/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/061206.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, December 6, 2006, Vol. 7, No. 242 Headlines A U S T R I A AKBULUT GASTRONOMIE: Klagenfurt Court Orders Business Shutdown BCM BROKER: Creditors' Meeting Slated for December 19 BRIGITTA SCHOEN: Creditors' Meeting Slated for December 18 CM RADER: Linz Court Orders Business Shutdown GROSS UND SCHINDLER: Wiener Neustadt Court Shuts Down Business HRID LLC: Vienna Court Orders Business Shutdown KFM LLC: Creditors' Meeting Slated for December 11 KRENN HERWIG: Creditors' Meeting Slated for December 11 B E L G I U M ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe F R A N C E LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share G E R M A N Y ANKON GEBAUDEREINIGUNG: Claims Registration Ends December 10 ASN-CONSULT: Claims Registration Ends December 8 B U B BODENVERBESSERUNGEN: Claims Registration Ends December 12 BERLINER STRICKMODEN: Creditors' Meeting Slated for December 12 BETA ZWEITE: Creditors' Meeting Slated for December 12 DAIMLERCHRYSLER AG: Chrysler Group Achieves 14% Sales Increase DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee GUELDNER GMBH: Claims Registration Ends December 11 PROFI-JAGD: Claims Registration Ends December 13 PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes REGAIN LOGISTIK: Claims Registration Ends December 14 SOLARFUSION ENERGIESYSTEME: Claims Registration Ends Dec. 13 V + S HOCH: Claims Registration Ends December 13 WEERS POELMANN: Claims Registration Ends December 14 H U N G A R Y INVESTSBERBANK: Fitch Assigns D/E Individual Rating I C E L A N D STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D I R E L A N D PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes TITAN EUROPE: Fitch Assigns BB Ratings on EUR14.87-Million Notes TITAN EUROPE: S&P Rates EUR14.86-Million Class F Notes at BB K A Z AK H S T A N BANK TURANALEM: S&P Revises Outlook to Positive on Capital Plan CENTRAL ASIA OIL: Creditors Must File Claims by Jan. 12, 2007 COMPASS LLP: Creditors' Claims Due Jan. 10, 2007 DORSNABREGION LLP: Claims Registration Ends Jan. 12, 2007 GOLD INDUSTRIES: Claims Filing Period Ends Jan. 12, 2007 GRUP SERVICII: Claims Registration Ends Jan. 12, 2007 KAZINVESTBANK: S&P Assigns B/B Counterparty Credit Ratings MECHANOMONTAGE OJSC: Creditors' Claims Due Jan. 12, 2007 NEDEJDA-98 LLP: Proof of Claim Deadline Slated for Jan. 12, 2007 STROY TORG: Almaty Court Opens Bankruptcy Proceedings TECHNOCOM-SERVICE: Almaty Court Begins Bankruptcy Proceedings THREE STARS: Almaty Court Starts Bankruptcy Procedure K Y R G Y Z S T A N SPK IMANTAY: Final Creditors' Meeting Slated for Dec. 14 SULUKTA KOMUR: Public Auction Scheduled for Dec. 14 N E T H E R L A N D S FIXED-LINK FINANCE 2: Fitch Downgrades GBP120-Mln Notes to B- GETRONICS NV: Presents Strategy Updates to Shareholders GRESHAM CAPITAL: Moody's Puts Low-B Ratings on Class E & F Notes KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln P O L A N D KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln R U S S I A BALTIC TRANSIT: Court Names A. Trifonov as Insolvency Manager BAYKALSKIYE WATERS: Court Names S. Mikhaylenko to Manage Assets BUILDING COMPANY: Court Names P. Tarasov as Insolvency Manager BUILDER LLC: Court Starts Bankruptcy Supervision Procedure CHAINSKIY MASLODEL: Court Names Y. Chigarev to Manage Assets FROLOVSKIY FACTORY: Court Names E. Slushkin to Manage Assets GAZPROMBANK OAO: Central Bank Registers US$1.3-Bln Share Issue GAZPROMBANK OAO: Eyes Up to US$1.5-Billion Foreign Loans in 2007 GAZPROMBANK OAO: Floating RUR5-Billion Bonds on MICEX Today INVESTSBERBANK: Fitch Assigns D/E Individual Rating KOLSKIY GRANITE: Murmansk Bankruptcy Hearing Slated for Jan. 31 KRASNAYA USHNA: Court Names A. Shurov as Insolvency Manager NORTH-WEST OIL: Court Names A. Trifonov to Manage Assets OIL-INVEST LLC: Court Names A. Trifonov as Insolvency Manager PETRAKOVSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 26 RYBINSK-WOOD CJSC: Court Names P. Tarasov as Insolvency Manager ROSNEFT OIL: Inks Interim Deal to Explore Arctic with BP SBERBANK ROSSII: Russian Government Eyes Favorable IPO Terms TUNAYCHA-M-FISH FACTORY: Names N. Kopytova to Manage Assets VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms WHEAT OJSC: Asset Sale Slated for December 19 YUZHINSKOYE CJSC: Bankruptcy Hearing Slated for March 5 * Fitch Rates Ryazan Oblast at Long-Term Foreign Currency B+ S P A I N DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee GETRONICS NV: Presents Strategy Updates to Shareholders MADRID RMBS: Moody's Rates EUR18.9-Mln Series E Notes at (P)Ba1 MADRID RMBS II: Fitch Rates EUR18.9-Mln Class E Notes at BB+ S W E D E N ROYAL & SUN: Forming Joint Venture with Direct Insurance S W I T Z E R L A N D AS GROUP: March Court Suspends Bankruptcy Proceedings DETTWILER CTEATION: Berner Court Closes Bankruptcy Proceedings DIGITAL ART: Bern Court Suspends Bankruptcy Proceedings ESESIX COMPUTER: Aargau Court Starts Bankruptcy Proceedings GBN IMMOBILIEN: Liquidator Sets Dec. 7 Asset Sale Auction HANS LINDER: Berner Court Closes Bankruptcy Proceedings JENNI + CO: Berner Court Starts Bankruptcy Proceedings KAUFMANN TRANSPORT: Sursee Court Suspends Bankruptcy Proceedings MED IMPLANT: Zug Court Starts Bankruptcy Proceedings MORTEZAWI BUILDING: Zug Court Starts Bankruptcy Proceedings SWIFFEX JSC: Bern Court Suspends Bankruptcy Proceedings U K R A I N E UKREXIMBANK: Fitch Upgrades Individual Rating to D VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms U N I T E D K I N G D O M ADM RECRUITMENT: Appoints Sandra Marshall as Liquidator ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe ALISON HAWKES: Taps Tony Mitchell to Liquidate Assets APEK QUALITY: Names Simon Thornton as Administrator AXIMIS RECRUITMENT: Appoints BWC Business to Administer Assets BRADLEY & PARTNER: Brings In Hurst Morrison as Administrators CABLE & WIRELESS: To Add Staff in Asia Amid Job Cuts in U.K. CASADECOR LIMITED: Names Administrators from Grant Thornton CITY CENTRE: Creditors Confirm Liquidator's Appointment COLLINS & AIKMAN: Seeks Bridge Order on Exclusive Period COLLINS & AIKMAN: Textron Wants to Sell C&A Products' Shares COLLINS & AIKMAN: Rejects Ten Contracts and Leases COMPLETE SHOPFITTING: Creditors' Meeting Slated for December 8 COYOTE BARS: Appoints Gagen Dulari Sharma to Administer Assets DEAS SOLUM: Brings In Joint Liquidators from Dains DRAGON FABRICATIONS: Appoints Administrators from B & C ENRON CORP: Energen Sells US$12.5 Million Bankruptcy Claim EUROPEAN RECRUITMENT: Joint Liquidators Take Over Operations GENERAL MOTORS: Sells 5% Stake to Bank of America GENERAL MOTORS: Total Nov. US Sales for New Cars & Trucks Up 6% GETTY IMAGES: Bondholders View Delayed 10-Q Filing as Default GETTY IMAGES: 10-Q Filing Delay Cues S&P to Cut Rating to B+ HAMMOND WHITEOAK: Names T. Papanicola as Administrator IMPRESS3 LIMITED: Appoints Administrators from Kroll INCO LTD: Forms Joint Venture with Germany's Sud-Chemie INEOS GROUP: Fitch Assigns B+ Rating on EUR1.63-Billion Notes J V BAKER: Appoints Administrator from Milsted Langdon LAKES & DALES: Leslie Ross Leads Liquidation Procedure LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share NEPTUNE TELECOM: Names Robert Martin Rutherford Liquidator OVERSEAS SHIPHOLDING: Completes US$471-Bln Purchase of Maritrans P J TOOL: Hires Administrator from Butcher Woods PARSELL MINNI-DIE: Calls In Liquidators from Blades Insolvency PROJECT SOLUTIONS: Creditors' Claims Due Jan. 31, 2007 R-BAR AND RESTAURANT: Brings In E J Stonham as Administrator RION LIMITED: Taps Kroll as Joint Administrators ROADCHEF FINANCE: Fitch Affirms BB Rating on GBP42-Million Notes ROUTEONE SOLUTIONS: Hires Alun Evans to Liquidate Assets ROYAL & SUN: Forming Joint Venture with Direct Insurance RSG INSULATION: Claims Filing Period Ends Jan. 5, 2007 RSR FRONT: Brings In Administrators from Berg Kaprow SCOTIA SERVICES: Taps Liquidator from Price & Co. SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12 SEA CONTAINERS: Wants to Hire Appleby Hunter as Special Counsel SHAW GROUP: S&P Holds BB Rating & Removes Negative CreditWatch SOUTH COAST: Taps Portland Business as Administrators STAPLEWOOD SERVICES: Swift Fire Taps MPH Recovery as Receiver TA CAR: Claims Registration Ends Feb. 20, 2007 VACANCY FIELD: Liquidator Sets Feb. 23, 2007 Claims Bar Date WASTE BY WATER: Hires Susan Joy Casey as Liquidator WOODLAND LEISURE: Brings In Butcher Woods as Administrator WOODVALE EVENTS: Brings In Administrator from Begbies Traynor WRDCLOGSYS LIMITED: Taps Joint Administrators from PwC ********* ============= A U S T R I A ============= AKBULUT GASTRONOMIE: Klagenfurt Court Orders Business Shutdown -------------------------------------------------------------- The Land Court of Klagenfurt entered Oct. 16 an order shutting down the business of OEG Akbulut Gastronomie (FN 218999h). Court-appointed property manager Robert Steiner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The property manager can be reached at: Dr. Robert Steiner Ortenburgerstrasse 4 9800 Spittal/Drau, Austria Tel: 04762/22 47 Fax: 04762/4038 E-mail: office@ra-spittal.at Headquartered in Spittal an der Drau, Austria, the Debtor declared bankruptcy on Oct. 6 (Bankr. Case No. 41 S 105/06y). BCM BROKER: Creditors' Meeting Slated for December 19 ----------------------------------------------------- Creditors owed money by LLC BCM Broker (FN 244632d) are encouraged to attend the creditors' meeting at 10:40 a.m. on Dec. 19 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 17 (Bankr. Case No. 2 S 151/06b). Alexander Gruber serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Alexander Gruber Wipplingerstrasse 20 1010 Vienna, Austria Tel: 533 14 17 E-mail: gruberkeg@law-mediation.at BRIGITTA SCHOEN: Creditors' Meeting Slated for December 18 ---------------------------------------------------------- Creditors owed money by LLC Brigitta Schoen (FN 114050x) are encouraged to attend the creditors' meeting at 10:20 a.m. on Dec. 18 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1609 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 17 (Bankr. Case No. 38 S 59/06p). Karl Schirl serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Karl Schirl Krugerstrasse 17/3 1010 Vienna, Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at CM RADER: Linz Court Orders Business Shutdown --------------------------------------------- The Land Court of Linz entered Oct. 16 an order shutting down the business of LLC CM Rader (FN 181470v). Court-appointed property manager Thomas Kurz recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The property manager can be reached at: Mag. Thomas Kurz Roseggerstrasse 58 4020 Linz, Austria Tel: 78 43 31-0 Fax: 78 43 31-57 E-mail: manuela.winkelmayr@haslinger-nagele.com Headquartered in Herzogsdorf, Austria, the Debtor declared bankruptcy on Sept. 27 (Bankr. Case No. 12 S 84/06z). GROSS UND SCHINDLER: Wiener Neustadt Court Shuts Down Business -------------------------------------------------------------- The Land Court of Wiener Neustadt entered Oct. 16 an order shutting down the business of LLC Gross und Schindler (FN 157734m). Court-appointed property manager Valentin Piskernik recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The property manager can be reached at: Mag. Valentin Piskernik Hochstrasse 31 2380 Perchtoldsdorf, Austria Tel: 01/8693888 Fax: 01/869166033 E-mail: anwalt@aon.at Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Oct. 3 (Bankr. Case No. 11 S 102/06w). HRID LLC: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered Oct. 16 an order shutting down the business of LLC HRID (FN 249214t). Court-appointed property manager Walter Kainz recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna, Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 9 (Bankr. Case No. 4 S 142/06v). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. KFM LLC: Creditors' Meeting Slated for December 11 -------------------------------------------------- Creditors owed money by LLC KFM (FN 221589t) are encouraged to attend the creditors' meeting at 10:30 a.m. on Dec. 11 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 17 (Bankr. Case No. 3 S 138/06y). Ulla Reisch serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Ulla Reisch Praterstrasse 62-64 1020 Vienna, Austria Tel: 212 55 00 Fax: 212 55 00 5 E-mail: office.wien@ulsr.at KRENN HERWIG: Creditors' Meeting Slated for December 11 ------------------------------------------------------- Creditors owed money by KEG Krenn Herwig (FN 215399p) are encouraged to attend the creditors' meeting at 10:45 a.m. on Dec. 11 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 17 (Bankr. Case No. 3 S 141/06i). Kurt Freyler serves as the court-appointed property manager of the bankrupt estate. Hans Rant represents Dr. Freyler in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstatte 5 1010 Vienna, Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at ============= B E L G I U M ============= ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe --------------------------------------------------------------- Advanced Micro Devices Inc. received a subpoena from the U.S. Department of Justice Antitrust Division in connection with the DOJ's investigation into potential antitrust violations related to graphics processors and cards. AMD entered the graphics processor business following the company's acquisition of ATI Technologies Inc. on Oct. 25, 2006. The DOJ has not made any specific allegations against AMD or ATI. AMD intends to cooperate with the investigation. Headquartered in Sunnyvale, California, Advanced Micro Devices Inc. -- http://www.amd.com/-- designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. Standard & Poor's removed the rating from CreditWatch negative where it had been placed on July 24, 2006, following the announced acquisition of unrated ATI Technologies Inc. The ratings outlook is negative. At the same time, the rating agency assigned its 'BB-' bank loan rating, one notch above the corporate credit rating, and a '1' recovery rating to the company's proposed US$2.5 billion senior secured term loan, to be used as partial funding of the acquisition. =========== F R A N C E =========== LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share --------------------------------------------------------------- Lazard Ltd. has priced an offering of 13,000,000 shares of Lazard Ltd Class A common stock at a price to the public of US$45.42 per share. Of the 13,000,000 shares, Lazard will sell 7,000,000 shares and the selling shareholders will sell 6,000,000 shares. Lazard will not receive any proceeds from the sale of shares by its selling shareholders. Lazard also granted the underwriters a 30-day option to purchase an additional 1,950,000 shares of common stock from the company at the public offering price to cover over-allotments, if any. Goldman, Sachs & Co. and Lazard Capital Markets were the underwriters of the offering. Copies of the final prospectus relating to the offering may be obtained by contacting: Goldman, Sachs & Co. Prospectus Department 85 Broad Street New York, NY 10004 Tel: (212) 902-1171 Lazard Ltd. -- http://www.lazard.com/-- one of the world's preeminent financial advisory and asset management firms, operates from 29 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides services including mergers and acquisitions advice, asset management, and restructuring advice to corporations, partnerships, institutions, governments, and individuals. In Europe, the firm maintains operations in France, Germany, Spain and the United Kingdom, among others. At June 30, 2006, the company's balance sheet showed US$2.1 billion in total assets and US$2.8 billion in total liabilities resulting in US$745 million stockholders' deficit. ============= G E R M A N Y ============= ANKON GEBAUDEREINIGUNG: Claims Registration Ends December 10 ------------------------------------------------------------ Creditors of ANKON Gebaudereinigung und Dienstleistungs GmbH have until Dec. 10 to register their claims with court-appointed provisional administrator Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 10, 2007, 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 101 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 ANKON Gebaudereinigung und Dienstleistungs GmbH on Oct. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ANKON Gebaudereinigung und Dienstleistungs GmbH 80333 Munich, Germany The administrator can be contacted at: Dr. Hans von Gleichenstein Rottmannstr. 11a 80333 Munich, Germany Tel: 089/5427300 Fax: 089/54273015 ASN-CONSULT: Claims Registration Ends December 8 ------------------------------------------------ Creditors of ASN-Consult GmbH have until Dec. 8 to register their claims with court-appointed provisional administrator Christof Koehling. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Jan. 10, 2007, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Moenchengladbach opened bankruptcy proceedings against ASN-Consult GmbH on Oct. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ASN-Consult GmbH Pastorsgasse 12 a 41199 Moenchengladbach Germany Attn: Gordon Genenger, Manager Watelerstrasse 23 41239 Moenchengladbach Germany The administrator can be contacted at: Christof Koehling Schillerstrasse 22 41061 Moenchengladbach Germany B U B BODENVERBESSERUNGEN: Claims Registration Ends December 12 --------------------------------------------------------------- Creditors of B u B Bodenverbesserungen unter Bauwerken GmbH have until Dec. 12 to register their claims with court-appointed provisional administrator Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Jan. 16, 2007, 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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 Frankfurt (Oder) opened bankruptcy proceedings against B u B Bodenverbesserungen unter Bauwerken GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: B u B Bodenverbesserungen unter Bauwerken GmbH Neutornow 38a 16259 Bad Freienwalde (Oder) Germany The administrator can be contacted at: Justus Schneidewind Eisenhartstrasse 1 14469 Potsdam, Germany BERLINER STRICKMODEN: Creditors' Meeting Slated for December 12 --------------------------------------------------------------- The court-appointed provisional administrator for Berliner Strickmoden Handelsgesellschaft mbH, Petra Hilgers, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on Dec. 12. 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 March 20, 2007, at the same venue. Creditors have until Feb. 1, 2007, to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Berliner Strickmoden Handelsgesellschaft mbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Berliner Strickmoden Handelsgesellschaft mbH Poststr. 2 10178 Berlin, Germany The administrator can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin, Germany BETA ZWEITE: Creditors' Meeting Slated for December 12 ------------------------------------------------------ The court-appointed provisional administrator for Beta Zweite Beteiligungsgesellschaft fuer Wohnungsbau mbH & Co. Wohnen am See KG, Wolfgang Schroeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on Dec. 12. 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 9:25 a.m. on March 13, 2007, at the same venue. Creditors have until Feb. 1, 2007, to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Beta Zweite Beteiligungsgesellschaft fuer Wohnungsbau mbH & Co. Wohnen am See KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Beta Zweite Beteiligungsgesellschaft fuer Wohnungsbau mbH & Co. Wohnen am See KG Scharnweberstr. 1 13405 Berlin, Germany The administrator can be reached at: Dr. Wolfgang Schroeder Genthiner Str. 48 10785 Berlin, Germany DAIMLERCHRYSLER AG: Chrysler Group Achieves 14% Sales Increase -------------------------------------------------------------- For Chrysler Group operations outside North America, November sales gains marked the milestone of 18 consecutive months of year-over-year sales gains; and with one full month left, year-to-date sales have already surpassed the total for all of 2005. This month was the best November sales for Chrysler Group's International operations in 10 years, and the sale of 18,900 units marked an increase of 17% over the same month last year. Dodge Caliber sales accounted for much of the growth in November with 2,867 units sold (15,042 units year-to-date), while top-selling vehicles, such as Jeep(R) Grand Cherokee and Chrysler 300C, continued to perform well. "We are confident that we made a sound decision by increasing the number of vehicles equipped to meet the needs of customers outside North America," said Thomas Hausch, Executive Director of International Sales and Marketing. "This works hand-in-hand with our long-standing initiative to continuously improve customer experience, and our dealers' performance this year has been a major factor in our success." Chrysler Group's year-to-date sales outside North America climbed 14% compared to the same time period last year with 186,080 units sold. All three of Chrysler Group's brands contributed to this gain, with Chrysler brand sales up 6% (82,142 units), Jeep brand up 1% (77,220 units) and Dodge brand up 176% (26,718 units). "All three brands working together to reach customers with very diverse needs is responsible for boosting sales. However, despite the significant gains we've made in some of our key markets, the competition is intense, and we must continue to work hard to maintain sales growth," said Hausch. Western and Central European sales, which account for the largest part of Chrysler Group's sales outside North America, have reached 100,583 units, a 20% increase over the region's 2005 sales through November. The top-three markets, Italy, U.K. and Germany respectively, are all in Western Europe and continued to experience double-digit sales improvement. Growth in Latin America has been another driving force in the sales increases, with year-to-date sales climbing 23% (33,202 units) so far in 2006. Venezuela, the highest-volume market for Chrysler Group in Latin America, ranks as the Company's number-four market outside North America, and has seen 33% growth so far in 2006. For the year, product sales were led by the Jeep Grand Cherokee, with 35,558 units sold year-to-date. It was closely followed by the Chrysler Voyager (32,616 units) and the Jeep Cherokee (24,733 units). The significant sales growth for the Chrysler 300C, 130% year-to-date, has landed the vehicle in the number four position with 23,283 units sold outside North America. "We anticipate continued positive results as more new products reach dealerships in the local markets. By the end of this year, we are confident that a double-digit increase in performance is a lofty, yet attainable goal," said Hausch. "It means, however, that we cannot let up, and must remain dedicated to the business and needs of customers outside North America." Chrysler Group sells and services vehicles in more than 125 countries around the world, and Chrysler Group sales outside North America currently account for approximately 8% of the Company's total global sales. Vehicles available range across all three Chrysler Group brands, with limited availability on some trucks and SUV models. The Company's operations outside North America have been experiencing year-over-year sales increases since 2004, and will continue to increase the number of product offerings, powertrain options and RHD availability through 2007. About DaimlerChrysler Headquartered in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages in the development, manufacture, distribution, and sale of various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. DaimlerChrysler has operations in Australia, China, Indonesia, Japan, Korea, Malaysia, and Thailand. * * * The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. Outlook As reported in the TCR-Europe on Oct. 30, DaimlerChrysler said it expects a slight decrease in worldwide demand for automobiles in the fourth quarter and thus slower market growth than in Q4 2005. For full-year 2006, the company anticipates market growth of around 3%. It expects unit sales in 2006 to be lower than in the previous year (4.8 million units). On Sept. 15, DaimlerChrysler reduced the Group's operating- profit target for 2006 to an amount in the magnitude of US$6.3 billion. Although the company now has to assume that the profit contribution from EADS will be US$0.3 billion lower than originally anticipated because of the delayed delivery of the Airbus A380, DaimlerChrysler is maintaining this earnings target due to very positive business developments in the divisions Mercedes Car Group, Truck Group and Financial Services. DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee ---------------------------------------------------------------- Relative to DURA Automotive Systems, Inc. and its debtor affiliates' Chapter 11 cases, Kelly Beaudin Stapleton, U.S. Trustee for Region 3 pursuant to Section 1102(a)(1) of the Bankruptcy Code, appointed seven creditors to the Official Committee of Unsecured Creditors. The appointed creditors are: (1) Wilfrid Aubrey LLC Attn: Nicholas W. Walsh 100 William Street Suite 1850 New York, NY 10038 Phone: 212-675-4906 Fax: 212-675-3626 (2) BNY Trust Company Midwest. Attn: Robert H. Major 6525 W. Campus Oval New Albany, OH 43054 Phone: 614-775-5278 Fax:614-775-5636 (3) US Bank National Association. Attn: James E. Murphy 100 Wall Street Suite 1600 New York, NY 10005 Phone: 212-361-6174 Fax: 212-514-6841 (4) International Union, UAW Attn: Niraj Ganatra, Esq. 8000 East Jefferson Avenue Detroit, MI 48214 Phone: 313-926-5216 Fax: 313-926-5240 (5) Pension Benefit Guaranty Corporation Attn: William McCarron, Jr. 1200 K Street N.W. Washington, D.C. 20005 Phone: 202-326-4000, ex. 3471 Fax: 202-326-4112 (6) Johnson Electric N.A., Inc. Attn: Douglas G. Eberle 47660 Halyard Drive Plymouth, MI 48170 Phone: 734-392-5308 Fax: 734-392-5388 (7) Thompson I.G., LLC Attn: Christine Maria DeSonia 3196 Thompson Rd. Fenton, MI 48430 Phone: 810-629-9558 Fax: 810-629-8342 Headquarted in Rochester Hills, Michigan, DURA Automotive Systems, Inc. -- http://www.duraauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive and recreation & specialty vehicle industries. DURA, which operates in 63 locations, sells its products to every major North American, Asian and European automotive original equipment manufacturer and many leading Tier 1 automotive suppliers. It currently operates in 63 locations including joint venture companies and customer service centers in 14 countries. In Europe, the company maintains operations in Germany, the United Kingdom, France, Spain, Portugal, Czech Republic, Slovakia and Romania. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. District of Delaware Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GUELDNER GMBH: Claims Registration Ends December 11 --------------------------------------------------- Creditors of Gueldner GmbH have until Dec. 11 to register their claims with court-appointed provisional administrator Michael Schoor. Creditors and other interested parties are encouraged to attend the meeting at 2:10 p.m. on Jan. 16, 2007, 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 Dessau Hall 123 Willy-Lohmann-Road 33 Dessau, 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 Dessau opened bankruptcy proceedings against Gueldner GmbH on Oct. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gueldner GmbH Anger 6 06800 Jessnitz, Germany Attn: Hartmut Gueldner, Manager Dessauer Str. 78 06800 Jessnitz, Germany The administrator can be contacted at: Michael Schoor Schorlemmerstrasse 2 04155 Leipzig, Germany Tel: 0341/4903650 Fax: 0341/4903699 PROFI-JAGD: Claims Registration Ends December 13 ------------------------------------------------ Creditors of Profi-Jagd GmbH have until Dec. 13 to register their claims with court-appointed provisional administrator Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Jan. 15, 2007, 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 Aachen Meeting Room K 3 3rd Floor Alter Posthof 1 52062 Aachen, 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 Aachen opened bankruptcy proceedings against Profi-Jagd GmbH on Oct. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Profi-Jagd GmbH Attn: Frank Poll and Jan-Friedrich Lambrecht, Managers Strasschen 2-4 53925 Kall, Germany The administrator can be contacted at: Siegfried Mueller Markt 10 53894 Mechernich, Germany PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes --------------------------------------------------------------- Fitch Ratings affirmed PROMISE I Mobility 2005-2 Plc notes due in February 2015: -- EUR500,000 Class A+ (ISIN: DE000A0GJ9A9): affirmed at AAA; -- EUR54.9 million Class A (ISIN: DE000A0GJ9B7): affirmed at AAA; -- EUR21.6 million Series B (ISIN: DE000A0GJ9C5): affirmed at AA; -- EUR22.5 million Series C (ISIN: DE000A0GJ9D3): affirmed at A; -- EUR21.6 million Series D (ISIN: DE000A0GJ9E1): affirmed at BBB; and -- EUR14.4 million Series E (ISIN: DE000A0GJ9F8): affirmed at BB+. The affirmations reflect the transaction's stable performance to date. Cumulative defaults total 0.23% of the maximum portfolio notional balance. None of the defaulted loans have completed their work out process, and no losses have been realized in the reference portfolio to date. The proportion of lower-rated assets, measured by the bank's internal rating, has increased slightly to 0.68% from 0% at close in December 2005. The notional balance of the portfolio currently stands at EUR1.8 billion. The first loss threshold has remained at EUR45 million since closing. The deal is in its replenishment period until 2009. This transaction is a synthetic securitization of debt obligations originated by IKB Deutsche Industriebank Aktiengesellschaft to certain small- and medium-sized enterprise clients domiciled in Germany but not restricted to carrying out business there. The reference portfolio may also contain up to 10% of non-German loans provided that the debtor is EU-domiciled or Swiss. The debt obligations may be denominated in GBP, USD, CHF and EUR and consist of drawn and undrawn facilities, loans and guarantees. Promise-I Mobility 2005-2 plc is a special purpose vehicle incorporated with limited liability under the laws of the Republic of Ireland. At closing, IKB bought protection under a bank swap in respect of a EUR1.8 billion reference portfolio from the German public agency Kreditanstalt fur Wiederaufbau. KfW in turn hedged its exposure by issuing certificates of indebtedness credit-linked to the performance of the underlying portfolio of debt obligations, which were purchased by the issuer using the notes proceeds, and by entering into a senior credit default swap with a senior swap provider. The first loss protection was issued directly by IKB. REGAIN LOGISTIK: Claims Registration Ends December 14 ----------------------------------------------------- Creditors of REGAIN Logistik GmbH have until Dec. 14 to register their claims with court-appointed provisional administrator Joern Weitzmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 15, 2007, 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 REGAIN Logistik GmbH on Oct. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: REGAIN Logistik GmbH Theodorstrasse 42-90 Hs.9 22761 Hamburg, Germany Attn: Gunnar Burmann, Manager Grabauerstrasse 1 21493 Basthorst, Germany Thomas Eydeler, Manager Tinsdaler Weg 69a 22880 Wedel, Germany The administrator can be contacted at: Joern Weitzmann Arnold-Heise-Road 9 20249 Hamburg, Germany SOLARFUSION ENERGIESYSTEME: Claims Registration Ends Dec. 13 ------------------------------------------------------------ Creditors of SolarFUSION Energiesysteme GmbH have until Dec. 13 to register their claims with court-appointed provisional administrator Ulrich Kraft. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 24, 2007, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden, 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 Dresden opened bankruptcy proceedings against SolarFUSION Energiesysteme GmbH on Oct. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SolarFUSION Energiesysteme GmbH Bremer Str. 57 01067 Dresden, Germany The administrator can be contacted at: Ulrich Kraft Wasastr. 15 01219 Dresden, Germany Web: http://www.hww-kanzlei.de/ V + S HOCH: Claims Registration Ends December 13 ------------------------------------------------ Creditors of V + S Hoch- und Trockenbau GbR have until Dec. 13 to register their claims with court-appointed provisional administrator Dieter Kuehne. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 17, 2007, 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle, 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 Halle-Saalkreis opened bankruptcy proceedings against V + S Hoch- und Trockenbau GbR on Oct. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: V + S Hoch- und Trockenbau GbR Attn: Marina Vondran and Bernhard Schaper, Managers Voigtstedter Feld 7 06528 Edersleben, Germany The administrator can be contacted at: Dr. Dieter Kuehne Walter-Koehn-Road 1b D-04356 Leipzig, Germany Tel: 0341/339890 Fax: 0341/3398929 Web: http://www.kuebler-gbr.de/ WEERS POELMANN: Claims Registration Ends December 14 ---------------------------------------------------- Creditors of Weers Poelmann Bautrager GmbH & Co. KG have until Dec. 14 to register their claims with court-appointed provisional administrator Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Jan. 11, 2007, 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 Duesseldorf Area A 388 3rd Floor Muehlenstrasse 34 40213 Duesseldorf, 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 Duesseldorf opened bankruptcy proceedings against Weers Poelmann Bautrager GmbH & Co. KG on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Weers Poelmann Bautrager GmbH & Co. KG Attn: Wilfried Weers, Manager Venloer Road 7 40477 Duesseldorf, Germany The administrator can be contacted at: Georg Kreplin Breite Road 27 40213 Duesseldorf, Germany ============= H U N G A R Y ============= INVESTSBERBANK: Fitch Assigns D/E Individual Rating --------------------------------------------------- Fitch Ratings assigned Russia-based Investsberbank ratings of Issuer Default BBB-, Short-term F3, Support 2, Individual D/E, and National Long-term AA+. A Stable Outlook was assigned to both Issuer Default and National Long-term ratings. The Issuer Default, Short-term, Support and National Long-term ratings of ISB are driven by the high potential for support from Hungary's Orszagos Takarekpenztar es Kereskedelmi Bank Nyilvanosan Mukodo Reszvenytarsasag, the largest Hungaria bank, and since recently ISB's major shareholder. The Individual rating reflects ISB's small size by international standards and risks stemming from rapid growth of unsecured retail exposure, which to date have been mitigated by high margins. It also reflects the bank's modest capitalization and the still challenging operating environment. In addition, the Individual rating takes into account the bank's growing franchise, both as a result of organic development and merger with two regional banks in August 2006, adequate asset quality to date and limited market risks. Risk management procedures, business development and the funding profile should also benefit from OTP's involvement. Upward or downward pressure on the bank's IDR will be linked to the financial position of OTP. A successful further diversification into new regions and products, improvement in earnings generation, as well as the realization of funding diversification plans may cause an upgrade in ISB's Individual rating. Downward pressure on the Individual rating is unlikely at present, but the greatest threat to the bank's stand-alone strength might come mainly from deterioration of asset quality following rapid loan growth. Fitch notes that ISB's strong revenue growth in 2005-9M06 was mainly driven by aggressive consumer lending. However, bottom line profitability was adversely affected by expansion-related expenditure and high provisioning charges, which are likely also to be the main sources of profitability pressure in the medium term. The loan portfolio grew 78% in 2005 and a further 60% in 9M06, the latter in part due to the merger. Write-offs have been negligible in the last two years; however, continued expansion into the regions, where payment discipline is lower and collection is more difficult to manage, may result in asset quality deterioration and impaired recovery. Liquidity is adequate, although due to high dependence on retail accounts, is still vulnerable to potential disruptions in the economy. ISB aims to tap international capital markets and plans to increase the share of international borrowings to 25% of liabilities in the medium term. Capital adequacy is under pressure from rapid asset growth; the regulatory capital ratio was 11.4% at end-9M06. To support continued growth, OTP plans to contribute RUR5.3 billion of new capital in 2007, of which RUR1.3bn may come in Q107. ISB is a medium-sized Russian bank formed as a result of the merger during 2005-2006 of four banks, including three in the regions, under the Investsberbank brand. With total consolidated assets of US$1.4 billion, ISB was the 37th-largest Russian bank at end-9M2006. In October 2006, OTP acquired 96.4% of ISB. ============= I C E L A N D ============= STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D --------------------------------------------------------- Fitch Ratings affirmed Straumur-Burdaras Investment Bank ratings at Issue Default BBB-, Short-term F3, Individual C/D, and Support 3. The Outlook on the Issuer Default rating is Stable. The ratings reflect Straumur's strong capital base, the rapid growth of its more sustainable revenue streams, the growing geographic diversification of its assets and revenues and its very low cost-base. They also factor in the bank's large equity exposures, high concentrations in its balance sheet, high reliance on wholesale funding and limited track record in corporate and debt finance activities. Fitch views as encouraging the progress made in these areas during 2006, and further marked improvements would support a positive rating action. Management has been focusing on developing the bank's corporate and debt finance franchise. Recent initiatives include investments in overseas operations and the acquisition of a majority stake in U.K. corporate finance boutique Stamford Partners. These represent positive steps that will support further growth. Net interest and fee income grew substantially, benefiting from the growing franchise and favorable environment. However, reported performance over the first nine months of 2006 was also characterized by considerable, unsustainable financial gains on the back of large equity holdings. These equity holdings remain significant, although they have decreased to around 90% of the bank's equity at end-September 2006 from 143% at end-2005. The quality of the loan book is supported by negligible non- performing loans, offset by the lack of seasoning of the book and still high, albeit decreasing, concentration. Funding is highly reliant on wholesale markets, although the recent launch of a European CLO helps diversify the bank's funding sources. Straumur's strong capital base represents a buffer against some of the bank's specific risks and is instrumental in supporting the planned asset growth. At end-September 2006, Straumur was the fourth-largest bank in Iceland by total assets, although its equity base is comparable in size to Landsbanki Islands' and Glitnir Banki's. It received its investment-banking license in January 2004, and has since pursued its strategy to become a leading specialized investment bank in the Nordic region. ============= I R E L A N D ============= PROMISE I: Fitch Keeps BB+ Rating on EUR14.4-Mln Series E Notes --------------------------------------------------------------- Fitch Ratings affirmed PROMISE I Mobility 2005-2 Plc notes due in February 2015: -- EUR500,000 Class A+ (ISIN: DE000A0GJ9A9): affirmed at AAA; -- EUR54.9 million Class A (ISIN: DE000A0GJ9B7): affirmed at AAA; -- EUR21.6 million Series B (ISIN: DE000A0GJ9C5): affirmed at AA; -- EUR22.5 million Series C (ISIN: DE000A0GJ9D3): affirmed at A; -- EUR21.6 million Series D (ISIN: DE000A0GJ9E1): affirmed at BBB; and -- EUR14.4 million Series E (ISIN: DE000A0GJ9F8): affirmed at BB+. The affirmations reflect the transaction's stable performance to date. Cumulative defaults total 0.23% of the maximum portfolio notional balance. None of the defaulted loans have completed their work out process, and no losses have been realized in the reference portfolio to date. The proportion of lower-rated assets, measured by the bank's internal rating, has increased slightly to 0.68% from 0% at close in December 2005. The notional balance of the portfolio currently stands at EUR1.8 billion. The first loss threshold has remained at EUR45 million since closing. The deal is in its replenishment period until 2009. This transaction is a synthetic securitization of debt obligations originated by IKB Deutsche Industriebank Aktiengesellschaft to certain small- and medium-sized enterprise clients domiciled in Germany but not restricted to carrying out business there. The reference portfolio may also contain up to 10% of non-German loans provided that the debtor is EU-domiciled or Swiss. The debt obligations may be denominated in GBP, USD, CHF and EUR and consist of drawn and undrawn facilities, loans and guarantees. Promise-I Mobility 2005-2 plc is a special purpose vehicle incorporated with limited liability under the laws of the Republic of Ireland. At closing, IKB bought protection under a bank swap in respect of a EUR1.8 billion reference portfolio from the German public agency Kreditanstalt fur Wiederaufbau. KfW in turn hedged its exposure by issuing certificates of indebtedness credit-linked to the performance of the underlying portfolio of debt obligations, which were purchased by the issuer using the notes proceeds, and by entering into a senior credit default swap with a senior swap provider. The first loss protection was issued directly by IKB. SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes ------------------------------------------------------------- Scottish Re Group Limited has amended its bank credit facility agreement that permits a payment of up to US$115 million from Scottish Annuity & Life Insurance Company (Cayman) Ltd. to Scottish Re Group Limited. The payment was transferred to Scottish Re Group Limited on Monday, Dec. 4, 2006. These actions will enable the Company to repurchase the US$115 million 4.5% convertible notes should the holders elect to exercise their put options. The repurchase will occur today, Dec. 6. About Scottish Re Scottish Re Group Limited -- http://www.scottishre.com/-- provides reinsurance of life insurance, annuities and annuity- type products through its operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and Windsor, England. At March 31, 2006, the reinsurer's balance sheet showed US$12.2 billion assets and US$10.8 billion in liabilities * * * As reported in the TCR-Europe on Nov. 29, Moody's Investors Service continues to review the ratings of Scottish Re Group Ltd. with direction uncertain following the announcement by the company that it has entered into an agreement to sell a majority stake to MassMutual Capital Partners LLC, a member of the MassMutual Financial Group and Cerberus Capital Management, L.P., a private investment firm. These ratings continue on review with direction uncertain: * Scottish Re Group Limited: -- senior unsecured debt of Ba3; -- senior unsecured shelf of (P)Ba3; -- subordinate shelf of (P)B1; -- junior subordinate shelf of (P)B1; -- preferred stock of B2; and -- preferred stock shelf of (P)B2. * Scottish Holdings Statutory Trust II: preferred stock shelf of (P)B1; * Scottish Holdings Statutory Trust III: preferred stock shelf of (P)B1; * Scottish Annuity & Life Insurance Co (Cayman) Ltd.: insurance financial strength of Baa3; * Premium Asset Trust Series 2004-4: senior secured debt of Baa3 (based on IFS of SALIC); * Scottish Re (U.S.), Inc.: insurance financial strength of Baa3; * Stingray Pass-Through Certificates: senior secured debt of Baa3 (based on IFS rating of SALIC). At the same time, Standard & Poor's Ratings Services revised the CreditWatch status of its ratings on Scottish Re Group Ltd., Scottish Re's operating companies, and dependent unwrapped securitized deals to positive from negative. The ratings on securitizations that are wrapped or independent of the credit quality of Scottish Re have been affirmed. Scottish Re has a 'CCC' counterparty credit rating, and Scottish Re's operating companies have 'B+' counterparty credit and financial strength ratings. These ratings were placed on CreditWatch negative on July 31, when Scottish Re announced poor second-quarter results and that liquidity was tight. Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain on Rating Watch Negative following the announcement that SCT has entered into an agreement which will result in a new equity investment into the company of US$600 million. SCT's ratings were placed on Rating Watch Negative on July 31, due to concerns regarding the company's ability to repay US$115 million of senior convertible notes that are expected to be put to the company on Dec. 6. The ratings remain on Rating Watch Negative: Scottish Annuity & Life Insurance Company (Cayman) Limited -- IFS at BBB. Scottish Re (U.S.) Inc. -- IFS at BBB. Scottish Re Limited -- IFS at BBB. Scottish Re Group Limited -- IDR at BB; -- 4.5% US$115 million senior convertible notes at BB-; -- 5.875% US$142 million hybrid capital units at B+; and -- 7.25% US$125 million non-cumulative perpetual preferred stock at B+. A.M. Best Co. has downgraded the Financial Strength Rating to B from B+ and the issuer credit ratings to "bb+" from "bbb-" of the primary operating insurance subsidiaries of Scottish Re Group Limited. A.M. Best has also downgraded the ICR of Scottish Re to "b" from "bb-" and all of Scottish Re's debt ratings. All ratings remain under review with negative implications. The FSR has been downgraded to B from B+ and the ICRs have been downgraded to "bb+" from "bbb-" and remain under review with negative implications for the following subsidiaries of Scottish Re Group Limited: -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.; -- Scottish Re (U.S.), Inc.; -- Scottish Re Life Corporation; -- Scottish Re Limited; and -- Orkney Re, Inc. The ICR has been downgraded to "b" from "bb-" and remains under review with negative implications for Scottish Re Group Limited. These debt ratings have been downgraded and remain under review with negative implications: Scottish Re Group Limited -- to "b" from "bb-" on US$115 million 4.5% senior unsecured convertible notes, due 2022; -- to "ccc+" from "b" on US$143 million 5.875% of hybrid capital units, due 2007; and -- to "ccc+" from "b" on US$125 million non-cumulative preferred shares. Stingray Pass-thru Trust -- to "bb" from "bbb-" on US$325 million senior unsecured pass-thru certificates, due 2012 These indicative ratings for debt securities under the shelf registration have been downgraded and remain under review with negative implications: Scottish Re Group Limited -- -- to "ccc+" from "b" on preferred stock; -- to "b-" from "b+" on subordinated debt; and -- to "b" from "bb-" on senior unsecured debt; Scottish Holdings Statutory Trust II and III --to "b-" from "b+" on preferred securities TITAN EUROPE: Fitch Assigns BB Ratings on EUR14.87-Million Notes ---------------------------------------------------------------- Fitch Ratings assigned expected ratings to Titan Europe 2006-5 Plc's commercial mortgage-backed floating-rate notes due 2019: -- EUR330 million Class A1: AAA; -- EUR50,000 Class X: AAA; -- EUR112.3 million Class A2: AAA; -- EUR61.89 million Class A3: AAA; -- EUR56.81 million Class B: AA; -- EUR43 million Class C: A; -- EUR37 million Class D: BBB; -- EUR5 million Class E: BBB-; -- EUR14.87 million Class F: BB; and -- EUR50,000 Class V: Not rated. The final ratings are contingent on the receipt of final documents conforming to information already received. The expected ratings reflect the credit enhancement provided to each Class by the subordination of Classes junior to it, the positive and negative features of the underlying collateral and the integrity of the legal and financial structures. The ratings also address the timely payment of interest on the notes and the ultimate repayment of principal by the final legal maturity in July 2019. This transaction is a securitization of eight commercial mortgage loans with a current aggregate balance of EUR660.9 million and an aggregate market value of EUR980.9 million. The loans are secured by 48 properties, including multifamily, hotel, mixed-use, retail, office and warehouse assets, located across Germany and Spain. The pool's weighted average loan-to- value ratio will be 68.9% at closing, scheduled to reduce to 65.7% at loan maturity. Interest and principal on the notes will be paid quarterly in arrears, commencing in January 2007. Prepayments and balloon payments on the loans will be allocated to the notes according to a "bucket" structure: on a modified pro rata basis, depending on the group to which the loan in question is allocated. The structure will benefit from a EUR50.5 million liquidity facility, which is equivalent to 7% of the initial aggregate outstanding principal balance of the collateral. The amount available for drawdown will decrease as the principal amount outstanding on the loans diminishes but the percentage will represent 12% of the initial aggregate outstanding collateral principal balance. The three largest loans account for 78.3% of the loan pool by current aggregate balance. DIVA is the largest loan and is secured by 14 multifamily assets predominantly located in eastern Germany and Berlin. Rental income from the Adlon, Balneario Blancafort, Carat Park, Monzanova and Hilite loans is either entirely or substantially derived from a single tenant. The portfolio displays some concentration in the multifamily and hotel sectors. The DIVA and Quartier 206 loans have subordinated B-note tranches, which have been carved out of the whole loan and are not included in this transaction. TITAN EUROPE: S&P Rates EUR14.86-Million Class F Notes at BB ------------------------------------------------------------ Standard & Poor's Ratings Services it assigned its preliminary credit ratings to the EUR660.919-million commercial mortgage- backed floating-rate notes to be issued by Titan Europe 2006-5 PLC, a special purpose entity incorporated in Ireland. At the same time, it will issue EUR0.05 of unrated notes. At closing, the issuer will use the note issuance proceeds to acquire a portfolio of eight commercial real-estate loans originated by Credit Suisse International. The loans are secured by commercial properties in Germany and Spain. This transaction is the eighth in the Titan Europe series, originated and arranged by CSI. It uses a similar structure as the previous transactions. A liquidity facility of EUR50.5 million will be available to cover any shortfalls in interest payments on the loans, issuer's senior expenses, and any property protection payments. This amount is equivalent to 7% of the initial loan/subordinate debt principal amount outstanding. Ratings List Titan Europe 2006-5 PLC EUR660.969 Million Commercial Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A1 AAA 333 X(1) AAA 0.05 A2 AAA 112 A3 AAA 61.89 B AA 56.8 C A 43 D BBB 37 E BBB- 5 F(2) BB 14.86 V NR 0.05 (1) Excess spread in the transaction is monetized using the class X notes. (2) Subject to an available funds cap. Interest on the class F notes is paid subject to an available funds cap and after paying certain liquidity costs. Consequently, holders of the class F notes may receive less than the stated three-month EURIBOR plus a margin, under certain prepayment scenarios. NR-Not rated. ================== K A Z AK H S T A N ================== BANK TURANALEM: S&P Revises Outlook to Positive on Capital Plan --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Kazakhstan-based Bank TuranAlem to positive from stable. At the same time, its 'BB/B' long- and short-term counterparty credit ratings were affirmed. The rating action reflects the shareholders' plan to inject a total of US$400 million of new capital by the end of the first quarter of 2007, demonstrating their commitment and support to the bank -- although this is just enough to maintain capitalization at tight levels given continued fast balance sheet growth. "It also reflects the bank's less aggressive future growth strategy, improving ownership transparency, and clearer group disclosure regarding subsidiaries in Russia and CIS, which are expected to be fully consolidated by year-end 2007," said Standard & Poor's credit analyst Magar Kouyoumdjian. "The outlook reflects BTA's relatively strong financials and good infrastructure, which put the bank in a good position to take advantage of the current positive economic trends and to mature with the market," added Mr. Kouyoumdjian. The bank is adapting to the changing nature of Kazakhstan's banking market, currently characterized by shrinking margins and smaller foreign-exchange gains, through product and revenue diversification. Ratings could be raised if: -- BTA demonstrates a good track record of effectively managing its continued fast loan growth, particularly in riskier external markets; -- diversifying risk; and -- addressing its weak core capitalization. Any adverse development on these fronts could be detrimental to ratings. Further improvements in ownership transparency could also be beneficial for the ratings on BTA ratings. CENTRAL ASIA OIL: Creditors Must File Claims by Jan. 12, 2007 ------------------------------------------------------------- LLP Central Asia Oil Services has declared insolvency. Creditors have until Jan. 12, 2007, to submit written proofs of claim to: LLP Central Asia Oil Services Shevchenko Str. 157 Almaty, Kazakhstan COMPASS LLP: Creditors' Claims Due Jan. 10, 2007 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Compass insolvent. Creditors have until Jan. 10, 2007, to submit written proofs of claim to: LLP Compass Gogol Str. 177a Kostanai Kostanai Region Kazakhstan DORSNABREGION LLP: Claims Registration Ends Jan. 12, 2007 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region declared LLP Dorsnabregion insolvent. Creditors have until Jan. 12, 2007, to submit written proofs of claim to: LLP Dorsnabregion Altynsarin Str. 31 Aktobe Aktube Region Kazakhstan Tel: 8 (3132) 21-30-32 GOLD INDUSTRIES: Claims Filing Period Ends Jan. 12, 2007 -------------------------------------------------------- LLP Gorno-Rudnaya Companiya Mining Company Gold Industries has declared insolvency. Creditors have until Jan. 12, 2007, to submit written proofs of claim to: LLP Gold Industries Micro District 12, 9/1-24 Almaty, Kazakhstan GRUP SERVICII: Claims Registration Ends Jan. 12, 2007 ----------------------------------------------------- The Branch of the Company Grup Servicii Petroliere S.A. has declared insolvency. Creditors have until Jan. 12, 2007, to submit written proofs of claim to: Grup Servicii Petroliere S.A. Shevchenko Str. 157 Almaty, Kazakhstan KAZINVESTBANK: S&P Assigns B/B Counterparty Credit Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B/B' long- and short-term counterparty credit ratings to Kazakhstan-based KazInvestBank. At the same time, it assigned its 'kzBB+' Kazakhstan national scale rating to the bank. The outlook is stable. "The ratings on KazInvestBank are constrained by its modest domestic franchise with a short track record of operations, rapid loan growth, high concentration on both sides of the balance sheet, low financial flexibility, and low profitability," said Standard & Poor's credit analyst Annette Ess. Supportive rating factors are: -- its niche strategy, which is focused on profitability versus market share, -- its strong management team, -- better developed risk management than at other local banks, and -- transparent and supportive shareholders. The stable outlook reflects S&P's expectations that the longer track record of the bank's focused niche strategy implemented by the strong management team should translate into profitability improvements, that shareholder capital injections will support its growth, and that capitalization ratios will remain adequate. "An upgrade will result from a longer track record, improved profitability, reduction in loan concentration levels, and funding diversification," added Ms. Ess. Conversely, a deterioration of capitalization levels and asset quality will result in a downgrade. MECHANOMONTAGE OJSC: Creditors' Claims Due Jan. 12, 2007 -------------------------------------------------------- The Temirtausky Montajny Branch No.1 of OJSC Mechanomontage has declared insolvency. Creditors have until Jan. 12, 2007, to submit written proofs of claim to: OJSC Mechanomontage Michurin Str. 30 Temirtau Karaganda Region Kazakhstan NEDEJDA-98 LLP: Proof of Claim Deadline Slated for Jan. 12, 2007 ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Nedejda-98 insolvent. Creditors have until Jan. 12, 2007, to submit written proofs of claim. Inquiries can be addressed to 8 (3142) 22-02-93, 26-62-66. STROY TORG: Almaty Court Opens Bankruptcy Proceedings ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against LLP Construction Company Stroy Torg Meterialy (RNN 600800506512) on Oct. 31. TECHNOCOM-SERVICE: Almaty Court Begins Bankruptcy Proceedings ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against LLP Technocom-Service (RNN 6007000176283) on Nov. 3. THREE STARS: Almaty Court Starts Bankruptcy Procedure ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against LLP Three Stars Company (RNN 600900180993) on Nov. 3. =================== K Y R G Y Z S T A N =================== SPK IMANTAY: Final Creditors' Meeting Slated for Dec. 14 -------------------------------------------------------- The temporary insolvency manager of the SPK Imantay will discuss his final report at a creditors' meeting at 11:00 a.m. on Dec. 14 at: Building of Ortoevsky Local Government Garaj District, 13 Telman Chui Region Kyrgyzstan Tel: (0-502) 69-39-97 SULUKTA KOMUR: Public Auction Scheduled for Dec. 14 --------------------------------------------------- The State Tax Inspection will auction OJSC Sulukta Komur's properties to the public at 10:00 a.m. on Dec. 14 at: Building of ABK OJSC Sulukta Komur Shahta Str. 6-18 Sulukta Batken Region Kyrgyzstan The assets for sale include: -- Lot 1: building of ABK OJSC Sulukta Komur Location: Shahta Str. 6-18 Sulukta Batken Region Kyrgyzstan Starting price: KGS2,042,645 -- Lot 2: building of OJSC Sulukta Komur's substation Location: Shahta Str. 6-18 Sulukta Batken Region Kyrgyzstan Starting price: KGS72,073 Participants have until 5:30 p.m. on Dec. 13 to submit their bids and necessary documents to: Room 2 Building of State Tax Inspection Razzakov Str. 7 Batken Region Kyrgyzstan Tel: (+996 3653) 2-27-00 (+996 3653) 2-25-31 (+996 3653) 2-25-61 ===================== N E T H E R L A N D S ===================== FIXED-LINK FINANCE 2: Fitch Downgrades GBP120-Mln Notes to B- ------------------------------------------------------------- Fitch Ratings downgraded the ratings of Fixed-Link Finance 2 B.V.'s unwrapped debt tranche to B- from B. Its Recovery rating is affirmed at RR1, denoting "outstanding recovery prospects given default." Its guaranteed notes are affirmed at AAA. The ratings for Fixed-Link Finance B.V.'s Class A, Class B and Class C notes remain on Rating Watch Negative and its guaranteed Class G notes are affirmed at AAA. FLF1 and FLF2 are Eurotunnel-related debt repackaging vehicles. Even though Eurotunnel is progressing with the various classes of creditor voting for the restructuring plan, it looks very certain that January and February 2007 interest payments on Eurotunnel's debt will not be paid. This is expected to constitute an event of default under FLF2's documentation. Under the French "procedure de sauvegarde" court protection Eurotunnel is protected from paying interest payments until a restructuring plan is implemented. However, as part of the restructuring plan, which creditors are voting upon, Eurotunnel has disclosed that Tier 1A principal plus accrued interest is expected to be repaid from proceeds of a new term loan when the plan is implemented. The earliest expected timing for the refinancing to be implemented is end-March 2007 or thereafter. Furthermore, as expected, it is stated that Tier 1A's principal is expected to be repaid in full at par. This will therefore be used to repay FLF2's debt at par. Taking into account other potential costs within FLF2, Fitch has maintained the RR1 Recovery rating for its unwrapped notes. The ratings of FLF1 are unaffected by the expected interest shortfalls in January 2007 as this vehicle has sufficient forms of liquidity to pay its Class A, B and C bonds' interest payments over the short-term. The ratings for FLF1 and FLF2 are: FLF 1: -- GBP200 million Class A1 notes due 2025: BB+ RWN; -- EUR103 million Class A2 notes due 2025: BB+ RWN; -- GBP0.05 million Class B1 notes due 2025: B+ RWN; -- EUR135 million Class B2 notes due 2025: B+ RWN; -- EUR142 million Class C2 notes due 2025: B- RWN; and -- GBP232 million Class G1 and EUR365 million Class G2 notes, all due 2025, are affirmed at AAA. FLF 2: -- GBP120 million Class A notes due 2026 downgraded to B- from B. RR1 affirmed; -- GBP620 million guaranteed notes due 2027/28 affirmed at AAA. Eurotunnel's Tier 1A debt forms the collateral for the FLF2 notes. GETRONICS NV: Presents Strategy Updates to Shareholders ------------------------------------------------------- Klaas Wagenaar, CEO of Getronics N.V., gave shareholders an update on the strategy of the company in an Extraordinary General Meeting of Shareholders on Dec. 1 in Amsterdam. Key elements of the update are Getronics' commitment to: -- Excellence - enabling its clients to increase their employees' performance and to meet their business objectives through providing high quality ICT services; -- Focus - focusing on maintaining Getronics' leading market position in the Netherlands, and strengthening its position in Belgium, the U.K. and the U.S.; -- Value - maximizing value, and further lowering the risk profile of the company by analyzing all parts of its business outside its key markets in the Netherlands, Belgium, the United Kingdom and the United States, and, where appropriate, replacing non-core operations with local partners; and -- Financial Strength - reducing the ratio of debt to EBITDA to 2 or less by the end of 2008 by improving the operating margin and by reducing gross debt. Excellence The market and Getronics' clients continue to demand services and solutions that are high quality, cost-effective, and support a more centralized or remote model. With the Future-Ready Workspace, Getronics is leading the way in enabling workforce productivity, providing full support and services to its clients worldwide through its strong local presence and its Global Service Delivery Model. Mr. Wagenaar confirmed Getronics' focus on helping its clients to maximize workforce productivity through its Future-Ready Workspace proposition and applications services. Getronics has publicly declared its intention to become one of the top three companies in the world in workspace management. In 2006, Getronics has moved from number five to number four in the list of top global workspace management companies. The launch of the Future-Ready Workspace in November has further strengthened its position in this area. In addition, the company will continue to build on its expertise in applications services and professional and transformation consulting services to enable high performance enterprises by boosting workforce productivity. Focus and Value The company will focus on maintaining its leading market position in the Netherlands and strengthening its position in Belgium, the U.K. and the U.S. Getronics will continue to carry out reviews of its business outside the four key geographies to identify non-core operations. Where appropriate, these will be divested and added to Getronics' long established Certified Service Partner network. These divestments will lower the company's overall risk profile, support the market and our clients' demands, and enable selected investments in key service areas or geographies. Financial Strength In order to accomplish its objectives, in addition to its Portfolio services and strong market proposition, Getronics needs a strong financial position. This requires a sharper focus on its key markets and core capabilities. In particular, the company aims to reduce the ratio of debt to EBITDA to 2 or less by the end of 2008 by improving the operating margin and by reducing gross debt. "In our view, the Board of Management has a clear and convincing strategy and should be given the opportunity to carry it through," Rinus Minderhoud, Chairman of the Supervisory Board, added. "We fully support the Board of Management under the leadership of its CEO, Klaas Wagenaar." 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. * * * 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. 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. GRESHAM CAPITAL: Moody's Puts Low-B Ratings on Class E & F Notes ---------------------------------------------------------------- Moody's assigned provisional ratings to these notes to be issued by Gresham Capital CLO III B.V., a special purpose company established under the laws of the Netherlands: -- Class A-1E Senior Secured Floating Rate Notes due 2027: (P)Aaa; -- Class A-1S Senior Secured Floating Rate Notes due 2027: (P)Aaa; -- Class A-1R Senior Secured Revolving Floating Rate Notes due 2027:(P)Aaa; -- Class A-2 Senior Secured Floating Rate Notes due 2027; (P)Aaa; -- Class B Senior Secured Floating Rate Notes due 2027:(P)Aa2; -- Class C Senior Secured Deferrable Floating Rate Notes due 2027: (P)A2; -- Class D Senior Secured Deferrable Floating Rate Notes due 2027: (P)Baa2; -- Class E Senior Secured Deferrable Floating Rate Notes due 2027: (P)Ba2; and -- Class F Senior Secured Deferrable Floating Rate Notes due 2027: (P)B2. Subordinated Notes will also be issued but are not rated by Moody's. The ratings address the expected loss posed to investors by the legal final maturity. This transaction is a high yield collateralized loan obligation related to a portfolio comprised primarily of European senior and mezzanine loans (with a predominance of senior secured loans). The investments may also include CLOs and synthetic securties. The Senior Secured Revolving Floating Rate Notes provide for drawings denominated either in EUR, GBP, US$, DKK, NOK, SEK and CHF or any other currency subject to Rating Agency Confirmation. This portfolio will be partially acquired at closing and partially during the nine month ramp-up period. Thereafter, the portfolio of debt obligations will be actively managed and the investment manager will be able to buy or sell debt obligations on behalf of the Issuer. Any addition or removal of debt obligations will be subject to a number of portfolio criteria. Investec Bank (U.K.) Ltd. will act as investment manager for the transaction. This is the investment manager's third European CLO. The transaction was arranged by Barclay's Capital. Moody's assigns provisional ratings prior to the closing of the transaction based on the available information. After complete review of the final documentation, Moody's will endeavor to assign definitive ratings and will disseminate them through our Client Service Desk. A definitive rating may differ from a provisional rating. KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln --------------------------------------------------------------- Koninklijke Ahold N.V. has reached agreement on the divestment of its retail operation in Poland to Carrefour through the sale of the shares of Ahold Polska Sp. z o.o. The transaction is valued at EUR375 million, and will consist of a cash consideration and assumed debt. The final purchase price is subject to customary price adjustments. Closing of the transaction is expected in the first half of 2007 and is subject to the fulfillment of certain conditions, including anti-trust approval. Throughout Poland, Ahold operates 179 supermarkets that trade under the Albert banner, 15 compact hypermarkets trading under the Hypernova banner and four gas stations. "As part of our Strategic Retail Review, we announced last month that we would be divesting our Polish retail operation," Anders Moberg, Ahold President & CEO, commented. "I would like to express my gratitude to our Polish colleagues for their commitment to customer service and operational excellence as we move towards completion of the transaction next year." Ahold has been active in Poland since 1995 and currently employs approximately 10,000 people. About Ahold Headquartered in Amsterdam, the Netherlands, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, and Europe. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's have assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== P O L A N D =========== KONINKLIJKE AHOLD: Sells Polish Ops to Carrefour for EUR375 Mln --------------------------------------------------------------- Koninklijke Ahold N.V. has reached agreement on the divestment of its retail operation in Poland to Carrefour through the sale of the shares of Ahold Polska Sp. z o.o. The transaction is valued at EUR375 million, and will consist of a cash consideration and assumed debt. The final purchase price is subject to customary price adjustments. Closing of the transaction is expected in the first half of 2007 and is subject to the fulfillment of certain conditions, including anti-trust approval. Throughout Poland, Ahold operates 179 supermarkets that trade under the Albert banner, 15 compact hypermarkets trading under the Hypernova banner and four gas stations. "As part of our Strategic Retail Review, we announced last month that we would be divesting our Polish retail operation," Anders Moberg, Ahold President & CEO, commented. "I would like to express my gratitude to our Polish colleagues for their commitment to customer service and operational excellence as we move towards completion of the transaction next year." Ahold has been active in Poland since 1995 and currently employs approximately 10,000 people. About Ahold Headquartered in Amsterdam, the Netherlands, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, and Europe. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's have assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== R U S S I A =========== BALTIC TRANSIT: Court Names A. Trifonov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad Region appointed Mr. A. Trifonov as Insolvency Manager for CJSC Baltic Transit. He can be reached at: A. Trifonov Post User Box 383 OPS-100 170100 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-27300/2006. 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: CJSC Baltic Transit Ligovskiy Pr. 29 16N St. Petersburg Region Russia BAYKALSKIYE WATERS: Court Names S. Mikhaylenko to Manage Assets --------------------------------------------------------------- The Arbitration Court of Irkutsk Region appointed Mr. S. Mikhaylenko as Insolvency Manager for OJSC Baykalskiye Waters. He can be reached at: S. Mikhaylenko 30th Divizii Str. 7-71 664081 Irkutsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-754/05-38. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: OJSC Baykalskiye Waters Office 501 Mayakovskogo Str. 25 664005 Irkutsk Region Russia BUILDING COMPANY: Court Names P. Tarasov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Yaroslavl Region appointed Mr. P. Tarasov as Insolvency Manager for CJSC Building Company. He can be reached at: P. Tarasov Post User Box 19 OPS-100 170100 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-11942/06-3-B/473. The Debtor can be reached at: CJSC Building Company Pestretsovo Zavolzhye Yaroslavl Region Russia BUILDER LLC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Stavropol Region commenced bankruptcy supervision procedure on LLC Builder. The case is docketed under Case No. A63-5449/06-S5. The Temporary Insolvency Manager is: A. Alikhanov Apartment 6 45 Parallel Str. 14 355000 Stavropol Region Russia The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: LLC Builder Nizyaeva Str. 41 Nevinnomyssk Stavropol Region Russia CHAINSKIY MASLODEL: Court Names Y. Chigarev to Manage Assets ------------------------------------------------------------ The Arbitration Court of Tomsk Region appointed Mr. Y. Chigarev as Insolvency Manager for OJSC Chainskiy Maslodel. He can be reached at: Y. Chigarev Office 10 Komsomolskiy Pr. 58 634021 Tomsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A67-20262/05. The Debtor can be reached at: OJSC Chainskiy Maslodel Ostrovskogo Str. 12 Podgornoye Tomsk Region Russia FROLOVSKIY FACTORY: Court Names E. Slushkin to Manage Assets ------------------------------------------------------------ The Arbitration Court of Volgograd Region appointed Mr. E. Slushkin as Insolvency Manager for LLC Frolovskiy Factory of Reinforced-Concrete Goods. He can be reached at: E. Slushkin Post User Box 1034 400105 Volgograd Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-32214/06-s48. The Debtor can be reached at: LLC Frolovskiy Factory of Reinforced-Concrete Goods Zelenovskiy Frolovskiy Region Volgograd Region Russia GAZPROMBANK OAO: Central Bank Registers US$1.3-Bln Share Issue -------------------------------------------------------------- The Central Bank of Russia has registered OAO Gazprombank's additional 6.666-million share issue, RIA Novosti says. Gazprombank set the offering's price at RUR5,184 apiece for a total worth of US$1.3 billion. The issue comprises common registered shares with par value of RUR1,000 each, RIA Novosti cites a company statement. The share issue will increase Gapzrombank's charter capital by 50% from RUR13.33 billion to RUR20 billion. Gazpfond, OAO Gazprom's pension, will acquire the entire share issue, increasing its stake in Gazprombank to 33.3%. About Gazprombank Headquartered in Moscow, Russian Federation, Gazprombank -- http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom, offers services primarily to the gas industry. It offers syndicated loans, participation loans, factoring, lease financing, cash and settlement services, money transfers and credit cards. * * * As reported in the TCR-Europe on Dec. 4, Standard & Poor's Ratings Services affirmed its 'BB+/B' long-and short-term counterparty credit ratings and 'ruAA+' Russia national scale rating on Gazprombank, following the upgrade of its 100% owner, OAO Gazprom, to 'BBB' from 'BBB-.' At the same time, the ratings on Gazprombank were removed from CreditWatch, where they had been placed with positive implications on Nov. 15, following a review of government influence on Russian government-related entities (GREs), including Gazprom. The outlook is stable. Standard & Poor's Ratings Services also assigned its preliminary credit ratings to the EUR143.2-million and RUR864-million mortgage-backed fixed- and floating-rate notes to be issued by Dali Capital PLC, a special purpose entity incorporated as a limited liability company in Ireland. The proceeds from the note issuance will be used to buy three classes of loan notes issued by a special purpose entity incorporated under Luxembourg law. The Luxembourg SPE, Gazprombank Mortgage Funding 1 S.A., will in turn use the proceeds from the sale of the loan notes to purchase a pool of performing mortgage certificates granted to Russian individuals. The certificates are denominated in Russian rubles and are secured over residential properties in Russia. On Dec. 22, 2005, Moody's Investors Service upgraded Gazprombank's Financial Strength Rating to D- from E+; the bank's Baa2/Prime-2 long-term and short-term foreign currency deposits ratings as well as its Baa1 long-term senior debt rating remain unchanged. Moody's said the outlook for the ratings is stable. GAZPROMBANK OAO: Eyes Up to US$1.5-Billion Foreign Loans in 2007 ---------------------------------------------------------------- OAO Gazprombank plans to secure up to US$1.5 billion in loans from foreign markets in 2007, Deputy CEI Alexander Sobol told RIA Novosti. Mr. Sobol revealed that the bank might start issuing yen- denominated Samurai bonds after acquiring a rating from Japanese Credit Rating Agency. Mr. Sobol expects the company to receive a rating from JCR within two months and issue Samurai bonds no sooner than May 2007. Mr. Sobol, however, said that the bank would still issue ruble- denominated bonds to secure loans on the domestic market in 2007. About Gazprombank Headquartered in Moscow, Russian Federation, Gazprombank -- http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom, offers services primarily to the gas industry. It offers syndicated loans, participation loans, factoring, lease financing, cash and settlement services, money transfers and credit cards. * * * As reported in the TCR-Europe on Dec. 4, Standard & Poor's Ratings Services affirmed its 'BB+/B' long-and short-term counterparty credit ratings and 'ruAA+' Russia national scale rating on Gazprombank, following the upgrade of its 100% owner, OAO Gazprom, to 'BBB' from 'BBB-.' At the same time, the ratings on Gazprombank were removed from CreditWatch, where they had been placed with positive implications on Nov. 15, following a review of government influence on Russian government-related entities (GREs), including Gazprom. The outlook is stable. Standard & Poor's Ratings Services also assigned its preliminary credit ratings to the EUR143.2-million and RUR864-million mortgage-backed fixed- and floating-rate notes to be issued by Dali Capital PLC, a special purpose entity incorporated as a limited liability company in Ireland. The proceeds from the note issuance will be used to buy three classes of loan notes issued by a special purpose entity incorporated under Luxembourg law. The Luxembourg SPE, Gazprombank Mortgage Funding 1 S.A., will in turn use the proceeds from the sale of the loan notes to purchase a pool of performing mortgage certificates granted to Russian individuals. The certificates are denominated in Russian rubles and are secured over residential properties in Russia. On Dec. 22, 2005, Moody's Investors Service upgraded Gazprombank's Financial Strength Rating to D- from E+; the bank's Baa2/Prime-2 long-term and short-term foreign currency deposits ratings as well as its Baa1 long-term senior debt rating remain unchanged. Moody's said the outlook for the ratings is stable. GAZPROMBANK OAO: Floating RUR5-Billion Bonds on MICEX Today ----------------------------------------------------------- OAO Gazprombank will float a second tranche of bonds worth RUR5 billion (US$190 million) on the Moscow Interbank Currency Exchange today, Dec. 6, RIA Novsoti says. The company will issue 5 million bonds at RUR1,000 apiece with a maturity date of Nov. 20, 2013. The bonds will be placed though open subscription at par value, RIA Novsoti relates. About Gazprombank Headquartered in Moscow, Russian Federation, Gazprombank -- http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom, offers services primarily to the gas industry. It offers syndicated loans, participation loans, factoring, lease financing, cash and settlement services, money transfers and credit cards. * * * As reported in the TCR-Europe on Dec. 4, Standard & Poor's Ratings Services affirmed its 'BB+/B' long-and short-term counterparty credit ratings and 'ruAA+' Russia national scale rating on Gazprombank, following the upgrade of its 100% owner, OAO Gazprom, to 'BBB' from 'BBB-.' At the same time, the ratings on Gazprombank were removed from CreditWatch, where they had been placed with positive implications on Nov. 15, 2006, following a review of government influence on Russian government-related entities (GREs), including Gazprom. The outlook is stable. Standard & Poor's Ratings Services also assigned its preliminary credit ratings to the EUR143.2-million and RUR864-million mortgage-backed fixed- and floating-rate notes to be issued by Dali Capital PLC, a special purpose entity incorporated as a limited liability company in Ireland. The proceeds from the note issuance will be used to buy three classes of loan notes issued by a special purpose entity incorporated under Luxembourg law. The Luxembourg SPE, Gazprombank Mortgage Funding 1 S.A., will in turn use the proceeds from the sale of the loan notes to purchase a pool of performing mortgage certificates granted to Russian individuals. The certificates are denominated in Russian rubles and are secured over residential properties in Russia. On Dec. 22, 2005, Moody's Investors Service upgraded Gazprombank's Financial Strength Rating to D- from E+; the bank's Baa2/Prime-2 long-term and short-term foreign currency deposits ratings as well as its Baa1 long-term senior debt rating remain unchanged. Moody's said the outlook for the ratings is stable. INVESTSBERBANK: Fitch Assigns D/E Individual Rating --------------------------------------------------- Fitch Ratings assigned Russia-based Investsberbank ratings of Issuer Default BBB-, Short-term F3, Support 2, Individual D/E, and National Long-term AA+. A Stable Outlook was assigned to both Issuer Default and National Long-term ratings. The Issuer Default, Short-term, Support and National Long-term ratings of ISB are driven by the high potential for support from Hungary's Orszagos Takarekpenztar es Kereskedelmi Bank Nyilvanosan Mukodo Reszvenytarsasag, the largest Hungaria bank, and since recently ISB's major shareholder. The Individual rating reflects ISB's small size by international standards and risks stemming from rapid growth of unsecured retail exposure, which to date have been mitigated by high margins. It also reflects the bank's modest capitalization and the still challenging operating environment. In addition, the Individual rating takes into account the bank's growing franchise, both as a result of organic development and merger with two regional banks in August 2006, adequate asset quality to date and limited market risks. Risk management procedures, business development and the funding profile should also benefit from OTP's involvement. Upward or downward pressure on the bank's IDR will be linked to the financial position of OTP. A successful further diversification into new regions and products, improvement in earnings generation, as well as the realization of funding diversification plans may cause an upgrade in ISB's Individual rating. Downward pressure on the Individual rating is unlikely at present, but the greatest threat to the bank's stand-alone strength might come mainly from deterioration of asset quality following rapid loan growth. Fitch notes that ISB's strong revenue growth in 2005-9M06 was mainly driven by aggressive consumer lending. However, bottom line profitability was adversely affected by expansion-related expenditure and high provisioning charges, which are likely also to be the main sources of profitability pressure in the medium term. The loan portfolio grew 78% in 2005 and a further 60% in 9M06, the latter in part due to the merger. Write-offs have been negligible in the last two years; however, continued expansion into the regions, where payment discipline is lower and collection is more difficult to manage, may result in asset quality deterioration and impaired recovery. Liquidity is adequate, although due to high dependence on retail accounts, is still vulnerable to potential disruptions in the economy. ISB aims to tap international capital markets and plans to increase the share of international borrowings to 25% of liabilities in the medium term. Capital adequacy is under pressure from rapid asset growth; the regulatory capital ratio was 11.4% at end-9M06. To support continued growth, OTP plans to contribute RUR5.3 billion of new capital in 2007, of which RUR1.3bn may come in Q107. ISB is a medium-sized Russian bank formed as a result of the merger during 2005-2006 of four banks, including three in the regions, under the Investsberbank brand. With total consolidated assets of US$1.4 billion, ISB was the 37th-largest Russian bank at end-9M2006. In October 2006, OTP acquired 96.4% of ISB. KOLSKIY GRANITE: Murmansk Bankruptcy Hearing Slated for Jan. 31 --------------------------------------------------------------- The Arbitration Court of Murmansk Region will convene at 11:00 a.m. on Jan. 31, 2007, to hear the bankruptcy supervision procedure on LLC Kolskiy Granite. The case is docketed under Case No. A42-5708/2006. The Temporary Insolvency Manager is: K. Ipatov Metallurgov Pr. 2 A Monchegorsk 184511 Murmansk Region Russia The Arbitration Court of Murmansk Region is located at: Knipovicha Str. 20 Murmansk Region Russia The Debtor can be reached at: LLC Kolskiy Granite Monchegorsk Murmansk Region Russia KRASNAYA USHNA: Court Names A. Shurov as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Vladimir Region appointed Mr. A. Shurov as Insolvency Manager for OJSC Glass Factory Krasnaya Ushna. He can be reached at: A. Shurov Radiozavodskoye Shosse 2a Murom 602264 Vladimir Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A11-4042/2006-K1-182B. The Arbitration Court of Vladimir Region is located at: Oktyabrskiy Pr. 14 600025 Vladimir Region Russia The Debtor can be reached at: OJSC Glass Factory Krasnaya Ushna Krasnaya Ushna Selivanovskiy Region 602223 Vladimir Region Russia NORTH-WEST OIL: Court Names A. Trifonov to Manage Assets -------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad Region appointed Mr. A. Trifonov as Insolvency Manager for CJSC North- West Oil Group. He can be reached at: A. Trifonov Post User Box 383 OPS-100 170100 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-31770/2006. 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: CJSC North-West Oil Group Tambasova Str. 12 St. Petersburg Region Russia OIL-INVEST LLC: Court Names A. Trifonov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad Region appointed Mr. A. Trifonov as Insolvency Manager for LLC Oil- Invest. He can be reached at: A. Trifonov Post User Box 383 OPS-100 170100 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-27459/2006. 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 Oil-Invest Dekabristov Per. 5/17 St. Petersburg Region Russia PETRAKOVSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 26 --------------------------------------------------------- The Arbitration Court of Novosibirsk Region will convene on Feb. 26, 2007, to hear the bankruptcy supervision procedure on CJSC Petrakovskoye. The case is docketed under Case No. A45-17412/06-48/335. The Temporary Insolvency Manager is: Ya. Gomerov Post User Box 325 Krasnoobsk 630501 Novosibirsk Region Russia The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Petrakovskoye Petraki Zdvinskiy Region Novosibirsk Region Russia RYBINSK-WOOD CJSC: Court Names P. Tarasov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Yaroslavl Region appointed Mr. P. Tarasov as Insolvency Manager for CJSC Rybinsk-Wood. He can be reached at: P. Tarasov Post User Box 19 OPS-100 170100 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-10845/2006-56-B/445. The Debtor can be reached at: CJSC Rybinsk-Wood Krestovaya Str. 28 Rybinsk Yaroslavl Region Russia ROSNEFT OIL: Inks Interim Deal to Explore Arctic with BP -------------------------------------------------------- OAO Rosneft Oil Co. and BP Plc signed a bilateral Letter of Intent to carry out joint studies in the basins of the Arctic region of the Russian Federation. The main purpose of the document is to identify specific areas of mutual interest within the region for the purposes of jointly accessing hydrocarbon exploration opportunities. The LoI states that the parties and their affiliates will seek to work together to obtain any rights to geological study and/or production of hydrocarbons in the region that may be offered by the Russian Government. Rosneft and BP agreed to form a joint working group by the end of 2006 to negotiate a cooperation agreement in the Arctic region based on the principles of the LoI. The companies agreed that the LoI would be effective until 31 December 2007 with the possibility of further extension. About BP Headquartered in London, United Kingdom, BP plc -- http://www.bp.com/has three operating segments: Exploration and Production; Refining and Marketing, and Gas, Power and Renewables. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://ns.roilcom.ru/english/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. SBERBANK ROSSII: Russian Government Eyes Favorable IPO Terms ------------------------------------------------------------ The Russia government will ensure beneficial terms for initial public offerings of state-controlled banks, OAO Sberbank Rossii and Vneshtorgbank JSC, RIA Novosti cites Finance Minister Alexei Kudrin as saying. "I think everything will happen at the agreed time," Mr. Kudrin said. As reported in the TCR-Europe on Nov. 29, the Russian government intends to retain its controlling stakes in foreign trade bank Vneshtorgbank and savings bank Sberbank for the next five years. The Russian government holds a 99.9% stake in VTB while the Central Bank owns 65.7% of Sberbank's shares. As previously reported, Mr. Kudrin said the government plans an IPO for Sberbank in the first quarter of 2007, and for Vneshtorgbank in the second quarter. Andrei Kostin, VTB's Chief Executive, said both banks may hold IPOs in May 2007. "I think we and Sberbank should first obtain authorization for this, and then launch negotiations," said Mr. Kostin, adding that the talks were necessary because the public offerings would affect the same group of investors. Mr. Kostin said that VTB would agree to delay with Industry & Construction Bank of St. Petersburg or Promstroybank if necessary, RIA Novosti relays. Mr. Kostin added VTB might or might not include Promstroybank in its financial report before launching the IPO. Mr. Kudrin previously disclosed that the private investors' shares in the two banks will be gradually increased although he did not specify the size of additional share issues. The state's control over the banks will be gradually reduced in the coming years. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank of the Russian Federation) -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage and retail banking, and a complete range of travel, lending and credit services. The Bank operates through 17 territorial banks, 921 divisions and 19,390 subdivisions across Russia. * * * As reported in the TCR-Europe on Nov. 30, Moody's Investors Service upgraded Sberbank's Financial Strength Rating to D from D-. The outlook on the rating remains stable. Sberbank's other ratings have been affirmed, including its Baa2/Prime-2 foreign-currency long-term and short-term deposit ratings as well as its A2 ratings for senior and subordinated debt issued under foreign law. Moody's Interfax Rating Agency has affirmed Sberbank's national scale rating at Aaa.ru. According to Moody's and Moody's Interfax the FSR upgrade reflects Sberbank's track record of solid financial performance and improved efficiency of operations as reported under IFRS in 2005-2006. As reported in the TCR-Europe on July 31, Fitch ratings lifted Sberbank-Savings Bank of the Russian Federation ratings: -- Issuer Default Rating to BBB+ from BBB, Outlook Stable; -- Short-term upgraded to F2 from F3; -- Individual affirmed at C/D; -- Support affirmed at 2; Sberbank's outstanding senior unsecured debt is also upgraded to BBB+ from BBB. Its US$1 billion subordinated debt issue, due 2015, is upgraded to BBB from BBB-. The rating actions reflect Fitch's view of the Russian authorities' improved capacity to support the bank, if required. TUNAYCHA-M-FISH FACTORY: Names N. Kopytova to Manage Assets ----------------------------------------------------------- The Arbitration Court of Moscow Region appointed Ms. N. Kopytova as Insolvency Manager for CJSC Tunaycha-M-Fish Factory (TIN 5074022657). She can be reached at: N. Kopytova Tel: 338-20-33 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-11200/06. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Tunaycha-M-Fish Factory L'vovo Voronovo Podolskiy Region Moscow Region Russia VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms -------------------------------------------------------------- The Russia government will ensure beneficial terms for initial public offerings of state-controlled banks, OAO Sberbank Rossii and Vneshtorgbank JSC, RIA Novosti cites Finance Minister Alexei Kudrin as saying. "I think everything will happen at the agreed time," Mr. Kudrin said. As reported in the TCR-Europe on Nov. 29, the Russian government intends to retain its controlling stakes in foreign trade bank Vneshtorgbank and savings bank Sberbank for the next five years. The Russian government holds a 99.9% stake in VTB while the Central Bank owns 65.7% of Sberbank's shares. As previously reported, Mr. Kudrin said the government plans an IPO for Sberbank in the first quarter of 2007, and for Vneshtorgbank in the second quarter. Andrei Kostin, VTB's Chief Executive, said both banks may hold IPOs in May 2007. "I think we and Sberbank should first obtain authorization for this, and then launch negotiations," said Mr. Kostin, adding that the talks were necessary because the public offerings would affect the same group of investors. Mr. Kostin said that VTB would agree to delay with Industry & Construction Bank of St. Petersburg or Promstroybank if necessary, RIA Novosti relays. Mr. Kostin added VTB might or might not include Promstroybank in its financial report before launching the IPO. Mr. Kudrin previously disclosed that the private investors' shares in the two banks will be gradually increased although he did not specify the size of additional share issues. The state's control over the banks will be gradually reduced in the coming years. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank of the Russian Federation) -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage and retail banking, and a complete range of travel, lending and credit services. The Bank operates through 17 territorial banks, 921 divisions and 19,390 subdivisions across Russia. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank's Upgraded to foreign currency and local currency IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2 from F3. Fitch also affirmed the Individual rating at C/D and Support at 2. Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB with a Stable Outlook; and Short-term to F2 from F3. Fitch affirmed the Support rating at 2. WHEAT OJSC: Asset Sale Slated for December 19 --------------------------------------------- CJSC Invest-Group, the bidding organizer for OJSC Wheat will open a public auction for the company's properties at 10:00 a.m. on Dec. 19 at: CJSC Invest-Group 4th floor 3rd Kurskaya Str. 15 Orel Region Russia The company has set a RUR1.2 million starting price for the auctioned assets. To participate, bidders have until Dec. 15 to deposit an amount equivalent to 10% of the starting price to: OJSC Wheat Settlement Account 40702810003400000137 in Branch ORU OJSC MInB in Orel BIK 045402790 TIN 5720009461 KPP 572001001 Correspondent Account 3010181080000000790 Interested bidders have until 4:00 p.m. on Dec. 16 to submit their bids and necessary documents to: CJSC Invest-Group 4th floor 3rd Kurskaya Str. 15 Orel Region Russia The Debtor can be reached at: OJSC Wheat Severnaya Str. 9 Orel Region Russia YUZHINSKOYE CJSC: Bankruptcy Hearing Slated for March 5 ------------------------------------------------------- The Arbitration Court of Novosibirsk Region will convene at 11:00 a.m. on March 5, 2007, to hear the bankruptcy supervision procedure on CJSC Yuzhinskoye. The case is docketed under Case No. A45-16023/06-54/453. The Temporary Insolvency Manager is: V. Larichkin Zhurinskaya Str. 37 630099 Novosibirsk Region Russia The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Yuzhinskoye Yuzhinskoye Kolyvanskiy Region Novosibirsk region Russia * Fitch Rates Ryazan Oblast at Long-Term Foreign Currency B+ ------------------------------------------------------------ Fitch Ratings assigned the Russian region Ryazan Oblast Long- term foreign and local currency B+ ratings and a Short-term B rating. A National Long-term A rating is also assigned. All the rating outlooks are stable. The ratings reflect Ryazan Oblast's diversified and growing local economy, which provides stable tax revenue growth, its low public debt and the region's increasing reliance on its own revenues to fund expenditure. However, they also take into account its declining operating and current margins, its growing budgetary rigidity and its low capital expenditure on the utility sector. The regional economy demonstrated high economic growth of an annual 6.6% on average during 2003-2005, underpinned by a significant increase in fixed capital formation. The region consumes only 40% of electrical power generated on its territory and exports the surplus to the neighboring regions. The economic growth of the region is also stimulated by close proximity to Moscow. As a result of buoyant economic development, Ryazan Oblast's share of own revenues out of its total revenues has grown significantly, reaching 72% in 2005 compared to 52% in 2001. At the same time the total revenue of the budget has risen considerably to RUR10.8 billion in 2005 from RUR3.7 billion in 2001. However, the region has recorded declining operating and current margins during 2001-2005 to 20% to 6.5% respectively from 20.1% to 6.8%. The narrowing margins are the result of an increase in operating expenditure fuelled by growing social-related spending, primarily in healthcare and social policy sectors. The region's need for capital expenditure on its worsening public infrastructure is also high, while total capital expenditure in the budget remains low. Cumulative depreciation of Ryazan Oblast's public infrastructure averages 70% of total fixed assets, exposing the region to the hidden risk of deteriorated infrastructure and ad hoc emergency expenditure. The region's total debt burden was moderate at an average 11.8% of total revenue in 2003-2005. Ryazan Oblast's debt servicing burden remained stable and very low during 2002-2005 at an average of 2.5% of current revenue. Ryazan Oblast is located in the central part of Russian Federation. The region accounts for 0.5% of the Russian Federation's GDP and 0.8% of its population. ========= S P A I N ========= DURA AUTOMOTIVE: U.S. Trustee Names 7-Member Creditors Committee ---------------------------------------------------------------- Relative to DURA Automotive Systems, Inc. and its debtor affiliates' Chapter 11 cases, Kelly Beaudin Stapleton, U.S. Trustee for Region 3 pursuant to Section 1102(a)(1) of the Bankruptcy Code, appointed seven creditors to the Official Committee of Unsecured Creditors. The appointed creditors are: (1) Wilfrid Aubrey LLC Attn: Nicholas W. Walsh 100 William Street Suite 1850 New York, NY 10038 Phone: 212-675-4906 Fax: 212-675-3626 (2) BNY Trust Company Midwest. Attn: Robert H. Major 6525 W. Campus Oval New Albany, OH 43054 Phone: 614-775-5278 Fax:614-775-5636 (3) US Bank National Association. Attn: James E. Murphy 100 Wall Street Suite 1600 New York, NY 10005 Phone: 212-361-6174 Fax: 212-514-6841 (4) International Union, UAW Attn: Niraj Ganatra, Esq. 8000 East Jefferson Avenue Detroit, MI 48214 Phone: 313-926-5216 Fax: 313-926-5240 (5) Pension Benefit Guaranty Corporation Attn: William McCarron, Jr. 1200 K Street N.W. Washington, D.C. 20005 Phone: 202-326-4000, ex. 3471 Fax: 202-326-4112 (6) Johnson Electric N.A., Inc. Attn: Douglas G. Eberle 47660 Halyard Drive Plymouth, MI 48170 Phone: 734-392-5308 Fax: 734-392-5388 (7) Thompson I.G., LLC Attn: Christine Maria DeSonia 3196 Thompson Rd. Fenton, MI 48430 Phone: 810-629-9558 Fax: 810-629-8342 Headquarted in Rochester Hills, Michigan, DURA Automotive Systems, Inc. -- http://www.duraauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive and recreation & specialty vehicle industries. DURA, which operates in 63 locations, sells its products to every major North American, Asian and European automotive original equipment manufacturer and many leading Tier 1 automotive suppliers. It currently operates in 63 locations including joint venture companies and customer service centers in 14 countries. In Europe, the company maintains operations in Germany, the United Kingdom, France, Spain, Portugal, Czech Republic, Slovakia and Romania. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. District of Delaware Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co-counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. (Dura Automotive Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). GETRONICS NV: Presents Strategy Updates to Shareholders ------------------------------------------------------- Klaas Wagenaar, CEO of Getronics N.V., gave shareholders an update on the strategy of the company in an Extraordinary General Meeting of Shareholders on Dec. 1 in Amsterdam. Key elements of the update are Getronics' commitment to: -- Excellence - enabling its clients to increase their employees' performance and to meet their business objectives through providing high quality ICT services; -- Focus - focusing on maintaining Getronics' leading market position in the Netherlands, and strengthening its position in Belgium, the U.K. and the U.S.; -- Value - maximizing value, and further lowering the risk profile of the company by analyzing all parts of its business outside its key markets in the Netherlands, Belgium, the United Kingdom and the United States, and, where appropriate, replacing non-core operations with local partners; and -- Financial Strength - reducing the ratio of debt to EBITDA to 2 or less by the end of 2008 by improving the operating margin and by reducing gross debt. Excellence The market and Getronics' clients continue to demand services and solutions that are high quality, cost-effective, and support a more centralized or remote model. With the Future-Ready Workspace, Getronics is leading the way in enabling workforce productivity, providing full support and services to its clients worldwide through its strong local presence and its Global Service Delivery Model. Mr. Wagenaar confirmed Getronics' focus on helping its clients to maximize workforce productivity through its Future-Ready Workspace proposition and applications services. Getronics has publicly declared its intention to become one of the top three companies in the world in workspace management. In 2006, Getronics has moved from number five to number four in the list of top global workspace management companies. The launch of the Future-Ready Workspace in November has further strengthened its position in this area. In addition, the company will continue to build on its expertise in applications services and professional and transformation consulting services to enable high performance enterprises by boosting workforce productivity. Focus and Value The company will focus on maintaining its leading market position in the Netherlands and strengthening its position in Belgium, the U.K. and the U.S. Getronics will continue to carry out reviews of its business outside the four key geographies to identify non-core operations. Where appropriate, these will be divested and added to Getronics' long established Certified Service Partner network. These divestments will lower the company's overall risk profile, support the market and our clients' demands, and enable selected investments in key service areas or geographies. Financial Strength In order to accomplish its objectives, in addition to its Portfolio services and strong market proposition, Getronics needs a strong financial position. This requires a sharper focus on its key markets and core capabilities. In particular, the company aims to reduce the ratio of debt to EBITDA to 2 or less by the end of 2008 by improving the operating margin and by reducing gross debt. "In our view, the Board of Management has a clear and convincing strategy and should be given the opportunity to carry it through," Rinus Minderhoud, Chairman of the Supervisory Board, added. "We fully support the Board of Management under the leadership of its CEO, Klaas Wagenaar." 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. * * * 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. 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. MADRID RMBS: Moody's Rates EUR18.9-Mln Series E Notes at (P)Ba1 --------------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to seven series of "Bonos de Titulizacion de Activos" to be issued by Madrid RMBS II Fondo de Titulizacion de Activos, a Spanish asset securitization fund that has been created by Titulizacion de Activos, S.G.F.T, S.A.: -- EUR414-million Series A1 notes: (P)Aaa; -- EUR936-million Series A2 notes: (P)Aaa; -- EUR270-million Series A3 notes: (P)Aaa; -- EUR63-million Series B notes: (P)Aa1; -- EUR67.5-million Series C notes: (P)A1; -- EUR30.6-million Series D notes: (P)Baa2; and -- EUR18.9-million Series E notes: (P)Ba1. The products being securitized are first-lien mortgage loans granted to individuals (all of whom will use these loans to acquire properties located in Spain), originated by Caja Madrid (Aa2/Prime-1), which will continue to service them. As of October 2006, the provisional portfolio comprised 11,152 loans for a total amount of EUR2,073,692,180. The original weighted average loan-to-value (WALTV) is 96.49%. The current WALTV is 93.81%. The average loan size is EUR185,948. The loans were originated between 2000 and 2006, with a weighted average seasoning of 1.66 years. The pool is concentrated in the Madrid (67%) and Catalonia (12%). To hedge the potential mismatch risk derived from the fact that the index reference rates on the assets side and the notes side are different, or the risk derived from any amendment in the terms of the mortgage agreements, the "Fondo" will enter into a swap agreement with Caja Madrid. Moody's provisional ratings address the expected loss posed to investors by the legal final maturity. The rating agency believes that the structure of the Madrid RMBS II notes allows for timely payment of interest and ultimate payment of principal at par, on or before the final legal maturity date and not at any other expected maturity date. The ratings do not address the full redemption of the notes on the expected maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. Moody's bases its ratings on: (1) an evaluation of the underlying portfolio of mortgage loans securing the structure, and (2) the transaction's structural protections, which include the subordination, the strength of the cash flows (including the reserve fund) and any excess spread available to cover losses. According to Moody's, this deal benefits from strong features, including: (1) strong underwriting and risk control criteria (including a robust in-house scoring system); (2) a reserve fund that is fully funded upfront to cover a potential shortfall in interest and principal; (3) a six-month artificial write-off mechanism; and (4) the fact that 100% of the loans are secured by residential mortgages. However, Moody's notes that the deal also has a number of weaknesses, including: (1) the collateral consists exclusively of loans with an LTV greater than 80%; (2) the poolcut has a very strong concentration in Madrid; (3) the deferral of interest payments on each of Series B, C, D and E increases the expected loss on these subordinated series; (4) the Reserve Fund amortization trigger is slightly above the standard figures for the Spanish market; (5) the renegotiation limit of the loans on which the maturity can be extended is 15%, compared to the standard figure of 10% in the Spanish market; and (6) pro-rata amortization of the Series B, C, D and E notes leads to reduced credit enhancement of the senior series in absolute terms. These increased risks were reflected in Moody's credit enhancement calculation. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, the rating agency will endeavor to assign a definitive rating. A definitive rating (if any) may differ from a provisional rating. MADRID RMBS II: Fitch Rates EUR18.9-Mln Class E Notes at BB+ ------------------------------------------------------------ Fitch Ratings assigned expected ratings to the notes issued by Madrid RMBS II, Fondo de Titulizacion de Activos totaling EUR1.8 billion mortgage-backed floating-rate notes: -- EUR414 million Class A1 due in August 2049: AAA; -- EUR936 million Class A2 due in August 2049: AAA; -- EUR270 million Class A3 due in August 2049: AAA; -- EUR63 million Class B due in August 2049: AA; -- EUR67.5 million Class C due in August 2049: A; -- EUR30.6 million Class D due in August 2049: BBB; and -- EUR18.9 million Class E due in August 2049: BB+. The final ratings are contingent on the receipt of final documents conforming to information already received. This transaction is a cash flow securitization of a EUR1.8 billion static pool of first-ranking residential mortgage loans granted by Caja de Ahorros y Monte de Piedad de Madrid. The expected ratings are based on the quality of the collateral, the underwriting and servicing capabilities of the seller, available credit enhancement, the integrity of the transaction's legal and financial structure and the sociedad gestora's administrative capabilities. The expected ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the class B, C, D and E notes, as well as the repayment of principal by legal final maturity for each note. The fund will be regulated by Spanish Securitization Law 19/1992 and Royal Decree 926/1998. Its sole purpose will be to convert mortgage transmission certificates from the seller into fixed- income securities. The fund will be legally represented and managed by Titulizacion de Activos, S.G.F.T., S.A., a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitization funds. =========== S W E D E N =========== ROYAL & SUN: Forming Joint Venture with Direct Insurance -------------------------------------------------------- Royal & Sun Alliance Insurance Group plc discloses of the signing of a framework agreement with Direct Insurance Financial Investments, to form a Joint Venture to access markets in Eastern Europe and Russia. The Joint Venture will own Link4, the market leading direct insurance operation in Poland, and has plans to replicate this successful business model in the Czech Republic and Russia. The proposed investment is consistent with the Group's emerging markets' strategy and will accelerate delivery of a direct personal lines proposition in the region. The agreement is non-binding and subject to confirmatory due diligence by R&SA. On satisfactory completion of this review, R&SA will pay GBP44 million in cash for a 50% shareholding in and joint control of the Joint Venture. Going forward, Royal & SunAlliance will invest a further GBP44 million to fund future growth of the venture, matching DIFI's current investment. "This is an exciting opportunity to invest in the number 1 direct insurer in the Polish market and a strong base from which to export this successful model into other attractive markets, Paul Whittaker, CEO of R&SA's Emerging Markets, commented. "I look forward to combining the Group's technical excellence with DIFI's track record of quickly establishing and building leading positions in new markets." About Royal & Sun Alliance Headquartered in London, United Kingdom, Royal & Sun Alliance Insurance Group Plc -- http://www.royalsunalliance.com/-- provides risk management and insurance solutions through two divisions focusing on property & casualty business and personal insurance. The group consists of three regions -- U.K., Scandinavia and International. The group operates in the U.K., Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France, Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland Antilles, the Netherlands, Norway, Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela. * * * As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has placed the financial strength ratings of C++ (Marginal) and the issuer credit ratings of "b" of the Royal & SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines Insurance Company under review with developing implications pending the completion of the proposed sale of these operations to Arrowpoint Capital, a new company formed by the existing management team of these operations. All the above companies are domiciled in Wilmington, Delaware. R&SAUS and RSLIC are U.S. subsidiaries of Royal & Sun Alliance Insurance Group plc (London, England). As reported in the TCR-Europe on March 27, Standard & Poor's Ratings Services lowered its counterparty credit and insurer financial strength ratings on Royal & Sun Alliance Insurance Group PLC's U.S. insurance operations (RSA USA) to 'BB' from 'BB+'. S&P said the outlook remains negative. At the same time, the ratings were withdrawn at the request of the companies' management. ===================== S W I T Z E R L A N D ===================== AS GROUP: March Court Suspends Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Court of March suspended the bankruptcy proceedings of JSC AS Group on Nov. 8, pursuant to Article 230 of the Swiss Bankruptcy Code. The Debtor, declared bankrupt on Oct. 3, can be reached at: JSC AS Group Zurcherstr. 6 8852 Altendorf Schwyz Switzerland The Bankruptcy Service of March can be reached at: Bankruptcy Service of March 8853 Lachen Schwyz Switzerland DETTWILER CTEATION: Berner Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Court of Berner Jura-Seeland entered Oct. 12 an order closing the bankruptcy proceedings of JSC Dettwiler Cteation. The Debtor can be reached at: JSC Dettwiler Cteation Portstrasse 28 2503 Biel Berne Switzerland The Bankruptcy Service of Berner Jura-Seeland can be reached at: Bankruptcy Service of Berner Jura-Seeland Dienststelle Seeland 2501 Biel/Bienne Berne Switzerland DIGITAL ART: Bern Court Suspends Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy proceedings of LLC Digital Art Design Luciano Roncoroni on Nov. 4, pursuant to Article 230 of the Swiss Bankruptcy Code. The Debtor, declared bankrupt on Sept. 12, can be reached at: Digital Art Design Luciano Roncoroni Hintere Engehaldenstrasse 38 3004 Bern Switzerland The Bankruptcy Service of Bern-Mittelland can be reached at: Bankruptcy Service of Bern-Mittelland Dienststelle Bern 3011 Bern Switzerland ESESIX COMPUTER: Aargau Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC eSeSIX Computer (Schweiz) on Oct. 23. The Debtor can be reached at: LLC eSeSIX Computer (Schweiz) Schulstrasse 22 5621 Zufikon Aargau Switzerland The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Zug Administrative Department of Baden 5400 Baden Aargau Switzerland GBN IMMOBILIEN: Liquidator Sets Dec. 7 Asset Sale Auction --------------------------------------------------------- JSC Acribia will conduct an auction at 2:00 p.m. on Dec. 7 to liquidate the assets of JSC GBN Immobilien. The auction will be held at: The Bankruptcy Service of Schaffhausen Second Floor Meeting Room 8200 Schaffhausen Schaffhausen Switzerland The assets for sale include: * Lot 1: Land records Schaffhausen Nr. 7909, building, 89/1'000 on the area Nr. 20106, special right for office on first floor Nr. 7271 in Herblingerstrasse 119 and right of using the outside parking. The cost of lot according to the estimation of the Bankruptcy Service: CHF296,000. * Lot 2: Land records Schaffhausen Nr. 7915, building, 4/1'000 on the area Nr. 20106, Breite, special right for archival room in basement of building Nr. 7271, in Herblingerstrasse 119. The cost of lot according to the estimation of the Bankruptcy Service: CHF12,000. Interested participants must deposit CHF30,000 for the first lot, and CHF5,000 for the second lot in cash or through check of any bank located in Switzerland according to instruction of the Bankruptcy Service of Schaffhausen. The foreign citizens for purchasing of the land areas have to pay special attention to the Federal Law about purchasing of lands abroad (BewG) and federal regulation about purchasing of lands abroad (BewV). The Debtor can be contacted at: JSC GBN Immobilien Siewerdtstrasse 8 8050 Z�rich Zurich Switzerland The Bankruptcy Service of Schaffhausen can be reached at: Bankruptcy Service of Schaffhausen 8201 Schaffhausen Schaffhausen Switzerland HANS LINDER: Berner Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Berner Oberland entered Oct. 13 an order closing the bankruptcy proceedings of JSC Hans Linder Brienz. The Debtor can be reached at: JSC Hans Linder Brienz Kienholz 3855 Brienz Berne Switzerland The Bankruptcy Service of Berner Oberland can be reached at: Bankruptcy Service of Berner Oberland 3800 Interlaken Berne Switzerland JENNI + CO: Berner Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Berner Jura-Seeland commenced bankruptcy proceedings against JSC Jenni + Co. Bauunternehmung on Oct. 16. The Debtor can be reached at: JSC Jenni + Co. Bauunternehmung Hauptstrasse 113 2553 Safnern Berne Switzerland The Bankruptcy Service of Berner Jura-Seeland can be reached at: Bankruptcy Service of Berner Jura-Seeland Dienststelle Seeland 2501 Biel/Bienne Berne Switzerland KAUFMANN TRANSPORT: Sursee Court Suspends Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Court of Sursee suspended the bankruptcy proceedings of LLC Kaufmann Transport on Nov. 8, pursuant to Article 230 of the Swiss Bankruptcy Code. The Debtor, declared bankrupt on Oct. 5, can be reached at: LLC Kaufmann Transport Gustibergstrasse 35a 6018 Buttisholz Lucerne Switzerland The Bankruptcy Service of Sursee can be reached at: Bankruptcy Service of Sursee 6018 Buttisholz Lucerne Switzerland MED IMPLANT: Zug Court Starts Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC med implant on Oct. 17. The Debtor can be reached at: JSC med implant Alte Steinhauserstrasse 33 6330 Cham Zug Switzerland The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland MORTEZAWI BUILDING: Zug Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against Mortezawi Building Systems Ltd (fka Sanitecnica SA) on Oct. 17. The Debtor can be reached at: Mortezawi Building Systems Ltd Baarerstrasse 75 6300 Zug Switzerland The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland SWIFFEX JSC: Bern Court Suspends Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Bern-Mittelland suspended the bankruptcy proceedings of JSC Swiffex on Nov. 4, pursuant to Article 230 of the Swiss Bankruptcy Code. The Debtor, declared bankrupt on Sept. 1, can be reached at: JSC Swiffex Todor Todorov Weissenbuhlweg 40 3007 Bern Switzerland The Bankruptcy Service of Bern-Mittelland can be reached at: Bankruptcy Service of Bern-Mittelland Dienststelle Bern 3011 Bern Switzerland ============= U K R A I N E ============= UKREXIMBANK: Fitch Upgrades Individual Rating to D -------------------------------------------------- Fitch Ratings upgraded the Individual rating of The State Export-Import Bank of Ukraine ("Ukreximbank") to D from D/E. Its other ratings are affirmed at Issuer Default BB- with a Positive Outlook, Short-term B, Support 3 and National Long-term AA with a Stable Outlook. The upgrade of Ukreximbank's Individual rating reflects improved profitability and liquidity, resulting