash. The case is docketed under Case No. A-70-5415/3-06. The Temporary Insolvency Manager is: N. Baranova Respubliki Str. 204-222 625035 Tyumen Region Russia The Arbitration Court of Tyumen Region is located at: Khokhryakova Str. 77 627000 Tyumen Region Russia The Debtor can be reached at: OJSC Factory Tyumen-Gas-Stroy-Mash Chekistov Str. 2a 625014 Tyumen Region Russia USOLSKIY: Court Names E. Meshenkova as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Irkutsk Region appointed Ms. E. Meshenkova as Insolvency Manager for LLC Usolskiy Woodworking Combine (TIN 3819011900). She can be reached at: E. Meshenkova Dzerzhinskogo Str. 35 664007 Irkutsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-16318/06-34. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: LLC Usolskiy Woodworking Combine Lenina Str. 18 Irkutsk Region Russia USPENSKAYA RAW: Krasnodar Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Arbitration Court of Krasnodar Region commenced bankruptcy supervision procedure on LLC Uspenskaya Raw Material Company. The case is docketed under Case No. A-32-11005/2006-46/371-B. The Temporary Insolvency Manager is: E. Leyliyan Krasnaya Str. 180 350020 Krasnodar Region Russia The Debtor can be reached at: LLC Uspenskaya Raw Material Company Uspenskiy Region, Konokovo, Promzona Krasnodar Region Russia VITA MILK: Krasnodar Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Krasnodar Region commenced bankruptcy supervision procedure on CJSC Vita Milk. The case is docketed under Case No. A-32-12428/2006-1/560-B. The Temporary Insolvency Manager is: O. Ryabich Post User Box 1884 350080 Krasnodar Region Russia The Debtor can be reached at: CJSC Vita Milk Dinskaya St. 353200 Krasnodar Region Russia VNESHTORGBANK JSC: Shareholders Okay Share Split ------------------------------------------------ The Extraordinary General Meeting of Vneshtorgbank's Shareholders approved of splitting VTB ordinary registered shares. As a result, each Vneshtorgbank's ordinary registered share with a nominal value of RUR1,000 held by a shareholder will be replaced in VTB Shareholders' Register with 100,000 ordinary registered shares with a nominal value of RUR0.01 each. Participation of each shareholder in VTB authorized capital will remain the same. Alongside this decision, the shareholders approved amendments to be made to Vneshtorgbank Charter to reflect a change in the nominal value and number of shares both placed and announced. Board Meeting At a meeting by the company's supervisory board held on the same day, members of the Board decided to convene an Extraordinary General Meeting of the Bank's Shareholders on Oct. 19 and approved its agenda. Major issues to be discussed at the meeting will be approving of the Bank's auditing company, which is expected to be Ernst & Young Vneshaudit as recommended by the Supervisory Board, and launching of the Group's corporate brand -- VTB. The Supervisory Board made a decision to open a new branch in Yuzhno-Sakhalinsk and to close an existing branch in Sochi since a new sub-office of Krasnodarsky branch will be opened on its basis. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. At the beginning of 2006, VTB purchased a 98% stake in the Bank Mriya located in Ukraine. VTB has operated under a full banking License No. 1000 from the Central Bank of the Russian Federation since 1990. With 23,145 employees as of Dec. 31, 2005, the Group operates in the commercial banking sector including deposit taking and commercial lending, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. The Government of the Russian Federation is the main shareholder of VTB and owns through the Federal Property Management Agency 99.9% of its registered share capital. * * * As reported in TCR-Europe on July 31, following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank and Vnesheconombank ratings at: Vnesheconombank: -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and -- Short-term upgraded to F2 from F3, Support affirmed at 2. Vneshtorgbank: -- Upgraded to foreign currency and local currency IDR BBB+ from BBB with a Stable Outlook; -- Short-term upgraded to F2 from F3; -- Individual affirmed at C/D; and -- Support affirmed at 2. VYSELKOVSKIY BAKERY: O. Sapronov to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Krasnodar Region appointed Mr. O. Sapronov as Insolvency Manager for LLC Vyselkovskiy Bakery. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-63749/2005-27/634-B. The Debtor can be reached at: LLC Vyselkovskiy Bakery Proletarskaya Str. 3 Vyselki Krasnodar Region Russia WHEAT: Court Names I. Maslov as Insolvency Manager -------------------------------------------------- The Arbitration Court of Orel Region appointed Mr. I. Maslov as Insolvency Manager for OJSC Wheat. He can be reached at: I. Maslov Severnaya Str. 9 302009 Orel Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-7812/05-20B. The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Wheat Severnaya Str. 9 302009 Orel Region Russia WHEAT KHOMUTOVSKAYA: Orel Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Arbitration Court of Orel Region commenced bankruptcy supervision procedure on OJSC Wheat Khomutovskaya. The case is docketed under Case No. A 48-2318/06-17b. The Temporary Insolvency Manager is: S. Bykov K. Marksa Str. 106 Livny 303850 Orel Region Russia The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Wheat Khomutovskaya Komsomolskaya Str. 13 Khomutovo Novoderevenkovskiy Region 303620 Orel Region Russia YASHKINSKIY BUTTER: A. Kolmagorov to Manage Insolvency Assets ------------------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. A. Kolmagorov as Insolvency Manager for OJSC Yashkinskiy Butter Making Factory. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-11111/2006-4. The Arbitration Court of Kemerovo Region is located at: Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: OJSC Yashkinskiy Butter Making Factory Tsvetochnaya Str. 9 Yashkino Kemerovo Region Russia YUKOS OIL: RTS to Keep Shares Trading Until Liquidation ------------------------------------------------------- The Russian Trading System's board of directors decided not to remove Yukos Oil Co.'s ordinary shares from trading until the company's liquidation, RTS President Oleg Safonov told the media Friday. "Theoretically, the board of directors may opt for another decision, but according to the latest one there exists the opportunity for the company's securities to be traded further on till liquidation. Moreover, such precedents occurred in the past," Mr. Safonov said. Itar Tass reports that Mr. Safonov pointed to the market's liquidity for Yukos securities that investors want to buy and sell the oil company's shares. "This indicates the market wants YUKOS shares to be traded on," Mr. Safonov said. The Moscow Interbank Currency Exchange suspended the trading of Yukos shares on Sept. 20. As reported in TCR-Europe on Sept. 21, the RTS suspended the trading of Yukos shares on its classic and exchange-traded markets on Sept. 19. The trading agency, however, lifted the ban a day after, pending a decision by its board. The suspensions came after the Federal Arbitration Court upheld Sept. 19 the Moscow Arbitration Court's Aug. 1 bankruptcy ruling against Yukos. It also rejected an appeal filed by Yukos' lawyers. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. The expected court ruling paves the way for the company's liquidation and auction. ZAP-SIB-KUZBASS-COAL: F. Voytsik to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Novosibirsk Region appointed Mr. F. Voytsik as Insolvency Manager for CJSC Zap-Sib-Kuzbass-Coal. He can be reached at: F. Voytsik, Insolvency Manager Nakhimova Str. 13/1 634059 Tomsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-9834/06-10/160. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Zap-Sib-Kuzbass-Coal Nakhimova Str. 13/1 634059 Tomsk Region Russia ========= S P A I N ========= SUNNY DELIGHT: Moody's Assigns Loss-Given-Default Ratings --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. Consumer Products, Beverage, Toy, Natural Product Processors, Packaged Food Processors, and Agricultural Cooperative sectors, the rating agency revised its Caa1 Corporate Family Rating to Caa3 for Sunny Delight Beverages Company. Additionally, Moody's confirmed its probability-of-default ratings and assigned loss-given-default ratings on these loans facilities: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Sec. Revolving Credit Facility Due 2010 Caa1 Caa1 LGD2 24% Sr. Sec. Term Loan Due 2010 Caa1 Caa1 LGD2 24% Moody's current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as its research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%). Sunny Delight Beverages Company -- http://www.sunnyd.com/-- is a global manufacturer and distributor of juice drinks and sports beverages under the Sunny Delight brand name. The Company's U.S. headquarter is located at Cincinnati, Ohio, and its European headquarter is located at Barcelona, Spain. The company produces and markets SunnyD(R) Original, SunnyD Intense Sport(TM) and SunnyD Baja(TM). =========== S W E D E N =========== FALCON AIR: Carrier Declares Bankruptcy in Malmo ------------------------------------------------ SR International Radio Sweden reports that Falcon Air has declared bankruptcy a few months after the Swedish Post Office sold the company to private investors last winter. According to the report, the new owners have blamed the Post Office for the company's troubles. The pilots' union, however, was already critical of the sale, warning that the new owners had previously been involved in bankruptcies in the travel industry, SR International relates. Headquartered in Malmo, Sweden, Falcon Air -- http://flyscand.myvnc.com/-- operates mail transport services at night and day flight on contract for FlyMe. Its main base is at Malmo Sturup Airport. WATSONS PHARMACEUTICALS: Moody's Puts Loss-Given-Default Ratings ---------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. pharmaceutical sector, the rating agency confirmed its Ba1 Corporate Family Rating for Watsons Pharmaceuticals, Inc. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$300 million revolving credit facility Ba1 Baa2 LGD2 13% US$500 million revolving credit facility Ba1 Baa3 LGD3 36% US$650 million term loan Ba1 Baa3 LGD3 36% US$575 million convertible debentures (CODES) Ba2 Ba2 LGD5 87% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Corona, California, Watson Pharmaceuticals, Inc. -- http://www.watsonpharm.com/-- is a specialty pharmaceutical company with operations in the U.S., India, China, Sweden, and Northern Ireland. =========== T U R K E Y =========== ASYA KATILIM: Fitch Affirms Foreign & Local Default Rating at B --------------------------------------------------------------- Fitch Ratings affirmed Turkey-based Asya Katilim Bankasi A.S.'s ratings at foreign and local currency Issuer Default B, Short- term B, Individual D, National Long-term BBB, and Support 5. The Outlooks on the Issuer Default and Long-term ratings are Stable. The ratings reflect Bank Asya's deteriorating asset quality, weakening liquidity and small size within the Turkish financial system. These are balanced by its good profitability, improved capitalization and stable funding structure. Profitability improved markedly in 2005 through higher financing income and contribution from fees and commissions. Non- performing loans increased 64% in absolute terms to 5.2% of funds granted at end-2005 with 71% reserve coverage. The bank has a stable, customer-sourced funding structure. Following the public offering of 23% of its shares, the bank's total capital ratio reached 17.7% at end-June 2006; this is anticipated to decline somewhat due to growth. Bank Asya is Turkey's second-largest participation bank, which as a group had 2.5% share in total Turkish banking assets at end-H106. The bank focuses on commercial loans to small and medium-sized companies, in addition to leasing and trade facilities. As a participation bank, Bank Asya does not pay or accept interest and has two types of funding sources other than equity: current accounts and profit and loss sharing accounts. Under the latter, investors agree to a predetermined profit or loss with Bank Asya receiving 20%. ============= U K R A I N E ============= BAGET: Donetsk Court Names S. Lunkova as Insolvency Manager ----------------------------------------------------------- The Economic Court of Donetsk Region appointed Ms. S. Lunkova as Liquidator/Insolvency Manager for LLC Trade House Baget (code EDRPOU 32388715). The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 10. The case is docketed under Case No. 42/149 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Trade House Baget Livoberezhna Str. 20 83014 Donetsk Region Ukraine DNIPROMETBUD: Court Names Oleksandr Romantsov as Liquidator ----------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Oleksandr Romantsov as Liquidator/Insolvency Manager for LLC Dniprometbud (code EDRPOU 32175938). He can be reached at: Oleksandr Romantsov Batumska Str. 4/45 49026 Dnipropetrovsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 25. The case is docketed under Case No. B 26/69/06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Dniprometbud B. Hmelnitskij Str. 14-a 49000 Dnipropetrovsk Region Ukraine HIMREMMONTAZH: Court Names Kirilo Liseyev as Insolvency Manager --------------------------------------------------------------- The Economic Court of Odessa Region appointed Kirilo Liseyev as Liquidator/Insolvency Manager for LLC Himremmontazh (code EDRPOU 22499784). The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 15. The case is docketed under Case No. 21/245-06-7784. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Himremmontazh Yevrejska Str. 21/20 Odessa Region Ukraine INTERA: Chernivtsi Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Economic Court of Chernivtsi Region commenced bankruptcy supervision procedure on LLC Intera (code EDRPOU 31822804) on June 27. The case is docketed under Case No. 8/164/b. The Temporary Insolvency Manager is: Tetyana Viknyanska Aleksandri Str. 151 D Chernivtsi Region Ukraine The Economic Court of Chernivtsi Region is located at: O. Kobilyanska Str. 14 58000 Chernivtsi Region Ukraine The Debtor can be reached at: LLC Intera Golovna Str. 249 58000 Chernivtsi Region Ukraine MIRTA: Odessa Court Names Kirilo Liseyev as Insolvency Manager -------------------------------------------------------------- The Economic Court of Odessa Region appointed Kirilo Liseyev as Liquidator/Insolvency Manager for LLC Mirta (code EDRPOU 32575102) The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 15. The case is docketed under Case No. 21/242-06-7781. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Mirta Yevrejskij Str. 50/24 Odessa Region Ukraine MISTSPETSPROEKT: Court Names Kirilo Liseyev as Liquidator --------------------------------------------------------- The Economic Court of Odessa Region appointed Kirilo Liseyev as Liquidator/Insolvency Manager for LLC Mistspetsproekt (code EDRPOU 32428857). The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 15. The case is docketed under Case No. 21/245-06-7784. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Mistspetsproekt Mala Arnautska Str. 12/11 Odessa Region Ukraine QUINTILES TRANSNATIONAL: Moody's Puts Loss-Given-Default Rating --------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. pharmaceutical sector this week, the rating agency confirmed its B1 Corporate Family Rating for Quintiles Transnational Corp. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$1 Billion First Lien Term Loan B1 B1 LGD3 44% US$225 Million First Lien Revolving Credit Facility B1 B1 LGD3 44% US$220 Million Second Lien Term Loan B3 B2 LGD5 72% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered near Research Triangle Park, North Carolina, Quintiles Transnational Corp. -- http://www.quintiles.com/-- helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. The company has operations in the United Kingdom, Belgium, Ukraine, Netherlands, Switzerland, Austria, Germany, and other parts of Europe. TUDES: Court Names Oleg Chervinskij as Insolvency Manager --------------------------------------------------------- The Economic Court of Odessa Region appointed Oleg Chervinskij as Liquidator/Insolvency Manager for LLC Tudes (code EDRPOU 33311381). The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 15. The case is docketed under Case No. 21/240-06-7779. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Tudes 10 Kvitnya Str. 1 Odessa Region Ukraine =========================== U N I T E D K I N G D O M =========================== ACXIOM CORP: Gets US$277.8 Mil. in "Dutch Auction" Tender Offer --------------------------------------------------------------- Acxiom(R) Corp. disclosed the final results of its modified "Dutch Auction" tender offer to purchase up to 11,111,111 shares of the company's common stock, which expired at 5:00 p.m., New York City time, on Tuesday, Sept. 12, 2006. Acxiom has accepted for payment an aggregate of 11,111,111 shares of its common stock at a purchase price of US$25.00 per share and an aggregate purchase price of approximately US$277.8 million. These shares represent approximately 12.6% of the shares outstanding immediately prior to completion of the tender offer. Computershare Trust Company, N.A., the depositary for the tender offer, have informed Acxiom that the final proration factor for the tender offer is 73.868515%. Based on the final count by the depositary (and excluding conditional tenders that were not accepted because the specified condition was not satisfied), 15,053,367 shares were properly tendered and not withdrawn at a price of US$25.00 per share. Any shares that were not properly tendered will be returned promptly to the tendering stockholders. Payment for the shares accepted for purchase, and return of all shares tendered and delivered and not accepted for purchase, will be carried out promptly by the depositary. As a result of the completion of the tender offer, Acxiom has approximately 77.4 million shares of common stock outstanding. Inquiries with regard to the tender offer may be directed to: Innisfree M&A Incorporated Information Agent Tel: (877) 750-9497, -- or -- J.P. Morgan Securities Inc. Dealer Manager Tel: (877) 371-5947 -- or -- Stephens Inc. Dealer Manager Tel: (800) 643-9691 About Acxiom Corp. Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. In Europe, Acxiom has operations in France, Germany, the Netherlands, Portugal, Spain, and the United Kingdom. * * * As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed US$800 million secured first-lien financing. The first-lien facilities consist of a US$200 million revolving credit facility and a US$600 million term loan. They are rated 'BB' (at the same level as the corporate credit rating on Acxiom) with a recovery rating of '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. ACXIOM CORP: ValueAct Proxy Contest Impacts Fiscal 2007 Earnings ---------------------------------------------------------------- Acxiom(R) Corp. quantified the expected cumulative financial impact of the successful completion of the proxy contest with ValueAct Capital, the anticipated completion of the Dutch Auction Self Tender, an US$800 million credit facility, and other items reported on the first-quarter earnings conference call held July 26, 2006. The net impact of these items will reduce the midpoint of the original fiscal year 2007 Financial Road Map earnings target by six to seven cents per fully diluted share. The six- to seven-cent reduction reflects the anticipated impact for fiscal 2007 of these five items: The fiscal 2007 Road Map targets, communicated during the fiscal 2006 year-end conference call on May 17, 2006, were based on 90 million weighted average shares outstanding. Subsequently, the company reported a net 2 million share increase related to greater-than-expected exercises of 2.5 million stock options, partially offset by share repurchases of 0.5 million shares. The net increase of approximately 2 million shares will increase the fiscal 2007 weighted average share count to 91 million, a weighted average increase of 1 million shares that is expected to result in a reduction of one cent in fiscal 2007 EPS. The company incurred proxy contest expenses related to financial and non-financial advisory fees of approximately US$1.2 million in addition to expenses previously reported. These fees were not anticipated in the earlier fiscal 2007 Road Map targets and are expected to reduce fiscal 2007 EPS by approximately one cent. The company expects to repurchase up to US$300 million of its shares through the Dutch Auction Self Tender scheduled to close on Sept. 12, 2006. The impact on the weighted average fully diluted shares outstanding for fiscal 2007 is expected to be a reduction of approximately 6.0 to 6.5 million shares or an increase to fiscal 2007 EPS of approximately seven to eight cents. The company expects to incur incremental interest expense of approximately US$14.3 million related to the incremental borrowings under the new credit facilities scheduled to close on Sept. 15, 2006. These borrowings are to fund the DAST, restructure existing debt and be available for general corporate purposes. These costs are anticipated to result in an approximate 10-cent reduction in fiscal 2007 EPS. During the first-quarter earnings conference call, the company reported that its effective tax rate for fiscal year 2007 was expected to be 39%. Previously reported targets anticipated an effective tax rate of 38%. The one percentage point increase is expected to result in an approximate two-cent reduction in fiscal 2007 EPS. "Since the fiscal 2006 year-end conference call, we have publicly provided a significant amount of information to investors, and management is clarifying that information so that shareholders have a more complete view of Acxiom's full-year earnings expectation for fiscal year 2007. While the amounts for the DAST and the credit facilities continue to be estimates, we do not expect the final amounts to differ materially from our current expectations," said Frank Cotroneo, Acxiom's Chief Financial Officer. About Acxiom Corp. Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. In Europe, Acxiom has operations in France, Germany, the Netherlands, Portugal, Spain, and the United Kingdom. * * * As reported in TCR-Europe on Sept. 18, Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed US$800 million secured first-lien financing. The first-lien facilities consist of a US$200 million revolving credit facility and a US$600 million term loan. They are rated 'BB' (at the same level as the corporate credit rating on Acxiom) with a recovery rating of '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. ANDREWS SERVICES: Names Richard Ian Williamson Liquidator --------------------------------------------------------- Richard Ian Williamson of Campbell Crossley and Davis was appointed Liquidator of Andrews Services Limited on Aug. 31 for the creditors' voluntary winding-up procedure. Headquartered in Wigan, U.K, Andrews Services Limited is an insulation specialist. APPLETON PAPERS: Moody's Assigns Loss-Given-Default Ratings ----------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the North American Forest Products sector, the rating agency confirmed its B1 Corporate Family Rating for Appleton Papers Inc. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$125 million Revolving Credit Facility Ba3 Ba2 LGD2 20% US$250 million First Lien Term Loan Ba3 Ba2 LGD2 20% US$185 million 8.125% Unsecured Notes B2 B2 LGD4 62% US$200 million Subordinated Notes B3 B3 LGD5 89% US$150 million Subordinated Notes B3 B3 LGD5 89% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Appleton, Wiconsin, Appleton Papers Inc. -- http://www.appletonideas.com/-- produces carbonless, thermal, security and performance packaging products. The company has manufacturing operations in Wisconsin, Ohio, Pennsylvania, Massachusetts and the United Kingdom, employs approximately 3,300 people, and is 100 percent employee owned. AQUARIUS BEAUTY: Creditors Confirm Liquidators' Appointment ----------------------------------------------------------- Creditors of Aquarius Beauty & Aromatherapy Clinic Limited confirmed Sept. 1 the resolutions for voluntary liquidation and the appointment of John Russell and Allan Cooper of The P&A Partnership as Liquidators. The company can be reached at: Aquarius Beauty & Aromatherapy Clinic Limited 167 168 Spon Street Coventry West Midlands CV1 3BB United Kingdom Tel: 024 7655 9678 AVIALL INC: Boeing's Purchase Cues Moody's to Withdraw Ratings -------------------------------------------------------------- Moody's Investors Service withdrew all ratings assigned to Aviall, Inc. The acquisition of Aviall by The Boeing Company was completed on Sept. 21, and as part of that transaction the substantial majority of Aviall's outstanding rated notes were repaid under the terms of a tender offer. Moreover, as a wholly owned subsidiary of Boeing, Aviall will no longer provide independent financial information. The rating has been withdrawn because Moody's believes it lacks adequate information to maintain a rating on any ramaining untendered notes. Aviall, Inc. Outlook Actions: -- Outlook, Changed To Rating Withdrawn From Rating Under Review Withdrawals: -- Ba2 Corporate Family Rating; and -- Ba3 rating on Senior Unsecured Regular Bond/Debenture. Aviall Inc., headquartered in Dallas, TX, is a global provider of new aviation parts to the aerospace market as well as supply chain management to customers in the government/military, general aviation/corporate and commercial aviation sectors. B.I. TRAINING: Taps Liquidators from Jacksons Joliffe Cork ---------------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Jacksons Joliffe Cork were appointed Joint Liquidators of B.I. Training Limited on Aug. 29 for the creditors' voluntary winding-up procedure. Headquartered in Hull, U.K., Andrews Services Limited provides job training and related services. BARR LABORATORIES: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. pharmaceutical sector this week, the rating agency confirmed its Ba1 Corporate Family Rating for Barr Laboratories, Inc. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given-default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$300 Million Revolving Credit Facility due 2011 Ba1 Ba1 LGD4 50% US$2 Billion Term Loan due 2011 Ba1 Ba1 LGD4 50% US$500 Million Bank Credit Facility due 2007 Ba1 Ba1 LGD4 50% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Based in Woodcliff Lake, NJ, Barr Pharmaceuticals, Inc. is one of the five largest companies specializing in the U.S. generic pharmaceutical market. The company reported US$1.3 billion of net revenues for the fiscal year ended June 30, 2006. Barr Laboratories, Inc. is a wholly-owned subsidiary of the Company. BASEMENT NET: Brings In Administrators from Herron Fisher --------------------------------------------------------- Christopher Herron and Nicola Jayne Fisher of Herron Fisher were appointed joint administrators of Basement Net Ltd. (Company Number 5535103) on Sept. 13. The administrators can be reached at: Herron Fisher Capital Business Centre 22 Carlton Road Croydon Surrey CR2 0BS Tel: 07956 640156 Headquartered in Croydon, United Kingdom, Basement Net Ltd. is engaged in construction. BOISE CASCADE: Moody's Assigns Loss-Given-Default Ratings --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the North American Forest Products sector, the rating agency confirmed its Ba3 Corporate Family Rating for Boise Cascade LLC. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$475 million Revolving Credit Facility Ba3 Ba2 LGD3 33% US$840 million Secured Term Loan Ba3 Ba2 LGD3 33% US$250 million Unsecured Notes B1 B1 LGD5 70% US$400 million Subordinated Notes B2 B2 LGD6 91% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Boise, Idaho, Boise Cascade, LLC -- http://www.bc.com/-- manufactures engineered wood products, plywood, lumber, and particleboard and distributes a broad line of building materials, including wood products manufactured by the company. Boise also manufactures a wide range of specialty and premium paper products, including imaging papers for the office and home and papers for pressure-sensitive applications, as well as printing and converting papers, containerboard and corrugated boxes, newsprint, and market pulp. The operates in the U.S., Canada, Brazil and in the United Kingdom. BOMBARDIER INC: Sells 19 Jets to My Way Airlines for US$702 Mln --------------------------------------------------------------- Bombardier Aerospace Corp., a subsidiary of Bombardier Inc., disclosed that My Way Airlines of Vicenza, Italy, has placed a firm order for 19 CRJ900 aircraft. Should Bombardier launch its CRJ900X program, 15 of these firm orders will be converted into CRJ900X aircraft. In the event program launch does not proceed, the firm order remains for 19 CRJ900 jets. The value of the contract based on the CRJ900 aircraft list price is approximately US$702 million. My Way Airlines serves scheduled destinations in Europe and the Middle East with a fleet of five Airbus A320 jets, and its wholly owned subsidiary, LTE, offers charter flights with its own fleet. The Bombardier CRJ900 aircraft will be operated on domestic and regional routes. "We were attracted to the Bombardier CRJ900 aircraft because of its low operating costs, quick turnaround times and outstanding passenger comfort," said Professor Carlo Bernini, President, My Way Airlines. "The CRJ900 jet is the ideal aircraft for our low-cost operations." "I also want to emphasize the environmentally friendly nature of the CRJ900," Professor Bernini added. "Emissions and noise are well below those permitted by international agreement, and fuel consumption has been reduced considerably." "My Way Airlines is the sixth European airline to recognize the significant benefits provided by this state-of-the art regional jet," said Steven Ridolfi, President, Bombardier Regional Aircraft. "The Bombardier CRJ900 has the lowest operating costs in its class, and independent surveys reveal strong praise from passengers for its cabin comfort and amenities." About Bombardier Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) -- http://www.bombardier.com/-- manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment. * * * As reported in the Troubled Company Reporter on May 25, 2006, Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational Products' CDNUS$250 million senior secured revolver and a B1 rating to BRP's CDNUS$880 million senior secured term loan. At the same time, Moody's affirmed BRP's B1 corporate family rating and revised the ratings outlook to negative from stable. BRAKE BROS: PIK Notes Issuance Spurs Moody's to Cut Rating to B2 ---------------------------------------------------------------- Moody's Investors Service lowered to B2 Brake Bros Finance Plc's Corporate Family Rating. This follows the proposed GBP 275 million pay-in-kind notes issuance at Brake Bros Holding III Limited, a legal entity that owns 100% of Brake Bros Finance Plc. Proceeds from the proposed notes, which are not rated, will be mainly used to fund a cash distribution to Brakes' shareholders (GBP249 million), with the remainder to partly pay down the company's pension deficit (GBP16 million) and to cover transaction fees and other costs (GBP10 million). The Outlook is stable. Ratings affected: Brake Bros Finance Plc -- Corporate family rating lowered to B2; -- GBP105 million senior notes due 2011 affirmed at B3; and -- EUR105 million senior notes due 2011 affirmed at B3. The downgrade of Brakes' corporate family rating reflects mainly the weakening in credit metrics following the PIK notes issuance, with Adj. debt/EBITDA rising to approximately 6.3x (versus 4.2x at 30 June 2006) and the RCF/Net debt ratio falling to below 10% on a pro forma basis. The proposed transaction further signals a more aggressiveness financial strategy of Brakes' shareholders. The PIK notes will be senior unsecured obligations of Brake Bros Holding III Limited, but are issued outside the restricted group of the current creditors and are therefore not restricted by the debt incurrence limitations for the current bond and bank debt. Moody's also notes that while Brakes' shareholders can elect to pay cash interest on the notes, such payments from Brake Bros Finance Plc and its subsidiaries will nevertheless be restricted by existing covenants under the bank and bond indentures. Moody's understands that a default on the PIK notes would not trigger an acceleration or cross-default of Brakes' other debt obligations. The affirmation of the B3 rating for the existing Senior Notes reflects the limited effects that the proposed PIK notes are expected to have for the bonds under the existing indenture and the fact that the claim of the new notes on Brakes is solely by virtue of Brake Bros Holding III equity holding. Moody's notes that debt ranking ahead of the bonds will fall from approximately 52% to 30% if the PIK notes are consolidated as debt in the new capital structure. The stable outlook reflects the company's stronger operating performance year-on-year in the first half of 2006, albeit versus a weak comparable period. This was the result of cost reduction measures implemented in the second half of 2005, notably headcount reductions and cost cutting in warehousing and distribution. Moody's expects that the company's recent restructuring will continue to benefit margins, although top- line growth has remained stagnant so far this year. Brakes' liquidity position remains satisfactory, namely GBP59.1 million of cash on the balance sheet at the end of the second quarter of 2006 and the availability of GBP75.0 million under the company's revolver. The affirmed ratings assume there will be no material variations to the draft legal documentation reviewed by Moody's and assume that these agreements are legally valid, binding and enforceable. Headquartered in the U.K., Brake Bros is the leading wholesale food distributor in the U.K., with sizeable operations in the French market. For the twelve months ending June 30, 2006, Brake Bros reported revenues and EBITDA before exceptional items of GBP1,631.2 million and GBP 104.7 million, respectively. BRISTOW GROUP: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the oilfield service and refining and marketing sectors this week, the rating agency confirmed its Ba2 Corporate Family Rating for Bristow Group Inc. Moody's also confirmed its Ba2 rating on the company's 6.125% Senior Unsecured Guaranteed Global Notes Due 2013, and assigned the debentures an LGD4 rating suggesting noteholders will experience a 59% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Houston, Texas, Bristow Group Inc. -- http://www.bristowgroup.com/-- provides helicopter transportation services to the offshore oil and gas industry worldwide. Its services include helicopter transportation, maintenance, search, and rescue and aviation support, as well as oil and gas production management services. The company operates under the brand names of Air Logistics and Bristow Helicopters for its helicopter services, and Grasso Production Management for its production management services. As of March 31, 2006, the company operated 331 aircrafts and its unconsolidated affiliates operated an additional 146 aircrafts. The company has offices in Australia, China, India, the Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and the United States, among others. C M T GAMES: J. N. Bleazard Leads Liquidation Procedure ------------------------------------------------------- J. N. Bleazard of XL Business Solutions Ltd. was appointed Liquidator of C M T Games Limited (t/a Clubit) on Aug. 31 for the creditors' voluntary winding-up procedure. Headquartered in Leeds, U.K., C M T Games Limited is a computer games wholesaler. C P CONTRACTS: Appoints Administrators from Wilson Field -------------------------------------------------------- Claire Louise Foster and David James Elliot of Wilson Field Ltd. were appointed joint administrators of C P Contracts Limited (Company Number 1815804) on Sept. 8. The administrators can be reached at: Wilson Field Ltd. The Annexe The Manor House 260 Ecclesall Road South Sheffield South Yorkshire S11 9UZ United Kingdom Tel: 0114 235 6780 Fax: 0114 262 0661 Headquartered in Bedford, United Kingdom, C P Contracts Limited -- http://www.cpcontracts.co.uk/-- is engaged in general construction, design & build, and refurbishment. CADOGAN BRISTOL: Creditors' Meeting Slated for September 29 ----------------------------------------------------------- Creditors of Cadogan Bristol Limited (Company Number 4380220) will meet at 10:30 a.m. on Sept. 29 at: Fanshawe Lofts 41 Castle Way Southampton SO14 2BW 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 noon on Sept. 28 at: A. R. Fanshawe Joint Administrator Fanshawe Lofts 41 Castle Way Southampton Hampshire SO14 2BW United Kingdom Tel: 023 8023 3522 Fax: 023 8023 3504 E-mail: arf@fanshawe-lofts.co.uk CAPAS CONCEPT: Creditors' Meeting Slated for September 28 --------------------------------------------------------- Creditors of Capas Concept Limited (Company Number 04692719) will meet at noon on Sept. 28 at: Harris Lipman LLP 2 Mountview Court 310 Friern Barnet Lane Whetstone London N20 0YZ 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 noon on Sept. 27 at: Freddy Khalastchi and Michaela Joy Hall Joint Administrators Harris Lipman LLP 2 Mountview Court 310 Friern Barnet Lane Whetstone London N20 0YZ United Kingdom Tel: (020) 8446 9000 Fax: (020) 8446 9537 Web: http://www.harris-lipman.co.uk CELSIUS MECHANICAL: Brings In Joint Liquidators from Inson House ---------------------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss of Insol House were appointed Joint Liquidators of Celsius Mechanical Services Limited on Aug. 30 for the creditors' voluntary winding-up procedure. Headquartered in Derby, U.K., Celsius Mechanical Services Limited is a ventilation contractor. CHASSERAL LIMITED: Joint Liquidators Take Over Operations --------------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss of Insol House were appointed Joint Liquidators of Chasseral Limited on Aug. 30 for the creditors' voluntary winding-up procedure. Headquartered in Oxford, U.K., Chasseral Limited provides computer programming and software services. CONSTRUCTION AND JOINERY: Appoints Ninos Koumettou as Liquidator ---------------------------------------------------------------- Ninos Koumettou was appointed Liquidator of Construction and Joinery Ltd. on Sept. 1 for the creditors' voluntary winding-up procedure. The company can be reached at: Construction and Joinery Ltd. Unit 6-7 Sapcote Trading Centre 374 High Road London NW102DH United Kingdom Tel: 020 8451 1611 Fax: 020 8451 1868 COTT CORPORATION: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. beverage company sector last week, the rating agency affirmed its Ba3 Corporate Family Rating for Cott Corporation and its B1 rating on Cott Beverages Inc.'s -- the company's subsidiary -- 8% Senior Subordinate Notes Due 2011. Moody's assigned an LGD5 rating to those bonds, suggesting noteholders will experience a 74% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Ontario, Canada, Cott Corporation produces store-brand soft drinks in Canada, the UK, and the US. In addition to soda, Cott makes and distributes bottled water, juices, iced teas, and sports drinks. It produces private-label brands for retailers, including Sainsbury Classic for U.K. grocer J Sainsbury, Sam's American Choice (U.S.) and Great Value (Canada) for Wal-Mart, and Safeway Select for Safeway. Wal-Mart accounts for 40% of Cott's sales. CRYSTALEYES LIMITED: Creditors' Meeting Slated for October 2 ------------------------------------------------------------ Creditors of Crystaleyes Limited (Company Number 04222973) will meet at 11:30 a.m. on Oct. 2 at: Begbies Traynor (South) LLP Chiltern House 24-30 King Street Watford WD18 0BP 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 noon on Sept. 29 at: Paul Michael Davis and Nicholas Roy Hood Joint Administrators Begbies Traynor (South) LLP Chiltern House 24-30 King Street Watford WD18 0BP United Kingdom Tel: 01923 812900 Fax: 01923 812999 Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. DIGITAL TABLES: Taps Peter Maurice to Liquidate Assets ------------------------------------------------------ Peter Maurice Levy of Levy & Partners was appointed Liquidator of Digital Tables Limited on Aug. 30 for the creditors' voluntary winding-up procedure. Headquartered in London, U.K., Digital Tables Limited manufactures amusement machines. DIRECT VENTURES: Hires James Paul Shaw to Liquidate Assets ---------------------------------------------------------- James Paul Shaw was appointed Liquidator of Direct Ventures Limited (formerly Markets South West (Holdings) Limited) on Sept. 5 for the creditors' voluntary winding-up procedure. Direct Ventures Limited Stadium Retail Park Great Mills Industrial Park Par Moor Road St. Austell Cornwall PL253RP United Kingdom Tel: 01726 812 544 DRAIN EXPRESS: Creditors Confirm Voluntary Liquidation ------------------------------------------------------ Creditors of Drain Express Limited confirmed on Aug. 30 the resolution for voluntary liquidation and the appointment of Robert Stone of R Duncan Stone & Co. as Liquidator. Headquartered in Guildford, U.K., Drain Express Limited is engaged in drain maintenance. DYKEM 2003: Creditors Confirm Liquidator's Appointment ------------------------------------------------------ Creditors of Dykem (2003) Limited confirmed Sept. 1 the appointment of Situl Devji Raithatha, of Springfields Business Recovery & Insolvency Ltd. as Liquidator. Headquartered in Leicester, U.K., Dykem (2003) Limited supplies dying chemicals. EASTMANK KODAK: Moody's Assigns Loss-Given-Default Ratings ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. Technology Hardware sector, the rating agency confirmed its B1 Corporate Family Rating for Eastman Kodak Company. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$500 million Senior Notes due 2013, Unsecured B2 B2 LGD5 73% US$3.1 million Senior Term Note Debenture due 2018, Unsecured B2 B2 LGD5 73% US$575 million Convertible Senior Notes due 2033, Unsecured, B2 B2 B2 LGD5 73% US$250 million Senior Medium Term Notes due 2008, Unsecured, B2 B2 B2 LGD5 73% US$10.28 million Senior Notes due 2021, Unsecured B2 B2 B2 LGD5 73% US$1.2 billion Senior Secured Term Loan B due 2012 Ba3 Ba3 LGD2 29% US$500 million Senior Secured Delayed Draw Term Loan due 2012 Ba3 Ba3 LGD2 29% US$1000 million 5 Yr. Revolving Credit Facility Secured Ba3 Ba3 LGD2 29% * Ratings may be under review. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Rochester, New York, Eastman Kodak Company -- http://www.kodak.com/-- is a worldwide vendor of imaging products and services. The company is committed to a digitally oriented growth strategy focused on four businesses: Digital & Film Imaging Systems - providing consumers, professionals, and cinematographers with digital and traditional products and services; Health -- supplying the medical and dental professions with traditional and digital imaging and information systems, IT solutions, and services; Graphic Communications - providing customers with a range of solutions for prepress, traditional and digital printing, document scanning, and multi-vendor IT services; and Display & Components - supplying original equipment manufacturers with imaging sensors as well as intellectual property and materials for the organic light- emitting diode and LCD display industries. ELEVATIONS LIMITED: Hires Joint Liquidators from KPMG LLP --------------------------------------------------------- Allan Watson Graham and Mark Jeremy Orton of KPMG LLP were appointed Joint Liquidators of Elevations Limited on Aug. 31 for the creditors' voluntary winding-up procedure. Headquartered in Warwick, U.K., Elevations Limited -- http://www.elevations2000.com/-- is a specialist contractor in the installation, repair and maintenance of cladding and curtain walling systems, including rain screen in metal, granite, terracotta and other modern materials, curtain walling and composite panel systems. EURAMAX INTERNATIONAL: S&P Lowers Corporate Credit Rating to B -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Norcross, Georgia-based Euramax International Inc., including its corporate credit rating to 'B' from 'B+'. At the same time, Standard & Poor's affirmed its recovery rating of '2' for the first-lien facilities which include the proposed US$27 million add-on to be issued by the company in conjunction with the acquisition of Jenisys Engineered Products. The company's second-lien term loan recovery rating was lowered to '5' from '4'. The outlook is stable. "The downgrade reflects a weakening of the company's credit metrics during the past few quarters and the expectation that aggressive financial policies will limit the improvement in leverage expected at the previous rating," said Standard & Poor's credit analyst Dan Picciotto. The credit metrics have been stretched due to some slowdown in the home center and U.K. RV markets, which was most pronounced in the second half of 2005. The acquisition of Jenisys, a manufacturer of metal construction products, will delay debt reduction. EXP SOLUTIONS: Calls In Liquidator from Carter Clark ---------------------------------------------------- A. J. Clark of Carter Clark was appointed Liquidator of EXP Solutions Limited (formerly Startx I T Limited) on Aug. 31 for the creditors' voluntary winding-up procedure. Headquartered in London, U.K., EXP Solutions Limited provides IT training and technical support. FUTRONIX INC: Sibex Buys Bankrupt Assets for US$1.38 Million ------------------------------------------------------------ Sibex Inc. purchased bankrupt Futronix Inc. and all its assets last week for US$1.38 million, Eddy Ramirez writes for the St. Petersburg Times. The deal came less than three years after Futronix disclosed major expansion plans that included building a world-class electronics manufacturing facility, Mr. Ramirez relates. According to Sibex president Michael McCarthy Thursday, he will continue to employ Futronix's 30 workers as part of the deal. Although it will keep its headquarters in Safety Harbor, Sibex says it will not assume Futronix's liabilities but would continue doing business with Futronix clients. "We have a lot of business that we will move to the (Homosassa) plant," Mr. McCarthy told the paper. "We're trying to continue with any customers that were there." Sibex approached Futronix in February regarding the sale as part of its growth strategy. The Times explains that the company has been scouting additional manufacturing plants since outgrowing its 3,300-square-foot-building in Safety Harbor. Headquartered in Safety Harbor, Florida, Sibex Inc. manufactures electronic machinery prototypes and computer boards. Headquartered in Homosassa, Florida, Futronix Inc. -- http://www.futronixinc.com/-- manufactures consigned & turnkey production, helps with circuit design, assembly, fabrication and produces Printed Circuit Boards. The Co. and its affiliate, Futronix Group Inc., filed chapter 11 petitions on April 5, 2005, at the U.S. Bankruptcy Court for the Middle District of Florida (Bankr. M.D. Fla. Case No. 05-06329). Alberto F. Gomez, Jr., Esq., at Morse & Gomez, PA, represented the Debtors in their bankruptcy proceedings. When they filed for protection from their creditors, the Debtors estimated between US$1 million and US$10 million in total assets and debts. GEDDES GROUP: Claims Filing Period Ends Oct. 25 ----------------------------------------------- Creditors of Geddes Group (U.K.) Limited have until Oct. 25 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 Frederick Charles Satow of Fred Satow & Co. at: Frederick Charles Satow Fred Satow & Co. 4 The Avenue Kew Richmond Surrey TW9 2AJ United Kingdom Headquartered in London, U.K., Geddes Group (U.K.) Limited is a publishing company. GH JOINERY: Appoints A. J. Clark to Liquidate Assets ---------------------------------------------------- A. J. Clark of Carter Clark was appointed Liquidator of GH Joinery (U.K.) Limited on Aug. 29 for the creditors' voluntary winding-up proceeding. The company can be reached at: GH Joinery (U.K.) Limited Unit 4 Beddington Cross 136-138 Beddington Farm Road Croydon Surrey CR0 4XH United Kingdom Tel: 020 8664 1425 GLOSS CLOTHING: Appoints Administrators from Smith & Williamson --------------------------------------------------------------- Anthony Cliff Spicer and Stephen John Tancock of Smith & Williamson Limited were appointed joint administrators of Gloss Clothing Limited (Company Number 04111428) on Sept. 13. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Headquartered in London, United Kingdom, Gloss Clothing Limited is engaged in paper, printing and publishing. GRAND UNION: Names Keith Barry Stout to Liquidate Assets -------------------------------------------------------- Keith Barry Stout of KSA was appointed Liquidator of The Grand Union Film Processing Company Limited on Aug. 30 for the creditors' voluntary winding-up proceeding. The Grand Union Film Processing Company Limited 3 Thurley Farm Business Units 46 Eagle Wharf Road Hackney London N1 7ED United Kingdom Tel: 020 7253 0251 Fax: 020 7336 7796 GROW WITH US: Claims Registration Ends Oct. 17 ---------------------------------------------- Creditors of Growth With Us Limited have until Oct. 17 to send in their names and addresses, with particulars of their debts or claims, to appointed Joint Liquidator Matthew Wild of Baker Tilly at: Matthew Wild Baker Tilly The Clock House 140 London Road Guildford Surrey GU1 1UW United Kingdom Headquartered in Woking, U.K., Grow With Us Limited provides recreational services. HERBALIFE INT'L: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. natural product processors sector last week, the rating agency raised its Corporate Family Rating for Herbalife International Inc. to Ba2 from Ba1, and confirmed its Ba1 ratings on the company's US$100 million Guaranteed Senior Secured Revolving Credit Facility Due 2012 and US$200 million Guaranteed Senior Secured Term Loan B Due 2013. Additionally, Moody's assigned an LGD2 rating to those bonds, suggesting lenders will experience a 27% loss in the event of a default. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Inglewood, California, Herbalife International Inc. sells more than 100 products containing herbal and other natural ingredients. The company's products include weight- control mixes and tablets, nutritional supplements specifically designed for men and women, food, shampoos, lotions, sunscreens, and body oils. The multi-level marketer sells its products through a network of independent distributors in nearly 60 countries; salespeople earn money from their own efforts, as well as from the sales of those whom they have recruited into the organization. HEVECO MUSHROOMS: Hires Tenon Recovery as Joint Administrators -------------------------------------------------------------- Carl Jackson and Ian Malcolm Donald Graham Cadlock of Tenon Recovery were appointed joint administrators of Heveco Mushrooms Limited (Company Number 04031166) on Sept. 13. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Headquartered in Pulborough, United Kingdom, Heveco Mushrooms Limited grows vegetables and nursery products. HOMESHIELD WINDOWS: Liquidator Sets Oct. 6 Claims Bar Date ---------------------------------------------------------- Creditors of Homeshield Windows & Conservatories Limited have until 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 Liquidator David Graham Platt of David Platt Associates at: David Graham Platt David Platt Associates Northwood 76 Currier Lane Ashton under Lyne OL6 6TB United Kingdom Headquartered in Leigh, U.K., Homeshield Windows and Conservatories Limited supplies and installs windows and conservatories. HOME-TEX DERBY: Brings In Joint Liquidators from Begbies Traynor ---------------------------------------------------------------- Paul Finnity and Peter A Blair of Begbies Traynor were appointed Joint Liquidators of Home-Tex Derby Limited on Aug. 30 for the creditors' voluntary winding-up proceeding. Headquartered in Derby, U.K., Home-Tex Derby Limited wholesales home textiles. IMPACT SECURITY: Hires David N. Hughes to Liquidate Assets ---------------------------------------------------------- David N. Hughes of Janes was appointed Liquidator of Impact Security Ltd. on Aug. 18 for the creditors' voluntary winding-up proceeding. Headquartered in Tewkesbury, U.K., Impact Security Ltd. provides security services and equipment. INTELSAT LTD: Reports Anomaly on IS-802 Satellite ------------------------------------------------- Intelsat, Ltd. reported that its IS-802 satellite, located at 33 degrees E, experienced a sudden and unexpected anomaly on Sept. 21, 2006, at approximately 8:27 p.m. E.T. The Intelsat satellite control center is communicating with the satellite and the satellite is under control and accepting commands. Intelsat is in the process of making alternative capacity available to its IS-802 customers, in accordance with existing contingency plans. The satellite, launched in 1997, furnishes telecommunications services to customers on the African continent and the Indian Ocean Region. Intelsat and Lockheed Martin Corporation, the manufacturer of the satellite, are working together to identify the cause of the problem. Intelsat currently does not know if there is a connection between this event and the Intelsat 804 satellite failure that occurred in Jan. 2005 and was also manufactured by Lockheed Martin. Intelsat, which operates the world's largest fleet of commercial satellites, operates a number of satellites in the region that are being utilized to restore service to affected customers. The majority of IS-802 users are being issued replacement capacity that will be available for their use today. "Our first priority is the continuation of service for our customers," said Dave McGlade, CEO of Intelsat, Ltd. "The Intelsat system has a number of satellites serving the region. Within hours of the event, we are issuing replacement capacity within the Intelsat system. This is a testament to the resilience and redundancy of our network." The IS-802 is not insured, in accordance with Intelsat's practice of self-insuring satellites that are beyond the initial year of operations. The IS-802 satellite generates annual revenue of less than US$30 million, although the company's initial view is that it will be able to restore a substantial portion of the customer traffic, given the resilience and redundancy of the Intelsat system. The company will issue a statement regarding the degree to which it is able to retain revenue on the Intelsat system following the completion of the restoration process. About Intelsat Intelsat, Ltd. - http://www.intelsat.com/-- offers telephony, corporate network, video and Internet solutions around the globe via capacity on 25 geosynchronous satellites in prime orbital locations. Customers in approximately 200 countries rely on Intelsat's global satellite, teleport and fiber network for high-quality connections, global reach and reliability. * * * As reported in the Troubled Company Reporter - Europe on Sept. 11, Moody's Investors Service assigned a B2 rating to Intelsat Corporation' (formerly PanAmSat Corp.) proposed senior unsecured term loan, the proceeds of which will be used to fund the repurchase of the existing 9% senior notes at Intelsat Corporation, that are subject to a mandatory change of control offer triggered by the acquisition of PanAmSat by Intelsat. If the change of control offer is fully accepted, Moody's will withdraw the ratings on the existing 9% senior notes, due 2014. Moody's views the new term loan as a dollar for dollar replacement of the existing notes, with minimal impact on leverage or cash flow. In addition, Moody's has affirmed all existing ratings. The outlook remains stable. Ratings actions: * Intelsat Corporation -- Proposed Sr. Unsecured Term Loan, due 2014, assigned B2; -- 9% senior notes, due 2014, affirmed B2 to be withdrawn if the change of control offer is fully accepted; -- Guaranteed Sr. Secured Revolver, due 2012, affirmed B1; -- Guaranteed Sr. Secured Loan A, affirmed B1; -- Guaranteed Sr. Secured Loan B, affirmed B1; -- 6.375% senior secured notes, due 2008, affirmed B1; -- 6.875% senior secured debentures, due 2028, affirmed B1; and -- 9% senior notes, due 2016, affirmed B2. * Intelsat Ltd. -- Corporate family rating, affirmed B2; -- SGL Rating, affirmed SGL-2; -- 5.25% Global notes, due 2008, affirmed Caa2; -- 7.625% Sr. Notes, due 2012, affirmed Caa2; and -- 6.5% Global Notes, due 2013, affirmed Caa2. * Intelsat (Bermuda) Ltd. -- 9.25% Guaranteed Sr. Notes, affirmed B2; -- Floating Rate Sr. Notes, affirmed Caa1; and -- 11.25% Sr. Notes, affirmed Caa1. * Intelsat Intermediate Holding Company Ltd. -- Sr. Discount Notes, due 2015, affirmed Caa1 * Intelsat Subsidiary Holding Company Ltd. -- Guaranteed Sr. Secured Revolver, due 2012, affirmed B1; -- Guaranteed Sr. Secured T/L B, due 2013, affirmed B1; -- Sr. Floating Rate Notes, due 2012, affirmed B2; -- 8.25% Sr. Notes, due 2013, affirmed B2; and -- 8.625% Sr. Notes, due 2015, affirmed B2. Moody's said the outlook is stable. At the same time, Standard & Poor's Rating Services assigned a 'B' rating to Intelsat Corp.'s US$667 million senior unsecured credit facility. JAUNOIR LIMITED: Taps RSM Robson to Administer Assets ----------------------------------------------------- Kevin John Hellard and Amanda Wade of RSM Robson Rhodes LLP were appointed joint administrators of Jaunoir Limited (Company Number 05592112) on Sept. 12. RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- is a U.K. partnership of chartered accountants and management consultants, providing a wide range of auditing, assurance, advisory and compliance services for both private and public sectors. Headquartered in London, Jaunoir Limited is an internet retailer of luxury goods. JOHN DENTON: Appoints Liquidator to Wind Up Business ---------------------------------------------------- A. J. Clark of Carter Clark was appointed Liquidator of John Denton Services Limited on Sept. 1 for the creditors' voluntary winding-up proceeding. Headquartered in Peterborough, U.K., John Denton Services Limited is a magazine distributor and fulfillment house. KEENETS LIMITED: Creditors' Meeting Slated for October 2 -------------------------------------------------------- Creditors of Keenets Limited (Company Number 01182142) and Keenets (U.K.) Limited (Company Number 01225293) will meet at 10:00 a.m. on Oct. 2 at: KPMG LLP 100 Temple Street Bristol BS1 6AG 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 noon on Sept. 29 at: D. J. Crawshaw Joint Administrative Receiver KPMG LLP 100 Temple Street Bristol BS1 6AG United Kingdom Tel: (0117) 905 4000 Fax: (0117) 905 4001 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. KRISPY KREME: Names Andrew J. Schindler to Board of Directors ------------------------------------------------------------- Krispy Kreme Doughnuts, Inc., appointed Andrew J. Schindler to its Board of Directors. Mr. Schindler was formerly Chairman and Chief Executive Officer of R.J. Reynolds Tobacco Holdings and Chairman of Reynolds American Inc., a company formed in 2004 by the merging of R.J. Reynolds Tobacco Holdings and the U.S. operations of Brown & Williamson Tobacco Corporation. In over thirty years with Reynolds, Mr. Schindler held various senior management positions, including Director of Manufacturing for Nabisco Foods, Vice President of Personnel, Executive Vice President of Operations and Chief Operating Officer. In addition to Krispy Kreme's board, Mr. Schindler currently serves on the board of directors of ArvinMeritor Inc., Pike Electric Company, and Hanesbrands Inc. "We are pleased that Andy is joining our board as a new independent director," said James H. Morgan, Chairman of the Board of Krispy Kreme. "Andy's broad perspective as a chief executive officer and his skills in marketing, operations, strategic change and personnel development will serve Krispy Kreme's shareholders well. He is highly regarded for his leadership skills and we look forward to his contributions as we continue our progress in the Company's turnaround." Mr. Schindler's appointment is the result of a Board resolution creating an additional directorship, effective as of Sept. 19, 2006. About Krispy Kreme Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme (NYSE: KKD) -- http://www.krispykreme.com/-- is a branded specialty retailer of premium quality doughnuts, including the Company's signature Hot Original Glazed. There are currently approximately 320 Krispy Kreme stores and 80 satellites operating systemwide in 43 U.S. states, Australia, Canada, Mexico, the Republic of South Korea and the United Kingdom. Headquartered in Winston-Salem, North Carolina, Freedom Rings LLC is a majority-owned subsidiary and franchisee partner of Krispy Kreme Doughnuts, Inc., in the Philadelphia region. Freedom Rings operates six out of the approximately 360 Krispy Kreme stores and 50 satellites located worldwide. The Company filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case No. 05-14268). M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it estimated US$10 million to US$50 million in assets and debts. Headquartered in Oak Brook, Illinois, Glazed Investments, LLC, is a 97%-owned unit of Krispy Kreme. Glazed filed for chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932). The bankruptcy filing will facilitate the sale of 12 Krispy Kreme stores, as well as the franchise development rights for Colorado, Minnesota and Wisconsin, for approximately US$10 million to Westward Dough, the Krispy Kreme area developer for Nevada, Utah, Idaho, Wyoming and Montana. Daniel A. Zazove, Esq., at Perkins Coie LLP represents Glazed in its restructuring efforts. When Glazed filed for protection from its creditors, it estimated assets and debts between US$10 million to US$50 million. KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently restructuring under the Companies' Creditors Arrangement Act. Pursuant to the Court's Initial Order, Ernst & Young Inc. was appointed as Monitor in KremeKo's CCAA proceedings. The Monitor is attempting to sell the KremeKo business. KRISPY KREME: Hires Charles A. Blixt as Interim General Counsel --------------------------------------------------------------- Krispy Kreme Doughnuts, Inc., appointed Charles A. Blixt, an attorney with more than 25 years of experience in corporate law, as general counsel on an interim basis. Mr. Blixt, was most recently Executive Vice President and General Counsel of Reynolds American Inc., a company formed in 2004 by the merger of R.J. Reynolds Tobacco Holdings and Brown & Williamson Tobacco Corporation's U.S. operations. He negotiated and implemented the merger and then served as Chief Legal Officer of Reynolds American for the past two years. Before the merger, Mr. Blixt worked for more than 20 years in various legal positions for R.J. Reynolds. From 1995 to 2004, he was Executive Vice President and General Counsel, serving as the company's Chief Legal Officer and managing all aspects of its legal affairs. Before joining R.J. Reynolds, Mr. Blixt held corporate legal positions at Caterpillar Tractor Company and Fiat-Allis Construction Machinery, and worked as an attorney in private practice in Illinois and Michigan. "We are pleased that Chuck Blixt is joining Krispy Kreme," said Daryl Brewster, President and Chief Executive Officer of Krispy Kreme. "As we continue to make progress in turning around the company, we are confident that Chuck's corporate and legal expertise will contribute to our ongoing efforts to strengthen our business." About Krispy Kreme Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme (NYSE: KKD) -- http://www.krispykreme.com/-- is a branded specialty retailer of premium quality doughnuts, including the Company's signature Hot Original Glazed. There are currently approximately 320 Krispy Kreme stores and 80 satellites operating systemwide in 43 U.S. states, Australia, Canada, Mexico, the Republic of South Korea and the United Kingdom. Headquartered in Winston-Salem, North Carolina, Freedom Rings LLC is a majority-owned subsidiary and franchisee partner of Krispy Kreme Doughnuts, Inc., in the Philadelphia region. Freedom Rings operates six out of the approximately 360 Krispy Kreme stores and 50 satellites located worldwide. The Company filed for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case No. 05-14268). M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP, represent the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it estimated US$10 million to US$50 million in assets and debts. Headquartered in Oak Brook, Illinois, Glazed Investments, LLC, is a 97%-owned unit of Krispy Kreme. Glazed filed for chapter 11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932). The bankruptcy filing will facilitate the sale of 12 Krispy Kreme stores, as well as the franchise development rights for Colorado, Minnesota and Wisconsin, for approximately US$10 million to Westward Dough, the Krispy Kreme area developer for Nevada, Utah, Idaho, Wyoming and Montana. Daniel A. Zazove, Esq., at Perkins Coie LLP represents Glazed in its restructuring efforts. When Glazed filed for protection from its creditors, it estimated assets and debts between US$10 million to US$50 million. KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently restructuring under the Companies' Creditors Arrangement Act. Pursuant to the Court's Initial Order, Ernst & Young Inc. was appointed as Monitor in KremeKo's CCAA proceedings. The Monitor is attempting to sell the KremeKo business. MASONS JOINERY: M. S. E. Solomons Leads Liquidation Proceeding -------------------------------------------------------------- M. S. E. Solomons was appointed Liquidator of Masons Joinery & Shopfitting Limited on Aug. 29 for the creditors' voluntary winding-up proceeding. The company can be reached at: Masons Joinery & Shopfitting Limited Unit 1 Old Reservoir Road Portsmouth Hampshire PO6 1SU United Kingdom Tel: 023 9237 4106 MASON REVIS: Claims Filing Period Ends Oct. 16 ---------------------------------------------- Creditors of Mason Revis (Midlands) Limited have until Oct. 16 to send their names and addresses and particulars of their debts or claims and the names and addresses of their Solicitors (if any) to appointed Liquidator R. J. Elwell of Elwell Watchorn & Saxton LLP at: R. J. Elwell Elwell Watchorn & Saxton LLP 109 Swan Street Sileby Leicestershire LE12 7NN United Kingdom Headquartered in Leicester, U.K., Mason Revis (Midlands) Limited is a chartered quantity surveyor. MASONS PAINTERS: Taps M. S. E. Solomons to Liquidate Assets ----------------------------------------------------------- M. S. E. Solomons was appointed Liquidator of Masons Painters & Decorators Limited on Aug. 29 for the creditors' voluntary winding-up proceeding. The company can be reached at: Masons Painters & Decorators Limited 1 Old Reservoir Road Portsmouth Hampshire PO6 1SU United Kingdom Tel: 023 9266 3456 NBTY INC: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. natural product processors sector last week, the rating agency upgraded its probability-of-default ratings and assigned loss-given-default ratings on NBTY Inc.'s loans and bond debt obligations: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$125mm Gtd. Sr. Sec. Revolver (2008) Ba2 Baa3 LGD2 13% US$120mm Gtd. Sr. Sec. Term Loan A (2010) Ba2 Baa3 LGD2 13% US$200mm 7.125% Gtd. Sr. Sub. Notes (2015) B1 Ba3 LGD4 66% In addition, Moody's confirmed the company's Ba2 Corporate Family Rating at Ba2. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Based in Bohemia, New York, NBTY Inc. -- http://www.nbty.com/-- together with its subsidiaries, engages in the manufacture, marketing, and retail of nutritional supplements in the United States and worldwide. The company offers approximately 22,000 products, including vitamins, minerals, herbs, sports nutrition products, diet aids, and other nutritional supplements under various company's and third-party brands. NBTY was founded in 1971 under the name Nature's Bounty Inc. and changed its name to NBTY Inc. in 1995. OFFICE + LIMITED: Liquidator Sets Oct. 31 Claims Bar Date --------------------------------------------------------- Creditors of Office + Limited (formerly Turners Office Plus U.K. Limited and GSB Office + Limited) have until Oct. 31 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Charles Howard Ranby-Gorwood, of Alexandra Dock Business Centre at: Charles Howard Ranby-Gorwood Alexandra Dock Business Centre Fisherman's Wharf Grimsby DN31 1UL United Kingdom Headquartered in Cleethorpes, U.K., Office + Limited retails office equipment. OUTFIT DESIGN: Brings In Liquidator from O'Hara & Co. ----------------------------------------------------- Peter O'Hara of O'Hara & Co. was appointed Liquidator of The Outfit (Design & Marketing) Limited on Aug. 31 for the creditors' voluntary winding-up proceeding. The company can be reached at: The Outfit (Design & Marketing) Limited Boston House 214 High Street West Yorkshire LS236AB United Kingdom Tel: 01274 864 640 PRO DRIVE: Hires Elizabeth Arakapiotis as Liquidator ---------------------------------------------------- Elizabeth Arakapiotis was appointed Liquidator of Pro Drive (U.K.) Limited on Sept. 1 for the creditors' voluntary winding- up proceeding. Headquartered in Enfield, U.K., Pro Drive (U.K.) Limited deals new and used cars. RSIS TRAINING: Creditors Confirm Liquidators' Appointment --------------------------------------------------------- Creditors of RSIS Training Limited confirmed on Aug. 31 the appointment of Tyrone Shaun Courtman and Jeremy Philip William Meadows of Cooper Parry LLP as Joint Liquidators. Headquartered in Pinner, U.K., RSIS Training Limited provides railway staff training. ROBERT LLOYD: Appoints Joint Liquidators from Harrisons ------------------------------------------------------- P. R. Boyle and J. C. Sallabank of Harrisons were appointed Joint Liquidators of Robert Lloyd Furniture Limited on Sept. 1 for the creditors' voluntary winding-up proceeding. The company can be reached at: Robert Lloyd Furniture Limited Pump Lane Grazeley Reading Berkshire RG7 1LL United Kingdom Tel: 0118 988 8477 Fax: 01491 681 573 SLC DRIVER: Creditors Confirm Liquidator's Appointment ------------------------------------------------------ Creditors of SLC Driver Recruitment Limited confirmed Aug. 31 the appointment of Peter George Byatt as Liquidator. The company can be reached at: SLC Driver Recruitment Limited 2 Grasmere Gardens Kirby Cross Frinton-On-Sea Essex CO130SX Tel: 01255 676 655 SPORT ROOM: Claims Filing Period Ends Nov. 24 --------------------------------------------- Creditors of The Sport Room Limited have until Nov. 24 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 Jeremy Paul Oddie of Mitchell Charlesworth at: Jeremy Paul Oddie Mitchell Charlesworth 6th Floor Brazennose House West Brazennose Street Manchester M2 5FE United Kingdom Headquartered in Bolton, U.K., The Sport Room Limited is a membership sports club. SUNLIGHT LOFT: Taps Asher Miller to Liquidate Assets ---------------------------------------------------- Asher Miller of David Rubin & Partners was appointed Liquidator of Sunlight Loft Conversions Limited (formerly Grosvenorcraft Limited) on Sept. 1 for the creditors' voluntary winding-up procedure. Sunlight Loft Conversions Limited Rowlandson House 289 293 Ballards Lane Barnet London N12 8NP United Kingdom Tel: 020 8441 8581 Fax: 020 8441 0598 TRW AUTOMOTIVE: Fitch Keeps Issuer Default Rating at BB ------------------------------------------------------- Fitch Ratings affirmed the ratings of TRW Automotive Holdings Inc.: -- Issuer Default Rating BB; -- Senior secured bank lines BB+; -- Senior unsecured notes BB-; and -- Senior subordinated unsecured Notes B+. Fitch's ratings reflect TRW's strong diversity of OEM customers and geographies, and the company's technology-driven products that have allowed the company to weather an onerous industry environment. Despite significant production cutbacks by North American manufacturers and industry cost challenges, TRW's operating efficiency, a substantial book of business outside of North America and continued healthy demand for TRW's products has sustained margins through the industry turmoil. The company's margins remain at the high end of the supplier industry, providing a buffer in the event of further deterioration in industry fundamentals. Even in an adverse economic and industry scenario through 2007, Fitch expects TRW to remain safely cashflow positive, although debt reduction could be limited in such a scenario. The Rating Outlook is stable. TRW's operating performance, balance sheet and credit metrics have remained stable in an industry environment that has precipitated several supplier bankruptcies due to price erosion, increased commodity costs, volatile OEM production cadences and lower OEM unit volume on market share losses. The company has been able to avoid the perils faced by many suppliers due to its lower relative dependence on the North American operations of Ford and General Motors, geographic diversity by which nearly two-thirds of total revenue is generated outside of North America, and product line-up of safety components and fuel-saving technologies which continue to see strong demand. At the end of 2Q06, the company had US$1.6 billion in secured bank debt, US$1.0 billion in senior unsecured notes, US$0.3 billion in senior subordinated unsecured notes and US$0.1 billion in short term debt and capital leases, totaling US$3.0 billion of debt. Less US$520 million of cash and marketable securities, net debt was US$2.5 billion, representing a decrease of US$45 million compared to year-end 2005. The change in net debt includes a premium paid of US$57 million related to the tender for GBP94.6 million in 10-7/8% bonds from its Lucas Industries Limited subsidiary. On a total adjusted debt basis, the 2Q06 debt level was US$3.7 billion down US$0.2 billion compared to US$3.9 billion at year-end 2005. TRW was well within its covenant agreements on capital expenditures, Interest Coverage and Leverage. At the end of 2Q06, TRW had approximately US$833 million of availability under its revolver after US$67 million in outstanding LOCs. Under the US securitization facility, approximately US$233 million of receivables were eligible for borrowings and only about US$121 million would have been available for funding. In addition, approximately EUR119 million and GBP25 million were available under the European facilities. As of June 30, TRW had nothing outstanding on any of its A/R programs. Including the cash and marketable securities balance of US$520 million, total availability at the end of 2Q06 was approximately US$1.7 billion. While TRW's customer base and manufacturing footprint are one of the more diverse in the Fitch supplier universe, the company is not completely immune to changes in its larger customers' production schedules. However, sales to customers other than Ford and General Motors accounted for more than 70% of 2005 revenues. Clearly demonstrating limited exposure to the domestic OEs, despite 4Q06 production cuts of 21%, 12% and 10% for Ford, GM and Chrysler Group, respectively, TRW reduced its Street guidance to a full year revenue range of US$13.0 to US$13.2 billion, down from a range of US$13.0 to US$13.3. The less than 1% reduction in the top end of revenue guidance resulted in a 5% to 6% reduction in the range of forecasted net income or roughly US$10 to US$16 million. Government continues to pressure the industry for increased vehicular safety. TRW manufactures the type of safety components and systems, which have been the focus of recent legislation. For example, the Alliance of Automobile Manufacturers and the Insurance Institute for Highway Safety announced 'voluntary performance criteria' in front-to-side collisions. The criteria includes the use of a wide range of occupant protection technologies and designs which affect front structural components, side air bags, air bag curtains and side- impact structures. By September 1, 2007, 50% of all vehicles sold by a manufacturer in the U.S. are supposed to meet the front-to-side performance criteria, and by September 2009, manufacturers are to be 100% compliant. In another example, NHTSA has mandated direct tire pressure monitoring systems, capable of detecting under-inflation. The phase-in period begins with 20% compliance of all vehicles sold from October 5, 2005 to August 31, 2006, then 70% from September 1, 2006 to August 21, 2007; and then all vehicles thereafter. Finally, in September NHTSA proposed a rule at the direction of congress that outlines a federal mandate that all new vehicles be equipped with electronic stability control by the 2012 model year. NHTSA studies have indicated a dramatic reduction in crashes for vehicles equipped with ESC. U.K. TRAN-STOR: Names Liquidator from BN Jackson Norton ------------------------------------------------------- Simon James Bonney of BN Jackson Norton was appointed Liquidator of U.K. Trans-Stor Ltd. on Aug. 30 for the creditors' voluntary winding-up procedure. Headquartered in Telford, U.K., U.K. Trans-Stor Ltd. -- http://uktranstor.co.uk/-- provides freight transport services. ULTRA SCAFFOLDING: Calls In Liquidator from Turpin Baker -------------------------------------------------------- Martin Charles Armstrong of Turpin, Barker Armstrong was appointed Liquidator of Ultra Scaffolding Services Limited on Sept. 1 for the creditors' voluntary winding-up procedure. Ultra Scaffolding Services Limited Unit 2a Rainbow Industrial Estate Grand Drive Raynes Park London SW20 0JY United Kingdom Tel: 020 8946 0343 ZENITH PRODUCTIONS: Taps Liquidators from PricewaterhouseCoopers ---------------------------------------------------------------- Karen Lesley Dukes and David John Blenkam of PricewaterhouseCoopers were appointed Liquidators of Zenith Productions Limited on Aug. 23 for the creditors' voluntary winding-up procedure proceeding. Headquartered in London, U.K., Zenith Productions Limited is a television and film production company. ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Zamesa Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *