/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060928.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, September 28, 2006, Vol. 7, No. 193 Headlines A U S T R I A APPSOLUT SOFTWARE: Creditors' Meeting Slated for October 9 BG: Claims Registration Period Ends October 3 DANY: Vienna Court Orders Business Shutdown EAT AND BEAT: Property Manager Declares Insufficient Assets ENTSORGUNGSPROFI PARADEISER: Claims Filing Period Ends Oct. 2 LAUSCHA & CO: Claims Registration Period Ends October 9 MALLIN HEIM: Claims Registration Period Ends October 25 C Z E C H R E P U B L I C PANAVISION INC: S&P Affirms B First-Lien Rating After Add-On D E N M A R K AMERICAN SEAFOODS: Moody's Assigns Loss-Given-Default Ratings F R A N C E GETRONICS NV: APX Synstar Submits Binding Offer for French Stake INTRAWEST CORP: Shareholders to Meet to Vote on Arrangement Plan G E R M A N Y 7 GLUECKSSTRAEHNE: Claims Registration Ends October 6 AKADEMIE FUER OST-WEST: Claims Registration Ends September 29 BUCKEYE TECHNOLOGIES: Moody's Assigns Loss-Given-Default Ratings FILAR ZOLLKONTOR: Claims Registration Ends October 6 GWG GRUNDSTUECKS: Claims Registration Ends October 9 HAMMONIA TERRAIN: Claims Registration Ends October 4 HINRICHS SPEDITION: Claims Registration Ends October 5 HVB PLANUNGS: Claims Registration Ends October 6 MUEHLENZ SCHUHE: Creditors' Meeting Slated for October 9 PALLIGNUM GMBH: Claims Registration Ends October 9 RC2 CORP: Moody's Assigns Loss-Given-Default Ratings PLIANT CORP: Financial Woes Prompt S&P to Assign B- Rating RITZ AUTOMOBIL: Creditors' Meeting Slated for October 6 ROETZER-ZIEGEL-ELEMENTHAUS: Creditors' Meeting Slated for Oct. 5 ROSANA MILCHHOF: Claims Registration Ends October 9 SOFTWAREPUBLISHING AG: Claims Registration Ends October 9 STADTHEIDESTRASSE 25: Creditors' Meeting Slated for Oct. 4 VISTEON CORP: Opens US$10 Million Technical Center in India I R E L A N D LEGG MASON: S&P Withdraws Fixed Income Fund Ratings TOWER RECORDS: Section 341(a) Meeting Scheduled on Friday WELLMAN INC: Consolidating U.S. Fiber Production in Darlington I T A L Y BERRY PLASTICS: Completes Tender Offer for 10.75% Sr. Sub. Notes TISCALI SPA: Repays EUR209.5 Million Equity-Linked Bonds K A Z A K H S T A N AITAJOL: Creditors Must File Claims by Oct. 20 CORAL LTD: Creditors Must File Claims by Oct. 20 EAGLE LANDING: Proof of Claim Deadline Slated for Oct. 18 KAZOVOSHPRODUCT: Proof of Claim Deadline Slated for Oct. 20 NURBANK JSC: Moody's Rates Senior Unsecured Notes at Ba3 RAINBOW TRADING: Claims Registration Ends Oct. 20 REMBYTSERVICE: Claims Registration Ends Oct. 20 TALAPTY: South Kazakhstan Court Starts Bankruptcy Procedure TAU-TEHNIKA: Creditors' Claims Due Oct. 20 VODOSNABJENIYE: Akmola Court Begins Bankruptcy Proceedings VOSTOKTECHNOTRADE: Creditors' Claims Due Oct. 18 K Y R G Y Z S T A N EKSO TERRA: Creditors Must File Claims by Nov. 8 INTERPROFI: Proof of Claim Deadline Slated for Nov. 8 L U X E M B O U R G TISCALI FINANCE: Parent Repays EUR209.5 Million Bonds N E T H E R L A N D S GETRONICS NV: APX Synstar Submits Binding Offer for French Stake WELLMAN INC: Consolidating U.S. Fiber Production in Darlington P O L A N D VERIFONE: Moody's Affirms B1 Rating on Favorable Demand Outlook R U S S I A AGRO-PROM-KHIMIYA: V. Vashkevich to Manage Insolvency Assets ALAPAEVSKIY MACHINE-TOOL: Creditors Must File Claims by Oct. 19 ARBAZHSKOYE REPAIR: Bankruptcy Hearing Slated for Dec. 18 BALTIC BUILDING: Bankruptcy Hearing Slated for Dec. 4 BELOZERSKIY: Court Names V. Goryachkin as Insolvency Manager BEZYMYANSKIY ELEVATOR: Court Starts Bankruptcy Supervision CONCERN GRAIN: Court Starts Bankruptcy Supervision Procedure FIDES: Stavropol Court Names E. Shebetko as Insolvency Manager GALICHSKIY TANNERY: A. Butenko to Manage Assets KIMOVSK-SEL-KHOZ-KHIMIYA: S. Suvorov to Manage Assets KISLOVODSKIY WINNERY: O. Kiryanov to Manage Insolvency Assets KOLYVANSKIY: Court Names Z. Orlova as Insolvency Manager MINE LISTVYANSKAYA: A. Senotrusov to Manage Assets NADEZHDA: Court Names E. Shebetko as Insolvency Manager NADYMSKIY FACTORY: Court Names V. Grigoryev to Manage Assets NIZHNEVARTOVSKIY CITY-DIARY: Court Starts Bankruptcy Supervision OCEAN: Court Names S. Oganezova as Insolvency Manager OIL-PRODUCT-SERVICE: Y. Belyaev to Manage Insolvency Assets OILER: Court Names S. Piskarev as Insolvency Manager PLAZMA-MED: Tatarstan Court Starts Bankruptcy Supervision PRIVOLNYJ: Court Starts Bankruptcy Supervision Procedure REINFORCED-CONCRETE: Court Names S. Krotov as Insolvency Manager SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Supervision Procedure SEVER-LES-PROM: Court Names G. Pogosyan as Insolvency Manager SIBERIAN SPRING: Bankruptcy Hearing Slated for Dec. 25 SOUTH GAS: Bankruptcy Hearing Slated for Nov. 27 STUPINSKIY FACTORY: Creditors Must File Claims by Oct. 19 TYUMENSKIY SHIPYARD: Court Names S. Chepik as Insolvency Manager YUKOS OIL: Mulls Potential Deal with Mystery Foreign Bidder S W E D E N XERIUM TECHNOLOGIES: Moody's Assigns Loss-Given-Default Ratings S W I T Z E R L A N D TEMBEC INC: Moody's Assigns Loss-Given-Default Ratings U K R A I N E GORODOK SCIENTIFIC-EXPERIMENTAL: Bankruptcy Supervision Starts INTERAGROTRANS: Poltava Court Starts Bankruptcy Supervision KOSIV ALCOHOL: Court Commences Bankruptcy Supervision MERCURY: Court Names Vasil Martinuk as Insolvency Manager SINTEKS: Harkiv Court Names Vitalij Vojn as Insolvency Manager SNIZHNE AUTO-TRANSPORT 11412: Bankruptcy Supervision Starts UKRNERUDPROM: Lviv Court Starts Bankruptcy Supervision U N I T E D K I N G D O M AMARANTH ADVISORS: Outlines Future Plans, Mulls Sale ARVINMERITOR INC: S&P Places Rating on Watch Negative BAA PLC: BA Wants CAA to Cut Airport Operator's Asset Returns BAA PLC: Appoints Jose Leo to Succeed Margaret Ewing as CFO BLACKPOOL EXPERIENCE: Hires Liquidators from O'Hara & Co. BRACELET ENTERTAINMENTS: Claims Filing Period Ends Oct. 26 BRITISH AIRWAYS: Wants Regulator to Cut BAA Asset Base Profits BRITISH AIRWAYS: Names James A. Lawrence as New Board Member C & J TECHNOLOGIES: Liquidator Sets Oct. 23 Claims Bar Date CABLE & WIRELESS: Employee Trustees Shed 49,340 Shares CCL NETWORK: Creditors Confirm Liquidator's Appointment CHESTON WORKS: Appoints Stephen M. Katz as Liquidator COLLINS & AIKMAN: Moody's Assigns Loss-Given-Default Ratings COMMUNICATIONS CABLING: Taps A. Graham to Liquidate Assets COMPOSITE PROJECTS: Claims Registration Ends Oct. 31 CONCEPT VEHICLE: A. J. Clark Leads Liquidation Procedure CONEXANT SYSTEMS: Getting US$100MM From Acquicor-Jazz Merger DIGITAL IMAGING: Names Liquidators from Vantis DOLE FOOD: Moody's Assigns Loss-Given-Default Ratings DRAWTREAT LTD: Trade Secretary Files Wind-Up Petition DRONFIELD DOORS: Creditors Confirm Liquidator's Appointment DUENNA CARE: Creditors Ratify Voluntary Liquidation E T COMMERCIALS: Taps Baker Tilly to Administer Assets EMI GROUP: Warner Music Boss Prepares for Fresh Merger Bid EVANS AND RADFORD: Creditors Ratify Liquidators' Appointment FIELD AND FORCES: Appoints T. C. E. Harrison as Liquidator GENERAL MOTORS: To Fund Delphi Workers' Post-Retirement Benefits GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal H.M. INTERNATIONAL: Brings In Liquidator from Ashcrofts HIGH SPEED: Brings In P&A Partnership as Administrators HILLAM ACCOUNTANCY: Hires Darren Brookes as Liquidator ICE EVENT: Claims Filing Period Ends Oct. 19 IMPERIAL GLASS: Names Liquidators from T H Associates IVY HATCH: Joint Liquidators Take Over Operations JOKO U.K.: Calls In Joint Liquidators from Ashcrofts JONES & MCGOVERN: Trade Secretary Files Winding-Up Petition KAY LOGISTICS: Appoints Joint Administrators from PKF KIDZWORLD LIMITED: Hires Ian Bull to Liquidate Assets MANI 2: Liquidators Set Nov. 6 Claims Bar Date MARBLECARE LTD: Nominates Ninos Koumettou as Liquidator MAXNETT COMMUNICATIONS: Taps Buchanans as Joint Administrators MILLENNIUM AUDIO: Claims Registration Ends Oct. 27 NEIL GRINNALL: Dunbar Bank Appoints Moore Stephens as Receivers PHOENIX SIGNS: Brings In Joint Liquidators from Haines Watts PROFILE 7000: A. Turpin Leads Liquidation Procedure PROUD GALLERIES: Nominates Lane Bednash as Liquidator RANK GROUP: Cancels 1.25 Million Shares in Buyback Program REFCO INC: Ch. 11 Trustee Wants Winchester Settlement Approved REFCO INC: Inks Settlement Pact with BofA & Prepetition Lenders REPAC LIMITED: Names Gerald Frederick Davis as Administrator RHYTHMS BAR: Claims Registration Ends Oct. 6 RJN SERVICES: Claims Filing Period Ends Nov. 30 SOLENT BOATS: Appoints Joint Liquidators to Wind Up Business SOLUM LIMITED: Names Joint Liquidators from CBA SUSTAINABLE WALES: Claims Filing Period Ends Oct. 31 TASS FIRE: Liquidator Sets Oct. 31 Claims Bar Date TERBOW TRANSPORT: Hires Griffin & King to Administer Assets TRAVEL WORLD: Hires Joint Liquidators from Gerald Edelman TRIO GRAPHIC: Lloyd Biscoe Leads Liquidation Procedure TRIO ID: Taps Liquidator from Begbies Traynor VECTOR PACKAGING: Appoints Joint Administrators from F A Simms W H REALISATIONS: Taps DTE Leonard Curtis as Administrators W. SOLUTIONS: Appoints Liquidator from Cooper Parry * Moody's Releases Loss Given Default Guidelines * Moody's Proposes Methodology for Mutualist Banking Groups * Moody's Updates Rating Methodology for Insurance Sector * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= APPSOLUT SOFTWARE: Creditors' Meeting Slated for October 9 ---------------------------------------------------------- Creditors owed money by LLC appsolut software (FN 228252s) are encouraged to attend the creditors' meeting at 11:00 a.m. on Oct. 9 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Eisenstadt Hall F Eisenstadt, Austria Headquartered in Eisenstadt, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 26 S 89/06z). Adalbert Hausmann serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Mag. Adalbert Hausmann Esterhazyplatz 6a 7000 Eisenstadt, Austria Tel: 02682/64044 Fax: 02682/64044 30 E-mail: ra.schreiner@aon.at BG: Claims Registration Period Ends October 3 --------------------------------------------- Creditors owed money by LLC BG (FN 131259d) have until Oct. 3 to file written proofs of claims to court-appointed property manager Bernhard Huber at: Dr. Bernhard Huber Schillerstrasse 12 4020 Linz, Austria Tel: 65 69 69 Fax: 65 69 69-60 E-mail: b.huber@hep.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Oct. 17 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Linz Hall 522 5th Floor Linz, Austria Headquartered in Leonding, Austria, the Debtor declared bankruptcy on Aug. 16 (Bankr. Case No. 38 S 37/06d). DANY: Vienna Court Orders Business Shutdown ------------------------------------------- The Trade Court of Vienna entered an order Aug. 24 shutting down the business of LLC Dany (FN 207529s). Court-appointed property manager Georg Getreuer determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Georg Getreuer c/o Dr. Martin Getreuer Weyrgasse 6 1030 Vienna, Austria Tel: 713 14 25-0 Fax: 713 14 25 17 E-mail: georg@getreuer.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 19 (Bankr. Case No. 5 S 102/06v). Martin Getreuer represents Dr. Getreuer in the bankruptcy proceedings. EAT AND BEAT: Property Manager Declares Insufficient Assets ----------------------------------------------------------- Peter Planer, the court-appointed property manager for LLC Eat and Beat Gastro (FN 267063s), declared Aug. 24 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Innsbruck is yet to rule on the property manager's claim. Headquartered in Brixental, Austria, the Debtor declared bankruptcy on July 31 (Bankr. Case No. 19 S 79/06z). Peter Planer serves as the court-appointed property manager of the bankrupt estate. Gerhard Thaler represents the Debtor in the bankruptcy proceedings. The property manager can be reached at: Dr. Peter Planer Klostergasse 1 Villa Margit 6370 Kitzbuehel, Austria Tel: 05356/66883 Fax: 05356/668844 E-mail: p.planer@aon.at The Debtor's representative can be reached at: Dr. Gerhard Thaler Larch Way 14 6322 Kirchbichl, Germany Tel: 05332/77625 Fax: 05332/76185 E-mail: thaler.gerhard@aon.at ENTSORGUNGSPROFI PARADEISER: Claims Filing Period Ends Oct. 2 ------------------------------------------------------------- Creditors owed money by LLC Entsorgungsprofi Paradeiser (FN 172121w) have until Oct. 2 to file written proofs of claims to court-appointed compensation manager Alois Autherith at: Dr. Alois Autherith Utzstrasse 13 3500 Krems an der Donau, Austria Tel: 02732/83485 Fax: 02732/83485-10 E-mail: advoc.autham@netway.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 18 to consider the adoption of the rule by compensation payment. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A 2nd Floor Krems an der Donau, Austria Headquartered in Horn, Austria, the Debtor declared the beginning of compensation process on Aug. 24 (Case No. 9 Sa 9/06f). LAUSCHA & CO: Claims Registration Period Ends October 9 ------------------------------------------------------- Creditors owed money by KEG Lauscha & Co (FN251638g) have until Oct. 9 to file written proofs of claims to court-appointed property manager Andrea Prochaska at: Mag. Andrea Prochaska Wassergasse 33/12 1030 Vienna, Austria Tel: 718 77 50 718 77 52 Fax: 718 77 50 15 E-mail: anwalt@andrea-prochaska.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Oct. 23 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 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 3 S 116/06p). MALLIN HEIM: Claims Registration Period Ends October 25 ------------------------------------------------------- Creditors owed money by KEG MALLIN Heim & Gartenmarkt (FN 243189g) have until Oct. 25 to file written proofs of claims to court-appointed property manager Edwin Demoser at: Dr. Edwin Demoser Mohrstr. 10 5020 Salzburg, Austria Tel: 0662-823907 Fax: 0662-823907-21 E-mail: office@rademoser.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Nov. 6 to consider the adoption of the rule by revision. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 1st Floor Salzburg, Austria Headquartered in Anif, Austria, the Debtor declared bankruptcy on Aug. 24 (Bankr. Case No. 23 S 54/06w). =========================== C Z E C H R E P U B L I C =========================== PANAVISION INC: S&P Affirms B First-Lien Rating After Add-On ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its loan and recovery ratings on the senior secured first-lien bank facility of Panavision Inc., following the announcement that the company will increase the add-on portion of its first-lien term loan by US$30 million. Pro forma for the increased add-on, the facility will consist of a US$224.5 million term loan and a US$35 million revolving credit facility, both due in 2011. The secured loan rating is 'B', one notch above the 'B-' corporate credit rating, and the recovery rating is '1', indicating the expectation for full recovery of principal in the event of a payment default A portion of the proceeds from the first-lien term loan add-on will be used to acquire a camera-rental company and to repay borrowings on the company's revolving credit facility. At closing, the US$115 million second-lien term loan will remain rated 'CCC', two notches below the corporate credit rating. This and the recovery rating of '5' indicate expectations of negligible (0%-25%) recovery of principal in the event of a payment default. Ratings List Ratings Affirmed: Panavision Inc. Corporate Credit Rating B-/Stable/-- US$259.5 Mil First-Lien Credit Facility B Recovery Rating 1 US$115 Mil Second-Lien Term Loan CCC Recovery Rating 5 ============= D E N M A R K ============= AMERICAN SEAFOODS: 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 confirmed its B1 Corporate Family Rating for American Seafoods Group LLC. Additionally, Moody's revised or 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 ---------- ------- ------- ------ ---------- Gtd. Sr. Sec. Revolving Credit Facility Due 2011 B1 Ba3 LGD3 39% Gtd. Sr. Sec. Term Loan A Due 2012 B1 Ba3 LGD3 39% Gtd. Sr. Sec. Term Loan B Due 2013 B1 Ba3 LGD3 39% 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%). American Seafoods Group LLC -- http://www.americanseafoods.com/ -- harvests and processes a variety of fish species aboard its catcher-processor vessels, its freezer-longliner vessels, and at its land-based processing facilities. The Company markets its products to a diverse group of customers in North America, Asia, and Europe. In the U.S., American Seafoods is the largest harvester and at-sea processor of pollock and hake and the largest processor of catfish. The Company also harvests and processes cod, scallops, and yellowfin sole. The Company maintains an international marketing network through its U.S., Japan, and European sales offices. In Europe, the company is headquartered in Aalborg, Denmark. =========== F R A N C E =========== GETRONICS NV: APX Synstar Submits Binding Offer for French Stake ---------------------------------------------------------------- Getronics N.V. has received a binding offer from the French ICT Services and Solutions company APX Synstar to acquire a majority stake in Getronics' operations in France. As part of the proposed deal, APX Synstar would transfer its business activities in Belgium to Getronics, strengthening the current operations of Getronics in Belgium. Getronics would retain a 33% stake in the French subsidiaries. Getronics has initiated a consultation on the proposed transaction with the Works Councils of its French subsidiaries. The transaction will be signed once the Works Councils have rendered their final opinion and is expected to close in Q4 2006. "This deal is strategically excellent for Getronics," Klaas Wagenaar, CEO of Getronics, said. "It strengthens our business, while also enabling our clients to benefit from an expanded footprint in the French market, and the combined capabilities and know-how of Getronics and APX Synstar.' "This strategic partnership will reinforce our leading position in the IT Solutions and Services market in France," Noel Saille, CEO of APX Synstar, said. "It will extend our expertise on the Application Services and the Managed Services side for APX Synstar clients, while also bringing to Getronics clients a new set of capacities around Integration Services on Critical Secured Infrastructure.' The proposed new French partnership would create a focused national player and a strong partnership between APX Synstar and Getronics. APX Synstar has extensive knowledge of the French market, a prestigious client base and considerable ICT expertise in IT integration and services, which would enable it to maximise the value of Getronics' business activities in France. APX Synstar would be able to leverage the first class global ICT services delivery capabilities of the Getronics operation and its skilled and dedicated workforce. The total estimated 2006 revenue of Getronics' French business amounts to approximately EUR65 million. The net loss for 2006 until closing in respect of Getronics' French business is expected to be EUR8 million. Also, as a result of this transaction, Getronics expects to write-down goodwill of approximately EUR15 million. The estimated 2006 cash flow used in operating activities is EUR8 million and the total 2006 cash flow used in investing and financing activities is an estimated EUR6 million. About APX Synstar Headquartered in Paris, France, APX Synstar, is a European ICT Services and Solutions provider operating mainly in France and the Benelux. APX Synstar employs approximately 440 people and has approximate revenues of EUR100 million, of which 40% of the total revenue is coming from Services. About Getronics Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in Troubled Company Reporter - Asia Pacific Getronics N.V.'s 'B' long-term corporate credit rating, along with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3' recovery ratings on CreditWatch with negative implications, where they had originally been placed on Jan. 19. The '3' recovery rating indicates Standard & Poor's expectation of meaningful (50%-80%) recovery of principal for secured lenders in the event of a payment default. As reported in TCR-AP, Moody's Investors Service downgraded Getronics' corporate family rating to B2 from B1 and placed the ratings on review for possible downgrade following the company's announcement of half year results showing a widening of net losses and fall in margins below the company's expectations. Concurrently the rating on the EUR100 million senior unsecured convertible Dutch bonds due 2008 has been downgraded to Caa1 from B3. INTRAWEST CORP: Shareholders to Meet to Vote on Arrangement Plan ---------------------------------------------------------------- The Supreme Court of British Columbia has issued an interim order dated Sept. 19, 2006, in connection with the proposed statutory plan of arrangement involving Intrawest Corporation, its shareholders and optionholders and two companies owned directly or indirectly by funds managed by affiliates of Fortress Investment Group LLC. The Interim Order provides for the calling of a special meeting of holders of Intrawest Common Shares and options to acquire Common Shares to consider the Arrangement. Subject to the approval of the Intrawest Securityholders at the Special Meeting and all regulatory approvals being obtained or concluded, the hearing in respect of the final order to approve the Arrangement is currently scheduled to take place on Oct. 24, 2006, with closing of the transaction anticipated later in October. The Special Meeting will be held at 10 a.m. Oct. 17 at The Fairmont Waterfront Hotel in Vancouver, British Columbia. At the Special Meeting, Intrawest Securityholders will be asked to approve the Arrangement. Intrawest confirmed on Sept. 20, 2006, that it has mailed to its securityholders the notice of the Special Meeting and a Management Information Circular. The Arrangement is subject to approval by Intrawest Securityholders, further approval by the Court and certain regulatory approvals, including approval by the Minister of Industry under the Investment Canada Act. The Commissioner of Competition under the Competition Act (Canada) has issued on Sept. 20, 2006, an advance ruling certificate in connection with the proposed transaction. In addition, early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, was granted by the U.S. Federal Trade Commission effective as of Sept. 14, 2006. Headquartered in Vancouver, British Columbia, Intrawest Corporation (IDR: NYSE; ITW: TSX) -- http://www.intrawest.com/- - operates destination resorts and adventure travel. The company has interests in 10 resorts at North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. Intrawest owns Canadian Mountain Holidays, the largest heli- skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest -- a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. * * * As reported in the Troubled Company Reporter on Aug. 15, 2006, Standard & Poor's Ratings Services revised its CreditWatch implications on resort operator Intrawest Corp., including the 'BB-' long-term corporate credit rating, to developing from negative, where the ratings were placed March 1, 2006. The revision follows the company's announcement that it agreed to be acquired, in an all-cash equity offer, by Fortress Investment Group LLC. Vancouver, British Columbia-based Intrawest has about US$682 million in unsecured debentures outstanding. ============= G E R M A N Y ============= 7 GLUECKSSTRAEHNE: Claims Registration Ends October 6 ----------------------------------------------------- Creditors of 7. Gluecksstraehne GmbH have until Oct. 6 to register their claims with court-appointed provisional administrator Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Nov. 7 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against 7. Gluecksstraehne GmbH on Aug. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: 7. Gluecksstraehne GmbH Attn: Ralf Doecke, Manager Bramfelder Road 89 22305 Hamburg, Germany The administrator can be contacted at: Dr. Klaus Pannen Jungfernstieg 51 20354 Hamburg, Germany Tel: 35005266 Fax: 35005119 AKADEMIE FUER OST-WEST: Claims Registration Ends September 29 ------------------------------------------------------------- Creditors of Akademie fuer Ost-West Kooperation-Ost-Akademie e.V. have until Sept. 29 to register their claims with court- appointed provisional administrator Hinnerk-J. Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 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 Akademie fuer Ost-West Kooperation-Ost-Akademie e.V. on Aug. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Akademie fuer Ost-West Kooperation-Ost-Akademie e.V. Attn: Dirk Hansen and Dr. Bernhard Schalhorn, Managers Herderstrasse 1 21335 Lueneburg, Germany The administrator can be contacted at: Hinnerk-J. Mueller Speersort 4-6 20095 Hamburg, Germany Tel: 040/303010 Fax: 040/30301111 BUCKEYE TECHNOLOGIES: 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 B2 Corporate Family Rating for Buckeye Technologies, 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$70 million Revolving Credit Facility B1 Ba2 LGD2 13% US$150 million Secured Term Loan B1 Ba2 LGD2 13% US$200 million Unsecured Notes B3 B2 LGD3 48% US$100 million 9.25% Subordinated Notes Caa1 Caa1 LGD5 85% US$150 million 8% Subordinated Notes Caa1 Caa1 LGD5 85% 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 Memphis, Tennessee, Buckeye Technologies Inc. -- http://www.bkitech.com/-- is a producer of value-added cellulose-based specialty products. Buckeye utilizes wetlaid and airlaid technologies. The company has production facilities in Tennessee, Florida, North Carolina, Canada, Germany, and Brazil. FILAR ZOLLKONTOR: Claims Registration Ends October 6 ---------------------------------------------------- Creditors of FILAR Zollkontor GmbH have until Oct. 6 to register their claims with court-appointed provisional administrator Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Nov. 7 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against FILAR Zollkontor GmbH on Aug. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: FILAR Zollkontor GmbH Attn: Christine Olech, Manager Heinrich-Mueller-Stieg 18 22041 Hamburg, Germany The administrator can be contacted at: Dr. Klaus Pannen Jungfernstieg 51 20354 Hamburg, Germany Tel: 35005266 Fax: 35005119 GWG GRUNDSTUECKS: Claims Registration Ends October 9 ---------------------------------------------------- Creditors of GWG Grundstuecks- und Wohnungsgenossenschaft Dinslaken eG have until Oct. 9 to register their claims with court-appointed provisional administrator Rainer Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Duisburg Area C207 2nd Floor Cardinal Galen Road 124-132 47058 Duisburg, 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 Duisburg opened bankruptcy proceedings against GWG Grundstuecks- und Wohnungsgenossenschaft Dinslaken eG on Aug. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GWG Grundstuecks- und Wohnungsgenossenschaft Dinslaken eG Goethestr. 53 46535 Dinslaken, Germany The administrator can be contacted at: Rainer Beck Rheinstrasse 75 47623 Kevelaer, Germany HAMMONIA TERRAIN: Claims Registration Ends October 4 ---------------------------------------------------- Creditors of Hammonia Terrain GmbH have until Oct. 4 to register their claims with court-appointed provisional administrator Hendrik Gittermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 25 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against Hammonia Terrain GmbH on Aug. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Hammonia Terrain GmbH Hellbrookkamp 43 22177 Hamburg, Germany Attn: Udo George, Manager Helaer Road 3 34123 Kassel, Germany The administrator can be contacted at: Hendrik Gittermann Sandtorkai 62 20457 Hamburg, Germany Tel: 040/306969-10 HINRICHS SPEDITION: Claims Registration Ends October 5 ------------------------------------------------------ Creditors of HINRICHS Spedition & Dienstleistungs 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 2:30 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 HINRICHS Spedition & Dienstleistungs GmbH on Aug. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HINRICHS Spedition & Dienstleistungs GmbH Attn: Doerthe Heesen, Manager Edammer Str. 21 26188 Edewecht, Germany The administrator can be contacted at: Dr. Christian Strauss Friedrich-Missler-Str. 42 28211 Bremen, Germany Tel: 0421/7926260 Fax: 0421/7926285 HVB PLANUNGS: Claims Registration Ends October 6 ------------------------------------------------ Creditors of HVB Planungs- und Entwicklungsgesellschaft mbH have until Oct. 6 to register their claims with court-appointed provisional administrator Stephan Laubereau. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Hanau Area E03 Branch Office Insolvency Court Engelhardstrasse 21 63450 Hanau, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hanau opened bankruptcy proceedings against HVB Planungs- und Entwicklungsgesellschaft mbH on Aug. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HVB Planungs- und Entwicklungsgesellschaft mbH Attn: Kazimierz Kasprzyk, Manager Bruchkoebeler Landstr. 27 63452 Hanau, Germany The administrator can be contacted at: Dr. Stephan Laubereau Wolf-Heidenheim-Str. 12 D-60489 Frankfurt, Germany Tel: 069/71379830 Fax: 069/71379833 Web: http://www.kuebler-gbr.de/ E-mail: Frankfurt@kuebler-gbr.de MUEHLENZ SCHUHE: Creditors' Meeting Slated for October 9 -------------------------------------------------------- The court-appointed provisional administrator for Muehlenz Schuhe Handelsgesellschaft mbH, Arne Fu, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Oct. 9. The meeting of creditors and other interested parties will be held at: The District Court of Pirmasens Area 235 2nd Floor Pirmasens, Germany The Court will also verify the claims set out in the administrator's report at 2:00 p.m. on Nov. 13 at the same venue. Creditors have until Nov. 3 to register their claims with the court-appointed provisional administrator. The District Court of Pirmasens opened bankruptcy proceedings against Muehlenz Schuhe Handelsgesellschaft mbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Muehlenz Schuhe Handelsgesellschaft mbH Attn: Marc Behrens, Manager Industrial Road 3 76846 Hauenstein, Germany The administrator can be reached at: Dr. Arne Fu Buchsweilerstrasse 18 66953 Pirmasens, Germany Tel: 06331/24130 Fax: 06331/241310 PALLIGNUM GMBH: Claims Registration Ends October 9 -------------------------------------------------- Creditors of Pallignum GmbH have until Oct. 9 to register their claims with court-appointed provisional administrator Thomas Schmitz. Creditors and other interested parties are encouraged to attend the meeting at noon 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 Duisburg Meeting Room C315 3rd Floor Cardinal Galen Road 124-132 47058 Duisburg, 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 Duisburg opened bankruptcy proceedings against Pallignum GmbH on Aug. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Pallignum GmbH Haldenstr. 141 47167 Duisburg, Germany Attn: Michael Mueller, Manager Muwhlenbach 12 59929 Brilon, Germany The administrator can be contacted at: Thomas Schmitz Flohbusch 1 47802 Krefeld, Germany RC2 CORP: 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 Ba2 Corporate Family Rating to Ba3 for RC2 Corporation. 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 2008 Ba2 Ba2 LGD3 32% Sr. Sec. Term Loan Due 2008 Ba2 Ba2 LGD3 32% 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%). RC2 Corporation -- http://www.rc2corp.com/-- designs, produces and markets innovative, high-quality toys, collectibles, hobby and infant care products that are targeted to consumers of all ages. RC2's infant and preschool products are marketed under its Learning Curve(R) family of brands which includes The First Years(R) by Learning Curve and Lamaze brands as well as popular and classic licensed properties such as Thomas & Friends, Bob the Builder, Winnie the Pooh, John Deere, and Sesame Street. RC2 markets its collectible and hobby products under a portfolio of brands including Johnny Lightning(R), Racing Champions(R), Ertl(R), Ertl Collectibles(R), AMT(R), Press Pass(R), JoyRide(R) and JoyRide Studios(R). RC2 reaches its target consumers through multiple channels of distribution supporting more than 25,000 retail outlets throughout North America, Europe, Australia, and Asia Pacific. PLIANT CORP: Financial Woes Prompt S&P to Assign B- Rating ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' corporate credit rating to Schaumburg, Ill.-based Pliant Corp. The outlook is stable. At the same time, Standard & Poor's assigned its 'B-' rating and a recovery rating of '3' to the company's $292 million senior secured notes due 2009. The '3' recovery rating indicates our expectation of meaningful (50%-80%) recovery of principal (including accreted interest until 2009) in the event of a payment default. Standard & Poor's also assigned a 'CCC' rating and a recovery rating of '5' to Pliant's US$250 million senior secured second- lien notes due 2009, which are secured on a second-priority lien basis by all assets of the company. These ratings indicate an expectation of negligible recovery of principal (0%-25%) in the event of a payment default. The second-lien notes are rated two notches below the corporate credit rating in view of the shared collateral supporting the company's substantial priority debt obligations, and the relatively disadvantaged position of the noteholders vis-a-vis the priority debt. Following the company's emergence from bankruptcy in July 2006, total debt outstanding was about US$725 million. "The ratings reflect Pliant's highly leveraged financial profile incorporating weak credit measures, limited liquidity, and significant refinancing risk, which overshadow its vulnerable business position in the plastic film and flexible-packaging segments," said Standard & Poor's credit analyst Liley Mehta. With annual revenues of about US$1.2 billion, Pliant is primarily a North American producer of extruded film and flexible-packaging products for food, personal care, medical, industrial, and agricultural markets. The films and flexible packaging industry is highly fragmented and competition is intense, stemming from direct competitors, customer in-sourcing, and substitute products. RITZ AUTOMOBIL: Creditors' Meeting Slated for October 6 ------------------------------------------------------- The court-appointed provisional administrator for Ritz Automobil Zentrum Waldhessen GmbH, Olaf Boerner, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on Oct. 6. The meeting of creditors and other interested parties will be held at: The District Court of Bad Hersfeld Hall 8 District Court Building Duden Route 10 36251 Bad Hersfeld, Germany The Court will also verify the claims set out in the administrator's report at 10:00 a.m. on Dec. 12 at the same venue. Creditors have until Oct. 12 to register their claims with the court-appointed provisional administrator. The District Court of Bad Hersfeld opened bankruptcy proceedings against Ritz Automobil Zentrum Waldhessen GmbH on Aug. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ritz Automobil Zentrum Waldhessen GmbH Blaue Liede 1 36282 Hauneck, Germany Attn: Christian Schreiber, Manager Huenfelder Road 73 36251 Bad Hersfeld, Germany The administrator can be reached at: Olaf Boerner Brother Grimm Place 4 34117 Kassel, Germany Tel: 0561/71200-0 Fax: 0561/7120030 ROETZER-ZIEGEL-ELEMENTHAUS: Creditors' Meeting Slated for Oct. 5 ---------------------------------------------------------------- The court-appointed provisional administrator for Roetzer- Ziegel-Elementhaus Berlin GmbH i.L., Wolfgang Schoeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on Oct. 5. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 11:00 a.m. on Dec. 28 at the same venue. Creditors have until Nov. 1 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Roetzer-Ziegel-Elementhaus Berlin GmbH i.L. on Aug. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Roetzer-Ziegel-Elementhaus Berlin GmbH i.L. c/o May Unternehmsberatung Lehrter Str. 46 10557 Berlin, Germany The administrator can be reached at: Dr. Wolfgang Schoeder Genthiner Str. 48 10785 Berlin, Germany ROSANA MILCHHOF: Claims Registration Ends October 9 --------------------------------------------------- Creditors of Rosana Milchhof Klindworth KG have until Oct. 9 to register their claims with court-appointed provisional administrator Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on Nov. 7 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 Tostedt Area CE.02 Linden 23 21255 Tostedt, 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 Tostedt opened bankruptcy proceedings against Rosana Milchhof Klindworth KG on Aug. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Rosana Milchhof Klindworth KG Attn: Gerda Klindworth, Manager Nuettel 1 27419 Vierden, Germany The administrator can be contacted at: Yvo Dengs Sandtorkai 62 20457 Hamburg, Germany Tel: 040/30696940 Fax: 040/30696950 SOFTWAREPUBLISHING AG: Claims Registration Ends October 9 --------------------------------------------------------- Creditors of Softwarepublishing AG have until Oct. 9 to register their claims with court-appointed provisional administrator Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Nov. 13 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 Softwarepublishing AG on Aug. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Softwarepublishing AG Westendstr. 134 80339 Munich, Germany The administrator can be contacted at: Rolf G. Pohlmann Richard-Strauss-Str. 69 81677 Munich, Germany Tel: 089/548033-0 Fax: 089/548033-111 STADTHEIDESTRASSE 25: Creditors' Meeting Slated for Oct. 4 ---------------------------------------------------------- The court-appointed provisional administrator for Stadtheidestrasse 25 KG KIBUS Geschaftsfuehrungs-GmbH & Co., Rolf Rattunde, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 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 9:15 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 against Stadtheidestrasse 25 KG KIBUS Geschaftsfuehrungs-GmbH & Co. on Aug. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stadtheidestrasse 25 KG KIBUS Geschaftsfuehrungs-GmbH & Co. Brabanter Road 18-20 10713 Berlin, Germany The administrator can be reached at: Rolf Rattunde Kurfuerstendamm 212 10719 Berlin, Germany VISTEON CORP: Opens US$10 Million Technical Center in India ----------------------------------------------------------- Global automotive supplier Visteon Corp. opened a US$10 million Visteon Technical and Services Center in Chennai, India. The 110,000 square-foot facility is set to become Visteon's center of excellence for automotive embedded software, providing support to Visteon globally, including joint ventures and aftermarket business. The Indian arm of Visteon software development accounts for more than 50% of the global software development within Visteon. The new center will build on the strong capability of the India software team to develop and validate electronic modules for audio products (radios, satellite digital radios, media players), instrument clusters, body control modules, adaptive lighting products, electronic climate controls, powertrain electronics and engine control modules, center displays and other products. The center will also provide business process outsourcing support in the areas of supplier management, finance operations and environmental engineering. Visteon Technical and Services Center will be fully supported by two other existing Visteon entities: Visteon Powertrain Control Systems India Private Ltd., and Visteon Automotive Systems India Private Ltd. "The new technical and service center demonstrates our continuous commitment to India," said Bob Pallash, senior vice president of Visteon Corporation and president of Asia Pacific Customer Group. "This development center will play a crucial role in further driving our success worldwide. With the Indian automotive sector poised for unprecedented growth, our Indian operations are a critical asset in further developing Visteon's competitive edge." Located at Olympia Tech Park, an information technology park in the business district of Chennai, Visteon Technical and Services Center occupies four floors of the "Fortius" building. The new facility is expected to accommodate more than 700 software professionals and 250 business process professionals. The Chennai software operation has been growing steadily since its inception in 1998 and currently has 450 full time employees, including 400 software engineers and 50 business process employees. "This new center is another symbol of our expansion in the country and emphasizes Visteon's strengths and world-class capabilities to deliver services globally and meet the unique requirements of customers in India," said A. Viswanathan, managing director, Visteon India. "The employees deliver remarkable quality, innovation and performance standards. With its world-renowned IT skills and excellent automotive knowledge, India is fast emerging as an excellent base for prototyping, testing, validating and producing auto-components for the global market." With approximately 2,200 employees, Visteon has a significant presence in India in electronics, climate (car air conditioning and engine cooling systems), interior (instrument panel and door trims), rotating electronics and lighting systems. Visteon facilities in India include: * Climate Systems India Limited, * Visteon Automotive Systems India Private Ltd. * Visteon Automotive Systems India Private Ltd. * Visteon Powertrain Control Systems India Private Ltd. * TATA Visteon Automotive Private Ltd. * TACO Visteon Engineering Private Ltd. About Visteon Corporation Headquartered in Van Buren Township, Michigan, Visteon Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany; the company has more than 170 facilities in 24 countries and employs approximately 50,000 people. * * * As reported in the Troubled Company Reporter on Sept 13, 2006, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Van Buren Township, Michigan-based Visteon Corp., and removed the rating from CreditWatch with negative implications where it was placed on Aug. 21, 2006. Visteon, a global manufacturer of automotive components, has total debt of about US$2.3 billion. S&P said the rating outlook is negative. ============= I R E L A N D ============= LEGG MASON: S&P Withdraws Fixed Income Fund Ratings --------------------------------------------------- Standard & Poor's Ratings Services withdrew its ratings on several funds at the request of the funds' manager, Legg Mason Investments (Ireland) Ltd. The ratings withdrawn were: -- 'B-f' fund credit quality rating and 'S6' fund volatility rating on the SBGH Emerging Markets Debt Fund; -- 'B-f' fund credit quality rating and 'S6' fund volatility rating on the SBGH Global High Yield Bond Fund; -- 'BB-f' fund credit quality rating 'S3' fund volatility rating on the SBGH Diversified Strategic Income Fund; and -- 'A-f' fund credit quality rating and 'S3' fund volatility rating on the SBGH Investment Grade Total Return Bond Fund. TOWER RECORDS: Section 341(a) Meeting Scheduled on Friday --------------------------------------------------------- The U.S. Trustee for Region 3 will convene a meeting of MTS Incorporated, dba Tower Records, and its debtor-affiliates' creditors at 10:00 a.m., on Sept. 29, at Room 2112, Second Floor, J. Caleb Boggs Federal Building in Wilmington, Delaware. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. Headquartered in West Sacramento, California, MTS, Inc., dba Tower Records -- http://www.towerrecords.com/-- is a retailer of music in the U.S., with nearly 100 company-owned music, book, and video stores. The Company and seven of its affiliates filed for chapter 11 protection on Aug. 20, 2006 (Bankr. D. Del. Case Nos. 06-10886 through 06-10893). Richards, Layton & Finger, P.A. and O'Melveny & Myers LLP represent the Debtors. The Official Committee of Unsecured Creditors is represented by McGuirewoods LLP. When the Debtors filed for protection from their creditors, they estimated assets and debts of more than $100 million. The Debtors' exclusive period to file a chapter 11 plan expires on Dec. 18, 2006. The Company and its affiliates previously filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-10394). The Court confirmed the plan on March 15, 2004. WELLMAN INC: Consolidating U.S. Fiber Production in Darlington -------------------------------------------------------------- Wellman, Inc., plans to restructure its U.S. fiber operations, which are intended to improve its operating results, reduce working capital and lower overall debt. The Company will consolidate all of its U.S. fiber production to its Palmetto plant, located in Darlington, South Carolina and close the fiber capacity located at its Johnsonville, South Carolina facility. The Company expects to sell its Material Recycling Division, which converts post-consumer PET bottles to flake and certain equipment used to produce Wellstrand, a specialty coarse denier fiber, both located at its Johnsonville facility. All of the actions are expected to result in a pre- tax non-cash charge of $30 million to $35 million in the third quarter of 2006. Joseph C. Tucker, vice president of the Fiber and Recycled Products Group, stated, "We will continue to meet our Johnsonville customers' requirements for high quality fiberfill from our Palmetto plant which has the capacity to produce 500 million pounds of polyester staple fiber annually." Thomas M. Duff, chairman and chief executive officer, stated, "Consolidating our U.S. fiber production is expected to increase operating income and reduce working capital. We will be able to operate one fiber facility at close to full capacity rather than operating two under-utilized facilities. This will allow us to lower our overall costs and remain more competitive in our domestic fiber operations. This decision is not a reflection on the dedication or abilities of our Johnsonville employees." The Company also disclosed that it is exploring strategic alternatives for its European fiber and PET resin businesses. Mr. Duff stated, "We are reviewing the performance of these businesses and exploring strategic alternatives with the goal of improving our overall corporate value." Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClear(R) brand PET (polyethylene terephthalate) packaging resin and Fortrel(R) brand polyester fiber. One of the world's largest PET plastic recyclers, Wellman utilizes a significant amount of recycled raw materials in its manufacturing operations. It has facilities in the U.S., Ireland, the Netherlands and France. * * * Wellman carry Standard & Poor's Ratings Services' 'B+' corporate credit rating. ========= I T A L Y ========= BERRY PLASTICS: Completes Tender Offer for 10.75% Sr. Sub. Notes ---------------------------------------------------------------- Berry Plastics Corporation has completed its tender offer and consent solicitation for any and all of its outstanding $335,000,000 aggregate principal amount of 10.75% Senior Subordinated Notes due 2012 (CUSIP No. 085790AJ2) pursuant to the Offer to Purchase and Consent Solicitation Statement dated July 25, 2006, as extended on Aug. 7, 2006 and on Sept. 6, 2006. The offer expired at 12:00 midnight, EST, on Sept. 20, 2006, with $335,000,000 in aggregate principal amount of Notes (100% of outstanding Notes) tendered and accepted for purchase under the terms of the Offer. Deutsche Bank Securities Inc. is the exclusive dealer manager and solicitation agent for the tender offer and consent solicitation. 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 Italy, England and Hong Kong -- and more than 6,800 employees. * * * As reported in the Troubled Company Reporter on Sept. 26, 2006, 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. As reported in the Troubled Company Reporter on Aug. 7, 2006, Moody's Investors Service confirmed the B3 rating on Berry Plastics Corp.'s $335 million 10.75% senior subordinated notes, due July 15, 2012. TISCALI SPA: Repays EUR209.5 Million Equity-Linked Bonds -------------------------------------------------------- Tiscali S.p.A. has reimbursed the 4.25% Equity-Linked Bond issued by its subsidiary in Luxembourg, Tiscali Finance S.A., for a nominal value of EUR209.5 plus interests of c.a. EUR8.9 million. For the repayment of the Equity-Linked Bonds Tiscali has utilized, as already announced, the soft mandatory clause. As a consequence, bondholders have received a combination of newly issued shares and cash, deriving from the debt facility provided by Silver Point Capital. For the repayment of the bonds 27.7 million shares were issued at the issue price of EUR2.26 per share for a total of EUR62.5 million. The amount reimbursed in cash was therefore EUR147.0 million. The Tiscali Group has completed today the reimbursement process of all the bonds issued since 2000, for a total amount of EUR600 million. During the second week of October, the Tiscali Group plans to present to the market its new business plan. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries through acquisitions. Tiscali has more than seven million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. Former chairman and founder Renato Soru owns almost 30% of the company. * * * As reported in TCR-Europe on March 8, Fitch Ratings sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at CCC with Stable Outlook. Tiscali's Short-term rating is downgraded to C from B to be in line with the CCC IDR. At the same time, the agency affirmed Tiscali Finance S.A.'s EUR209 million guaranteed notes at B-/RR2. =================== K A Z A K H S T A N =================== AITAJOL: Creditors Must File Claims by Oct. 20 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Agricultural Corporation Agroprodcorporatsya Aitajol insolvent on July 13. Subsequently bankruptcy proceedings were introduced at the company. Creditors have until Oct. 20 to submit written proofs of claim to: LLP Agroprodcorporatsya Aitajol Micro District Mamyr-2, 4-24 Almaty, Kazakhstan Tel: 8 (3272) 57-10-19 8 (3335) 62-62-33 CORAL LTD: Creditors Must File Claims by Oct. 20 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Jambyl Region declared LLP Coral Ltd. insolvent on July 28. Creditors have until Oct. 20 to submit written proofs of claim to: LLP Coral Ltd. Room 7 Suleimenova Str. 11a Taraz Jambyl Region Kazakhstan Tel: 8 (3262) 43-25-52 EAGLE LANDING: Proof of Claim Deadline Slated for Oct. 18 --------------------------------------------------------- LLP Eagle Landing has declared insolvency. Creditors have until Oct. 18 to submit written proofs of claim to: LLP Eagle Landing Office 3 Karasai batyr Str. 52 Almaty, Kazakhstan Tel: 8 (3272) 72-55-74 Fax: 8 (3272) 72-33-56 KAZOVOSHPRODUCT: Proof of Claim Deadline Slated for Oct. 20 ----------------------------------------------------------- OJSC Kazovoshproduct (RNN 091300211086) has declared insolvency. Creditors have until Oct. 20 to submit written proofs of claim to: OJSC Kazovoshproduct Jeleznodorojnaya Str.25 Kapshagai Almaty Region Kazakhstan NURBANK JSC: Moody's Rates Senior Unsecured Notes at Ba3 -------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to the senior unsecured foreign currency notes issued by NurFinance B.V. unconditionally and irrevocably guaranteed by JSC Nurbank. The proceeds from the issue will be deposited with Nurbank. The outlook for the rating is stable. The holders of the notes will be relying for repayment solely and exclusively on Nurbank's ability to make payments under the deposit and guarantee agreements. Moody's Ba3 rating is based on Nurbank's fundamental credit quality. Nurbank's obligations under the guarantee agreement will rank at all times at least pari-passu with the claims of all other unsecured and unsubordinated creditors of the bank, save for those claims that are preferred by any relevant law. The terms and conditions of the notes contain a negative pledge clause and a cross-acceleration clause for both Nurbank and the issuer as well as a covenant that Nurbank's total capital ratio calculated in accordance with Basel requirements should not fall below 10%. In the event the capital adequacy ratio where to approach 10%, the bank's ratings would become unstable and significant downward pressures may ensue. According to Moody's, the notes might be eligible for early redemption by the noteholders in the event of a merger or a sale of assets, if this results in Nurbank being downgraded by two notches or in the withdrawal of its ratings. Nurbank is headquartered in Almaty, Kazakhstan, and had total IFRS-consolidated assets of KZT142 billion (US$1.2 billion) as of June 30, 2006. RAINBOW TRADING: Claims Registration Ends Oct. 20 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Rainbow Trading insolvent on July 31. Creditors have until Oct. 20 to submit written proofs of claim to: LLP Rainbow Trading P.O. Box 1 JSC Kazpochta Post Office 57 050057 Almaty, Kazakhstan REMBYTSERVICE: Claims Registration Ends Oct. 20 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Repair Domestic Service Rembytservice insolvent on July 26. Creditors have until Oct. 20 to submit written proofs of claim to: LLP Rembytservice Office 74-75 Kazybek bi Str. 50 Almaty, Kazakhstan Tel: 8 (3272) 72-12-50 8 (3272) 72-18-09 TALAPTY: South Kazakhstan Court Starts Bankruptcy Procedure ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceedings against JSC Talapty. TAU-TEHNIKA: Creditors' Claims Due Oct. 20 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Firm Tau-Tehnika insolvent on July 26. Creditors have until Oct. 20 to submit written proofs of claim to: LLP Firm Tau-Tehnika Office 74-75 Kazybek bi Str. 50 Almaty, Kazakhstan Tel: 8 (3272) 72-12-50 8 (3272) 72-18-09 VODOSNABJENIYE: Akmola Court Begins Bankruptcy Proceedings ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola Region commenced bankruptcy proceedings against LLP Water Supply Vodosnabjeniye on July 27. VOSTOKTECHNOTRADE: Creditors' Claims Due Oct. 18 ------------------------------------------------ LLP Vostoktechnotrade has declared insolvency. Creditors have until Oct. 18 to submit written proofs of claim to: LLP Vostoktechnotrade Zasadko Str. 54-502 Semipalatinsk East Kazakhstan Region Kazakhstan =================== K Y R G Y Z S T A N =================== EKSO TERRA: Creditors Must File Claims by Nov. 8 ------------------------------------------------ LLC Ekso Terra Consulting has declared insolvency. Creditors have until Nov. 8 to submit written proofs of claim to: LLC Ekso Terra Consulting Free Economic Zone Bishkek Ak-Chyi Bishkek, Kyrgyzstan INTERPROFI: Proof of Claim Deadline Slated for Nov. 8 ----------------------------------------------------- LLC Interprofi has declared insolvency. Creditors have until Nov. 8 to submit written proofs of claim to: LLC Interprofi Micro District 5, 34-39 Bishkek, Kyrgyzstan Tel: (+996 312) 41-25-39 =================== L U X E M B O U R G =================== TISCALI FINANCE: Parent Repays EUR209.5 Million Bonds ----------------------------------------------------- Tiscali S.p.A. has reimbursed the 4.25% Equity-Linked Bond issued by its subsidiary in Luxembourg, Tiscali Finance S.A., for a nominal value of EUR209.5 plus interests of about EUR8.9 million. For the repayment of the Equity-Linked Bonds Tiscali has utilized, as already announced, the soft mandatory clause. As a consequence, bondholders have received a combination of newly issued shares and cash, deriving from the debt facility provided by Silver Point Capital. For the repayment of the bonds 27.7 million shares were issued at the issue price of EUR2.26 per share for a total of EUR62.5 million. The amount reimbursed in cash was therefore EUR147.0 million. The Tiscali Group has completed today the reimbursement process of all the bonds issued since 2000, for a total amount of EUR600 million. During the second week of October, the Tiscali Group plans to present to the market its new business plan. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries through acquisitions. Tiscali has more than seven million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. Former chairman and founder Renato Soru owns almost 30% of the company. * * * As reported in TCR-Europe on March 8, Fitch Ratings sustained Italy-based Tiscali S.p.A.'s Long-term Issuer Default Rating at CCC with Stable Outlook. Tiscali's Short-term rating is downgraded to C from B to be in line with the CCC IDR. At the same time, the agency affirmed Tiscali Finance S.A.'s EUR209 million guaranteed notes at B-/RR2. ===================== N E T H E R L A N D S ===================== GETRONICS NV: APX Synstar Submits Binding Offer for French Stake ---------------------------------------------------------------- Getronics N.V. has received a binding offer from the French ICT Services and Solutions company APX Synstar to acquire a majority stake in Getronics' operations in France. As part of the proposed deal, APX Synstar would transfer its business activities in Belgium to Getronics, strengthening the current operations of Getronics in Belgium. Getronics would retain a 33% stake in the French subsidiaries. Getronics has initiated a consultation on the proposed transaction with the Works Councils of its French subsidiaries. The transaction will be signed once the Works Councils have rendered their final opinion and is expected to close in Q4 2006. "This deal is strategically excellent for Getronics," Klaas Wagenaar, CEO of Getronics, said. "It strengthens our business, while also enabling our clients to benefit from an expanded footprint in the French market, and the combined capabilities and know-how of Getronics and APX Synstar.' "This strategic partnership will reinforce our leading position in the IT Solutions and Services market in France," Noel Saille, CEO of APX Synstar, said. "It will extend our expertise on the Application Services and the Managed Services side for APX Synstar clients, while also bringing to Getronics clients a new set of capacities around Integration Services on Critical Secured Infrastructure.' The proposed new French partnership would create a focused national player and a strong partnership between APX Synstar and Getronics. APX Synstar has extensive knowledge of the French market, a prestigious client base and considerable ICT expertise in IT integration and services, which would enable it to maximise the value of Getronics' business activities in France. APX Synstar would be able to leverage the first class global ICT services delivery capabilities of the Getronics operation and its skilled and dedicated workforce. The total estimated 2006 revenue of Getronics' French business amounts to approximately EUR65 million. The net loss for 2006 until closing in respect of Getronics' French business is expected to be EUR8 million. Also, as a result of this transaction, Getronics expects to write-down goodwill of approximately EUR15 million. The estimated 2006 cash flow used in operating activities is EUR8 million and the total 2006 cash flow used in investing and financing activities is an estimated EUR6 million. About APX Synstar Headquartered in Paris, France, APX Synstar, is a European ICT Services and Solutions provider operating mainly in France and the Benelux. APX Synstar employs approximately 440 people and has approximate revenues of EUR100 million, of which 40% of the total revenue is coming from Services. About Getronics Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in Troubled Company Reporter - Asia Pacific Getronics N.V.'s 'B' long-term corporate credit rating, along with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3' recovery ratings on CreditWatch with negative implications, where they had originally been placed on Jan. 19. The '3' recovery rating indicates Standard & Poor's expectation of meaningful (50%-80%) recovery of principal for secured lenders in the event of a payment default. As reported in TCR-AP, Moody's Investors Service downgraded Getronics' corporate family rating to B2 from B1 and placed the ratings on review for possible downgrade following the company's announcement of half year results showing a widening of net losses and fall in margins below the company's expectations. Concurrently the rating on the EUR100 million senior unsecured convertible Dutch bonds due 2008 has been downgraded to Caa1 from B3. WELLMAN INC: Consolidating U.S. Fiber Production in Darlington -------------------------------------------------------------- Wellman, Inc., plans to restructure its U.S. fiber operations, which are intended to improve its operating results, reduce working capital and lower overall debt. The Company will consolidate all of its U.S. fiber production to its Palmetto plant, located in Darlington, South Carolina and close the fiber capacity located at its Johnsonville, South Carolina facility. The Company expects to sell its Material Recycling Division, which converts post-consumer PET bottles to flake and certain equipment used to produce Wellstrand, a specialty coarse denier fiber, both located at its Johnsonville facility. All of the actions are expected to result in a pre- tax non-cash charge of $30 million to $35 million in the third quarter of 2006. Joseph C. Tucker, vice president of the Fiber and Recycled Products Group, stated, "We will continue to meet our Johnsonville customers' requirements for high quality fiberfill from our Palmetto plant which has the capacity to produce 500 million pounds of polyester staple fiber annually." Thomas M. Duff, chairman and chief executive officer, stated, "Consolidating our U.S. fiber production is expected to increase operating income and reduce working capital. We will be able to operate one fiber facility at close to full capacity rather than operating two under-utilized facilities. This will allow us to lower our overall costs and remain more competitive in our domestic fiber operations. This decision is not a reflection on the dedication or abilities of our Johnsonville employees." The Company also disclosed that it is exploring strategic alternatives for its European fiber and PET resin businesses. Mr. Duff stated, "We are reviewing the performance of these businesses and exploring strategic alternatives with the goal of improving our overall corporate value." Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClear(R) brand PET (polyethylene terephthalate) packaging resin and Fortrel(R) brand polyester fiber. One of the world's largest PET plastic recyclers, Wellman utilizes a significant amount of recycled raw materials in its manufacturing operations. It has facilities in the U.S., Ireland, the Netherlands and France. * * * Wellman carry Standard & Poor's Ratings Services' 'B+' corporate credit rating. =========== P O L A N D =========== VERIFONE: Moody's Affirms B1 Rating on Favorable Demand Outlook --------------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating of B1 of VeriFone and revised the rating outlook to stable from negative. At the same time, Moody's assigned ratings to new bank credit facilities that VeriFone will use to finance its pending acquisition of Lipman Electronic Engineering Ltd. The B1 corporate family rating reflects the favorable demand outlook in the point-of-sale payment solutions sector, VeriFone's strong market position post the Lipman acquisition in an industry that is dominated by a few key players worldwide, and VeriFone's track record in recent years in growing revenue, profitability, and cash flow (though the most recent quarter's inventory build up hampers free cash flow currently). In addition, half of the transaction consideration is via issuance of equities, and the resultant capital structure is relatively conservative with Debt to EBITDA of 3.1x. These factors combined with the expectation that working capital will normalize and free cash flow will return to previous levels led Moody's to revise the outlook to stable from negative despite concerns over possible integration issues. The B1 ratings on VeriFone's new credit facilites are assgined based on Moody's LGD methodology, and they reflect the credit facilities' preponderance in the proforma capital structure. Ratings affirmed: -- Corporate Family rating of B1; Ratings assigned: -- US$40 million senior secured (first lien) revolving credit facility, due 2012: B1; -- US$500 million senior secured (first lien) term loan facility, due July 2013: B1; Ratings withdrawn upon refinancing: -- Ba3 rating on US$30 million Senior Secured First Priority Revolving Credit Facility due 2009; and -- Ba3 rating on US$190 million Senior Secured First Priority Term Loan B due 2011. Outlook revised to Stable from Negative. VeriFone Inc. is headquartered in Santa Clara, California, and is a global market leader in the development and sale of point- of-sale electronic payment systems. Lipman's corporate headquarters and R&D facilities are located in Israel. The company is a provider of a variety of handheld, wireless and landline point-of-sale products, solutions and services. =========== R U S S I A =========== AGRO-PROM-KHIMIYA: V. Vashkevich to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of St. Petersburg and Leningrad Region appointed Mr. V. Vashkevich as Insolvency Manager for LLC Galichskiy Tannery. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-23664/2006. The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Galichskiy Tannery Mekhanizatorov Str. 13 Sosnovo Priozerskiy Region 188730 Leningrad Region Russia ALAPAEVSKIY MACHINE-TOOL: Creditors Must File Claims by Oct. 19 --------------------------------------------------------------- Creditors of OJSC Alapaevskiy Machine-Tool Plant have until Oct. 19 to submit written proofs of claim to: S. Domas, Insolvency Manager Sverdlova Str. 38 620000 Ekaterinburg Region Russia The Arbitration Court of Sverdlovsk Region for commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-10355/04-S2. The Arbitration Court of Sverdlovsk Region is located at: Lenina Pr. 34 620151 Ekaterinburg Region Russia The Debtor can be reached at: OJSC Alapaevskiy Machine-Tool Plant Tokarey Str. 1. Alapaevsk Sverdlovsk Region Russia ARBAZHSKOYE REPAIR: Bankruptcy Hearing Slated for Dec. 18 --------------------------------------------------------- The Arbitration Court of Kirov Region will convene on Dec. 18 to hear the bankruptcy supervision procedure on OJSC Arbazhskoye Repair Technical Enterprise. The case is docketed under Case No. A28-227/06-196/6. The Temporary Insolvency Manager is: N. Krotov Post User Box 19 Orichi 612080 Kirov Region Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Arbazhskoye Repair Technical Enterprise Oktyabrskaya Str. 1a Arbazh Kirov Region Russia BALTIC BUILDING: Bankruptcy Hearing Slated for Dec. 4 ----------------------------------------------------- The Arbitration Court of St-Petersburg and Leningrad Region will convene at 11:00 a.m. Dec. 4 to hear the bankruptcy supervision procedure on CJSC Baltic Building Company 2 Saint-Petersburg. The case is docketed under Case No. A56-12101/2006. The Temporary Insolvency Manager is: M. Brylev Post User Box 119 191123 St-Petersburg Region Russia The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Region Russia The Debtor can be reached at: CJSC Baltic Building Company 2 Saint-Petersburg Letter A Building 22-N 16th Liniya V.O. 37 100178 St-Petersburg Region Russia BELOZERSKIY: Court Names V. Goryachkin as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Vologda Region appointed Mr. V. Goryachkin as Insolvency Manager for OJSC Belozerskiy Wine- Making Factory. He can be reached at: V. Goryachkin Apartment 207 Predtecheskaya Str. 31 160035 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-366/06-25. The Debtor can be reached at: OJSC Belozerskiy Wine-Making Factory Antushevo Belozerskiy Region Vologda Region Russia BEZYMYANSKIY ELEVATOR: Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Saratov Region commenced bankruptcy supervision procedure on OJSC Bezymyanskiy Elevator. The case is docketed under Case No. A-57-4B/06-12. The Temporary Insolvency Manager is: A. Kharitonov Barnaulskaya Str. 34 410049 Saratov Region Russia The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: OJSC Bezymyanskiy Elevator Bezymyannaya St. Engelsskiy Region Saratov Region Russia CONCERN GRAIN: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Stavropol Region commenced bankruptcy supervision procedure on OJSC Concern Grain Union of South Russia. The case was docketed under Case No. A63-4406/06-S5. The Temporary Insolvency Manager is: D. Perekhoda Office 19 45 Parallel Str. 26 355042 Stavropol Region Russia The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: OJSC Concern Grain Union Of South Russia Kulakova Pr. 8 b 355000 Stavropol Region Russia FIDES: Stavropol Court Names E. Shebetko as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Stavropol Region appointed E. Shebetko as Insolvency Manager for CJSC Insurance Company Fides. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-3343/02. The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: CJSC Insurance Company Fides Lomonosova Str. 25. Stavropol Region Russia GALICHSKIY TANNERY: A. Butenko to Manage Assets ----------------------------------------------- The Arbitration Court of Kostroma Region appointed Mr. A. Butenko as Insolvency Manager for LLC Galichskiy Tannery. He can be reached at: A. Butenko Office 412 Lenina Pr. 21b 150003 Yaroslavl Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A31-9688/2005-18. The Debtor can be reached at: LLC Galichskiy Tannery Artemyevskoye Galichskiy Region 157217 Kostroma Region Russia KIMOVSK-SEL-KHOZ-KHIMIYA: S. Suvorov to Manage Assets ----------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. S. Suvorov as Insolvency Manager for OJSC Kimovsk-Sel-Khoz-Khimiya. He can be reached at: S. Suvorov Post User Box 183 127018 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-435/B-06. The Debtor can be reached at: OJSC Kimovsk-Sel-Khoz-Khimiya Selkhoztekhnika Kimovsk Tula Region Russia KISLOVODSKIY WINNERY: O. Kiryanov to Manage Insolvency Assets ------------------------------------------------------------- The Arbitration Court of Stavropol Region appointed Mr. O. Kiryanov as Insolvency Manager for OJSC Kislovodskiy Winnery. He can be reached at: O. Kiryanov Prodolnaya Str. 141 Stavropol Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-2377/05-S5. The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: OJSC Kislovodskiy Winnery Prodolnaya Str. 141 Stavropol Region Russia KOLYVANSKIY: Court Names Z. Orlova as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Ms. Z. Orlova as Insolvency Manager for OJSC Kolyvanskiy Butter And Cheese Making Factory. She can be reached at: Z. Orlova Post User Box 354 Krasnoobsk 630501 Novosibirsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-8959/06-4/133. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: OJSC Kolyvanskiy Butter And Cheese Making Factory Revolyutsionnyj Pr. 32 Kolyvan Novosibirsk Region Russia MINE LISTVYANSKAYA: A. Senotrusov to Manage Assets --------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. A. Senotrusov as Insolvency Manager for OJSC Mine Listvyanskaya. He can be reached at: A. Senotrusov Office 10 Lenina Str. 62A 660049 Krasnoyarsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-7988/06-29/46. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: OJSC Mine Listvyanskaya Litvyanskiy Novosibirsk Region Russia NADEZHDA: Court Names E. Shebetko as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Stavropol Region appointed Mr. E. Shebetko as Insolvency Manager for CJSC Insurance Company Nadezhda. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-3803/02-S5. The Debtor can be reached at: CJSC Insurance Company Nadezhda Marshala Zhukova Str. 5. Stavropol Region Russia NADYMSKIY FACTORY: Court Names V. Grigoryev to Manage Assets ------------------------------------------------------------ The Arbitration Court of Yamalo-Nenetskiy Autonomous Region appointed Mr. V. Grigoryev as Insolvency Manager for OJSC Nadymskiy Factory Of Large Panel House-Building. He can be reached at: V. Grigoryev Post User Box 8 123007 Moscow Region Russia Tel./Fax: (095) 937-66-59 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A81-1555/2005. The Arbitration Court of Yamalo-Nenetskiy Autonomous Region is located at: Chubynina Str. 37A Salekhard Yamalo-Nenetskiy Autonomous Region Russia The Debtor can be reached at: OJSC Nadymskiy Factory Of Large Panel House-Building Zavodskaya Str. Nadym 629730 Yamalo-Nenetskiy Autonomous Region Russia NIZHNEVARTOVSKIY CITY-DIARY: Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Arbitration Court of Khanty-Manskiyskiy Autonomous Region commenced bankruptcy supervision procedure on CJSC Nizhnevartovskiy City-Diary. The case is docketed under Case No. A75-3802/2006. The Temporary Insolvency Manager is: V. Maksimov Post User Box 247 Chykova Str. 2 420029 Kazan Region Russia 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 Nizhnevartovskiy City-Diary Zavodskaya Str. 25 Nizhnevartovsk 628600 Khanty-Manskiyskiy Autonomous Region Russia OCEAN: Court Names S. Oganezova as Insolvency Manager ----------------------------------------------------- The Arbitration Court of Sakhalin Region appointed Ms. S. Oganezova as Insolvency Manager for CJSC Ocean. She can be reached at: S. Oganezova Post User Box 48 693007 Yuzhno-Sakhalinsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A59-2548/06-S4. The Debtor can be reached at: CJSC Ocean Poronaysk Sakhalin Region Russia OIL-PRODUCT-SERVICE: Y. Belyaev to Manage Insolvency Assets ----------------------------------------------------------- The Arbitration Court of Stavropol Region appointed Mr. Y. Belyaev as Insolvency Manager for LLC Oil-Product-Service. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-5347/06-S5. The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: LLC Oil-Product-Service Mikhaylovsk Stavropol Region Russia OILER: Court Names S. Piskarev as Insolvency Manager ---------------------------------------------------- The Arbitration Court of Volgograd Region appointed Mr. S. Piskarev as Insolvency Manager for OJSC Oiler. He can be reached at: S. Piskarev Ardatovskaya Str. 29 400120 Volgograd Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-6739/06-s55. The Debtor can be reached at: OJSC Oiler Maslozavodskaya Str. 2 Kumylzhenskaya St. Kumylzhenskiy Region Volgograd Region Russia PLAZMA-MED: Tatarstan Court Starts Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Tatarstan Republic commenced bankruptcy supervision procedure on OJSC Plazma-Med. The case is docketed under Case No. A65-9743/2006-SG4-21. The Temporary Insolvency Manager is: S. Sergeev Post User Box 96 Sibirskiy Trakt 34 Kazan Region Tatarstan Republic Russia The Arbitration Court of Tatarstan Republic is located at: Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Republic Russia The Debtor can be reached at: OJSC Plazma-Med K. Tinchurina Str. 31 Kazan Region 420021 Tatarstan Republic Russia PRIVOLNYJ: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Volgograd Region commenced bankruptcy supervision procedure on OJSC Privolnyj (TIN 3444112551). The case is docketed under Case No. A12-11499/06-s58. The Temporary Insolvency Manager is: V. Bondarev Post User Box 37 400074 Volgograd Region Russia The Debtor can be reached at: OJSC Privolnyj Sorokina Str. 2 Privolnyj Svetloyarskiy Region 404191 Volgograd Region Russia REINFORCED-CONCRETE: Court Names S. Krotov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Kabardino Balkariya Republic appointed Mr. S. Krotov as Insolvency Manager for OJSC Factory of Reinforced-Concrete Products. He can be reached at: S. Krotov Pushkina Str. 60 Nalchik 360000 Kabardino Balkariya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A20-7683/2005. The Debtor can be reached at: OJSC Factory Of Reinforced-Concrete Products Tyrnyauz Kabardino Balkariya Republic Russia SEL-KHOZ-KHIMIYA: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Stavropol Region commenced bankruptcy supervision procedure on CJSC Sel-Khoz-Khimiya. The case was docketed under Case No. A63-5875/06-S5. The Temporary Insolvency Manager is: Y. Khistnyj Office 75 Zootekhnicheskiy Per. 15 355029 Stavropol Region Russia The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: CJSC Sel-Khoz-Khimiya Novoaleksandrovsk Stavropol Region Russia SEVER-LES-PROM: Court Names G. Pogosyan as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. G. Pogosyan as Insolvency Manager for LLC Woodworking Company Sever-Les-Prom. He can be reached at: G. Pogosyan Post User Box 152 160000 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-5651/2006-22. The Debtor can be reached at: LLC Woodworking Company Sever-Les-Prom Cherepovets Vologda Region Russia SIBERIAN SPRING: Bankruptcy Hearing Slated for Dec. 25 ------------------------------------------------------ The Arbitration Court of Novosibirsk Region will convene on Dec. 25 to hear the bankruptcy supervision procedure on CJSC Siberian Spring. The case is docketed under Case No. A45-13194/4-48/292. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Siberian Spring Novosibirsk Region Russia SOUTH GAS: Bankruptcy Hearing Slated for Nov. 27 ------------------------------------------------ The Arbitration Court of Rostov Region will convene at 2:30 p.m. Nov. 27 to hear the bankruptcy supervision procedure on LLC South Gas Company (TIN 6164207982, KPP 616401001). The case is docketed under Case No. A53-7231/2006-S2-51. The Temporary Insolvency Manager is: Kh. Khasanov Karla Marksa Square 26 344019 Rostov-na-Donu Russia The Arbitration Court of Rostov Region is located at: Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: LLC South Gas Company Bolshaya Sadovaya Str. 150 Rostov-na-Donu Russia STUPINSKIY FACTORY: Creditors Must File Claims by Oct. 19 --------------------------------------------------------- Creditors of OJSC Stupinskiy Factory of Glass-Fiber Material (TIN 5045003040) have until Oct. 19 to submit written proofs of claim to: M. Paskhin, Insolvency Manager Avtozavodskaya Str. 14/23 115280 Moscow Region Russia The Arbitration Court of Moscow Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-990/06. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: OJSC Stupinskiy Factory of Glass-Fiber Material Zagordnaya Str. Stupino Moscow Region Russia TYUMENSKIY SHIPYARD: Court Names S. Chepik as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Tyumen Region appointed Mr. S. Chepik as Insolvency Manager for OJSC Tyumenskiy Shipyard (TIN 7202024039, OGRN 1027200793564). He can be reached at: S. Chepik Novgorodskaya Str. 10 625048 Tyumen Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-70-4784/3-2006. The Arbitration Court of Tyumen Region is located at: Khokhryakova Str. 77 627000 Tyumen Region Russia The Debtor can be reached at: OJSC Tyumenskiy Shipyard Novgorodskaya Str. 10 625048 Tyumen Region Russia YUKOS OIL: Mulls Potential Deal with Mystery Foreign Bidder ----------------------------------------------------------- OAO Yukos Oil Co. has revealed that an unidentified foreign bidder is attempting to buy a controlling stake in what was once Russia's largest oil producer in a bid to prevent the company's liquidation, Nick Clark writes for Financial News Online. According to the report, Victor Gerashchenko, Yukos' non- executive chairman, told Russia's Profile magazine that the oil group had been in talks with the potential investor, who would take a stake in the company and repay its debts. Mr. Gerashchenko told the magazine that after the offer was made, "the sides took a 'time-out,' following which internal discussions were held on whether or not to buy Yukos. Nothing is ruled out, in my opinion," he added. A research note by Russian brokerage Deutsche UFG discloses that the Russian government has not yet decided whether a foreigner would be allowed to invest in Yukos or a Russian investor would be more appropriate. Mr. Gerashchenko has indicated his support to the sale of all of Yukos' shares to Rosneft noting, however that "I am less concerned about the buyer than I am about minority shareholders losing money during the company's liquidation. This totals around US$9 billion, invested by three large American hedge funds. And this could create an unpleasant legal problem in Russia, because they could go to court," Mr. Gerashschenko said. As reported in TCR-Europe on Sept. 21, the Russian Trading System 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 Moscow Interbank Currency Exchange, however, suspended the trading of Yukos shares on Sept. 20. 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. =========== S W E D E N =========== XERIUM TECHNOLOGIES: 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 Xerium Technologies Inc. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these loan facilities: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$50 million Revolving Credit Facility B1 B1 LGD3 46% US$650 million Term Loan B1 B1 LGD3 46% 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 Westborough, Massachusetts, Xerium Technologies Inc -- http://www.weavexx.com/-- is a global manufacturer and supplier of two types of consumable products used in paper production - machine clothing and roll covers for papermaking machines. The company has production facilities in Austria, France, Italy, Germany, Scotland, Sweden, and Spain. ===================== S W I T Z E R L A N D ===================== TEMBEC 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 this week, the rating agency confirmed its Caa3 Corporate Family Rating for Tembec Inc. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given- default ratings on these bond issues: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$350 million 8.625% Notes due 2009 Ca Ca LGD4 59% US$500 million 8.50% Notes due 2011 Ca Ca LGD4 59% US$350 million 7.75% Notes due 2012 Ca Ca LGD4 59% 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 Canada, Tembec Inc. -- http://www.tembec.com/ -- is an integrated forest products company, with extensive operations in North America and France. With sales of approximately US$3.8 billion and some 10,000 employees, it operates 50 market pulp, paper and wood product manufacturing units, and produces silvichemicals from by-products of its pulping process and specialty chemicals. Tembec markets its products worldwide and has sales offices in Canada, the United States, the United Kingdom, Switzerland, China, Korea, Japan, and Chile. The Company also manages 40 million acres of forest land in accordance with sustainable development principles and has committed to obtaining Forest Stewardship Council (FSC) certification for all forests under its care. ============= U K R A I N E ============= GORODOK SCIENTIFIC-EXPERIMENTAL: Bankruptcy Supervision Starts -------------------------------------------------------------- The Economic Court of Hmelnitskij Region commenced bankruptcy supervision procedure on OJSC Gorodok Scientific-Experimental Plant (code EDRPOU 00901677). The case is docketed under Case No. 3/187-B. The Temporary Insolvency Manager is: Viktor Matushak Skovoroda Str. 14/151 Hmelnitskij Region Ukraine The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: OJSC Gorodok Scientific-Experimental Plant Stantsijna Str. 1 Gorodok 32002 Hmelnitskij Region Ukraine INTERAGROTRANS: Poltava Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Poltava Region commenced bankruptcy supervision procedure on LLC Interagrotrans (code EDRPOU 31493773) on June 8. The case is docketed under Case No. 18/259. The Temporary Insolvency Manager is: Oleksandr Zayichenko Zhovtneva Str. 7/80 Kremenchuk Poltava Region Ukraine The Economic Court of Poltava Region is located at: Zigina Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: LLC Interagrotrans Krasin Str. 61/52-62 Kremenchuk Poltava Region Ukraine KOSIV ALCOHOL: Court Commences Bankruptcy Supervision ----------------------------------------------------- The Economic Court of Ivano-Frankivsk Region commenced bankruptcy supervision procedure on OJSC Kosiv Alcohol Plant (code EDRPOU 00445765) on May 5. The case is docketed under Case No. B-7/103. The Temporary Insolvency Manager is: Taras Savyuk Kvitkova Str. 20 Kolomiya 78200 Ivano-Frankivsk Region Ukraine The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 76000 Ivano-Frankivsk Region Ukraine The Debtor can be reached at: OJSC Kosiv Alcohol Plant Nezalezhnosti Str. 204 Kosiv 78600 Ivano-Frankivsk Region Ukraine MERCURY: Court Names Vasil Martinuk as Insolvency Manager --------------------------------------------------------- The Economic Court of Ivano-Frankivsk Region appointed Vasil Martinuk as Liquidator/Insolvency Manager for OJSC Mercury (code EDRPOU 00954372). The Court commenced bankruptcy proceedings against the company after finidng the company insolvent on July 24. The case is docketed under Case No. B-7/76. The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 76000 Ivano-Frankivsk Region Ukraine The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Mercury Bogdan Hmelnitskij Str. 25 Dolina 77503 Ivano-Frankivsk Region Ukraine SINTEKS: Harkiv Court Names Vitalij Vojn as Insolvency Manager -------------------------------------------------------------- The Economic Court of Harkiv Region appointed Vitalij Vojn as Insolvency Manager for Sinteks (code EDRPOU 32615354). The Court commenced bankruptcy proceedings against the company after finidng the company insolvent on Aug. 10. The case is docketed under Case No. B-39/95-06. The Economic Court of Harkiv Region is located at: Derzhprom 8th Entrance Svobodi Square 5 61022 Harkiv Region Ukraine The Debtor can be reached at: Sinteks Shevchenko Str. 24 61013 Harkiv Region Ukraine SNIZHNE AUTO-TRANSPORT 11412: Bankruptcy Supervision Starts ----------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy supervision procedure on OJSC Snizhne Auto-Transport Enterprise 11412 (code EDRPOU 03113696) on July 25. The case is docketed under Case No. 42/148/B. The Temporary Insolvency Manager is: Ivan Popov Tayozhna Str. 1 Makiyivka 86123 Donetsk Region Ukraine The Debtor can be reached at: OJSC Snizhne Auto-Transport Enterprise 11412 Shaumyan Str. 43 Snizhne 86500 Donetsk Region Ukraine UKRNERUDPROM: Lviv Court Starts Bankruptcy Supervision ------------------------------------------------------ The Economic Court of Lviv Region commenced bankruptcy supervision procedure on Corporation Ukrnerudprom (code EDRPOU 30163522). The case is docketed under Case No. 6/48-4/65. The Temporary Insolvency Manager is: Yaroslav Gula Polubotok Str. 11/71 Lviv Region Ukraine The Economic Court of Lviv Region is located at: Lichakivska Str. 81 79010 Lviv Region Ukraine The Debtor can be reached at: Corporation Ukrnerudprom Volodimir Velikij Str. 18 79053 Lviv Region Ukraine =========================== U N I T E D K I N G D O M =========================== AMARANTH ADVISORS: Outlines Future Plans, Mulls Sale ---------------------------------------------------- Amaranth Advisors has told investors that it is exploring either the liquidation of its remaining assets or the sale of its business to a larger institution, Ben White at The Financial Times reports. Amaranth has also informed investors that Brian Hunter, the energy trader who allegedly dragged the investment firm into deep losses, has left the group, Mr. White revealed. Last week, Amaranth admitted to losing more than 35% of the value of its natural gas bets due to a dramatic move in prices. Amaranth transferred its energy portfolio to Citadel Investment Group and J.P. Morgan Chase & Co. last week, a process that was allegedly initiated before news of the losses came out. Amaranth faces multiple regulatory probes and possible lawsuits in the wake of its losses, Mr. White reports. Connecticut Attorney General Richard Blumenthal had previously disclosed that he is collecting evidence and reviewing facts concerning the large losses at Amaranth. Dow Jones Newswire reports that the Securities and Exchange Commission has launched its own investigation on Amaranth. SEC Commissioner Annette Nazareth told Dow Jones that the SEC's probe will focus on whether investors received misleading information from the fund. Amaranth Advisors, based in Greenwich, Connecticut with offices in Toronto, Canada, London, England and