from greater scale following a UAH300 million capital injection in Q405 and increased access to long-term international funding. The rating also considers the good asset quality of recently generated loans and the bank's strong franchise in its core segment. However, capitalization is only moderate following recent rapid asset growth and the balance sheet has become more concentrated. The operating environment also remains relatively risky and there are potential political risks for state-owned banks. From 2000, when a new banking law was approved, Ukreximbank has been run relatively independently from the state. However, as foreign ownership of the banking sector rises, the policy role of state banks in the Ukrainian economy may increase. At end- Q306, Ukreximbank's operations with state entities remained small, although three of the bank's key senior managers are former government officials. Fitch notes that the IDR, Short-term and Support ratings of Ukreximbank reflect the likelihood of support from the Ukrainian authorities if needed, based on Ukreximbank's state ownership and public letters of support signed by the government. The IDR has a Positive Outlook, reflecting that of the sovereign, and any movements in Ukreximbank's IDR and other support-driven ratings are likely to be linked to the related movements in the sovereign's IDR. A further upgrade of the Individual rating would require an extended track record of sound asset quality, profitability and liquidity, as well as further demonstration of the bank's operational independence from the state. Downside potential is regarded as low at present but may result from a substantial deterioration of Ukreximbank's capitalization or significant deficiencies in corporate governance. Ukreximbank was founded in 1992 and ranked within the top five Ukrainian banks by assets as at end-Q306. Its principal franchise lies in serving corporate customers and their workforces. The bank has a notable national presence through 96 points of sale, which complement its ongoing diversification efforts. Apart from commercial activities, Ukreximbank acts as a sole financial agent for international loans originated, borrowed or guaranteed by the Ukrainian state. VNESHTORGBANK JSC: Russian Government Eyes Favorable IPO Terms -------------------------------------------------------------- The Russia government will ensure beneficial terms for initial public offerings of state-controlled banks, OAO Sberbank Rossii and Vneshtorgbank JSC, RIA Novosti cites Finance Minister Alexei Kudrin as saying. "I think everything will happen at the agreed time," Mr. Kudrin said. As reported in the TCR-Europe on Nov. 29, the Russian government intends to retain its controlling stakes in foreign trade bank Vneshtorgbank and savings bank Sberbank for the next five years. The Russian government holds a 99.9% stake in VTB while the Central Bank owns 65.7% of Sberbank's shares. As previously reported, Mr. Kudrin said the government plans an IPO for Sberbank in the first quarter of 2007, and for Vneshtorgbank in the second quarter. Andrei Kostin, VTB's Chief Executive, said both banks may hold IPOs in May 2007. "I think we and Sberbank should first obtain authorization for this, and then launch negotiations," said Mr. Kostin, adding that the talks were necessary because the public offerings would affect the same group of investors. Mr. Kostin said that VTB would agree to delay with Industry & Construction Bank of St. Petersburg or Promstroybank if necessary, RIA Novosti relays. Mr. Kostin added VTB might or might not include Promstroybank in its financial report before launching the IPO. Mr. Kudrin previously disclosed that the private investors' shares in the two banks will be gradually increased although he did not specify the size of additional share issues. The state's control over the banks will be gradually reduced in the coming years. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii OAO (Savings Bank of the Russian Federation) -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage and retail banking, and a complete range of travel, lending and credit services. The Bank operates through 17 territorial banks, 921 divisions and 19,390 subdivisions across Russia. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the recent upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch ratings lifted Vneshtorgbank's Upgraded to foreign currency and local currency IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2 from F3. Fitch also affirmed the Individual rating at C/D and Support at 2. Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB with a Stable Outlook; and Short-term to F2 from F3. Fitch affirmed the Support rating at 2. =========================== U N I T E D K I N G D O M =========================== ADM RECRUITMENT: Appoints Sandra Marshall as Liquidator ------------------------------------------------------- Sandra Marshall of Sandra Marshall & Associates was appointed Liquidator of ADM Recruitment Services Limited on Nov. 17 for the creditors' voluntary winding-up procedure. The company can be reached at: ADM Recruitment Services Limited Mason Building 28 Exchange Street East Liverpool Merseyside L2 3PH United Kingdom Tel: 0151 227 9787 ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations Probe --------------------------------------------------------------- Advanced Micro Devices Inc. received a subpoena from the U.S. Department of Justice Antitrust Division in connection with the DOJ's investigation into potential antitrust violations related to graphics processors and cards. AMD entered the graphics processor business following the company's acquisition of ATI Technologies Inc. on Oct. 25, 2006. The DOJ has not made any specific allegations against AMD or ATI. AMD intends to cooperate with the investigation. Headquartered in Sunnyvale, California, Advanced Micro Devices Inc. -- http://www.amd.com/-- designs and manufactures microprocessors and other semiconductor products. The company has a facility in Singapore. It has sales offices in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * Standard & Poor's Ratings Services affirmed its 'B+' corporate credit rating on Sunnyvale, California-based Advanced Micro Devices Inc. Standard & Poor's removed the rating from CreditWatch negative where it had been placed on July 24, following the announced acquisition of unrated ATI Technologies Inc. The ratings outlook is negative. At the same time, the rating agency assigned its 'BB-' bank loan rating, one notch above the corporate credit rating, and a '1' recovery rating to the company's proposed US$2.5 billion senior secured term loan, to be used as partial funding of the acquisition. ALISON HAWKES: Taps Tony Mitchell to Liquidate Assets ----------------------------------------------------- Tony Mitchell of Cranfield Recovery Limited was appointed Liquidator of Alison Hawkes Limited (t/a Atelier) on Nov. 20 for the creditors' voluntary winding-up procedure. The company can be reached at: Alison Hawkes Limited 26 Regent Street Leamington Spa Warwickshire CV325EH United Kingdom Tel: 01926 425 825 APEK QUALITY: Names Simon Thornton as Administrator --------------------------------------------------- Simon Thornton of Houghton Stone Business Recovery was appointed administrator of Apek Quality Services Ltd. (Company Number 04355736) on Nov. 21. The administrator can be reached at: Simon Thornton Houghton Stone Business Recovery The Conifers Filton Road Hambrook Bristol BS16 1QG United Kingdom Tel: 0117 957 9009 Apek Quality Services Ltd. can be reached at: 6 Haviland Road Ferndown Industrial Estate Wimborne Dorset BH21 7RF United Kingdom Tel: 012 0287 6149 Fax: 012 0286 1210 AXIMIS RECRUITMENT: Appoints BWC Business to Administer Assets -------------------------------------------------------------- Paul Andrew Whitwam and Gary Edgar Blackburn of BWC Business Solutions were appointed joint administrators of Aximis Recruitment Ltd. (Company Number 02897012) on Nov. 23. The administrators can be reached at: Paul Andrew Whitwam and Gary Edgar Blackburn BWC Business Solutions 8 Park Place Leeds West Yorkshire LS1 2RU United Kingdom Tel: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com Aximis Recruitment Ltd. can be reached at: Unit 8 Whyteleafe Business Village Whyteleafe Hill Whyteleafe Surrey CR3 0AT United Kingdom Tel: 01883 621 160 Fax: 01883 621 221 BRADLEY & PARTNER: Brings In Hurst Morrison as Administrators ------------------------------------------------------------- Paul William Ellison and Gareth Wyn Roberts of Hurst Morrison Thomson Corporate Recovery LLP were appointed joint administrators of Bradley & Partner Ltd. (Company Number 04521582) on Nov. 21. The administrators can be reached at: Paul William Ellison and Gareth Wyn Roberts Hurst Morrison Thomson Corporate Recovery LLP 5 Fairmile Henley on Thames Oxfordshire RG9 2JR United Kingdom Tel: +44 (0) 1491 579866 Fax: +44 (0) 1491 573397 E-mail: hmt@hmtgroup.co.uk Headquartered in Farnham, England, Bradley & Partner Ltd. is a fish and chip shop. CABLE & WIRELESS: To Add Staff in Asia Amid Job Cuts in U.K. ------------------------------------------------------------ Cable & Wireless PLC intends to employ more people in Asia and pour investments in the region along with other foreign telecom firms as it cuts jobs in the United Kingdom in an effort to restore profitability, The Wall Street Journal reports. "It wouldn't surprise me if we doubled the head count [in Asia] within the next 18 months," Cable & Wireless Executive Chairman John Pluthero told WSJ. "There is clearly a growth opportunity in Asia." Mr. Pluthero added that the company is investing U$40 million to build a new Internet protocol network for the region and upgrade platforms for top-end customers, including banks and financial institutions. He anticipates a double-digit growth in the company's percentage revenue from the region over the next two to three years. Meanwhile, rival company BT Group PLC expects to generate a GBP1 billion revenue from its investments in the Asia-Pacific region. Cable & Wireless employs just a little more than 300 people in Asia. In February, Cable & Wireless disclosed of plans to lay-off as much as half of its workforce in the United Kingdom as part of a restructuring program that will reduce its customer base to focus on large corporate clients, Yun-Hee Kim writes for WSJ. As of Sept. 30, the company had 5,179 employees, a reduction of 435 since March 31. Mr. Pluthero is confident that the U.K. operations will return to profitability following the reorganization. Sales from the company's traditional phone service were adversely affected by pricing pressures and intense competition in the U.K. telecoms market. In 2005, Cable & Wireless acquired its largest rival, Energis, in a deal that brought Mr. Pluthero into the company. About Cable & Wireless Headquartered in London, 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. * * * On Aug. 10, Moody's Investors Services took these rating actions on Cable & Wireless PLC: -- Corporate family rating affirmed at Ba3; -- GBP200 million 8.75 % Eurobonds due 2012 downgraded to B1 from Ba3; -- GBP258 million 4.0% Convertible Eurobonds due 2010 downgraded to B1 from Ba3. CASADECOR LIMITED: Names Administrators from Grant Thornton ----------------------------------------------------------- Keith Hinds and Joseph Peter Francis McLean of Grant Thornton U.K. LLP were appointed joint administrators of Casadecor Ltd. (Company Number 05041811) on Nov. 22. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. Casadecor Ltd. can be reached at: 45-51 Clayton Street Newcastle Upon Tyne Tyne and Wear NE1 5PW United Kingdom Tel: 0191 232 1091 Fax: 0191 232 1153 CITY CENTRE: Creditors Confirm Liquidator's Appointment ------------------------------------------------------- Creditors of City Centre Fitness Limited confirmed Nov. 22 the appointment of Andrew James Nichols of Redman Nichols as the company's Liquidator. The company can be reached at: City Centre Fitness Limited The Maltings Silvester Street Hull North Humberside HU1 3HA United Kingdom Tel: 01482 225 302 COLLINS & AIKMAN: Seeks Bridge Order on Exclusive Period -------------------------------------------------------- Collins & Aikman Corporation and its debtor-affiliates ask the U.S. Bankruptcy Court for the Eastern District of Michigan for a bridge order extending their exclusive right to file a plan of reorganization until Jan. 12, 2007, and to solicit plan acceptances until Feb. 26, 2007, without prejudice to their right to seek additional extensions. The Debtors tell Judge Rhodes that the proposed extension is consistent with their decision to pursue a cooperative sale process to maximize the value of their estates and to save jobs. The Debtors expect the sale process to culminate with the Plan confirmation. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois, relates that although all of the parties continue to work in good faith toward the goal of finalizing an agreement that will form the basis of the Plan as quickly as possible, more time is needed so that the parties can complete their negotiations. The Debtors anticipate that they would then be in a position to file a plan shortly and before the Court's hearing on that agreement. A brief extension of the Exclusivity Periods is intended to enable the Debtors to continue the Plan process in an orderly, efficient and cost-effective manner for the benefit of all parties, Mr. Schrock maintains. The Court will convene a hearing to consider the Motion at 2:00 p.m on Dec. 14, 2006. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Textron Wants to Sell C&A Products' Shares ------------------------------------------------------------ Textron, Inc., notifies the U.S. Bankruptcy Court for the Eastern District of Michigan that it intends to sell, trade, or otherwise transfer (i) 56,218 shares of Series A preferred stock and (ii) 143,700 shares of Series B preferred stock of Collins & Aikman Products Co. James E. DeLine, Esq., at Kerr, Russell and Weber, PLC, relates that Textron originally owned the Stock before the Debtor's Petition Date. Mr. DeLine discloses that if the proposed transfer is permitted to occur, Textron will beneficially own no further shares of Stock effective Dec. 31, 2006. C&A Products has until Dec. 21 to object to the Proposed Transfer. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Rejects Ten Contracts and Leases -------------------------------------------------- Collins & Aikman Corporation and its debtor-affiliates obtained authority from the U.S. Bankruptcy Court for the Eastern District of Michigan to reject 10 executory contracts and unexpired leases pursuant to Court-established rejection procedures. The Rejected Contracts and Leases are: Counterparty Contract/Lease Effective Date ------------ -------------- -------------- Primary Energy of North Steam Purchase Contract 11/01/06 Carolina, LLC Vesey Air, LLC Raytheon aircraft lease 10/31/06 DaimlerChrysler Aviation Aircraft storage contract 11/30/06 Services, Inc. SeaGil Software Company Software licensing deal 11/10/06 Satcom Direct Comm. Satcom/Iridium network 11/10/06 services MedAire, Inc. Business & General 11/10/06 Aviation Service Deal ARINC Incorporated ARINC Direct Service Pact 11/10/06 TriMas Corporation Time Sharing Pact 11/10/06 Metaldyne Corporation Time Sharing Pact 11/10/06 Honeywell Turbofan Engine 11/10/06 Maintenance Service Plan The Debtors do not waive any claims against the counterparties to the Contracts or Leases whether or not those claims are related to the rejection. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 46; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COMPLETE SHOPFITTING: Creditors' Meeting Slated for December 8 -------------------------------------------------------------- Creditors of Complete Shopfitting and Interiors Ltd. (Company Number 03807152) will meet at 11:00 a.m. on Dec. 8 at: Smith & Williamson Ltd. 25 Moorgate London EC2R 6AY United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on Dec. 7 at: Robert William Leslie Horton Joint Administrator Smith & Williamson Ltd. No 1 Bishops Wharf Walnut Tree Close Guildford GU1 4RA United Kingdom Tel: 01483 407 100 Fax: 01483 301 232 Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. COYOTE BARS: Appoints Gagen Dulari Sharma to Administer Assets -------------------------------------------------------------- Gagen Dulari Sharma of Sharma & Co. was appointed administrator of Coyote Bars Ltd. (Company Number 05575321) on Nov. 21. The administrator can be reached at: Gagen Dulari Sharma Sharma & Co. 50 Newhall Street Birmingham West Midlands B3 3QE United Kingdom Tel: 0121 248 5007 E-mail: gagen@sharmaandco.com Coyote Bars Ltd. can be reached at: The Foxlands Fox Road Pattingham Wolverhampton West Midlands WV6 7EL United Kingdom Fax: 0121 248 5010 DEAS SOLUM: Brings In Joint Liquidators from Dains -------------------------------------------------- M. F. P. Smith and N. J. Hawksley of Dains were appointed Joint Liquidators of Deas Solum Limited on Nov. 21 for the creditors' voluntary winding-up procedure. The company can be reached at: Deas Solum Limited Unit 6 Faraday Court Centrum One Hundred Burton-On-Trent Staffordshire DE14 2WX United Kingdom Tel: 01283 512431 DRAGON FABRICATIONS: Appoints Administrators from B & C ------------------------------------------------------- Jeffrey Mark Brenner and Filippa Connor of B & C Associates were appointed joint administrators of Dragon Fabrications Ltd. (Company Number 04975825) on Nov. 14. The administrators can be reached at: Jeffrey Mark Brenner and Filippa Connor B & C Associates Trafalgar House Grenville Place Mill Hill London NW7 3SA United Kingdom Tel: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com Dragon Fabrications Ltd. can be reached at: Unit 8 Bryn Brithdir Oakdale Business Park Blackwood Gwent NP12 4AA United Kingdom Tel: 01495 240204 ENRON CORP: Energen Sells US$12.5 Million Bankruptcy Claim ---------------------------------------------------------- Energen Resources Corporation, oil and gas subsidiary of Energen Corporation, has sold its allowed US$12.5 million Enron Corp. bankruptcy claim. The Company estimates that the sale of the claim will generate net income in 2006 of US$6.7 million, or 9 cents per diluted share. The Company reaffirmed its 2006 earnings guidance range of US$3.10-US$3.30 per diluted share (non-GAAP), noting that the Enron settlement is expected to place Energen's 2006 earnings toward the middle of this range. Energen Corporation (NYSE: EGN) -- http://www.energen.com/-- is a diversified energy holding company with headquarters in Birmingham, Alabama. Its two lines of business are the acquisition and development of domestic, onshore natural gas, oil and NGL reserves and natural gas distribution in central and north Alabama. Headquartered in Houston, Texas, Enron Corporation filed for chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over accounting procedures, which caused Enron's stock price and credit rating to drop sharply. Judge Gonzalez confirmed the Company's Modified Fifth Amended Plan on July 15, 2004, and numerous appeals followed. The Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004. Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P. Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP represent the Debtor. Jeffrey K. Milton, Esq., Luc A. Despins, Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. EUROPEAN RECRUITMENT: Joint Liquidators Take Over Operations ------------------------------------------------------------ Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions were appointed Joint Liquidators of European Recruitment Consultants Limited on Nov. 24 for the creditors' voluntary winding-up procedure. The company can be reached at: European Recruitment Consultants Limited Enterprise House Ocean Way Southampton Hampshire SO143XB United Kingdom Tel: 023 8048 8720 GENERAL MOTORS: Sells 5% Stake to Bank of America ------------------------------------------------- General Motors Corp. has sold a 5% stake to Bank of America Corp., Charlotte Business Journal reports. Charlotte Business relates that the stake, which once belonged to Kirk Kerkorian, was worth over US$800 million. As reported in the Troubled Company Reporter-Europe on Dec. 4, Mr. Kerkorian's Tracinda Corp. sold 14 million shares of General Motors Corp.'s common stock in a private transaction for US$28.75 per share, bringing his stake down to 4.95%. Charlotte Business underscores that Mr. Kerkorian then sold the rest of his shares for US28.75 to US$29.25 per share. Mr. Kerkorian abandoned his shares in General Motors after failing to implement major strategic changes at the firm. Mr. Kerkorian and adviser Jerome York had pressured the company to take drastic action in response to its US$10.6-billion loss last year, Charlotte Business notes. Industry analysts told Charlotte Business that the move shows Mr. Kerkorian's lack of trust in the strategy of Rick Wagoner, the chief executive of General Motors. Bank of America is a key lender to Mr. Kerkorian, Charlotte Business states. 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, including Brazil and Mexico, and its vehicles are sold in 200 countries. * * * As reported in the TCR-Europe on Nov. 16, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corporation. GENERAL MOTORS: Total Nov. US Sales for New Cars & Trucks Up 6% --------------------------------------------------------------- General Motors Corp. dealers in the United States sold 297,556 new cars and trucks in November, a 6% increase compared with last year. Beginning with the 2007 model year in September, retail sales are up 13% while retail sales for November were up 11% compared with a year ago. Retail truck sales were up 17%, led by a 29% increase in large pickup retail sales such as Chevy Silverado and GMC Sierra and a 36% increase in luxury utility retail sales, including triple- digit retail increases for the entire Cadillac Escalade lineup. Retail car sales were up 1%, led by Chevrolet Impala, Buick Lucerne, Pontiac G5, Saturn Aura, and Cadillac CTS. "We continue to experience strong customer demand for our lineup of fuel efficient vehicles and new launch products. In a challenging market, we are pleased to be gaining momentum with our truck lineup, which we attribute to offering the best fuel economy and the best warranty in the segment," General Motors North America vice president for vehicle sales, service, and marketing Mark LaNeve said. "Importantly, sales were solid throughout the month with dealers driving traffic with our annual year-end Red Tag Event." The Red Tag Event runs through Jan. 2, 2007. GMC, Cadillac, Chevrolet, Buick, Saab, and Saturn all had retail sales increases in November. GMC was up 23% retail, compared with a year ago, with double-digit sales increases for the Sierra, Yukon and Yukon XL. Cadillac retail sales were up 26%, with a 15% increase in CTS and triple-digit increases for the entire Escalade lineup. Chevrolet retail sales were up 9%, with retail increases by Silverado, up 23%; Tahoe, up 50%; and Suburban, up 36%. Buick retail sales were up 38%, led by Lucerne, which saw a sales increase of more than 6,000 vehicles compared with last November. Saab retail sales were up 25%, driven by an 87% hike for 9-5, a 64% rise for 9-7X and an 11% retail increase for 9-3. Lastly, Saturn retail sales were up 14% as the all-new 2007 Aura and Sky continue to bring new customers into the Saturn family. "Our Manufacturing team worked extremely hard on a high-quality launch and has already produced more than 50,000 new 2007 Chevy Silverados and GMC Sierras," Mr. LaNeve added. "This accelerated launch means we are in the marketplace 13 weeks ahead of schedule -- and most importantly -- ahead of the competition with the best quality, fuel economy, and value in the important full-size pickup segment." GM continues to reduce its reliance on daily rental sales. Sales to daily rental companies were down 13% compared with year-ago levels, while non-daily rental fleet business was up 5%. Overall fleet sales of 80,452 vehicles were down 7% compared with last November. Certified Used Vehicles November sales for GM Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 42,006 down 1% comparable with last November's sales. Certified sales from Saturn Certified Pre-Owned Vehicles were not available at the time of this release. Total year-to-date certified GM sales, excluding November sales of Saturn Certified Pre-Owned Vehicles, are 478,389 units, down 1% compared with the same period last year. GM Certified Used Vehicles, the industry's top selling certified pre-owned brand, posted 36,485 sales in November, down 1.7% from November 2005. Year-to-date sales for GM Certified Used Vehicles are 413,688 units, comparable to last year's results for the same period. Cadillac Certified Pre-Owned Vehicles posted 3,545 sales in November, up 16% from last November. Saturn certified pre-owned sold 1,351 units down 25%. Saab Certified Pre-Owned Vehicles sold 514 units, up nearly 5%. In its eleventh month of operation, HUMMER Certified Pre-Owned sold 112 units. "Cadillac Certified Pre-Owned Vehicles continues to roll along with another strong monthly sales performance. For the month, they were up 16% over November 2005, with year-to-date sales up 8% from the same period last year," Mr. LaNeve said. "Through November, GM Certified Used Vehicles, the industry's top-selling certified brand, sold 413,688 units, comparable to its category record annual sales in 2005." GM North America Reports November 2006 Production In November, GM North America produced 360,000 vehicles (148,000 cars and 212,000 trucks). This is down 71,000 units or 16% compared with November 2005 when the region produced 431,000 vehicles (169,000 cars and 262,000 trucks). (Production totals include joint venture production of 20,000 vehicles in November 2006 and 30,000 vehicles in November 2005.) The region's 2006 fourth quarter production forecast is unchanged at 1.110 million vehicles (449,000 cars and 661,000 trucks). In the fourth quarter of 2005 the region produced 1.281 million vehicles (483,000 cars and 798,000 trucks). Additionally, the region's initial 2007 first quarter production forecast is set at 1.140 million vehicles (457,000 cars and 683,000 trucks), down 9% from actual first quarter of 2006 results. The majority of the production decrease in the first quarter is attributed to GM's ongoing efforts to reduce low- margin daily rental fleet sales. The remainder of the cuts is attributed to shifting production to the company's new full-size pickups and the ongoing management of inventories. Initial 2007 First Quarter Production Forecasts For Its International Regions GM Europe GM Europe's 2006 fourth quarter production forecast is unchanged at 445,000 units. In the fourth quarter of 2005 the region built 443,000 vehicles. The region's initial 2007 first quarter production forecast is set at 508,000 vehicles. GM Asia Pacific The region's 2006 fourth quarter production forecast is unchanged at 504,000 units. In the fourth quarter of 2005 the region built 420,000 vehicles. GM Asia Pacific's initial 2007 first quarter production forecast is set at 539,000 vehicles. GM Latin America, Africa, and the Middle East The region's 2006 fourth quarter production forecast is unchanged at 215,000 units. In the fourth quarter of 2005 the region built 188,000 vehicles. The region's 2007 first quarter production forecast is set as 214,000 vehicles. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 327,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the TCR-Europe on Nov. 16, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corporation. GETTY IMAGES: Bondholders View Delayed 10-Q Filing as Default ------------------------------------------------------------- As of Nov. 22, 2006, Getty Images Inc. received two notices of a purported default from certain holders of the Company's US$265 million aggregate principal amount of 0.50% Convertible Subordinated Debentures, Series B due 2023. The notices, purportedly representing an aggregate of approximately 29% of the issued and outstanding Debentures, asserted that because the Company is delinquent in filing its Quarterly Report on Form 10-Q for the third quarter of 2006 with the U.S. Securities and Exchange Commission, the Company is in default under the Indenture dated as of Dec. 16, 2004, between the Company, as issuer, and The Bank of New York, as Trustee, relating to the Debentures. The notices of default demanded that the Company cure the purported default within 60 days from their receipt, after which such default would develop into an "Event of Default," as defined in the Indenture. The Company is still in the process of determining the validity of the notices, including the purported ownership interests represented by the notices. The Company has received no other notices of default with regard to the Debentures. The Company believes that it has fully performed its obligations under the Indenture because the Indenture does not contain an express covenant requiring the Company to provide the Trustee or the bondholders with periodic reports such as the Quarterly Report on Form 10-Q for the third quarter of 2006. While section 314(a) of the Trust Indenture Act of 1940 is incorporated into the Indenture by virtue of Section 17.01 thereof and contemplates the Company providing the Trustee with copies of its periodic reports, the Company believes that the TIA does not require such reports to be provided within any prescribed period of time. The Company intends to furnish to the Trustee copies of its Quarterly Report on Form 10-Q for the third quarter of 2006 after it files such report with the SEC. The Company believes that such action would cure any default of the Indenture provision in question, if any default exists. Consequently, in the Company's view, these notices of default are, and any other similar notices of default that may be received in the future will be, without merit. While the Company has questioned the claimants' legal theory as to whether it was in default under the terms of the Indenture, if an "Event of Default" were to occur following the 60-day cure period, the Trustee or holders of at least 25% in aggregate principal amount of the Debentures then outstanding would have the contractual right to declare all unpaid principal and accrued interest on the Debentures then outstanding to be immediately due and payable. The Company believes that if an "Event of Default" was to occur and the Debentures were accelerated, it has adequate financial resources to pay any unpaid principal and any interest that would then be due on the Debentures. About Getty Images Headquartered in Seattle, Washington, Getty Images Inc. -- http://corporate.gettyimages.com/-- creates and distributes visual content. The company has corporate offices in Australia, the United Kingdom and Argentina. * * * Moody's Investors Service upgraded the credit ratings of Getty Images, Inc. and changed the ratings outlook to stable from positive. The upgrade in the corporate family rating to Ba1 from Ba2 reflected Getty's leading market position, improving credit metrics, impressive operating margins and good secular growth trends in the stock imagery market. Moody's also upgraded its rating on the company's US$265 million series B convertible subordinated notes due 2023, to Ba2 from Ba3. GETTY IMAGES: 10-Q Filing Delay Cues S&P to Cut Rating to B+ ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its ratings on Seattle, Wash.-based visual imagery company Getty Images Inc., including lowering the corporate credit rating to 'B+' from 'BB', and placed the ratings on CreditWatch with developing implications. The rating and CreditWatch actions came after the company announced that it had received notices from bondholders that its delayed third-quarter SEC Form 10-Q filing constituted an event of default. CreditWatch with developing implications indicates that the rating could be either raised or lowered. As of Sept. 30, 2006, Getty had US$265 million of convertible notes outstanding. The bondholders in question claim to control 29% of the outstanding notes. At least 25% of the bondholders would be required to accelerate the bonds. "Although it is not clear whether the late filing would legally constitute an event of default, the notices received present heightened risk of an acceleration, and the contentious process around this issue elevates credit risk," said Standard & Poor's credit analyst Tulip Lim. As of Sept. 30, 2006, the company had enough liquid resources to service the obligation should it become payable. HAMMOND WHITEOAK: Names T. Papanicola as Administrator ------------------------------------------------------ T. Papanicola of Bond Partners LLP was named administrator of Hammond Whiteoak Press Ltd. (Company Number 01147116) on Nov. 20. The administrator can be reached at: T. Papanicola Bond Partners LLP The Grange 100 High Street London N14 6TG United Kingdom Tel: 020 8444 2000 Fax: 020 8444 3400 Hammond Whiteoak Press Ltd. can be reached at: 424 Margate Road Ramsgate Kent CT12 6SR United Kingdom Tel: 01843 593 329 Fax: 01843 586 023 IMPRESS3 LIMITED: Appoints Administrators from Kroll ---------------------------------------------------- P. F. Duffy and D. J. Whitehouse of Kroll were appointed joint administrators of Impress3 Ltd. (Company Number 05322250) on Nov. 21. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Impress3 Ltd. can be reached at: Calf Hall Mill Calf Hall Road Barnoldswick Lancashire BB18 5PX United Kingdom Tel: 0161 838 4500 Fax: 0161 838 4501 INCO LTD: Forms Joint Venture with Germany's Sud-Chemie ------------------------------------------------------- Inco Ltd. and Germany's Sud-Chemie AG agreed to join forces in forming a new company that will produce and market emission- control materials for the automotive industry, Canadian Press relates. According to the report, interests in the new joint venture company -- Alantum -- will be divided equally between Inco ECM GmbH, an indirect subsidiary of Inco Ltd., and Sud-Chemie. Alantum will first focus on producing diesel oxidation catalyst and diesel particulate filter applications for European car and truck markets, Canadian Press relates. Production is expected to begin in 2008 and will take place at a new facility at Sud- Chemie's site in Heufeld, Germany. Sud-Chemie is a supplier of catalysts for the chemical and refining industries and for environmental applications. Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) -- http://www.inco.com/-- produces nickel, which is used primarily for manufacturing stainless steel and batteries. Inco also mines and processes copper, gold, cobalt, and platinum group metals. It makes nickel battery materials and nickel foams, flakes, and powders for use in catalysts, electronics, and paints. Sulphuric acid and liquid sulphur dioxide are produced as byproducts. The company's primary mining and processing operations are in Canada, Indonesia, and the U.K. Inco Limited's 3-1/2% Subordinated Convertible Debentures due 2052 carry Moody's Investors Service's Ba1 rating. INEOS GROUP: Fitch Assigns B+ Rating on EUR1.63-Billion Notes ------------------------------------------------------------- Fitch Ratigns assigned U.K.-based chemical producer Ineos Group Holdings Plc an Issuer Default rating of BB- with Positive Outlook. At the same time, Fitch assigned Ineos' EUR1.63 billion 8.875% and US$700 million 8.5% senior unsecured notes due 2016 ratings of B+. The agency also assigned Ineos Holdings Ltd.'s senior secured facilities a BB+ rating and its second lien facilities a BB- rating. "The BB- IDR reflects Ineos' moderate financial flexibility, integrated business model and potential for operational improvements," Kirsten O'Byrne, Associate Director in Fitch's Leveraged Finance team disclosed. "A leaner cost structure and a turnaround of below-average utilization rates should place Ineos in a strong long-term competitive position," Ms. O'Byrne added. Although execution risk remains in relation to its restructuring plans, the Positive Outlook reflects Fitch's expectations that management will achieve the targeted cost savings. An aggressive restructuring program is expected to deliver EUR500 million of fixed cost savings by FY08, which are key to the company's ability to maintain its current financial flexibility and withstand the cyclical downturn that is expected in 2008/9. Ineos is 50% backward integrated into olefins, which provides an adequate hedge on input price increases without limiting its flexibility to optimize internal and external sourcing in a down-cycle. Scale and degree of integration are key operational parameters that differentiate Ineos from its peers such as the more integrated SABIC Europe and the less integrated Basell. Over the next 1-2 years Fitch expects a continuation of current favorable market conditions to support excess cash flow generation and consequently senior debt prepayment and a reduction in leverage. At June 2006, total net leverage was 4.1x and cash interest was covered 3.4x with LTM pro forma EBITDA of EUR2.03 billion. Fitch expects FY06 EBITDA stable to LTM and funds from operations of approximately EUR1.1 billion - 1.3 billion. The group's scale, as represented by its estimated 15% share of European and North American polyolefin capacity and its status as a top five global chemicals producer, provides for greater access to a variety of sources of funding, which further supports the rating. The successful implementation of cost savings plans, which should become evident in Ineos' FY07 results, ongoing strong positive cash flow or substantial debt prepayment before FY08 could result in upward movement in the rating. A reduction of total net leverage to below 3.5x would indicate that Ineos could maintain its financial flexibility in the down- cycle. Conversely, a reduction of FFO below 9% of total adjusted debt or leverage above 5x would place downward pressure on the rating, as it would indicate more limited financial flexibility. The BB+ rating on the senior secured facilities reflects the above-average recovery prospects for this instrument upon default based on its ranking, security package and average senior leverage. The BB- rating on the second lien reflects average recovery prospects and second-ranking security behind the first priority senior secured creditors, including BP. The B+ rating on the senior notes reflects their contractual and structural subordination, junior collateral package and, therefore, the more limited recoveries expected for this instrument. Ineos acquired Innovene from BP in December 2005. The acquired petrochemical, intermediate chemical and refining operations were merged with Ineos' intermediate and specialty operations. Ineos was established in 1998 by James Ratcliffe, a chemicals entrepreneur, who owns a 57% stake in parent Ineos Capital Ltd. J V BAKER: Appoints Administrator from Milsted Langdon ------------------------------------------------------ Timothy Alexander Close of Milstead Langdon was appointed administrator of J.V. Baker Ltd. (Company Number 00358473) on Nov. 22. The administrator can be reached at: Timothy Alexander Close Milsted Langdon Winchester House Deane Gate Avenue Taunton Somerset TA1 2UH United Kingdom Tel: 01823 445566 Fax: 01823 445555 E-mail: risaacs@milsted-langdon.co.uk J.V. Baker Ltd. can be reached at: Barrington Hill Broadway Ilminster Somerset TA19 9LW United Kingdom Tel: 01823 481 273 Fax: 01460 573 35 LAKES & DALES: Leslie Ross Leads Liquidation Procedure ------------------------------------------------------ Leslie Ross of Grant Thornton U.K. LLP was appointed Liquidator of Lakes & Dales Born & Bred Limited on Nov. 22 for the creditors' voluntary winding-up procedure. The company can be reached at: Lakes & Dales Born & Bred Limited Raisgill Hall Tebay Penrith Cumbria CA103UB United Kingdom Tel: 015396 244 26 Fax: 015396 244 95 LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share --------------------------------------------------------------- Lazard Ltd. has priced an offering of 13,000,000 shares of Lazard Ltd Class A common stock at a price to the public of US$45.42 per share. Of the 13,000,000 shares, Lazard will sell 7,000,000 shares and the selling shareholders will sell 6,000,000 shares. Lazard will not receive any proceeds from the sale of shares by its selling shareholders. Lazard also granted the underwriters a 30-day option to purchase an additional 1,950,000 shares of common stock from the company at the public offering price to cover over-allotments, if any. Goldman, Sachs & Co. and Lazard Capital Markets were the underwriters of the offering. Copies of the final prospectus relating to the offering may be obtained by contacting: Goldman, Sachs & Co. Prospectus Department 85 Broad Street New York, NY 10004 Tel: (212) 902-1171 Lazard Ltd. -- http://www.lazard.com/-- one of the world's preeminent financial advisory and asset management firms, operates from 29 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides services including mergers and acquisitions advice, asset management, and restructuring advice to corporations, partnerships, institutions, governments, and individuals. In Europe, the firm maintains operations in France, Germany, Spain and the United Kingdom, among others. At June 30, 2006, the company's balance sheet showed US$2.1 billion in total assets and US$2.8 billion in total liabilities resulting in US$745 million stockholders' deficit. NEPTUNE TELECOM: Names Robert Martin Rutherford Liquidator ---------------------------------------------------------- Robert Martin Rutherford of Parkin S Booth & Co. was appointed Liquidator of Neptune Telecom Services Limited on Nov. 23 for the creditors' voluntary winding-up proceeding. Headquartered in Liverpool, England, Neptune Telecom Services Limited -- http://www.nemesisnet.co.uk/-- provides communications services including data sales, cabling and testing, convergence and project management. OVERSEAS SHIPHOLDING: Completes US$471-Bln Purchase of Maritrans ---------------------------------------------------------------- OversOverseas Shipholding Group Inc. completed the acquisition of Maritrans Inc. for US$471 million. The acquisition was made pursuant to the definitive merger agreement between the companies entered on Sept. 25, 2006. At a special meeting of stockholders of Maritrans held on Nov. 28 in Philadelphia, Pennsylvania, stockholders holding greater than a majority of Maritrans' outstanding shares approved and adopted the merger agreement. Following the stockholder vote and in accordance with the merger agreement, Maritrans was merged with a wholly owned subsidiary of OSG, and each outstanding share of Maritrans' common stock was converted into the right to receive US$37.50 per share in cash. Based on 12 million shares outstanding and the assumption of net debt outstanding as of Sept. 30, 2006, the transaction is valued at US$471 million. OSG financed the acquisition with borrowings under its revolving credit agreement and intends to repay up to US$300 million of this amount from qualified withdrawals under its Capital Construction Fund. The transaction is expected to be immediately accretive to OSG's earnings, before consideration of any transaction synergies. Maritrans will be renamed "OSG America, Inc." in connection with the transaction. As a result of the combination, OSG's U.S. Flag fleet now totals 35 operating and newbuild vessels that include handysize product carriers, a car carrier, dry bulk carriers and articulated tug barges. OSG's U.S. Flag fleet provides U.S.-based companies with a broad range of short haul and long haul transportation and lightering services. The strategic acquisition also gives OSG a presence in all four major U.S. trading routes: intra U.S.-Gulf, U.S. Gulf to the East Coast, U.S. Gulf to the West Coast and the Alaskan North Slope trades. "We view having a leading presence in the Jones Act trade as integral to our long-term strategy of growth and diversification," Morten Arntzen, President and Chief Executive Officer of OSG, commented. "As a leading player in the U.S. coastwise trade, we can provide commercial and government customers a diversified portfolio of services. Our fleet of high quality tankers and barges coupled with an experienced team of more than 930 sea and shore-based professionals, enables us to continue to provide superior customer service as well as serving as a platform for future expansion." "The predominantly medium and long-term nature of U.S. Flag revenues support our balanced chartering strategy, thus enhancing the stability of OSG's future earnings overall," stated Myles Itkin, Executive Vice President and Chief Financial Officer of OSG. "Additionally, OSG derives substantial economic benefit by being able to apply its CCF fund to this transaction." Jonathan P. Whitworth, 39, appointed Senior Vice President of OSG and Head of the U.S. Flag Strategic Business Unit in conjunction with the transaction, commented, "Since 1998, Maritrans has been actively engaged in a double-hull rebuilding program aimed at ensuring that its Jones Act fleet is 100% compliant with the U.S. Oil Pollution Act of 1990. Maritrans' patented barge rebuilding process allows articulated tug barges to be converted at a significant cost advantage. The rebuild and newbuild programs of the newly combined Company comprise thirteen vessels, including the Overseas Houston, which will be delivered next month and has been chartered to Shell, and the articulated tug and barge unit, the Overseas Vision and M350, which is scheduled to deliver late next year and commence a long-term charter to Sunoco. The newbuild program with vessels delivering through 2010 provides needed tonnage in the Jones Act trade, which is facing a significant phase-out of non-OPA compliant vessels." Mr. Whitworth will lead OSG's U.S. Flag strategic business unit from its offices in Tampa, Florida and will report directly to Mr. Arntzen. The management team of OSG's U.S. Flag unit includes Eric F. Smith, 41, who previously led the unit, as Chief Commercial Officer and Head of Government Affairs, Jack Robinson, 57, as Vice President Marine Operations, Christopher J. Flanagan, 47, as Vice President Marine Technical, Norman D. Gauslow, 60, as Vice President Marine Labor Relations and Matthew J. Yacavone, 39, as Vice President Business Development. About Maritrans Headquartered in Tampa, Florida, Maritrans Inc., (NYSE: TUG) -- http://www.maritrans.com/-- is a U.S.-based company with a 78-year commitment to building and operating petroleum transport vessels for the U.S. domestic trades. Maritrans employs a fleet of 11 ATBs, five product carriers, two of which have been redeployed to transport non-petroleum cargoes, and three large ATBs under construction. Approximately 75% of the company's oil carrying fleet capacity is double-hulled with a fleet capacity aggregating approximately 3.4 million barrels, 79% of which is barge capacity. Maritrans maintains an office in the Philadelphia area. About Overseas Shipholding Headquartered in New York, U.S.A., Overseas Shipholding Group, Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest publicly traded tanker companies in the world with an owned, operated and newbuild fleet of 117 vessels, aggregating 13.0 million dwt and 865,000 cbm, as of June 30, 2006. As a market leader in global energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets, the company is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world's most customer-focused marine transportation companies, with offices in New York, Athens, London, Manila, Newcastle and Singapore. * * * As reported in the Troubled Company Reporter on Nov. 22, Moody's Investors Service's confirmed Overseas Shipholding Group, Inc.'s Ba1 Corporate Family Rating. P J TOOL: Hires Administrator from Butcher Woods ------------------------------------------------ Roderick Graham Butcher of Butcher Woods Ltd. was appointed administrator of P J Tool & Mouldings Co. Ltd. (Company Number 03851917) on Nov. 23. The administrator can be reached at: Roderick Graham Butcher Butcher Woods Ltd. 79 Caroline Street Birmingham West Midlands B3 1UP United Kingdom Tel: 0121 236 6001 Fax: 0121 236 5702 E-mail: rod.butcher@butcher-woods.co.uk Headquartered in Stourbridge, P J Tool & Mouldings Co. Ltd. manufactures plastic injection mouldings. PARSELL MINNI-DIE: Calls In Liquidators from Blades Insolvency -------------------------------------------------------------- Philip Anthony Brooks and Julie Willetts of Blades Insolvency Services was appointed Liquidator of Parsell Minni-Die Limited on Nov. 24 for the creditors' voluntary winding-up proceeding. Headquartered in Nottingham, England, Parsell Minni-Die Limited -- http://www.parsellminni-die.com/-- manufactures Minni-Die C-Frame unitized hole punching, notching and cropping tools for sheet metals, cold rolled sections, hot rolled sections and aluminium extrusions. PROJECT SOLUTIONS: Creditors' Claims Due Jan. 31, 2007 ------------------------------------------------------ Creditors of Project Solutions Europe Limited have until Jan. 31, 2007, to send in their full names and addresses, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to appointed Liquidator William Antony Batty at: Antony Batty & Co. Third Floor 3 Field Court Gray's Inn London WC1R 5EF United Kingdom The company can be reached at: Project Solutions Europe Limited Unit 17 Cam Square Wilbury Way Hitchin Hertfordshire SG4 0TZ United Kingdom Tel: 01462 442 644 R-BAR AND RESTAURANT: Brings In E J Stonham as Administrator ------------------------------------------------------------ E. J. Stonham of Stonham.Co was appointed administrator of R-Bar and Restaurant Ltd. (Company Number 04712341) on Nov. 20. The administrator can be reached at: E.J. Stonham Stonham & Co. 13 Southgate Chichester West Sussex PO19 1ES United Kingdom Tel: 01243 839000 R-Bar and Restaurant Ltd. can be reached at: High Street Hamble Southampton Hampshire SO3 14HA United Kingdom Tel: 023 8045 4314 RION LIMITED: Taps Kroll as Joint Administrators ------------------------------------------------ Stuart Charles Edward Mackellar and Simon Wilson of Kroll Ltd. were appointed joint administrators of Rion (U.K.) Ltd. (Company Number 05570544) on Nov. 23. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Rion (U.K.) Ltd. can be reached at: Lowton Wy Hellaby Rotherham South Yorkshire S66 8RY United Kingdom Tel: 017 0970 3703 Fax: 017 0970 0880 ROADCHEF FINANCE: Fitch Affirms BB Rating on GBP42-Million Notes ---------------------------------------------------------------- Fitch Ratings affirmed all notes of RoadChef Finance Ltd., after reviewing the transaction's latest reported financial performance in the fourth quarter ended Sept. 24, 2006: -- Class A1 GBP16.63 million secured floating-rate notes due 2008 (ISIN XS0092873024) at BBB; -- Class A2 GBP133 million secured 7.418% fixed-rate notes due 2023 (ISIN XS0092874691) at BBB; and -- Class B GBP42 million secured 8.015% fixed-rate notes due 2026 (ISIN XS0092874857) at BB. RoadChef's trailing 12 months EBITDA remained flat at GBP27.5 million despite a double-digit growth experienced in the Costa Coffee format, which now represents 37% of catering sales. Fitch continues to view that Costa's growth is having a cannibalizing effect on other catering formats sales, particularly the unbranded business and has already presented an analysis of those issues in a performance report published on 25 May 2006 entitled "Caffeine Dependent". The volume of fuel sales continues to suffer from the increased price differential between fuel sold in RoadChef's motorways services and supermarkets. Despite this, forecourt retail sales grew by 1.8%. Other business lines' sales remained flat. The transaction's EBITDA debt service coverage ratio is currently at 1.36x against 1.37x last year, due to a slight increase in debt service. ROUTEONE SOLUTIONS: Hires Alun Evans to Liquidate Assets -------------------------------------------------------- Alun Evans of Bevan & Buckland was appointed Liquidator of Routeone Solutions Ltd. on Nov. 22 for the creditors' voluntary winding-up proceeding. The company can be reached at: Routeone Solutions Ltd. Fitzalan Place Cardiff South Glamorgan CF240ED United Kingdom Tel: 029 2046 4111 Fax: 029 2046 2111 ROYAL & SUN: Forming Joint Venture with Direct Insurance -------------------------------------------------------- Royal & Sun Alliance Insurance Group plc discloses of the signing of a framework agreement with Direct Insurance Financial Investments, to form a Joint Venture to access markets in Eastern Europe and Russia. The Joint Venture will own Link4, the market leading direct insurance operation in Poland, and has plans to replicate this successful business model in the Czech Republic and Russia. The proposed investment is consistent with the Group's emerging markets' strategy and will accelerate delivery of a direct personal lines proposition in the region. The agreement is non-binding and subject to confirmatory due diligence by R&SA. On satisfactory completion of this review, R&SA will pay GBP44 million in cash for a 50% shareholding in and joint control of the Joint Venture. Going forward, Royal & SunAlliance will invest a further GBP44 million to fund future growth of the venture, matching DIFI's current investment. "This is an exciting opportunity to invest in the number 1 direct insurer in the Polish market and a strong base from which to export this successful model into other attractive markets, Paul Whittaker, CEO of R&SA's Emerging Markets, commented. "I look forward to combining the Group's technical excellence with DIFI's track record of quickly establishing and building leading positions in new markets." About Royal & Sun Alliance Headquartered in London, United Kingdom, Royal & Sun Alliance Insurance Group Plc -- http://www.royalsunalliance.com/-- provides risk management and insurance solutions through two divisions focusing on property & casualty business and personal insurance. The group consists of three regions -- U.K., Scandinavia and International. The group operates in the U.K., Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France, Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland Antilles, the Netherlands, Norway, Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela. * * * As reported in the TCR-Europe on Sept. 29, A.M. Best Co. has placed the financial strength ratings of C++ (Marginal) and the issuer credit ratings of "b" of the Royal & SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines Insurance Company under review with developing implications pending the completion of the proposed sale of these operations to Arrowpoint Capital, a new company formed by the existing management team of these operations. All the above companies are domiciled in Wilmington, Delaware. R&SAUS and RSLIC are U.S. subsidiaries of Royal & Sun Alliance Insurance Group plc (London, England). As reported in the TCR-Europe on March 27, Standard & Poor's Ratings Services lowered its counterparty credit and insurer financial strength ratings on Royal & Sun Alliance Insurance Group PLC's U.S. insurance operations (RSA USA) to 'BB' from 'BB+'. S&P said the outlook remains negative. At the same time, the ratings were withdrawn at the request of the companies' management. RSG INSULATION: Claims Filing Period Ends Jan. 5, 2007 ------------------------------------------------------ Creditors of RSG Insulation Services Limited have until Jan. 5, 2007, to send their names and addresses with particulars of their debts or claims to appointed Joint Liquidator David Moore at: Begbies Traynor No.1 Old Hall Street Liverpool L3 9HF United Kingdom The company can be reached at: RSG Insulation Services Limited Whitnalls 1st Floor Cotton House Old Hall Street Liverpool Merseyside L3 9TX United Kingdom Tel: 0151 547 2881 RSR FRONT: Brings In Administrators from Berg Kaprow ---------------------------------------------------- Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP were appointed joint administrators of RSR Front (U.K.) Ltd. (Company Number 05219169) on Nov. 20. The administrators can be reached at: Stewart Trevor Bennett and James Preston Bradney Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW United Kingdom Tel: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 RSR Front (U.K.) Ltd. can be reached at: 34-35 Eastcastle Street London W1W 8DW United Kingdom Tel: 020 7436 8484 Fax: 020 7436 8434 SCOTIA SERVICES: Taps Liquidator from Price & Co. ------------------------------------------------- Alan R. Price of Price & Co. was appointed Liquidator of Scotia Services and Railway Civil Engineering Limited on Nov. 21 for the creditors' voluntary winding-up proceeding. The company can be reached at: Scotia Services And Railway Civil Engineering Limited 15 Glade Close Northampton Northamptonshire NN3 9SN United Kingdom Tel: 01604 403 331 Fax: 01604 413 334 SCOTTISH RE: Amends Credit Deal to Buy Back Convertible Notes ------------------------------------------------------------- Scottish Re Group Limited has executed an amendment to its bank credit facility agreement that permits a payment of up to US$115 million from Scottish Annuity & Life Insurance Company (Cayman) Ltd. to Scottish Re Group Limited. The payment was transferred to Scottish Re Group Limited on Monday, Dec. 4, 2006. These actions will enable the Company to repurchase the US$115 million 4.5% convertible notes should the holders elect to exercise their put options. The repurchase will occur today, Dec. 6. About Scottish Re Scottish Re Group Limited -- http://www.scottishre.com/-- provides reinsurance of life insurance, annuities and annuity- type products through its operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and Windsor, England. At March 31, 2006, the reinsurer's balance sheet showed US$12.2 billion assets and US$10.8 billion in liabilities * * * As reported in the TCR-Europe on Nov. 29, Moody's Investors Service continues to review the ratings of Scottish Re Group Ltd. with direction uncertain following the announcement by the company that it has entered into an agreement to sell a majority stake to MassMutual Capital Partners LLC, a member of the MassMutual Financial Group and Cerberus Capital Management, L.P., a private investment firm. These ratings continue on review with direction uncertain: * Scottish Re Group Limited: -- senior unsecured debt of Ba3; -- senior unsecured shelf of (P)Ba3; -- subordinate shelf of (P)B1; -- junior subordinate shelf of (P)B1; -- preferred stock of B2; and -- preferred stock shelf of (P)B2. * Scottish Holdings Statutory Trust II: preferred stock shelf of (P)B1; * Scottish Holdings Statutory Trust III: preferred stock shelf of (P)B1; * Scottish Annuity & Life Insurance Co (Cayman) Ltd.: insurance financial strength of Baa3; * Premium Asset Trust Series 2004-4: senior secured debt of Baa3 (based on IFS of SALIC); * Scottish Re (U.S.), Inc.: insurance financial strength of Baa3; * Stingray Pass-Through Certificates: senior secured debt of Baa3 (based on IFS rating of SALIC). At the same time, Standard & Poor's Ratings Services revised the CreditWatch status of its ratings on Scottish Re Group Ltd., Scottish Re's operating companies, and dependent unwrapped securitized deals to positive from negative. The ratings on securitizations that are wrapped or independent of the credit quality of Scottish Re have been affirmed. Scottish Re has a 'CCC' counterparty credit rating, and Scottish Re's operating companies have 'B+' counterparty credit and financial strength ratings. These ratings were placed on CreditWatch negative on July 31, 2006, when Scottish Re announced poor second-quarter results and that liquidity was tight. Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain on Rating Watch Negative following the announcement that SCT has entered into an agreement which will result in a new equity investment into the company of US$600 million. SCT's ratings were placed on Rating Watch Negative on July 31, due to concerns regarding the company's ability to repay US$115 million of senior convertible notes that are expected to be put to the company on Dec. 6. The ratings remain on Rating Watch Negative: Scottish Annuity & Life Insurance Company (Cayman) Limited -- IFS at BBB. Scottish Re (U.S.) Inc. -- IFS at BBB. Scottish Re Limited -- IFS at BBB. Scottish Re Group Limited -- IDR at BB; -- 4.5% US$115 million senior convertible notes at BB-; -- 5.875% US$142 million hybrid capital units at B+; and -- 7.25% US$125 million non-cumulative perpetual preferred stock at B+. A.M. Best Co. has downgraded the Financial Strength Rating to B from B+ and the issuer credit ratings to "bb+" from "bbb-" of the primary operating insurance subsidiaries of Scottish Re Group Limited. A.M. Best has also downgraded the ICR of Scottish Re to "b" from "bb-" and all of Scottish Re's debt ratings. All ratings remain under review with negative implications. The FSR has been downgraded to B from B+ and the ICRs have been downgraded to "bb+" from "bbb-" and remain under review with negative implications for the following subsidiaries of Scottish Re Group Limited: -- Scottish Annuity & Life Insurance Company (Cayman) Ltd.; -- Scottish Re (U.S.), Inc.; -- Scottish Re Life Corporation; -- Scottish Re Limited; and -- Orkney Re, Inc. The ICR has been downgraded to "b" from "bb-" and remains under review with negative implications for Scottish Re Group Limited. These debt ratings have been downgraded and remain under review with negative implications: Scottish Re Group Limited -- to "b" from "bb-" on US$115 million 4.5% senior unsecured convertible notes, due 2022; -- to "ccc+" from "b" on US$143 million 5.875% of hybrid capital units, due 2007; and -- to "ccc+" from "b" on US$125 million non-cumulative preferred shares. Stingray Pass-thru Trust -- to "bb" from "bbb-" on US$325 million senior unsecured pass-thru certificates, due 2012 These indicative ratings for debt securities under the shelf registration have been downgraded and remain under review with negative implications: Scottish Re Group Limited -- -- to "ccc+" from "b" on preferred stock; -- to "b-" from "b+" on subordinated debt; and -- to "b" from "bb-" on senior unsecured debt; Scottish Holdings Statutory Trust II and III --to "b-" from "b+" on preferred securities SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12 ------------------------------------------------------------- The New York Stock Exchange Arca Inc. notified the U.S. Securities and Exchange Commission that it intends to remove the entire Class A and Class B common shares of Sea Containers, Ltd., from listing and registration on the NYSE Arca at the opening of business on Dec. 12, 2006. The NYSE Arca believes that the securities are no longer suitable for continued listing and trading after a review by the NYSE Regulation indicated that SCL delayed the filing of its Form 10-K for Dec. 31, 2005 and certain 2006 Form 10-Q filings with the SEC. SCL was unable to give any assurance as to when the delayed reports may be available for filing because of, among others, SCL's focus on developing a restructuring plan. The NYSE had previously determined that the Securities should be suspended from trading and filed with the SEC an application to remove the Securities from listing and registration on the NYSE Arca. SCL was notified of the decision on Sept. 29 and had a right to appeal the determination to de-list its Securities to a Committee of the Board of Directors, provided that it file a written request for a review with the Secretary of the NYSE Arca. SCL did not do so within the specified time period and the Securities were suspended from trading on Oct. 3. The NYSE Arca also intends to remove these four classes of senior notes from their listing: (1) 10-3/4% Series B Senior Notes due Oct. 15, 2006, (2) 7-7/8% Series B Senior Notes due Feb. 15, 2008, (3) 12-1/2% Senior Notes due Dec. 1, 2009, and (4) 10-1/2% Senior Notes due May 15, 2012. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Wants to Hire Appleby Hunter as Special Counsel --------------------------------------------------------------- Sea Containers Ltd. and its debtor-affiliates ask the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware for authority to employ Appleby Hunter Bailhache as their special counsel for Bermuda legal matters, nunc pro tunc to Oct. 15, 2006. Edwin S. Hetherington, vice president, general counsel, and secretary of Sea Containers Ltd., relates that Appleby has served as the Debtors' outside Bermudian counsel on matters including corporate and securities law and general litigation since 1974. Mr. Hetherington tells Judge Carey that that the firm's professionals have become very familiar with the Debtors and their business affairs, and have gained extensive experience in most aspects of the Debtors' general legal work and needs. Specifically, Appleby will: -- continue to advise and represent SCL in accordance to its prior representation; and -- advise and represent the Debtors with respect to SCL's Bermuda insolvency proceeding and other matters that may arise in the Debtors' Chapter 11 cases or the Bermuda proceeding in the ordinary course of operations. Appleby will be paid for its services based on the firm's customary hourly rates: Professionals Hourly Rate ------------- ----------- Partners US$400 - US$625 Associates US$200 - US$590 Paraprofessionals US$125 - US$260 The firm will also be reimbursed for necessary out-of-pocket expenses. Mr. Hetherington relates that Appleby has received a replenishing prepetition retainer with a remaining balance of US$183,856 for providing the Debtors with representation on Bermuda legal matters prior to the Petition Date. In addition to the retainer, Appleby has also received US$205,941 from the Debtors on account of services rendered regarding the Bermuda legal matters. Jennifer Yolande Fraser, Esq., a partner at Appleby, assures the Court that her firm does not hold any interest adverse to Debtors or their estates with respect to the matters on which it is to be employed. Ms. Fraser can be contacted at: Jennifer Y. Fraser, Esq. Appleby Hunter Bailhache Canon's Court, 22 Victoria Street P.O. Box HM 1179 Hamilton HM EX, Bermuda Tel: (441) 295-2244 Fax: (441) 292-8666 http://www.applebyglobal.com/ About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SHAW GROUP: S&P Holds BB Rating & Removes Negative CreditWatch -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in Oct. 2006. The outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. The affirmation comes after the acquisition of a 20% interest in the Toshiba Corp.-led purchase of Westinghouse Electrical Company by Shaw subsidiary Nuclear Energy Holdings LLC. "Ratings are not immediately affected by the acquisition due largely to the put option rights NEH holds," said Dan Picciotto, Standard & Poor's credit analyst. These rights allow NEH to sell all or part of its ownership interest to Toshiba prior to maturity of the bonds. Headquartered in Baton Rouge, LA, The Shaw Group Inc. -- http://www.shawgrp.com/-- is a global provider of services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure (E&I); Energy & Chemicals (E&C); Maintenance, and Fabrication, Manufacturing & Distribution (F&M). In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. SOUTH COAST: Taps Portland Business as Administrators ----------------------------------------------------- James Richard Tickell and Carl Derek Faulds of Portland Business & Financial Solutions Ltd. were appointed joint administrators of South Coast Maintenance Ltd. (Company Number 5545799) on Nov. 14. The administrators can be reached at: James Richard Tickell and Carl Derek Faulds Portland Business & Financial Solutions Ltd. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH United Kingdom E-mails: carl.faulds@portland-solutions.co.uk james.tickell@portland-solutions.co.uk South Coast Property Maintenance Ltd. can be reached at: 8 The Old Flour Mill Queen Street Emsworth Hampshire PO10 7BT United Kingdom Tel: 01489 550 440 STAPLEWOOD SERVICES: Swift Fire Taps MPH Recovery as Receiver ------------------------------------------------------------- Swift Fire & Security Group PLC appointed Martin Paul Halligan of MPH Recovery joint administrative receiver of Staplewood Services Ltd. (Company Number 3422093) on Nov. 17. The administrative receiver can be reached at: Martin Paul Halligan MPH Recovery 9 Campus Road Listerhills Science Park Bradford West Yorkshire BD7 1HR United Kingdom Tel: 01274 370070 Headquartered in Bristol, England, Staplewood Consulting Ltd. installs integrated electronic security systems. TA CAR: Claims Registration Ends Feb. 20, 2007 ---------------------------------------------- Creditors of Ta Car Sales Limited have until Feb. 20, 2007, to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors, if any, to appointed Joint Liquidator Gerald Maurice Krasner at: Bartfields (UK) Limited Burley House 12 Clarendon Road Leeds LS2 9NF United Kingdom The company can be reached at: Ta Car Sales Limited Higher Road Urmston Manchester Lancashire M41 9AP United Kingdom Tel: 0161 748 0642 Fax: 0161 747 8002 VACANCY FIELD: Liquidator Sets Feb. 23, 2007 Claims Bar Date ------------------------------------------------------------ Creditors of Vacancy Field Limited have until Feb. 23, 2007, 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 Gerald Maurice Krasner at: Bartfields (UK) Limited Burley House 12 Clarendon Road Leeds LS2 9NF United Kingdom The company can be reached at: Vacancy Field Limited Level 7 West Gate London W5 1DR United Kingdom Tel: 020 8991 3388 Fax: 020 8799 0393 WASTE BY WATER: Hires Susan Joy Casey as Liquidator --------------------------------------------------- Susan Joy Casey of J Casey & Co. was appointed Liquidator of Waste By Water Limited on Nov. 24 for the creditors' voluntary winding-up proceeding. The company can be reached at: Waste By Water Limited 132 Bognor Road Chichester West Sussex PO197TQ United Kingdom Tel: 01243 780 360 WOODLAND LEISURE: Brings In Butcher Woods as Administrator ---------------------------------------------------------- Roderick Graham Butcher of Butcher Woods was appointed administrator of Woodland Leisure Ltd. (Company Number 04537121) on Nov. 23. The administrator can be reached at: Roderick Graham Butcher Butcher Woods Ltd. 79 Caroline Street Birmingham West Midlands B3 1UP United Kingdom Tel: 0121 236 6001 Fax: 0121 236 5702 E-mail: rod.butcher@butcher-woods.co.uk Headquartered in Stourbridge, England, Woodland Leisure Ltd. manufactures garden furniture. WOODVALE EVENTS: Brings In Administrator from Begbies Traynor ------------------------------------------------------------- I. E. Walker of Begbies Traynor was appointed administrator of Woodvale Events Ltd. (Company Number 03516250) on Nov. 20. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Headquartered in Newton Abbot, England, Woodvale Events Ltd. organizes events for ocean rowing races. WRDCLOGSYS LIMITED: Taps Joint Administrators from PwC ------------------------------------------------------ Stephen Andrew Ellis and Ian David Stokoe of PricewaterhouseCoopers LLP were appointed joint administrators of Wrdclogsys Ltd. (Company Number 03873915) on Nov. 22. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Wrdclogsys Ltd. can be reached at: Ebor Court Westgate Leeds West Yorkshire LS1 4ND United Kingdom Tel: 0113 245 4788 ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. ********* 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, Joy Agravante, and Zora Jayda Zerrudo Sala, 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 * * *