Singapore, is an investment management firm. Amaranth specializes in a broad spectrum of alternative investments and trading strategies, through a multi-strategy investment fund and fund dedicated to long-short equities. ARVINMERITOR INC: S&P Places Rating on Watch Negative ----------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on automotive components supplier ArvinMeritor Inc. on CreditWatch with negative implications reflecting concerns over ARM's ability to return currently weak credit metrics to levels acceptable for the rating in light of worsening industry fundamentals, as partly evidenced by the recent production cuts by Chrysler. In addition, Standard & Poor's remain concerned about prospective raw material challenges and the widely expected weakening of the commercial truck segment in 2007. The company's short-term rating of 'B-1' and recovery rating of '1' were affirmed and are not on CreditWatch. The company has made very significant strides in improving its term debt structure and liquidity so Standard & Poor's does not believe that ARM's near-term liquidity prospects will be significantly diminished from previous expectations during fiscal 2007. Term debt maturities are minimal through 2011, availability under ARM's US$980 million revolving credit facility is believed to be substantial and ARM continues to actively seek to sell selected remaining non-core assets with some additional proceeds anticipated. For the rating, funds from operations (FFO) to adjusted debt is expected to be about 20%; actual for fiscal 2005 (September year-end) was around 9%, taking into account US$724 million of tax-adjusted debt-like unfunded postretirement obligations at the end of the fiscal year. In fiscal 2006, Standard & Poor's expects improvement in FFO along with lower debt and post retirement obligations, so measures should improve in 2006 over 2005, but into 2007 more severe industry conditions, along with a weak commercial truck market, may leave credit measures still below the levels expected for the current rating. Standard & Poor's plans to meet with ARM management to review the outcome of fiscal 2006 and prospects for fiscal 2007 in light of these increasing challenges. ARM is expected to report fiscal year end results in mid-November and the rating agency currently plans to resolve the CreditWatch by early December at the latest. BAA PLC: BA Wants CAA to Cut Airport Operator's Asset Returns ------------------------------------------------------------- British Airways calls for the Civil Aviation Authority to cut the profits BAA plc receives from its asset base to ensure that the airport operator builds cost-effective facilities that generate additional airport capacity. The CAA is currently consulting on the level of user charges at Heathrow, Gatwick and Stansted airports for a five-year period from April 2008, in its role as an economic regulator. During the current charging period between April 2003 and March 2008, BAA receives a 7.75 percent return on it asset base. In a speech Monday at the Airport Finance and Investment 2006 Conference, British Airways says that this should be set at around 5.6 percent in the next charging period, a reduction of almost one third. Speaking at the conference, British Airways' economic regulation manager, Andrew Cunningham, said: "The current level of return is too high and does not encourage airports to invest efficiently in new infrastructure or build the facilities that airlines want. "We are calling for an airport's capital investment plan to be transparent to both the airlines, who pay for its delivery, and the regulator who uses it to determine prices. Also, we believe that the CAA should carry out an annual review of actual infrastructure expenditure to ensure that it matches the level agreed during the charges review. "It may be appropriate for airline representatives to have seats on the project boards of some of the larger investment programs. Being open to scrutiny and potential challenge is likely to ensure that the airports provide cost effective investment as required by airlines." During the current charges period, airport charges at Heathrow will rise by more than 50 percent. British Airways believes that monopoly airports must be exposed to the same discipline to deliver value for money that airlines experience through competition. Andrew Cunningham said: "We operate in a highly competitive environment and our customers want good value for money. We cannot make inefficient investments that drive up our ticket prices to uncompetitive levels. Monopoly airport operators are not under similar pressure. "Airlines and their passengers will face higher charges and poor service levels unless we have effective regulation to ensure that airport operators keep down costs and maintain high service quality standards." The airline is also urging the CAA to ensure that cross-subsidy between the BAA London airports is not reintroduced. Andrew Cunningham said: "We believe that airlines should only be expected to pay for capital investment at the airport where the new infrastructure is built. This would ensure that there is a credible business case for investment at each airport and that new facilities that airlines need are built in a cost effective way." About British Airways Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the U.K.'s largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. About BAA Headquartered in London, England, BAA plc -- http://www.baa.com/ -- owns and operates seven airports in the United Kingdom, including Healthrow, the world's busiest international airport, and Budapest Airport, serving 700 destination by around 300 airlines. Itsairports handle over 117 million international passenger during the 12 months up to October 2005. International passengers make up 81% of its totalairport traffic. BAA had total assets of GBP15.2 billion and pre-tax profits of GBP757 million for the year ended March 31, 2006. * * * As reported in TCR-Europe on June 9, Moody's Investors Service downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well as the ratings for: -- GBP425 million convertible bonds due August 2009; -- GBP424 million convertible bonds due April 2008; and -- GBP200 million 7.875% bonds due February 2007. BAA's short-term rating was also downgraded to Not Prime from Prime-3. All other long-term debt ratings remain at Baa2. All long-term ratings remain on review for further downgrade. BAA PLC: Appoints Jose Leo to Succeed Margaret Ewing as CFO ----------------------------------------------------------- Jose Leo, Group Finance Director of Amey plc, the business services group, is to join BAA plc as Chief Financial Officer. "Jose brings very valuable experience in leading Amey�s restructuring process in the UK, as well as a decade of success within Ferrovial Group in various managerial posts," BAA CEO Stephen Nelson, said. "In a new era, he will help us focus upon achieving higher performance." Mr. Leo succeeds Margaret Ewing, who has decided to step down from BAA. He was appointed Group Finance Director of Amey plc in May 2003. Prior to that, he was Managing Director of Ferrovial Telecomunicaciones. Before joining Ferrovial, he was Chief Financial Officer and Manager of Business Development at Agroman, the Spanish construction company which was acquired by Ferrovial. Mr. Leo said, "I am delighted to join BAA, which has responsibility for some of the UK's most vital assets." BAA also said that Ian Hargreaves, Corporate & Regulatory Affairs Director, has decided to leave the company. Mr. Nelson said: "Margaret and Ian have done a first class job for BAA. They have helped me manage the transition to new ownership, and both are now looking forward to new challenges. I wish them every success in the future." He added: "The new Executive Committee will be smaller and sharply focused, reflecting my determination to achieve a rapid and demonstrable increase in the efficiency and performance of the business." In line with this approach, the carrier also disclosed the following appointments: Duncan Garrood, currently Divisional Director responsible for Gatwick and Stansted airports and for most of BAA's international activities, takes on a new role as Commercial Director. His portfolio includes BAA's retail and marketing activities, supply chain and relationships with airlines. Mr. Garrood joined BAA in 2004 after a career in Unilever. Donal Dowds, also a Divisional Director, becomes Director of Operations, taking responsibility for Gatwick and Stansted airports, along with investment in information technology, surface access, planning and aviation policy. Mr. Dowds joined BAA in 1979, overseeing the rapid growth of BAA's Scottish businesses. Stephen Baxter, Managing Director of BAA Scotland, joins the Executive Committee, taking responsibility for all of BAA's activities in Scotland, along with Southampton Airport and the BAA shared business service centre, which is based in Glasgow. Mr. Baxter joined BAA from Black & Decker in 2002. Duncan Bonfield, Director of Corporate Affairs, takes over Ian Hargreaves's role in charge of the company's communications. Kyran Hanks, Director of Economics and Regulation, will lead BAA's regulatory work. Messrs. Duncan and Kyran will report directly to Mr. Nelson. About the Company Headquartered in London, England, BAA plc -- http://www.baa.com/ -- owns and operates seven airports in the United Kingdom, including Healthrow, the world's busiest international airport, and Budapest Airport, serving 700 destination by around 300 airlines. Itsairports handle over 117 million international passenger during the 12 months up to October 2005. International passengers make up 81% of its totalairport traffic. BAA had total assets of GBP15.2 billion and pre-tax profits of GBP757 million for the year ended March 31, 2006. * * * As reported in TCR-Europe on June 9, Moody's Investors Service downgraded to Ba1 from Baa3 the issuer rating of BAA Plc as well as the ratings for: -- GBP425 million convertible bonds due August 2009; -- GBP424 million convertible bonds due April 2008; and -- GBP200 million 7.875% bonds due February 2007. BAA's short-term rating was also downgraded to Not Prime from Prime-3. All other long-term debt ratings remain at Baa2. All long-term ratings remain on review for further downgrade. BLACKPOOL EXPERIENCE: Hires Liquidators from O'Hara & Co. --------------------------------------------------------- Peter O'Hara and Simon Weir of O'Hara & Co. were appointed Joint Liquidators of The Blackpool Experience Limited on Sept. 5 for the creditors' voluntary winding-up procedure. Headquartered in Blackpool U.K., The Blackpool Experience Limited is a ticket-booking agency. BRACELET ENTERTAINMENTS: Claims Filing Period Ends Oct. 26 ---------------------------------------------------------- Creditors of Bracelet Entertainments Ltd. (t/a Barons) have until Oct. 26 to send in their names and addresses, with particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Stephen John Burkinshaw of H.R. Harris & Partners at: Stephen John Burkinshaw H.R. Harris & Partners 44 St. Helens Road Swansea SA1 4BB United Kingdom Headquartered in Swansea, U.K., Bracelet Entertainments Ltd. operates nightclubs. BRITISH AIRWAYS: Wants Regulator to Cut BAA Asset Base Profits -------------------------------------------------------------- British Airways calls for the Civil Aviation Authority to cut the profits BAA plc receives from its asset base to ensure that the airport operator builds cost-effective facilities that generate additional airport capacity. The CAA is currently consulting on the level of user charges at Heathrow, Gatwick and Stansted airports for a five-year period from April 2008, in its role as an economic regulator. During the current charging period between April 2003 and March 2008, BAA receives a 7.75 percent return on it asset base. In a speech Monday at the Airport Finance and Investment 2006 Conference, British Airways says that this should be set at around 5.6 percent in the next charging period, a reduction of almost one third. Speaking at the conference, British Airways' economic regulation manager, Andrew Cunningham, said: "The current level of return is too high and does not encourage airports to invest efficiently in new infrastructure or build the facilities that airlines want. "We are calling for an airport's capital investment plan to be transparent to both the airlines, who pay for its delivery, and the regulator who uses it to determine prices. Also, we believe that the CAA should carry out an annual review of actual infrastructure expenditure to ensure that it matches the level agreed during the charges review. "It may be appropriate for airline representatives to have seats on the project boards of some of the larger investment programs. Being open to scrutiny and potential challenge is likely to ensure that the airports provide cost effective investment as required by airlines." During the current charges period, airport charges at Heathrow will rise by more than 50 percent. British Airways believes that monopoly airports must be exposed to the same discipline to deliver value for money that airlines experience through competition. Andrew Cunningham said: "We operate in a highly competitive environment and our customers want good value for money. We cannot make inefficient investments that drive up our ticket prices to uncompetitive levels. Monopoly airport operators are not under similar pressure. "Airlines and their passengers will face higher charges and poor service levels unless we have effective regulation to ensure that airport operators keep down costs and maintain high service quality standards." The airline is also urging the CAA to ensure that cross-subsidy between the BAA London airports is not reintroduced. Andrew Cunningham said: "We believe that airlines should only be expected to pay for capital investment at the airport where the new infrastructure is built. This would ensure that there is a credible business case for investment at each airport and that new facilities that airlines need are built in a cost effective way." About BAA Headquartered in London, England, BAA plc -- http://www.baa.com/ -- owns and operates seven airports in the United Kingdom, including Healthrow, the world's busiest international airport, and Budapest Airport, serving 700 destination by around 300 airlines. Itsairports handle over 117 million international passenger during the 12 months up to October 2005. International passengers make up 81% of its totalairport traffic. BAA had total assets of GBP15.2 billion and pre-tax profits of GBP757 million for the year ended March 31, 2006. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the U.K.'s largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. BRITISH AIRWAYS: Names James A. Lawrence as New Board Member ------------------------------------------------------------ British Airways Plc disclosed that James A. Lawrence would join the board as non-executive director effective Nov. 1. Mr. Lawrence is currently vice chairman and chief financial officer of General Mills Inc. one of the largest food companies in North America. "We are delighted that Jim will be joining the board. His range of experience covering strategic consultancy, leading U.S. multi-nationals in consumer products and the U.S. airline industry provides just the blend we are looking for," Marting Broughton, chairman of British Airways disclosed. About the Company Headquartered in West Drayton, England, British Airways Plc -- http://www.ba.com/-- is the U.K.'s largest international scheduled airline, flying to over 550 destinations. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. C & J TECHNOLOGIES: Liquidator Sets Oct. 23 Claims Bar Date ----------------------------------------------------------- Creditors of C & J Technologies Limited have until Oct. 23 to send their names and addresses with particulars of the debts or claims, to David Moore of Begbies Traynor at: David Moore Begbies Traynor No. 1 Old Hall Street Liverpool L3 9HF United Kingdom Headquartered in Liverpool, U.K., C & J Technologies installs cables. CABLE & WIRELESS: Employee Trustees Shed 49,340 Shares ------------------------------------------------------ The Trustees of Cable and Wireless plc Employee Share Ownership Trust have disposed: -- 5,361 Ordinary Shares at a price of GBP1.32 per share on Sept. 21; and -- 43,979 Ordinary Shares at a price of GBP1.2975 per share on Sept. 22. Following the disposal, 41,803,046 Ordinary Shares are currently held under the Trust. George Battersby, Tony Rice, John Pluthero, and Harris Jones (all being directors of Cable and Wireless plc), in their capacity as members of the class of beneficiaries under the Trust, and Towers Perrin Share Plan Services (GSY) Limited, in their capacity as Trustees of the Trust, are deemed to have a non-beneficial interest in these Ordinary Shares. No Directors are disposing of any beneficial interests in the Company. About Cable & Wireless Headquartered in London, U.K., Cable & Wireless PLC -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. Fitch Ratings has affirmed Cable & Wireless' ratings at Long- term 'BB+' with Stable Outlook and Short-term 'B'. * * * As reported in TCR-Europe on Aug. 14, Moody's Investors Service changed the outlook of Cable & Wireless plc to negative from stable following continued operating difficulties at the U.K. business, which has resulted in a cash burn that has exceeded Moody's original expectations. Ratings affirmed: Cable & Wireless Plc: -- Ba3 Corporate family rating Ratings downgraded: Cable & Wireless Plc: -- GBP200 million 8.75 % Eurobonds due 2012 downgraded to B1 from Ba3; and -- GBP258 million 4.0% Convertible Eurobonds due 2010 downgraded to B1 from Ba3. Cable & Wireless International Finance B.V.: -- GBP200 million 8.625% gtd Eurobonds due 2019 downgraded to B1 from Ba3. Moody's said the outlook for all ratings is negative. CCL NETWORK: Creditors Confirm Liquidator's Appointment ------------------------------------------------------- Creditors of CCL Network Services Limited confirmed on Sept. 7 the appointment of A. Graham of Hamilton Insolvency Practitioners Limited as Liquidator. Headquartered in Sheffield, U.K., CCL Network Services Limited -- http://www.cclns.co.uk/-- is a division of the CCL Group of Companies. The company installs voice and data cabling systems. CHESTON WORKS: Appoints Stephen M. Katz as Liquidator ----------------------------------------------------- Stephen M. Katz was appointed Liquidator of Cheston Works Limited (formerly Dyer Fencing (Sales & Services) Limited on Sept. 7 for the creditors' voluntary winding-up procedure. Headquartered in Backwell, U.K., Cheston Works Limited -- http://chestonworks.co.uk/-- designs, manufactures, and installs garden buildings, gates, fencing and trex decking. The company also designs and manufactures doors, furniture, staircases, and other special products. COLLINS & AIKMAN: 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 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 Collins & Aikman Floorcoverings, Inc. Additionally, Moody's revised 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 ---------- ------- ------- ------ ---------- $50 million Sr. Secured Revolver B1 Ba2 LGD2 14% $31 million Sr. Secured Term Loan B1 Ba2 LGD2 14% $165 million 9.75% Sr. Sub. Notes due 2010 Caa1 B3 LGD4 69% 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 Dalton, Georgia, Collins & Aikman Floorcoverings, Inc. -- http://cafloorcoverings.com/-- manufactures commercial carpeting for corporate, education, government, healthcare and retailing entities worldwide. It makes modular tile and six-foot structured back carpeting for the commercial market. The Company also manufactures 100% recycled-content secondary backing. It also has proprietary closed-loop carpet reclamation and recycling programs. The Company is a part of commercial floorcoverings manufacturer Tandus Group, and works in tandem with sister brands Monterey and Crossley. COMMUNICATIONS CABLING: Taps A. Graham to Liquidate Assets ---------------------------------------------------------- Creditors of Communications Cabling Limited confirmed on Sept. 7 the appointment of A. Graham of Hamilton Insolvency Practitioners Limited as Liquidator. Headquartered in Sheffield, U.K., Communications Cabling Limited installs voice and data cabling systems. COMPOSITE PROJECTS: Claims Registration Ends Oct. 31 ---------------------------------------------------- Creditors of Composite Projects 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 Geoffrey John Kirk at: Geoffrey John Kirk 6 The Crescent Plymouth PL1 3AB United Kingdom The company can be reached at: Composite Projects Limited Church Town The Stables Little Trethew Farm Horningtops Liskeard Cornwall PL143PZ United Kingdom CONCEPT VEHICLE: A. J. Clark Leads Liquidation Procedure -------------------------------------------------------- A. J. Clark of Carter Clark was appointed Liquidator of Concept Vehicle Interiors Limited on Sept. 12 for the creditors' voluntary winding-up procedure. Headquartered in Wickford, U.K., Concept Vehicle Interiors Limited manufactures car trimming and upholstery. CONEXANT SYSTEMS: Getting US$100MM From Acquicor-Jazz Merger ------------------------------------------------------------ Conexant Systems Inc. expects to receive cash proceeds of approximately US$100 million when Acquicor Technology, Inc., a special purpose acquisition company, completes its merger with Jazz Semiconductor, Inc., a privately held specialty wafer manufacturing company. Under the terms of the definitive agreement, Jazz will merge with a wholly owned subsidiary of Acquicor in an all-cash transaction valued at US$260 million, subject to certain adjustments. Completion of the merger is expected to occur in the first quarter of calendar 2007. Conexant owns approximately 42% of Jazz, a wafer foundry that provides advanced specialty process technologies for the manufacture of highly integrated analog and mixed-signal semiconductor devices. Jazz was formed in March 2002 as a joint venture between Conexant and The Carlyle Group, a leading global private equity firm. Conexant contributed its specialty process technologies and the manufacturing equipment in its Newport Beach wafer fabrication facility to the joint venture in return for its stake in the new company. Prior to that, the Newport Beach fabrication facility was wholly owned by Conexant. Jazz's initial customers consisted of Conexant and Skyworks Solutions, Inc., a publicly traded company created from the spin-off of Conexant's wireless business and the merger with Alpha Industries in June 2002. Since then, Jazz has successfully expanded and diversified its customer base. These new customers include Freescale Semiconductor, Inc., Marvell Technology Group Ltd., Texas Instruments, Inc., and RF Micro Devices, Inc. "Jazz has been an important supplier for Conexant since its inception, and I expect our relationship to continue," said Dwight W. Decker, Conexant chairman and chief executive officer. "Over the past four years, the Jazz team has consistently made outstanding progress on all fronts in a highly competitive environment. The company began manufacturing for just Conexant and its spin-off companies and is now a supplier to almost 100 new customers from all over the industry. I expect that the merged company and senior management team will continue to build on this record of success." "From a Conexant perspective, our share of the proceeds from this transaction will significantly strengthen our balance sheet and provide us with improved liquidity," Mr. Decker added. Conexant expects to record a modest gain when the Acquicor-Jazz transaction closes. Headquartered in Newport Beach, California, Conexant Systems, Inc. (NASDAQ: CNXT) -- http://www.conexant.com/-- is a fables semiconductor company. The company has approximately 2,400 employees worldwide. In Europe, the company is headquartered in Brisol, U.K. * * * As reported in the Troubled Company Reporter on Dec. 20, 2004, Standard & Poor's Ratings Services lowered its corporate credit rating on Newport Beach, California-based Conexant Systems, Inc., to 'B-' from 'B' on projections of sharply reduced sales and profitability over the next few quarters. S&P said the outlook is negative. DIGITAL IMAGING: Names Liquidators from Vantis ---------------------------------------------- G. Mummery and P. Atkinson of Vantis Redhead French Limited were appointed Liquidators of Digital Imaging Centre Limited on Sept. 5 for the creditors' voluntary winding-up procedure. Headquartered in Chelmsford, U.K., Digital Imaging Centre Limited provides imaging and commercial printing services. DOLE FOOD: 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 confirmed its Ba3 Corporate Family Rating for Dole Food Company, Inc. Additionally, Moody's revised or confirmed its probability-of- default ratings and assigned loss-given-default ratings on these loans facilities: Issuer: Dole Food Company, Inc. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Gtd. Sr. Sec. Term Loan B Due 2013 Ba3 Ba2 LGD2 20% Gtd. Sr. Sec. Letter of Credit Due 2013 Ba3 Ba2 LGD2 20% Gtd. Global Notes Due 2010 B3 B3 LGD5 77% Global Notes Due 2009 B3 B3 LGD5 77% Gtd. Global Bonds Due 2011 B3 B3 LGD5 77% Debentures Due 2013 B3 B3 LGD5 77% Issuer: Solvest Ltd. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Gtd. Sr. Sec. Term Loan C Due 2013 Ba3 Ba2 LGD2 20% Gtd. Sr. Sec. Letter of Credit Due 2013 Ba3 Ba2 LGD2 20% 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%). Solvest, Ltd., is a wholly owned subsidiary of Dole Food Company, Inc. Westlake Village, Calif.-based Dole Food Company, Inc. -- http://www.dole.com/-- is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables, and fresh-cut flowers based on revenues. Dole markets a growing line of packaged and frozen foods and is a produce industry leader in nutrition education and research. DRAWTREAT LTD: Trade Secretary Files Wind-Up Petition ----------------------------------------------------- The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up Drawtreat Limited in the public interest. The petition to wind up the company was presented following investigations carried out by Companies Investigation Branch under Section 447 of the Companies Act 1985 (as amended). The petitions were presented under s124A of the Insolvency Act 1986. The Official Receiver was appointed as the company's provisional liquidator on Sept. 15. The role of the provisional liquidator is to protect and preserve the assets and financial records of the companies. This case is now subject to High Court action and no further information will be made available until the petition is heard in the High Court on Oct. 30. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver, to establish why they became insolvent. The Insolvency Service also carries out confidential enquiries on behalf of the Secretary of State for Trade and Industry, through Companies Investigation Branch. The Service also: -- authorizes and regulates the insolvency profession; -- deals with disqualification of directors in corporate failures; -- assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; -- provides banking and investment services for bankruptcy and liquidation estate funds; and -- advises ministers and other government departments on insolvency law and practice. All public inquiries concerning the affairs of the company must be made to the Official Receiver at: Official Receiver Public Interest Unit North P.O. Box 326 1st Floor Boulton House 17-21 Chorlton Street Manchester M60 3ZZ Tel: 0161 934 4182 E-mail: piu.north@insolvency.gsi.gov.uk Headquartered in Warrington, U.K., Drawtreat Limited was a professional fundraiser collecting money from small- and medium- sized enterprises for charitable, benevolent and philanthropic purposes. It was incorporated in April 1991 and commenced trading shortly thereafter. DRONFIELD DOORS: Creditors Confirm Liquidator's Appointment ----------------------------------------------------------- Creditors of Dronfield Doors Limited confirmed Sept. 12 the appointment of A. Graham of Hamilton Insolvency Practitioners Limited as Liquidator. The company can be reached at: Dronfield Doors Limited Unit 25 Lucas Works Sheffield Road Dronfield Derbyshire S18 2GG United Kingdom Tel: 01246 417 070 DUENNA CARE: Creditors Ratify Voluntary Liquidation --------------------------------------------------- Creditors of Duenna Care Limited ratified on Sept. 6 the resolutions for voluntary liquidation and confirmed the appointment of Jonathan Lord of Bridgestones as Liquidator on the same day. The company can be reached at: Duenna Care Limited Station Road Marple Stockport Cheshire SK6 6AL United Kingdom Tel: 0161 427 9997 E T COMMERCIALS: Taps Baker Tilly to Administer Assets ------------------------------------------------------ Alec David Pillmoor and Adrian David Allen of Baker Tilly were appointed joint administrators of E T Commercials Limited (Company Number 02673429) and E T Commercials (Yorkshire) Limited (Company Number 03036687) on Sept. 13. Headquartered in Birmingham, United Kingdom, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Headquartered in Grimsby and London, United Kingdom, E T Commercials Limited and E T Commercials (Yorkshire) Limited are engaged in commercial vehicle sales and services. EMI GROUP: Warner Music Boss Prepares for Fresh Merger Bid ---------------------------------------------------------- Warner Music Chief Executive Edgar Bronfman is targeting EMI Group PLC's shareholders in a fresh bid to merge with the British group, Dan Sabbagh of The Times says. According to the report, Mr. Bronfman visited London to meet with Fidelity, a 7% shareholder of EMI, Aberdeen Asset Management, and some hedge funds that hold shares in EMI, and emphasized the benefits of a future tie-up. Investors told the paper that Mr. Bronfman was optimistic about the prospects of achieving regulatory clearance from the European Commission about the deal. Warner Music hesitated to disclose details of Mr. Bronfman's London visit, disputing that the meetings with EMI's shareholders were part of wider program to meet "current and potential future shareholders". EMI has made two proposals to acquire Warner Music, while Warner has made two alternative proposals to acquire EMI. When the Board of EMI put forward its proposals to acquire Warner Music, it believed that there are good arguments for regulatory approval of a combination. As reported in TCR-Europe on June 29, the Board of EMI Group unanimously rejected Warner Music's proposal for the acquisition of 100% of EMI's outstanding shares for GBP2.5 billion. On June 23, EMI made a revised proposal to Warner Music for EMI to acquire all of the outstanding shares of Warner Music for US$31 per share in cash that Warner Music rejected on June 27. Headquartered in London, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. EVANS AND RADFORD: Creditors Ratify Liquidators' Appointment ------------------------------------------------------------ Creditors of Evans and Radford Limited ratified Aug. 15 the appointment of Nicholas John Miller and Ian Robert of Kingston Smith & Partners LLP as Joint Liquidators. Headquartered in London, U.K., Evans and Radford Limited imports and wholesales fruits and vegetables. FIELD AND FORCES: Appoints T. C. E. Harrison as Liquidator ---------------------------------------------------------- T. C. E. Harrison of Tom Harrison Insolvency Services was appointed Liquidator of Field and Forces Countrywear Limited on Sept. 7 for the creditors' voluntary winding-up procedure. The company can be reached at: Field and Forces Countrywear Limited 41 Galgate Barnard Castle County Durham DL128EJ United Kingdom Tel: 01833 631 115 GENERAL MOTORS: To Fund Delphi Workers' Post-Retirement Benefits ---------------------------------------------------------------- Delphi Corp. disclosed results of the Hourly Special Attrition Plan reached on March 22, 2006 and the Hourly Special Supplemental Attrition Plan reached on June 2, 2006 between the UAW, General Motors and Delphi. Approximately 12,400 Delphi employees, representing roughly 85% of the retirement-eligible UAW workforce, elected to retire by Jan. 1, 2007. Approximately 1,400 employees elected the buyout option. Nearly all of Delphi's U.S. hourly employees represented by the UAW were eligible for the buyout program, with approximately 14,600 of those employees eligible to participate in the retirement and pre-retirement program. Certain eligible U.S. hourly employees accepted a lump sum incentive of $35,000 to retire while other eligible employees under the program elected buyout packages ranging from $40,000 to $140,000. Under the proposed program, GM has agreed to assume the financial obligations related to the lump sum payments to be made to eligible Delphi U.S. hourly employees accepting normal or voluntary retirement incentives. Additionally, GM will fund certain post-retirement employee benefit obligations related to Delphi employees who transition to GM under the plan for purposes of retirement as well as half of employee buyout costs. About Delphi Corp. Based in Troy, Mich., Delphi Corporation -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The Company's technology and products are present in more than 75 million vehicles on the road worldwide. The Company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530 in total assets and $22,166,280,476 in total debts. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM employs about 317,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. * * * As reported in the Troubled Company Reporter on July 28, 2006, Standard & Poor's Ratings Services held all of its ratings on General Motors Corp. -- including the 'B' corporate credit rating, but excluding the '1' recovery rating -- on CreditWatch with negative implications, where they were placed March 29, 2006. The CreditWatch update followed GM's announcement of second quarter results and other recent developments involving its bank facility and progress on the GMAC sale. As reported in the Troubled Company Reporter on July 27, 2006, Dominion Bond Rating Service downgraded the long-term debt ratings of General Motors Corporation and General Motors of Canada Limited to B. The commercial paper ratings of both companies are also downgraded to R-3 (low) from R-3. As reported in the Troubled Company Reporter on June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1' to General Motor's new $4.48 billion senior secured bank facility. The 'RR1' is based on the collateral package and other protections that are expected to provide full recovery in the event of a bankruptcy filing. GENERAL MOTORS: Asks for Billions in Nissan-Renault Tie Up Deal --------------------------------------------------------------- General Motors Corp. has demanded a "multibillion-dollar" contribution from Nissan Motor Co. and Renault SA in consideration for its possible agreement to a three-way tie up with the French and Japanese auto companies, believing it would be the loser in the deal should the merger go ahead, Adam Sage of The Times reports. Brian Akre, a GM spokesman, said in the report that the proposed alliance would lead to "disproportionate synergies". Contesting Mr. Akre's view, Renault-Nissan chairman Carlos Ghosn told The Times that the deal would benefit all three companies through overall savings of US$10 billion a year. The source said Renault agreed to continue talks until the middle of next month, the deadline set by both sides for a decision. Monica Langley and Joseph B. White at The Wall Street Journal earlier reported that talks between the three automakers have made little progress over the past three months because GM has reportedly raised concerns over the benefits that it would be realizing from the deal. GM, Nissan and Renault had agreed to conduct a 90-day study of the benefits of a possible alliance after GM shareholder Kirk Kerkorian, who owns a 9.9% stake in the company, broached the idea early this year. Patrick Pelata, who heads the Renault-Nissan negotiation panel, said in an interview with The New York Times that GM is skeptical of the advantages touted by Renault and Nissan as a result of a partnership because of its past experiences with other auto companies. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM employs about 317,000 people around the world. It has manufacturing operations in 32 countries and its vehicles are sold in 200 countries. * * * As reported in the Troubled Company Reporter on July 28, 2006, Standard & Poor's Ratings Services held all of its ratings on General Motors Corp. -- including the 'B' corporate credit rating, but excluding the '1' recovery rating -- on CreditWatch with negative implications, where they were placed March 29, 2006. The CreditWatch update followed GM's announcement of second quarter results and other recent developments involving its bank facility and progress on the GMAC sale. As reported in the Troubled Company Reporter on July 27, 2006, Dominion Bond Rating Service downgraded the long-term debt ratings of General Motors Corporation and General Motors of Canada Limited to B. The commercial paper ratings of both companies are also downgraded to R-3 (low) from R-3. As reported in the Troubled Company Reporter on June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery Rating of 'RR1' to General Motor's new $4.48 billion senior secured bank facility. The 'RR1' is based on the collateral package and other protections that are expected to provide full recovery in the event of a bankruptcy filing. As reported in the Troubled Company Reporter on June 21, 2006, Moody's Investors Service assigned a B2 rating to the secured tranches of the amended and extended secured credit facility of up to $4.5 billion being proposed by General Motors Corporation, affirmed the company's B3 corporate family and SGL-3 speculative grade liquidity ratings, and lowered its senior unsecured rating to Caa1 from B3. The rating outlook is negative. H.M. INTERNATIONAL: Brings In Liquidator from Ashcrofts ------------------------------------------------------- Harjinder Johal of Ashcrofts was appointed Liquidator of H.M. International (Europe) Limited on Sept. 12 for the creditors' voluntary winding-up procedure. Headquartered in Rotherham, U.K., H.M. International (Europe) Limited wholesales furniture. HIGH SPEED: Brings In P&A Partnership as Administrators ------------------------------------------------------- Christopher Michael White and Andrew Philip Wood of The P&A Partnership were appointed joint administrators of High Speed & Carbide Limited (Company Number 02489874) on Sept. 11. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- is a member firm of the Insolvency Practitioners Association and the Association of Business Recovery Professionals (R3) and act for all clearing banks and a growing number of factors and asset lenders. Headquartered in Sheffield, United Kingdom, High Speed & Carbide Limited manufactures industrial blades and knives. HILLAM ACCOUNTANCY: Hires Darren Brookes as Liquidator ------------------------------------------------------ Darren Brookes of Milner Boardman & Partners was appointed Liquidator of Hillam Accountancy Tutorials Limited on Sept. 8 for the creditors' voluntary winding-up procedure. The company can be reached at: Hillam Accountancy Tutorials Limited 12 Bertram Drive North Wirral Merseyside CH470LW United Kingdom Tel: 0151 632 2600 Fax: 0151 632 2600 ICE EVENT: Claims Filing Period Ends Oct. 19 -------------------------------------------- Creditors of Ice Event & Promotion Limited have until Oct. 19 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Lloyd Biscoe of Begbies Traynor: Lloyd Biscoe Begbies Traynor The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG United Kingdom Headquartered in Huntingdon, U.K., Ice Event & Promotion Limited constructs temporary ice rinks. IMPERIAL GLASS: Names Liquidators from T H Associates ----------------------------------------------------- Thomas John Hargreaves of T H Associates was appointed Liquidator of Imperial Glass Limited on Sept. 12 for the creditors' voluntary winding-up procedure. The company can be reached at: Imperial Glass Limited Victory Works Gale Street Heywood Lancashire OL10 3HP United Kingdom Tel: 01706 625298 IVY HATCH: Joint Liquidators Take Over Operations ------------------------------------------------- Stephen John Tancock and Vincent John Green of Smith & Williamson Limited were appointed Joint Liquidators of Ivy Hatch Nursery Limited on for the creditors' voluntary winding-up procedure. The company can be reached at: Ivy Hatch Nursery Limited Ismays Road Ivy Hatch Kent TN159AU United Kingdom Tel: 077 1359 7960 JOKO U.K.: Calls In Joint Liquidators from Ashcrofts ---------------------------------------------------- Harjinder Johal and George Michael of Ashcrofts were appointed Joint Liquidators of Joko (U.K.) Limited on Sept. 14 for the creditors' voluntary winding-up procedure. Headquartered in London, U.K., Joko (U.K.) Limited operates a coffee and sandwich bar. JONES & MCGOVERN: Trade Secretary Files Winding-Up Petition ----------------------------------------------------------- The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up Jones & McGovern Limited in the public interest. The petition to wind up the company was presented following an investigation carried out by Companies Investigation Branch under section 447 of the Companies Act 1985 (as amended). The petition was presented under s124A of the Insolvency Act 1986. The Official Receiver was appointed as provisional liquidator of the company on Sept. 22. The role of the provisional liquidator is to protect and preserve the assets and financial records of the company. The case is now subject to High Court action and no further information will be available until the petition is heard on Nov. 20, 2006. The Insolvency Service administers the insolvency regime investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver, to establish why they became insolvent. The Insolvency Service also carries out confidential enquiries on behalf of the Secretary of State for Trade and Industry, through Companies Investigation Branch. The Service also: -- authorizes and regulates the insolvency profession; -- deals with disqualification of directors in corporate failures; -- assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees; -- provides banking and investment services for bankruptcy and liquidation estate funds; and -- advises ministers and other government departments on insolvency law and practice. All public enquiries concerning the affairs of the company must be made to the Official Receiver at: Official Receiver Public Interest Unit North P.O. Box 326 1st Floor Boulton House 17-21 Chorlton Street Manchester M60 3ZZ Tel: 0161 934 4182 E-mail: piu.north@insolvency.gsi.gov.uk Headquartered in Altrincham, U.K., Jones & McGovern Limited sold advertising space in wall-planners to businesses who were contacted by way of cold-calling. It was incorporated in February 2005 and commenced trading in March 2005. KAY LOGISTICS: Appoints Joint Administrators from PKF ----------------------------------------------------- Kerry Bailey and Philip Long of PKF (U.K.) LLP were appointed joint administrators of Kay Logistics Limited (Company Number 05632954) on Sept. 11. PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of the U.K.'s leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. Headquartered in Slough, United Kingdom, Kay Logistics Limited -- http://www.kaylogistics.co.uk/-- is engaged in logistical and warehousing solutions. KIDZWORLD LIMITED: Hires Ian Bull to Liquidate Assets ----------------------------------------------------- Ian Bull of Ian Bull & Co. was appointed Liquidator of Kidzworld Limited on Sept. 8 for the creditors' voluntary winding-up proceeding. Headquartered in Burton upon Trent, U.K., Kidzworld Limited operates a children's play center. MANI 2: Liquidators Set Nov. 6 Claims Bar Date ---------------------------------------------- Creditors of Mani 2 Limited have until Nov. 6 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 Joint Liquidators Stephen Leonard Conn and Donald Bailey of Begbies Traynor at: Stephen Leonard Conn Donald Bailey Begbies Traynor Elliot House 151 Deansgate Manchester M3 3BP United Kingdom Headquartered in Manchester, U.K., Mani 2 Limited is a wholesale distributor of handbags and luggage. MARBLECARE LTD: Nominates Ninos Koumettou as Liquidator ------------------------------------------------------- Ninos Koumettou of AlexanderLawsonJacobs was nominated Liquidator of Marblecare Ltd. on Sept. 8 for the creditors' voluntary winding-up proceeding. Headquartered in London, U.K., Marblecare Ltd. provides natural stone cleaning and renovation services. MAXNETT COMMUNICATIONS: Taps Buchanans as Joint Administrators -------------------------------------------------------------- Peter Anthony Hall and Alan Peter Whalley of Buchanans PLC were appointed joint administrators of Maxnett Communications Limited (Company Number 03534743) on Sept. 11. Buchanans PLC Latimer House 5 Cumberland Place Southampton SO15 2BH United Kingdom Tel: 023 8022 1222 Headquartered in Alton, United Kingdom, Maxnett Communications Limited grows vegetables and nursery products. MILLENNIUM AUDIO: Claims Registration Ends Oct. 27 -------------------------------------------------- Creditors of Millennium Audio Visual Limited have until Oct. 27 to send in their names, addresses and the particulars of their debts and claims, to appointed Liquidator M. Arkin of Arkin & Co. at: M. Arkin Arkin & Co. Maple House High Street Potters Bar Hertfordshire EN6 5BS United Kingdom The company can be reached at: Millennium Audio Visual Limited 652 Victoria Road Ruislip Middlesex HA4 0LN United Kingdom Tel: 0800 043 9352 Fax: 01923 850 092 NEIL GRINNALL: Dunbar Bank Appoints Moore Stephens as Receivers --------------------------------------------------------------- Dunbar Bank PLC appointed N. Price, M. E. T. Bowen and D. Rolph of Moore Stephens LLP joint administrative receivers of Neil Grinnall Classic Homes Limited (Company Number 03591318) on Sept. 12. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. Neil Grinnall Classic Homes Limited can be reached at: Grinnall Business Centre Sandy Lane Industrial Estate Stourport on Severn Worcestershire DY13 9QB United Kingdom PHOENIX SIGNS: Brings In Joint Liquidators from Haines Watts ------------------------------------------------------------ Peter John Forsey and David Thorniley of Haines Watts were nominated Joint Liquidators of Phoenix Signs (U.K.) Limited on Sept. 6 for the creditors' voluntary winding-up proceeding. Headquartered in Margate, U.K., Phoenix Signs (U.K.) Limited manufactures fabricated metal products. PROFILE 7000: A. Turpin Leads Liquidation Procedure --------------------------------------------------- A. Turpin of Poppleton & Appleby was appointed Liquidator of Profile 7000 Limited on Sept. 7 for the creditors' voluntary winding-up proceeding. Headquartered in Coventry, U.K., Profile 7000 Limited is engaged in metal finishing. PROUD GALLERIES: Nominates Lane Bednash as Liquidator ----------------------------------------------------- Lane Bednash of David Rubin & Partners was nominated Liquidator of Proud Galleries Limited on Sept. 12 for the creditors' voluntary winding-up proceeding. Headquartered in London, U.K., Proud Galleries Limited operates art galleries. RANK GROUP: Cancels 1.25 Million Shares in Buyback Program ---------------------------------------------------------- The Rank Group Plc bought back 1,250,000 ordinary shares of 10 pence in the Company on Sept. 26 for cancellation at an average price of 235.59452 pence per share. About Rank Group Headquartered in London, Rank Group PLC -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * On March 6, 2006, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from Baa3). At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. REFCO INC: Ch. 11 Trustee Wants Winchester Settlement Approved -------------------------------------------------------------- Prior to filing for bankruptcy, Refco Capital Markets, Ltd., Winchester Preservation, LLC, and certain individual beneficiaries entered into interrelated agreements, including: (i) loan agreements, notes, and pledge agreements between RCM and each of the Beneficiaries; (ii) a deposit agreement and a pledge agreement between RCM and Winchester; and (iii) pledge agreements among RCM, each of the Beneficiaries, and Christiana Bank & Trust Company. RCM loaned the Beneficiaries certain sums, and Winchester deposited a sum equal to the principal amount of the loan into an account held by RCM. The Loan Documents provide that the deposit will be automatically offset against the loan, upon the Beneficiaries' demand to Winchester for redemption and Winchester's subsequent demand to RCM for withdrawal of the deposit. The offset is subject to the Beneficiaries' payment to RCM of a sum equal to the spread between interest accrued on the loan and interest accrued on the deposit and a break fee. When RCM filed for bankruptcy, the Beneficiaries demanded redemption from Winchester, and Winchester subsequently demanded withdrawal of the deposit from RCM. Winchester and the Beneficiaries commenced an adversary proceeding asserting, among other things, rights of set-off or recoupment concerning the deposit account held by RCM. Each of the Claimants also filed a proof of claim against all of the Debtors. Marc Kirschner, the Chapter 11 trustee overseeing RCM's estate, has determined that Winchester's and the Beneficiaries' right to recoup the deposit against the Loan as provided for in the Loan Documents is valid and likely would be upheld by the Court if the issue were litigated. After vigorous and arm's-length negotiations, the RCM Trustee, Winchester, and the Beneficiaries entered into a settlement agreement. The RCM Trustee asks the U.S. Bankruptcy Court for the Southern District of New York to approve the Settlement Agreement. The terms of the Agreement are: (a) The Claimants' right to recoupment of the deposit against the loan will be honored; (b) The Claimants will pay RCM the interest spread and break fee due under the Loan Documents; (c) The parties will release one another from all claims and causes of action arising from the Loan Documents, except as expressly provided in the Agreement; (d) The Claimants will irrevocably withdraw all proofs of claim against RCM and the other Debtors; (e) All litigation between the parties will be discontinued with prejudice, including the Adversary Proceeding; and (f) The Claimants' objection to the RCM Trustee's settlement agreement with RCM securities customers and general unsecured creditors will be irrevocably withdrawn. Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York, New York, asserts the Agreement will benefit RCM's estate and, in turn, its creditors, by efficiently collecting the net value to RCM of the Loan Documents, rather than eroding that net value by expending fees and costs in a litigation with little or no chance of success. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO INC: Inks Settlement Pact with BofA & Prepetition Lenders --------------------------------------------------------------- Refco Inc., and its debtor-affiliates and Marc Kirschner, the Chapter 11 trustee for Refco Capital Markets, Ltd., ask the U.S. Bankruptcy Court for the Southern District of New York to approve a settlement agreement with Bank of America, N.A., and a syndicate of lenders under an August 5, 2004, credit agreement. The Settlement Agreement implements a key component of a global plan being negotiated for the Refco estates, J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York, explains on the Debtors' behalf. The Global Plan, Mr. Milmoe says, would call for pre- confirmation payments to a group of the Debtors' secured lenders. The payments will help ensure the availability of funds to pay other constituencies by: (1) cutting off the interest accruing on the secured lenders' claims in excess of $6,000,000 per month or $200,000 per day; (2) minimizing the incurrence of additional professional fees by the Debtors, the Debtors' secured lenders, the Committees and others, which have already been substantial; and (3) resolving disputes over the use of cash collateral. The specific terms of the Global Plan are currently being negotiated, and a formal agreement has not yet been reached among the various constituencies, Edwin E. Smith, Esq., at Bingham McCutchen LLP, in New York, tells the Court on the RCM Trustee's behalf. The Motion is being filed with the expectation that a formal agreement for a Global Plan will be reached, Mr. Smith says. Refco's Obligations to BofA & Lenders Refco Finance Holding, LLC, entered into the Credit Agreement in connection with an Equity Purchase and Merger Agreement among Refco Group Ltd., LLC; Refco Group Holdings, Inc.; Thomas H. Lee and its affiliates; and certain other parties. The Equity Purchase Agreement required Refco Group to obtain $1,400,000,000 in financing through a term loan and a note issuance. The Equity Purchase Agreement contemplated a series of transactions resulting in: (i) New Refco Group, Ltd., LLC, becoming the parent of Refco Group; (ii) THL and its co-investors acquiring a 56.7% interest in New Refco Group; (iii) Phillip Bennett, CEO of the various Refco Entities, owning a 42.8% interest in New Refco Group; and (iv) Refco management owning the remaining 0.5% of New Refco Group. RFH and Refco Group merged on August 5, 2004, with Refco Group as the surviving entity. The Credit Agreement provided for up to $800,000,000 in term loans and a $75,000,000 revolving credit facility. New Refco Group and certain of Refco Group's affiliates guaranteed Refco Group's obligations under the Credit Agreement. Refco Group and the Guarantors granted BofA, as administrative agent for the Lenders, a security interest in substantially all of Refco Group's and the Guarantors' assets pursuant to a Security Agreement and certain Collateral Documents. RFH and Refco Finance, Inc., also issued $600,000,000 in 9% Senior Subordinated Notes pursuant to a Senior Subordinated Note Indenture dated August 5, 2004, with Wells Fargo Bank, N.A. The Notes were guarantied by Refco Group and certain of Refco Group's affiliates, but the Notes and the guaranties are unsecured and subordinate to the claims arising from the Loan Documents. As of the Petition Date, there was approximately $642,000,000 in principal outstanding under the Credit Agreement exclusive of interest, fees, and other obligations. Interest on the principal is accruing at a rate of more than $6,000,000 per month. BofA has filed proofs of claim against the Debtors based on amounts due under the Loan Documents. BofA also asserted claims based on, among others things, fraud and misrepresentations of the Debtors. BofA said certain of the Debtors were potentially employed in a joint scheme to defraud the Lenders in relation to the Recapitalization. On January 24, 2005, the Refco estates paid $150,000,000 to the Lenders in partial satisfaction of amounts due under the Credit Agreement. BofA transferred the funds to certain of the Lenders. Potential Claims Against BofA & Lenders The Joint Subcommittee of the Official Committees of Unsecured Creditors believes that the Debtors' estates hold potential causes of action to (i) avoid their obligations to the Lenders, and (ii) recover the Repayment as fraudulent conveyances. The Joint Subcommittee, however, acknowledges that resolution of the claims against BofA and the Lenders would be expensive and time-consuming. BofA and Lenders may assert significant defenses like solvency, reasonably equivalent and fair value, lack of grounds for collapsing transactions, lack of causation, inability to avoid settlement payments and the like, Mr. Smith tells Judge Drain. Major Settlement Terms The Debtors and the RCM Trustee filed with the Court a proposed order, which sets out the settlement terms permitting the payment of the Debtors' secured lenders. The Proposed Order, Mr. Smith relates, also provides the means by which the Debtors can avoid contesting and, if unsuccessful, paying claims asserted by BofA and the Lenders based on alleged fraud and misrepresentations as well as contesting or paying claims for indemnification, additional interest, and other amounts claimed under contracts. A full-text copy of the Proposed Order is available at no charge at http://ResearchArchives.com/t/s?124c The Proposed Order provides that BofA and the Lenders' claims under the Loan Documents will be allowed in full as secured claims in the cases of Refco Group and the debtor-Guarantors. The claims will be secured by valid and perfected liens in collateral, which will be worth more than the amount of the secured claims. The secured claims will not be subject to avoidance. On or before the later of October 16, 2006, or a later date that is agreed upon, the Debtors will pay BofA: * $642,000,000, constituting the full outstanding principal amount due under the Loan Documents; * $1,693,276, constituting the full amount of interest accrued and unpaid under the Loan Documents on the Petition Date; * all interest accrued on principal and interest payable under the Loan Documents from the Petition Date through the Payment Date, payable at the Post-Petition Interest Rate and compounded daily from the Petition Date through the Payment Date; * the lesser of $13,500,000 and the fees and expenses that are reimbursable under the Loan Documents through Sept. 30, 2006. The amount is subject to increase upon the occurrence of certain events, such as if the hearing on the Motion is contested or if BofA incurs additional fees as a result of being sued prior to September 30; and * other fees and expenses payable under the Loan Documents incurred from October 1, 2006, through the Payment Date. The Post-Petition Interest Rate is the Base Rate in effect from time to time plus the Applicable Rate applicable to Base Rate Loans, as each term is defined in the Credit Agreement, but without the additional 2% per annum default interest provided in the Credit Agreement. BofA and the Lenders are deemed to consent to their Liens being primed in part by security interests and liens that secure credit obligations incurred by the Debtors for the purpose of funding or refinancing the funding of payments made to BofA pursuant to the Proposed Order if the principal amount of the credit obligation does not exceed $200,000,000. Qualifying Plan The parties participating in the Settlement, including the Debtors and the RCM Trustee, expect to execute a participating party agreement by the September 27, 2006, hearing on the Motion. The parties will agree to: -- use their reasonable best efforts to ensure that a plan confirmed in the Chapter 11 Debtors' cases is a Qualifying Plan; and -- be bound by the terms and conditions of the Proposed Order, whether or not a plan is agreed upon or confirmed. A list of the participating parties is available at no charge at: http://ResearchArchives.com/t/s?124b A Qualifying Plan, among others, implements the terms and conditions of the Proposed Order, including the treatment of and releases provided to BofA and the Lenders. BofA's and the Lenders' claims for indemnification and other amounts due under the Credit Agreement will be estimated at $0 for purposes of allowance in the Debtors' cases. Their unsecured claims, including claims for fraud and misrepresentation, will also be estimated at $0. Cash Collateral Upon payment in full of amounts required to be paid on or before the Payment Date, the Debtors will be authorized to use the Lenders' cash collateral to pay allowed administrative expenses and to make other payments under an effective Qualified Plan or as permitted by the Court without any further consent of or provision of adequate protection to BofA or the Lenders. The Adequate Protection Motion currently before the Court will be postponed to the date of the hearing on confirmation of a plan. BofA and the Lenders will not seek any additional adequate protection. BAWAG Proceeds BofA has asserted, on the Lenders' behalf, a security interest in, among other Refco assets, the cash proceeds of the Debtors' settlement with BAWAG P.S.K. Bank fur Arbeit und Wirtschaft und Osterreichische Postsparkasse Aktiengesellschaft. Mr. Milmoe relates that to the extent that Refco Group or any of the Guarantors ever come into possession of the BAWAG Proceeds, on or prior to the Payment Date, the Debtors may use these proceeds to make the payments required under the Proposed Order. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 42; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) REPAC LIMITED: Names Gerald Frederick Davis as Administrator ------------------------------------------------------------ Gerald Frederick Davis of Heathcote & Coleman was named administrator of Repac Limited (Company Number 4808532) on Sept. 15. The administrator can be reached at: Heathcote & Coleman Heathcote House 136 Hagley Road Edgbaston Birmingham West Midlands B16 9PN United Kingdom Tel: 0121 454 4141 Fax: 0121 454 4949 E-mail: gfd@heathcote-coleman.co.uk Headquartered in London, United Kingdom, Repac Limited refurbishes electrical appliances. RHYTHMS BAR: Claims Registration Ends Oct. 6 -------------------------------------------- Creditors of Rhythms Bar and Restaurant 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 Martin C. Armstrong of Turpin Baker Armstrong at: Martin C. Armstrong Turpin Baker Armstrong Allen House 1 Westmead Road Sutton Surrey United Kingdom The company can be reached at: Rhythms Bar and Restaurant Limited 84 Knights Hill Lambeth London SE270JD United Kingdom Tel: 020 8670 5557 RJN SERVICES: Claims Filing Period Ends Nov. 30 ----------------------------------------------- Creditors of RJN Services Limited have until Nov. 30 to send their full names and addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to appointed Liquidator Rupert Graham Mullins of Benedict Mackenzie LLP at: Rupert Graham Mullins Benedict Mackenzie LLP CityPoint Temple Gate Bristol BS1 6PL United Kingdom Headquartered in Bridgwater, U.K., RJN Services Limited desigs and installs rainwater goods. SOLENT BOATS: Appoints Joint Liquidators to Wind Up Business ------------------------------------------------------------ Michael Robert Fortune and Carl Derek Faulds of Portland Business & Financial Solutions Ltd. were appointed Joint Liquidators of Solent Boats Limited on July 26 for the creditors' voluntary winding-up proceeding. Headquartered in Poole, U.K., Solent Boats Limited is engaged in boat sales and brokerage. SOLUM LIMITED: Names Joint Liquidators from CBA ----------------------------------------------- Neil Charles Money and Neil Richard Gibson of CBA were appointed Joint Liquidators of Solum Limited (t/a Solum Floors) on Sept. 8 for the creditors' voluntary winding-up proceeding. Headquartered in Leicester, U.K., Solum Limited is a floor contractor. SUSTAINABLE WALES: Claims Filing Period Ends Oct. 31 ----------------------------------------------------- Creditors of Sustainable Wales Projects Ltd. (t/a Gentle Touch) have until Oct. 31 to send in writing their names and addresses and the particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidators Richard I. B. Jones and Melanie Reevel Giles Limited at: Richard I. B. Jones and Melanie Reevel Giles JonesGiles Limited 8 Williams Court Trade Street Cardiff CF10 5DQ United Kingdom Headquartered in Bridgen, U.K., Sustainable Wales Projects Ltd. -- http://www.sustainablewales.org.uk/-- provides community laundry services. TASS FIRE: Liquidator Sets Oct. 31 Claims Bar Date -------------------------------------------------- Creditors of Tass Fire & Security Limited have until Oct. 31 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 Paul Anthony Saxton of Elwell Watchorn & Saxton LLP at: Paul Anthony Saxton Elwell Watchorn & Saxton LLP 109 Swan Street Sileby Leicestershire LE12 7NN United Kingdom The company can be reached at: Tass Fire & Security Limited Dennis House 4 Hawley Road Hinckley Leicestershire LE100PR United Kingdom Tel: 01455 633 028 Fax: 01455 617 303 TERBOW TRANSPORT: Hires Griffin & King to Administer Assets ----------------------------------------------------------- T. F. Corfield of Griffin & King was appointed administrator of Terbow Transport & Trading Company Limited (Company Number 1546507) on Sept. 14. The administrator can be reached at: Griffin & King 26-28 Goodall Street Walsall West Midlands WS1 1QL United Kingdom Tel: 01922 722205 Fax: 01922 639480 Terbow Transport & Trading Company Limited can be reached at: Stourbridge Road Bridgnorth Shropshire WV15 6AN United Kingdom Tel: 01746 768 180 Fax: 01746 765 152 TRAVEL WORLD: Hires Joint Liquidators from Gerald Edelman --------------------------------------------------------- Bernard Hoffman and Ian Douglas Yerrill of Gerald Edelman Business Recovery were appointed Joint Liquidators of Travel World International Limited on Sept. 12 for the creditors' voluntary winding-up proceeding. The company can be reached at: Travel World International Limited 1 3 Beal Road Ilford Essex IG1 4QF United Kingdom Tel: 0870 116 2233 Fax: 020 8518 4992 TRIO GRAPHIC: Lloyd Biscoe Leads Liquidation Procedure ------------------------------------------------------ Lloyd Biscoe of Begbies Traynor was appointed Liquidator of Trio Graphic Display Limited on Sept. 11 for the creditors' voluntary winding-up proceeding. Headquartered in Basildon, U.K., Trio Graphic Display Limited is engaged in the design and production of signage. TRIO ID: Taps Liquidator from Begbies Traynor --------------------------------------------- Lloyd Biscoe of Begbies Traynor was appointed Liquidator of Trio ID Limited on Sept. 11 for the creditors' voluntary winding-up proceeding. Headquartered in Basildon, U.K. Trio ID Limited manufactures signs and advertising displays. VECTOR PACKAGING: Appoints Joint Administrators from F A Simms -------------------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss of F A Simms & Partners PLC were appointed joint administrators of Vector Packaging Limited (Company Number 04228349) on Sept. 12. The administrators can be reached at: F A Simms & Partners PLC Insol House 39 Station Road Lutterworth Leicestershire LE17 4AP United Kingdom Tel: 01455 557111 Fax: 01455 552572 E-mail: rsimms@fasimms.com Vector Packaging Limited can be reached at: 46A Syon Lane Isleworth Middlesex TW7 5NQ United Kingdom Tel: 01933 317 956 W H REALISATIONS: Taps DTE Leonard Curtis as Administrators ----------------------------------------------------------- A. Poxon and P. Reeves of DTE Leonard Curtis were appointed joint administrators of W H Realisations Limited (formerly Weatherseal Holdings Limited) (Company Number 2578045) on Sept. 11. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. W H Realisations Limited can be reached at: 10 Village Way Pinner Middlesex HA5 5AF United Kingdom Tel: 020 8868 5877 Fax: 020 8866 5908 W. SOLUTIONS: Appoints Liquidator from Cooper Parry --------------------------------------------------- Tyrone Shaun Courtman of Cooper Parry LLP was appointed Liquidator of W. Solutions Limited on Sept. 5 for the creditors' voluntary winding-up procedure. Headquartered in Bridgnorth, U.K., W. Solutions Limited provides Internet services and retails computer components. * Moody's Releases Loss Given Default Guidelines ------------------------------------------------ Moody's Investors Service, which recently announced the implementation of loss given default assessments (LGDs) for speculative grade corporate debt issuers and the availability of its LGD model, has released an in-depth user's guide on the LGD model. The new Moody's model computes LGD assessments for rated instruments by estimating the likely distribution of recovery values for a "waterfall" of liabilities, and taking into account the priority of claims in default. Users of the model can reference the companion guide to better understand Moody's approach to assessing specific liabilities and to sizing/prioritizing potential claims when constructing the waterfall. Also available are samples of the model reports and a step-by-step guide to entering data. The user's guide also outlines Moody's approach to determining the enterprise-wide LGD rate and provides guidance on how Moody's assesses bank loan facilities and other debt instruments as well as key non-debt liabilities. "Our objective is to ascertain the extent of claims that would be allowable in a US bankruptcy court in the event of default that might have a bearing on the relative ultimate recovery value available to creditors of the company," says Moody's Senior Vice President Russell Solomon. "We review not only how claims are sized, but also the likelihood that each claim will still apply in a default scenario," he adds. "By making the model available to market participants, we hope to further enhance the transparency of our rating process and enable market participants to better estimate ratings for a particular company with a fairly high degree of accuracy," adds Moody's Group Managing Director Michael Rowan. Moody's current long-term credit ratings, which are opinions about expected credit loss, incorporate both the likelihood of default and expected loss in the event of default. The LGD assessments disaggregate the level of loss in the event of default from other key components of the rating -- most importantly the probability of default. Moody's is assigning LGD assessments to individually rated instruments -- loans, bonds, and preferred stock. The LGD methodology went into effect September 6, for first-time issuers in the U.S. and Canada. Moody's has been rolling out the refined rating approach to existing corporate speculative grade companies in the U.S. and Canada since Sept. 18 on an industry- by-industry basis, and has been issuing press releases announcing aggregate rating changes for a particular industry. The rollout in Western Europe will begin in early 2007, after which the new LGD assessments (and probability of default ratings) will be applied selectively to other market segments over time, following requests for comment and appropriate modifications to reflect relevant market practices and bankruptcy laws. The model, the user's guide, as well as the related methodology and frequently asked questions reports, are available on the Web at http://www.moodys.com/LGD * Moody's Proposes Methodology for Mutualist Banking Groups ----------------------------------------------------------- Moody's Investors Service issued a request for comment on a proposal for determining support levels for members of mutualist or cooperative banking groups or other banking groups with similar mutual characteristics. The proposed methodology is intended to enhance the transparency of Moody's rating process for banks that are members of such groups, in particular with regard to any benefit such banks' ratings may enjoy owing to the likelihood of support from the group. Moody's welcomes comments or suggestions on this proposal from market participants. Comments should be sent to cpc@moodys.com by Oct. 25. "The term 'cooperative' has diverse meanings in different countries," explains Michaela Seimen, Associate Analyst and author of the report. "The proposed methodology is not limited to those financial institutions that are legally considered 'cooperative' but is intended to cover the analysis of those financial institutions which are comprised of groups of banks or savings banks involved in close cooperation, that typically own or control one or more central bodies in which certain functions are centralized, and which incorporate some form of mutual ownership and/or responsibilities, regardless of the group's formal legal structure." As previously disclosed, Moody's intends to incorporate joint- default analysis (JDA) into its assessment of external support for banks later this year. The outcomes of the proposed methodology -- an assessment of the overall financial strength of a cooperative or mutualist banking group, and the probability that the group will support an individual member bank -- will be utilized within the JDA framework to derive the deposit and debt ratings for individual member banks. Moody's report, entitled "Cooperative and Mutualist Banking Groups: Proposal for Determining Group Support Levels for Members," describes how the rating agency proposes to assess first the ability of a group to provide support to its member entities, by assigning a group-level bank financial strength rating (BFSR) using Moody's methodology for BFSRs, and then the group's willingness to provide such support, based on the assumption that there is a relationship between the cohesiveness of a group and the likelihood of support. Moody's Chief Credit Officer for Financial Institutions, David Fanger, explains that "in addition to raising transparency, the proposed methodology will ensure that Moody's analysts apply globally consistent criteria in identifying the appropriate level of cohesiveness between interlinked institutions and the likelihood of support for group members resulting from these structures." The report describes in detail how the rating agency proposes to measure a group's cohesiveness based on an evaluation of a number of qualitative criteria with a view to determining the probability of support. It also presents a "Cohesion Assessment Matrix" developed by Moody's as a guideline to assist analysts in assigning a probability of support based on certain group characteristics. * Moody's Updates Rating Methodology for Insurance Sector --------------------------------------------------------- Moody's Investors Service has released an updated rating methodology for the Financial Guaranty Insurance sector. The report identifies the key metrics Moody's uses to rate financial guaranty insurers and, significantly, explains in detail how these metrics map to Moody's final ratings. Ratings of individual guarantors are not expected to change as a result of the publication of the rating methodology, which is meant to explain, rather than change, the approach traditionally used by the agency, Moody's said. The methodology focuses on Moody's approach to assigning insurance financial strength ratings to operating guarantors before consideration of parental support. Moody's ratings of the various obligations of financial guaranty entities are rooted in an assessment of the financial strength of the main operating units within that organization. "Our revised methodology is designed to shed additional light on Moody's overall approach to evaluating financial guaranty operating companies and to provide greater clarity around the primary drivers of our ratings," said Managing Director Jack Dorer. "In rating financial guarantors," Mr. Dorer explains, "we focus on both qualitative and quantitative characteristics in the following areas: franchise value and strategy, insurance portfolio characteristics, capital adequacy, profitability, and financial flexibility." In addition Moody's also analyzes other factors such as accounting policies and disclosure, the regulatory environment, non-financial guaranty activities and liquidity risks, parental support, and special considerations for start-up entities when determining a guarantor's overall rating. "The new methodology is not intended to be an exhaustive discussion of all factors that Moody's considers in every financial guarantor's rating," says Arlene Isaacs-Lowe, Senior Vice President and lead author of the report, "although it should help readers understand the key considerations and metrics that correspond to particular rating categories." "However," Mr. Dorer added, "we caution that our rating process involves a degree of judgment that from time to time will cause a rating outcome to fall outside the expected range of outcomes based on a strict application of the factors presented in the methodology." In such situations, Moody's said that it will outline the differences and rationale in its credit opinions and company-specific analyses. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- September 28, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS West Coast Plan of Reorganization Conference The Olympic Collection Banquet, Los Angeles, CA Contact: http://www.airacira.org/ September 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Quarterly Networking Luncheon East Bank Club, Chicago, IL Contact: 815-469-2935 or http://www.turnaround.org/ October 3, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Organization of Women Networking Event/ Fundraiser TBD, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ October 3, 2006 TURNAROUND MANAGEMENT ASSOCIATION 3rd Annual Golf Outing Fox Chapel Golf Club, Pittsburgh, PA Contact: 412-644-8794 or http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Commercial Lenders Breakfast Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Panel & Breakfast Meeting: Financial Fraud Center Club, Baltimore, MD Contact: http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Negotiations Workshop Standard Club, Chicago, IL Contact: http://www.turnaround.org/ October 6, 2006 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy 2006: Views from the Bench Georgetown University Law Center, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ October 10, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Center Club, Baltimore, Maryland Contact: 703-912-3309 or http://www.turnaround.org/ October 11, 2006 TURNAROUND MANAGEMENT ASSOCIATION Professional Development Meeting Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 12, 2006 TURNAROUND MANAGEMENT ASSOCIATION UTS Fundamentals of Turnaround Management Melbourne, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 11-14, 2006 TURNAROUND MANAGEMENT ASSOCIATION 2006 Annual Conference Milleridge Cottage, Long Island, New York Contact: 312-578-6900; http://www.turnaround.org/ October 12, 2006 TURNAROUND MANAGEMENT ASSOCIATION UTS Fundamentals of Turnaround Management Mecure Hotel - Haymarket, Sydney, Australia Contact: http://www.turnaround.org/ October 16, 2006 AMERICAN BANKRUPTCY INSTITUTE A Year After BAPCPA Georgetown University Law Center, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ October 17, 2006 TURNAROUND MANAGEMENT ASSOCIATION Updates on the New Bankruptcy Law Kansas City, Missouri Contact: http://www.turnaround.org/ October 18-19, 2006 EUROMONEY 2nd Annual Latin America Syndicated Loans Conference JW Marriott Hotel, Miami, FL Contact: http://www.euromoneyplc.com/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA of Nevada's 1st Breakfast Meeting The A,B,C's of Valuing and Selling a Business Palace Station, Las Vegas, NV Contact: http://www.turnaround.org/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION Navigating the Potholes and Speed Bumps on Today's Economic Highway Waller Lansden Dortch & Davis Nashville, TN Contact: http://www.turnaround.org/ October 19, 2006 BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in e-Discovery and Records Management for Bankruptcy Practitioners and Litigators Contact: 240-629-3300; http://www.beardaudioconferences.com/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION Billards Networking Night - Young Professionals TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Hedge Funds - Expanded Financing Opportunities in Business Turnarounds Arizona Contact: http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast with Coach Dan Reeves Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ October 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION BK/TMA Golf Tournament Orange Tree Golf Resort, AZ Contact: 623-581-3597 or http://www.turnaround.org/ October 30-31, 2006 Distressed Debt Summit: Preparing for the Next Default Cycle Financial Research Associates LLC Helmsley Hotel, New York, NY Contact: http://www.frallc.com/ October 31, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ October 31 - November 1, 2006 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Conference San Francisco, California Contact: http://www.iwirc.com/ November 1, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS AIRA/NCBJ Dessert Reception Marriott, San Francisco, CA Contact: 415-896-1600 or http://www.airacira.org/ November 1, 2006 TURNAROUND MANAGEMENT ASSOCIATION Halloween Isn't Over! - Ghosts of turnarounds past who remind you about what you should have done differently Portland, Oregon Contact: http://www.turnaround.org/ November 1-4, 2006 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges San Francisco, California Contact: http://www.ncbj.org/ November 2, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA UK Annual Conference Millennium Gloucester Hotel, London, UK Contact: http://www.turnaround.org/ November 2-3, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Third Annual Conference on Physician Agreements & Ventures Successful Strategies for Medical Transactions and Investments The Millennium Knickerbocker Hotel - Chicago Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 3, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS AIRA/NCBJ Breakfast Program Marriott, San Francisco, CA Contact: 415-896-1600 or http://www.airacira.org/ November 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Marriott, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 7-8, 2006 EUROMONEY 5th Annual Distressed Debt Investment Symposium Hyatt Regency, London, UK Contact: http://www.euromoneyplc.com/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Marriott Tyson's Corner, Vienna, Virginia Contact: 703-912-3309 or http://www.turnaround.org/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia National Conference Sydney, Australia Contact: http://www.turnaround.org/ November 9, 2006 TURNAROUND MANAGEMENT ASSOCIATION Webinar "Second Lien Financing or Investing: Are There Opportunities for You?" TMA HQ, Chicago, IL Contact: http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Program St. Louis, Missouri Contact: 815-469-2935 or http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Program - Cost Containment Strategies St. Louis, MO Contact: http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Cocktail Reception Honoring the Bankruptcy Benches of the Southern & Eastern Districts of New York and New Jersey Association of the Bar of the City of New York New York, NY Contact: http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Reception with NYIC/NYTMA TBA, New York Contact: 908-575-7333 or http://www.turnaround.org/ November 15, 2006 LI TMA Formal Event TMA Australia National Conference Long Island, New York Contact: http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Bankruptcy Judges Panel Duquesne Club, Pittsburgh, Pennsylvania Contact: http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Dinner Program TBA, Seattle, Washington Contact: 503-223-6222 or http://www.turnaround.org/ November 16-17, 2006 STRATEGIC RESEARCH INSTITUTE 8th Annual West Distressed Debt Investing Forum Venetian Resort Hotel Casino, Las Vegas, NV Contact: http://www.srinstitute.com/ November 17, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast with Harry Nolan, Author of Airline without a Pilot - Lessons in Leadership Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ November 23, 2006 TURNAROUND MANAGEMENT ASSOCIATION Martini Party Vancouver, British Columbia Contact: 403-294-4954 or http://www.turnaround.org/ November 27-28, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Thirteenth Annual Conference on Distressed Investing Maximizing Profits in the Distressed Debt Market The Essex House Hotel - New York Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ November 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint TMA Florida/ACG Tampa Bay Luncheon Buying and Selling a Troubled Company Centre Club, Tampa, FL Contact: http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Special Program TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Industry Trends Jasna Polana, Princeton, NJ Contact: http://www.turnaround.org/ November 30-December 2, 2006 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Hyatt Regency at Gainey Ranch, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ December 6, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Dinner Portland, Oregon Contact: 503-223-6222 or http://www.turnaround.org/ December 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast The Newark Club, Newark, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION LI TMA Holiday Party TBA, Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Christmas Function GE Commercial Finance, Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ December 20, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA, AVF & CFA Georgia Aquarium, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ January 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lender's Panel University Club, Jacksonville, FL Contact: http://www.turnaround.org/ January 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Lender's Panel Breakfast Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ January 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ January 17-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Distressed Investing Conference Wynn, Las Vegas, NV Contact: http://www.turnaround.org/ February 8-11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Certified Turnaround Professional (CTP) Training NY/NJ Contact: http://www.turnaround.org/ February 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA PowerPlay - Atlanta Thrashers Philips Arena, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ February 25-26, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Marriott Park City, UT Contact: http://www2.nortoninstitutes.org/ February 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium San Juan, Puerto Rico Contact: 1-703-739-0800; http://www.abiworld.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Martini Madness Cocktail Reception with Geraldine Ferraro Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ March 15-18, 2007 NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES NABT Spring Seminar Ritz-Carlton Buckhead, Atlanta, GA Contact: http://www.NABT.com/ March 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ March 27-31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference Four Seasons Las Colinas, Dallas, Texas Contact: http://www.turnaround.org/ March 29-31, 2007 ALI-ABA Chapter 11 Business Reorganizations Scottsdale, Arizona Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ April 11-15, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ April 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ May 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual TMA Atlanta Golf Outing White Columns, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ June 28 - July 1, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Jackson Lake Lodge, Jackson Hole, WY Contact: http://www2.nortoninstitutes.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, RI Contact: 1-703-739-0800; http://www.abiworld.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ September 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ October 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Orlando, Florida Contact: http://www.ncbj.org/ October 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ October 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ December 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ December 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ January 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference JW Marriott Spa and Resort, Las Vegas, NV Contact: http://www.airacira.org/ September 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ October 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ October 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ October 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers - the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Emerging Role of Corporate Compliance Panels Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Zamesa Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *