/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/061218.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 Monday, December 18, 2006, Vol. 7, No. 250 Headlines A U S T R I A ANTON KRIVANEK: Vienna Court Orders Business Shutdown BAWAG PSK: Eyes Expansion to Eastern European Market LTZ-BAUSERVICE: Claims Registration Period Ends January 2 MAXIMILIAN SEEBOECK: Creditors' Meeting Slated for December 21 MEBRI FITNESSCENTER: Creditors' Meeting Slated for December 21 OTTO WERNIG: Innsbruck Court Orders Business Shutdown VIKTORIN BAU: Property Manager Declares Insufficient Assets F I N L A N D METSO OYJ: Buys Back Shares as Incentives for Key Personnel METSO OYJ: Valmet Automotive Unit to Cut Production in Spring F R A N C E GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds NOVASAUR S.A.S.: Strategic Review Cues Moody's to Change Outlook OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+ G E O R G I A VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget G E R M A N Y APPARATEBAU-GESELLSCHAFT: Claims Registration Ends December 20 AQUA FLOATARIS: Creditors' Meeting Slated for December 20 BITS LOGISTICS: Claims Registration Ends December 22 DUERR AG: Expands Asian Business with EUR57 Million Hyundai Deal ELMI GMBH: Claims Registration Ends December 21 ENTRY FUNDING: Fitch Assigns Low-B Ratings on EUR16-Mln Notes LOES HAUSBAU: Claims Registration Ends December 20 MOEBELHAUS WILLI: Claims Registration Ends December 22 MS REGINA: Claims Registration Ends December 20 PETER TIEFUHR: Claims Registration Ends December 22 R & S FLEET: Claims Registration Ends December 21 SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business SEMPER FINANCE: Fitch Assigns BB Rating to EUR32.7-Mln Notes TASK AGENTUR: Claims Registration Ends December 22 WUESTENROT BANK: Fitch Downgrades Individual Rating to C/D G R E E C E HELLAS TELECOM II: Moody's Junks Proposed EUR1.1-Billion Notes TIM HELLAS: S&P Cuts Rating to B on Leveraged Recapitalization I R E L A N D ELAN CORP: Converts & Redeems US$253.6-Million Notes SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business I T A L Y METSO OYJ: Buys Back Shares as Incentives for Key Personnel METSO OYJ: Valmet Automotive Unit to Cut Production in Spring WIND ACQUISITION: Fitch Upgrades EUR950-Mln Sr. Notes to BB/RR4 K A Z A K H S T A N BEREKE LLP: Creditors Must File Claims by Jan. 12, 2007 EKIBASTUZ ENERGO: Creditors' Claims Due Jan. 26, 2007 GRAN PRI: Claims Filing Period Ends Jan. 24, 2007 LVOVSKAYA AGRICULTURAL: Creditors' Claims Due Jan. 2, 2007 ODA-STORY LLP: Court Begins Bankruptcy Proceedings SWISS KAZAKH: Claims Registration Ends Jan. 26, 2007 TATYANA LLP: Proof of Claim Deadline Slated for Jan. 10, 2007 TS KURAL: South Kazakhstan Court Opens Bankruptcy Proceedings URAL STROY: Claims Filing Period Ends Jan. 26, 2007 K Y R G Y Z S T A N AK-TILEK-A: Creditors' Meeting Slated for Dec. 20 BISHKEKSKY PASSAJIRSKY: Creditors' Meeting Slated for Dec. 20 L I T H U A N I A MAZEIKIU NAFTA: PKN Orlen Buys Yukos' Stake for US$2.34 Billion N E T H E R L A N D S GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds P O L A N D OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+ P O R T U G A L BPN SGPS: Fitch Affirms Individual Rating at C R U S S I A BUILDER CJSC: Court Names V. Fursov as Insolvency Manager BUSINESS-CITY CJSC: Court Names S. Shaporev to Manage Assets GAZPROMBANK OA0: To Create Asset Management Unit in Luxembourg INVEST-COM-BANK BELCOM: State Corp. Agency to Manage Assets KRUTINSKOYE CJSC: Omsk Bankruptcy Hearing Slated for May 15 LUKOIL OAO: Places RUR14-Billion Non-Convertible Bonds in MICEX LUKS OJSC: Court Starts Bankruptcy Supervision Procedure MASLYANSKOYE LLC: Kurgan Bankruptcy Hearing Slated for Dec. 20 MELEKESSKAYA CJSC: Court Starts Bankruptcy Supervision Procedure MOS-PROM-BANK LLC: Names State Corp. Agency to Manage Assets OMSK-TRANS-STORY OJSC: Names V. Vinogradov to Manage Assets REFCO INC: N.Y. Court Confirms Modified Joint Chapter 11 Plan SHERBINOVSKAYA: Court Names A. Nefedov as Insolvency Manager SIB-CONCORD CJSC: Court Names N. Baranova as Insolvency Manager SISTEMA CAPITAL: Moody's Rates US$3-Billion MTN Program at (P)B3 SOUTHERN TELECOM: Partially Redeems Pay-to-Bearer Bonds STEPURINSKIY FLAX: Court Names S. Postnov as Insolvency Manager TRANSSIBERIAN RE: AM Best Assigns C++ Financial Strength Rating UST'-ILIMSKIY BREWERY: Court Names A. Kostyunin to Manage Assets VERKHNEKAMSKIY PHOSPHORITE: Asset Sale Slated for December 25 VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget VOLGOGRADSKIY CENTRE: Bankruptcy Hearing Slated for March 15 S P A I N FTPYME TDA: Moody's Junks EUR29.3-Million Series D Notes MADRID RMBS II: Moody's Rates EUR18.9-Mln Series E Notes at Ba1 SANTANDER FINANCIACION: Moody's Junks EUR14.3-Mln Series F Notes S W I T Z E R L A N D AEGERI TRUST: Zug Court Suspends Bankruptcy Proceedings CONVERIUM HOLDING: Fitch Upgrades Issuer Default Rating to BBB ERIC REICHENBACH: Court Suspends Bankruptcy Proceedings GASTHAUS GUBEL: Zug Court Starts Bankruptcy Proceedings INTERAD LLC: Solothurn Court Suspends Bankruptcy Proceedings JEANS STATION: Binningen Court Suspends Bankruptcy Proceedings MBS-DENTAL LLC: Solothurn Court Starts Bankruptcy Proceedings MUTH PARTNERS: Basel-Stadt Court Closes Bankruptcy Proceedings NOVA MOBEL: Solothurn Court Suspends Bankruptcy Proceedings WP-PRODUKTLEASING JSC: Zug Court Suspends Bankruptcy Proceedings U K R A I N E BUCHATSKYI MALTHA: Creditors Must File Claims by Jan. 4, 2007 DIAMOND LTD: Creditors Must File Claims by Feb. 7, 2007 STAROBILSKA' PETROLEUM: Creditors' Claims Due Jan. 4, 2007 SCHEVCHENKIVSKE AGRICULTURAL: Bankruptcy Supervision Starts PROGRESS LLC: Khmelnitsky Court Starts Bankruptcy Supervision NIZHYNSKE PLEMPIDPRYEMSTVO: Court Starts Bankruptcy Supervision U N I T E D K I N G D O M 9 TO 5 OFFICE: Appoints Jeremy Knight to Administer Assets ALEXANDER BOX: Creditors' Meeting Slated for January 8 AMAZON.COM INC: Moody's Lifts Corporate Family Rating to Ba2 ARTEMIS INDUSTRIAL: Taps Administrators from Begbies Traynor BGM CRYOGENIC: Appoints BDO Stoy as Joint Administrators BOLDGATE LIMITED: Brings In Tenon Recovery to Administer Assets BONAS MACHINE: Names Gerald Maurice Krasner as Administrator CANAS LIMITED: Appoints Alan Simon to Liquidate Assets CAPCOM LIMITED: Claims Filing Period Ends Dec. 31 CAPITAL BATHROOMS: Appoints Milner Boardman as Administrators CAPITEX LIMITED: Creditors' Claims Due Dec. 31 CLARK STEPHEN: Creditors' Meeting Slated for January 8 COMPUTFORCE LIMITED: Claims Registration Ends Dec. 31 CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator COUNTRY FOODS: Brings In Administrators from BDO Stoy D LEWIS: Nominates Liquidators from Purnells DEP INTERNATIONAL: Creditors' Meeting Slated for December 22 DVS SYSTEMS: Brings In Liquidator from Rifsons E & P COATINGS: Creditors' Meeting Slated for January 5 EFFECTIVE GOLF: Creditors' Meeting Slated for December 21 ELAN CORP: Converts & Redeems US$253.6-Million Notes ENVELOPES U.K.: Creditors' Meeting Slated for December 22 FOCUS DIY: Moody's Junks Rating on High Financial Leverage GEORGICA PLC: S&P Cuts Rating to CCC+ on Increased Leverage HAMMOND SERVICES: Claims Filing Period Ends Jan. 11, 2007 HARBOURMASTER CLO 8: Fitch Places BB Rating on EUR11.8-Mln Notes HINCHINGBROOKE HEALTHCARE: Faces Irrecoverable Deficit IDEAL PERSONNEL: Taps Liquidator from Bulley Davey INEOS GROUP: Moody's Changes Rating Outlook to Negative J.T.L. STEEL: Appoints Liquidator from Begbies Traynor LOADMASTER ENGINEERING: Claims Registration Ends Jan. 31, 2007 MABO U.K.: Names David Grindall Holmes Liquidator MACROBUILD LIMITED: Calls In Liquidator from Haines Watts MDP FABRICATIONS: Liquidator Sets Jan. 11, 2007 Claims Bar Date MERLIN SOLUTIONS: Appoints Liquidator to Wind Up Business MICRODOSE PRECISION: Names Jeremy Paul Oddie Liquidator NATIONWIDE STONE: Creditors Confirm Voluntary Liquidation OCEAN GOLD: Creditors' Meeting Slated for December 22 OPTISM LTD: Brings In Joint Liquidators from Lines Henry OVERNIGHT TRANSPORT: Nominates Ninos Koumettou as Liquidator PAF LIMITED: Hires Lloyd Biscoe to Liquidate Assets PICTURE PERFECT: Hires Elliot Woolfe to Liquidate Assets PIPE ACQUISITION: IPO Plans Spur S&P's Watch Positive on Ratings PLANET CHILTERN: Hires M. S. E. Solomons as Liquidator SCIENS CFO: Moody's Rates EUR7.8-Mln Class E Notes at Ba1 SOUTH COAST: Names Eric William Sheppard Liquidator TABERNA EUROPE: S&P Assigns BB Rating on EUR16-Mln Class E Notes THAMES VALLEY: Brings In Liquidators from Harrisons TOPFORDS LIMITED: Taps Liquidators from Recovery hjs ********* ============= A U S T R I A ============= ANTON KRIVANEK: Vienna Court Orders Business Shutdown ----------------------------------------------------- The Trade Court of Vienna entered Oct. 23 an order shutting down the business of LLC Anton Krivanek (FN 229115). Court-appointed property manager Georg Freimueller 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. Georg Freimueller c/o Dr. Erwin Senoner Alser Road 21 1080 Vienna, Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 28 (Bankr. Case No. 3 S 120/06a). Erwin Senoner represents Dr. Freimueller in the bankruptcy proceedings. BAWAG PSK: Eyes Expansion to Eastern European Market ---------------------------------------------------- Bawag P.S.K. will expand in Eastern Europe and sell more banking and insurance products after it agreed to a EUR3.2 billion takeover bid by a consortium led by Cerberus Capital Management L.P., Bloomberg News reports. "After things are a bit settled in Austria, we'll plan to expand further into central and Eastern Europe," said Karl Stoss, Chief of Assicurazioni Generali S.p.A.'s Austrian unit, told Bloomberg News. As reported in the TCR-Europe on Dec. 15, Osterreichischer Gewerkschaftsbundhad agreed to sell Bawag to a consortium led by Cerberus Capital Management L.P. for EUR3.2 billion, Bloomberg News reports citing a source privy to the deal. According to the source, Cerberus will pay around EUR2.6 billion for the assets and inject EUR600 million into Bawag. Assicurazioni Generali is part of Cerberus' takeover team. Cerberus also hired former Goldman Sachs Group Inc. partner Kenneth Leet as regional head. Ewald Nowotny, Bawag's Chief Executive, said Cerberus plans to use Bawag as base for its European financial-services holdings, Bloomberg News relays. Mr. Nowotny plans to stay at Bawag following Cerberus' takeover. About BAWAG Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft AG) is an Austrian universal bank founded in 1922 by former Austrian Chancellor Karl Renner. As of 2004, the bank's majority shareholder was the OGB (Osterreichischer Gewerkschaftsbund), the Austrian Trade Union Federation. The bank had total consolidated assets of EUR56 billion as of Dec. 31, 2004. * * * As reported in the TCR-Europe on May 11, Moody's downgraded BAWAG P.S.K's -- financial strength rating (BFSR) to D- from C-; -- Tier 1 debt rating to Baa3 from Baa2. Both ratings remain under review for possible downgrade. At the same time, Moody's has also downgraded to Prime-2 with stable outlook from Prime-1 the bank's short-term debt and deposit rating. The A3 long-term debt and deposit ratings and the Baa1 subordinated debt rating remain on review for possible downgrade. These ratings were downgraded as part the rating action: -- BAWAG P.S.K.: bank financial strength rating from C- to D-; -- BAWAG P.S.K.: short-term rating from P-1 to P-2; -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and deposit rating to Baa3 from Baa2; -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and deposit rating to Baa3 from Baa2; and -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and deposit rating to Baa3 from Baa2. These ratings are under review for possible downgrade: -- BAWAG P.S.K.: bank financial strength rating of D-; -- BAWAG P.S.K.: long-term debt and deposit. LTZ-BAUSERVICE: Claims Registration Period Ends January 2 --------------------------------------------------------- Creditors owed money by LLC LTZ-Bauservice (FN 258082h) have until Jan. 2, 2007 to file written proofs of claims to court- appointed property manager Georg Buder at: Dr. Georg Buder c/o Dr. Walther Moerth Bethlehemstrasse 3 4020 Linz, Austria Tel: 0732/771877 Fax: 0732/77187718 Email: moerth.buder@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 15, 2007 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Linz Room 522 5th Floor Linz, Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Oct. 24 (Bankr. Case No. 12 S 91/06d). Walther Moerth represents Dr. Buder in the bankruptcy proceedings. MAXIMILIAN SEEBOECK: Creditors' Meeting Slated for December 21 -------------------------------------------------------------- Creditors owed money by KEG Maximilian Seeboeck (FN 259718p) are encouraged to attend the creditors' meeting at noon on Dec. 21 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1701 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Oct. 24 (Bankr. Case No. 6 S 88/06t). Michael Neuhauser serves as the court-appointed property manager of the bankrupt estate. Christof Stapf represents Mag. Neuhauser in the bankruptcy proceedings. The property manager and his representative can be reached at: Mag. Michael Neuhauser c/o Dr. Christof Stapf Esslinggasse 9 1010 Vienna, Austria Tel: 536 50-0 Fax: 536 50-14 E-mail: officewien@aaa-law.at MEBRI FITNESSCENTER: Creditors' Meeting Slated for December 21 -------------------------------------------------------------- Creditors owed money by LLC Mebri Fitnesscenter (FN 259884h) are encouraged to attend the creditors' meeting at 10:00 a.m. on Dec. 21 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Wels Hall 101 Maria Theresia Str. 12 1st Floor Wels, Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on Oct. 24 (Bankr. Case No. 20 S 125/06t). Gerhard Eigner serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Mag. Gerhard Eigner Ringstrasse 25 4600 Wels, Austria Tel: 07242/58120 Fax: 07242/58120-22 E-mail: OFFICE@EIGNER-ROYER.AT OTTO WERNIG: Innsbruck Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Innsbruck entered Oct. 23 an order shutting down the business of LLC Otto Wernig (FN 39610a). Court- appointed property manager Herbert Matzunski 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. Herbert Matzunski Salurner Road 16/1 6020 Innsbruck, Austria Tel: 0512/582716-0 Fax: 0512/571467 E-mail: law@hauska-matzunski.at Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on Oct. 16 (Bankr. Case No. 19 S 102/06g). Roland Kometer represents the Debtor in the bankruptcy proceedings. The Debtor's representative can be reached at: Dr. Roland Kometer Maria-Theresien-Road 5 2nd Floor 6020 Innsbruck, Austria Tel: 0512/58 21 20 VIKTORIN BAU: Property Manager Declares Insufficient Assets ----------------------------------------------------------- Dr. Erwin Senoner, the court-appointed property manager for LLC Viktorin Bau (FN 225300z), declared Oct. 23 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 9 (Bankr. Case No. 45 S 53/06g). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Road 21 1080 Vienna, Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at ============= F I N L A N D ============= METSO OYJ: Buys Back Shares as Incentives for Key Personnel ----------------------------------------------------------- Metso Oyj has repurchased 300,000 of its own shares for use as incentives for key personnel. The shares have been repurchased at the rate quoted in public trading of the shares on the Helsinki Stock Exchange at the time of purchase. About Metso Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- serves customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom and the United States. * * * As reported in the TCR-Europe on April 11, Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital structure that offer it the potential to return to a low investment-grade rating. The 'BB+' long-term and 'B' short-term corporate credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed. METSO OYJ: Valmet Automotive Unit to Cut Production in Spring ------------------------------------------------------------- The production volume of Valmet Automotive, a unit of Metso Oyj, is estimated gradually to decrease during spring to about 100 cars per day by April 2007. During first 11 months in 2006 the production volume has been approximately 150 cars per day. The reason for the decrease is the overall uncertain situation in the automobile market and its effects on the demand for the car factory's products. The decrease in volume will mean an additional reduced need for employees. Valmet Automotive announced in November a decrease in the daily production volume from 153 cars to 132 cars. At the same time, personnel negotiations regarding 80 employees were initiated. At the personnel negotiations, the company informed the employee representatives of the impact the further decrease in production volumes will have on the personnel. Now there is a need to reduce personnel strength by 260 instead of the previously estimated 80. The intention is to maintain the previously communicated schedule for the personnel negotiation decisions, i.e. the second to the last week of December. The car factory currently employs about 1,060 people. Valmet Automotive's net sales during the first nine months in 2006 were EUR81 million and operating profit EUR10.7 million. About Metso Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- serves customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom and the United States. * * * As reported in the TCR-Europe on April 11, Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital structure that offer it the potential to return to a low investment-grade rating. The 'BB+' long-term and 'B' short-term corporate credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed. =========== F R A N C E =========== GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds --------------------------------------------------------- Getronics N.V. disclosed of a cash tender offer for all or some of its outstanding EUR100 million 5.5% unsubordinated convertible bonds due 2008. The Cash Offer will be conditional on the closing of Getronics' offering of EUR95 million 3.875% convertible bonds due 2014, which was successfully placed. Rabo Securities and KBC Financial Products U.K. Ltd. have underwritten the CB Offering, subject to customary conditions precedent for an offering of this nature. 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. NOVASAUR S.A.S.: Strategic Review Cues Moody's to Change Outlook ---------------------------------------------------------------- Moody's Investors Service changed the outlook on the Ba2 Corporate Family Rating of Novasaur S.A.S., the holding company for Saur S.A.S., to developing from positive due to the announcement by Novasaur's ultimate shareholder, PAI partners, that it is reviewing its strategic options as regards its ownership of the group. At the same time, Moody's also changed to developing from positive the outlook on the B1 rating of the EUR265-million senior subordinated notes issued by FG4 S.A., a finance subsidiary of Novasaur. Moody's rating action reflects the potential change in ownership that could result from the strategic review initiated by PAI partners, which could potentially lead to the partial or full disposal of Saur. Moody's notes that such potential disposal could be either detrimental or beneficial to current creditors, depending upon: (i) the credit quality of the potential new owner and (ii) its financial policy. A developing outlook is for Moody's signalling that the future direction of a rating is contingent upon some specific and highly material event. Moody's adds that no timetable has been set for the strategic review, and will therefore continue to monitor any further announcement in that respect by Saur's shareholders. Ratings and outlook could thus be re-positioned to reflect the intrinsic credit quality of the group once a decision is made. Moody's however notes that bondholders remain protected by a change of control clause that would allow them to tender their notes if Saur were to be divested. Moody's last rating action on Novasaur was on Sept. 20, 2006, when the agency changed the outlook on the group's ratings to positive from stable. Novasaur S.A.S., headquartered in Guyancourt, France, is the third largest provider of water and sanitation services as well as waste management services in France. In 2005/06, the group reported revenues of EUR1.4 billion. OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+ ------------------------------------------------------------ Fitch Ratings affirmed the credit ratings for OMNOVA Solutions Inc.: -- Issuer Default rating at B+; -- Senior secured credit facility at BB+/RR1; and -- Senior secured notes at B+/RR4. The Rating Outlook is Stable. These rating actions affect US$165 million in public securities and the company's US$72 million senior secured credit facility. OMNOVA's credit ratings are supported by its small company size, relatively high debt level, and weak, though improving, operating performance. The company's size has declined and its product portfolio has become more limited upon the divestiture of its roofing business in late September 2006 for approximately US$40 million cash. The opportunistic sale monetized a small contributor to sales and operating income while removing warranty liabilities from the balance sheet. However, Fitch notes that resulting lower revenue and earnings levels make OMNOVA more susceptible to default risk when business conditions weaken. Total debt-to-operating EBITDA remains high at 3.6 times with US$165 million 11.25% notes representing the majority of the outstanding debt. These notes may be refinanced in 2007 after its call date at June 1 as the company tries to reduce future interest expense. The remaining portfolio has shown mixed results in 2006 so far. The Decorative Products segment began to contribute profit, although at very low levels, while the Performance Chemicals segment exhibited weaker margin and lower profit on lower volumes. Despite weaker profitability, Performance Chemicals continues to be the company's largest contributor to earnings. That OMNOVA's stronger segment is presenting some weakness is a near-term concern. The Stable Rating Outlook reflects Fitch's view that operating performance and credit measures are expected to change modestly from current levels near term. Fitch expects Performance Chemicals to stabilize or possibly weaken if carpet demand remains weak and raw material prices soften with energy prices near term. Fitch also expects Decorative Products to weaken slightly if office vacancy rates increase in 2007 and a weaker U.S. economy stems refurbishment activity, resulting in slower wallcovering and laminate demand. OMNOVA Solutions Inc. is a specialty chemical producer based in Fairlawn, OH. The company has leading positions in styrene- butadiene latex production, vinyl wallcovering, coated fabrics and decorative laminates. For the last 12 months ended Aug. 31, 2006, the company had operating EBITDA of US$50.1 million on sales of US$812.2 million unadjusted for the recent divestiture. ============= G E O R G I A ============= VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget ---------------------------------------------------------- The Board of Directors OJSC Vimpel-Communications voted in favor of the proposed 2007 consolidated budget by a majority vote. Pursuant to the company's charter, the necessary vote to approve the proposed consolidated budget is eight out of nine directors. As in 2006, as a result of the continuing disagreement between the directors regarding the spending of funds respecting VimpelCom's subsidiary, Ukrainian Radio Systems, there were not eight votes cast in favor. However, as in 2006, the Company will operate within the parameters of the proposed consolidated budget for 2007. The management of OJSC Vimpel-Communications will continue to operate the company in 2007 in the ordinary course of business. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As reported in the TCR-Europe on Oct. 12, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based mobile telecommunications operator Vimpel- Communications (JSC) to 'BB+' from 'BB', reflecting the company's continuing strong performance. S&P said the outlook is stable. ============= G E R M A N Y ============= APPARATEBAU-GESELLSCHAFT: Claims Registration Ends December 20 -------------------------------------------------------------- Creditors of Apparatebau-Gesellschaft Hageloch und Martinitz GmbH have until Dec. 20 to register their claims with court- appointed provisional administrator Rainer Emmer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Tuebingen Hall 208 2nd Floor Branch Office Schulberg 14 72074 Tuebingen, 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 Tuebingen opened bankruptcy proceedings against Apparatebau-Gesellschaft Hageloch und Martinitz GmbH on Nov. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Apparatebau-Gesellschaft Hageloch und Martinitz GmbH Daimlerstr. 11 72805 Lichtenstein, Germany Attn: Gottlieb Martinitz, Manager Altweg 11 72805 Lichtenstein, Germany The administrator can be contacted at: Rainer Emmer Birkenstr. 18 72574 Bad Urach, Germany AQUA FLOATARIS: Creditors' Meeting Slated for December 20 --------------------------------------------------------- The court-appointed provisional administrator for Aqua Floataris GmbH, Petra Hilgers, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 11:15 a.m. on Dec. 20. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 11:30 a.m. on March 21, 2007, at the same venue. Creditors have until Jan. 25, 2007, to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Aqua Floataris GmbH on Oct. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aqua Floataris GmbH Altonaer Road 77 13581 Berlin, Germany The administrator can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin, Germany BITS LOGISTICS: Claims Registration Ends December 22 ---------------------------------------------------- Creditors of BITS Logistics KG have until Dec. 22 to register their claims with court-appointed provisional administrator Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Jan. 12, 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 Bielefeld Hall 4065 4 Floor Court Route 6 33602 Bielefeld, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings against BITS Logistics KG on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BITS Logistics KG Niedermuehlenkamp 71 33604 Bielefeld, Germany Attn: Michael Plaewe, Manager Diekstr. 6 33824 Werther, Germany The administrator can be contacted at: Dr. Norbert Westhoff Adenauerplatz 4 33602 Bielefeld, Germany DUERR AG: Expands Asian Business with EUR57 Million Hyundai Deal ---------------------------------------------------------------- The Duerr Group has received an order worth EUR57 million from South Korean automaker Hyundai for the design and construction of a paint shop in Beijing. Already in November, an Indian vehicle manufacturer also ordered a new paint shop for EUR27 million. Against this background Duerr expects to show an increase of incoming orders from Asia by almost 70% to about EUR400 million in 2006. In terms of consolidated sales of about EUR1.4 billion, Asia thus already accounts for 30% of total business. Experts expect strong growth of automobile production in Asia also in the future. Growth of about 70% is expected for China in the next five years, and of almost 60% for India. In view of this, Duerr expects a good business trend in Asia again in the coming year. "Besides the large, established automobile manufacturers," says Duerr AG CEO Ralf Dieter, "new, expanding automobile manufacturers from the growth markets themselves will play an increasingly important role. We can profit from this additional demand through our direct presence on the local markets." Duerr will execute the order from Hyundai in Beijing together with Rotem, a plant engineering company belonging to the Hyundai group. Duerr will take the lead in technical aspects, be responsible for the entire design, and supply extensive parts of the plant technology. Assembly of the new paint systems will begin in April of next year, and Hyundai intends to start production already at the end of 2007. The project in Beijing is already the third large order that Duerr has received from Hyundai or its subsidiary Kia this year. Before, the South Korean group ordered paint shops for its plants in Yancheng, China, (June) and Chennai, India (January). In China, Duerr is currently executing further large paint shop projects for joint venture Dongfeng Peugeot Citro�n and for a Chinese automaker. The EUR27-million project in India is a paint shop for trucks. The customer intends to start production in the new facility in May 2008; the trucks will be sold mainly on the domestic market. Besides paint systems, the Group's largest line of business, the other parts of the Duerr Group are also registering growing demand from Asia. In the balancing and diagnostics systems business unit, for example, Asia probably accounted for 38% of new orders in 2006. That reflects not least the strong demand for balancing systems from the growing power plant sector. The Duerr Group is one of the world's leading suppliers of products, systems, and services for automobile manufacturing. Its range embraces important stages in the vehicle production process. As a systems supplier, Duerr designs and builds paint shops and final assembly plants. Duerr also supplies cleaning and filtration equipment used in the production of engine and transmission components as well as balancing and diagnostic systems for vehicle components. Business with automobile manufacturers and their suppliers accounts for about 90% of consolidated sales. Other important customer groups are the mechanical engineering sector and the chemical, pharmaceutical, coating, and aviation industries. About Duerr Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * As reported in the TCR-Europe on Sept. 5, Moody's Investors Service affirmed the B2 corporate family rating of Duerr AG and the Caa1 rating on the senior subordinated notes. Moody's said the Outlook on the ratings remains negative. Duerr AG's 9-3/4% senior subordinated notes due 2011 carry Moody's Investors Service's Caa1 rating and Standard & Poor's CCC+ rating. ELMI GMBH: Claims Registration Ends December 21 ----------------------------------------------- Creditors of ELMI GmbH have until Dec. 21 to register their claims with court-appointed provisional administrator Dieter Kuehne. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 ELMI GmbH on Oct. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ELMI GmbH Dorfstr. 20 06618 Possenhain, 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/ ENTRY FUNDING: Fitch Assigns Low-B Ratings on EUR16-Mln Notes ------------------------------------------------------------- Fitch Ratings assigned final ratings to Entry Funding No. 1 Plc's issue of EUR400.5 million of floating-rate notes due 2013: -- EUR358.5 million Class A (ISIN: XS0277614532): AAA; -- EUR8 million Class B (ISIN: XS0277614706): AA; -- EUR8 million Class C (ISIN: XS0277614888): A; -- EUR10 million Class D (ISIN: XS0277614961): BBB; -- EUR11 million Class E (ISIN: XS0277615000): BB; and -- EUR5 million Class F (ISIN: XS0277615265): B. The scheduled maturity of all Classes of notes is September 2011, and the legal maturity is September 2013. The ratings are based on the quality of the collateral and the available credit enhancement. The ratings also take into account the priority of payments and the sound legal and financial structure of the transaction. Credit enhancement for the Classes A to E notes is provided by subordination, the reserve account and available excess spread. Credit enhancement for the Class E notes is provided by the reserve account and excess spread. This transaction is a cash securitization of loans certified by certificates of indebtedness to German small and medium-size enterprises. The transaction is the first true-sale securitization of LBBW-originated loans to SMEs. The portfolio comprises senior unsecured loan instruments that are either amortizing or have a bullet maturity. The loans have been specifically designed to be refinanced via a securitization and therefore contain standardized characteristics. The transaction is static and will amortise relatively quickly, with a weighted average life of around 3.6 years. To assess the credit quality of the portfolio, Fitch used a mapping approach to LBBW's internal rating system. Based on the mapping, the agency deems the average credit quality of the SME portfolio to be equivalent to a rating of BBB-/BB+. LOES HAUSBAU: Claims Registration Ends December 20 -------------------------------------------------- Creditors of Loes Hausbau GmbH have until Dec. 20 to register their claims with court-appointed provisional administrator Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Karlsruhe Hall IV 1st Floor Schlossplatz 23 76131 Karlsruhe, 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 Karlsruhe opened bankruptcy proceedings against Loes Hausbau GmbH on Nov. 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Loes Hausbau GmbH Attn: Michael Loes, Manager Neuenweg 33 76703 Kraichtal, Germany The administrator can be contacted at: Ottmar Hermann Bleichstr. 2-4 60313 Frankfurt/Main, Germany Tel: (0721) 160080 MOEBELHAUS WILLI: Claims Registration Ends December 22 ------------------------------------------------------ Creditors of Moebelhaus Willi Bald GmbH have until Dec. 22 to register their claims with court-appointed provisional administrator Bruno M. Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on Jan. 18, 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 Siegen Meeting Room 010 Ground Floor Principal Establishment Berliner Road 21-22 57072 Siegen, 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 Siegen opened bankruptcy proceedings against Moebelhaus Willi Bald GmbH on Nov. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Moebelhaus Willi Bald GmbH Weidenauer Str. 228-234 57076 Siegen, Germany Attn: Doris Bald-Baron, Manager Soehler 27 57076 Siegen, Germany The administrator can be contacted at: Dr. Bruno M. Kuebler Aachener Str. 222 50931 Cologne, Germany MS REGINA: Claims Registration Ends December 20 ----------------------------------------------- Creditors of MS "Regina" Schifffahrtsgesellschaft mbH have until Dec. 20 to register their claims with court-appointed provisional administrator Mathias Schlichting. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Jan. 18, 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 Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade, 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 Stade opened bankruptcy proceedings against MS "Regina" Schifffahrtsgesellschaft mbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: MS "Regina" Schifffahrtsgesellschaft mbH Attn: Beate Luehrs, Manager F�hrstrasse 17 21737 Wischhafen, Germany The administrator can be contacted at: Dr. Mathias P. Schlichting Deichtor-Center Oberbaumbruecke 1 20457 Hamburg, Germany Tel: 040/32507783 Fax: 040/30200777 E-mail: MailHamburg@BVM-LAW.DE PETER TIEFUHR: Claims Registration Ends December 22 --------------------------------------------------- Creditors of Peter Tiefuhr GmbH have until Dec. 22 to register their claims with court-appointed provisional administrator Dirk Rueffert. Creditors and other interested parties are encouraged to attend the meeting at noon 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 Delmenhorst Hall 2 Branch 1 Cramerstrasse 183 27749 Delmenhorst, 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 Delmenhorst opened bankruptcy proceedings against Peter Tiefuhr GmbH on Oct. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Peter Tiefuhr GmbH Muehlenstrasse 136 27753 Delmenhorst, Germany Attn: Andre Tiefuhr, Manager Lange Str 79 27749 Delmenhorst, Germany The administrator can be contacted at: Dr. Dirk Rueffert Donnerschweer Road 398 26123 Oldenburg, Germany Tel: 0441/340770 Fax: 0441/34077340 R & S FLEET: Claims Registration Ends December 21 ------------------------------------------------- Creditors of R & S Fleet Services GmbH have until Dec. 21 to register their claims with court-appointed provisional administrator Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 341 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 R & S Fleet Services GmbH on Nov. 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: R & S Fleet Services GmbH Attn: Paul Helmut Anton Reuther, Manager Lierenfelder Str. 51 40231 Duesseldorf, Germany The administrator can be contacted at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf, Germany SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business ------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its long-term corporate credit rating on Sanyo Electric Co. Ltd. At the same time, Standard & Poor's lowered to 'BB' from 'BB+' its issue ratings on Sanyo Electric's senior unsecured debt. The outlook on the long-term credit rating is negative. The ratings were removed from CreditWatch, where they were placed on Nov. 22, 2006. "The downgrade reflects delays in Sanyo Electric meeting its financial improvement targets, as well as remaining concerns over the company being able to stabilize its earnings by strengthening the competitiveness of its weak businesses," said Standard & Poor's credit analyst Katsuyuki Nakai. Sanyo Electric revised its performance outlook, lowering its operating profit forecast through fiscal 2007 -- ending March 31, 2008, -- to JPY50 billion, from JPY97.2 billion as initially announced in its medium term management plan in November 2005. The primary reasons for the downward revision are earnings deterioration due to a delayed response to changes in the business environment in digital cameras and mobile telephones, and additional restructuring costs from reducing personnel and reorganizing production systems. Although downsizing is expected to result in lower fixed costs, concerns linger over whether the company will be able to generate stable cash flows by fundamentally strengthening the business franchises of its weak segments, including mobile telephones and digital cameras, amid a severe competitive environment. The company expects to record a net loss of about JPY50 billion in fiscal 2006, and as a result, its capitalization is expected to decrease. However, Sanyo Electric has continued to cut debt, which totaled JPY746 billion at Sept. 30, 2006, and is expected to be able to reduce its ratio of total debt to total capital to the lower 60% level by March 2008 from 66.6% as of March 31, 2006. Sanyo Electric remains challenged in rebuilding its group-wide business franchise. Key factors include: -- improving competitiveness via structural reforms, -- strengthening earnings, and -- early implementation of effective tie-ups with other companies. Downward pressure on the company's ratings may increase if structural reforms are further delayed, and concerns grow over whether the company can improve its business performance and financial standing according to its revised plans. The support stance of the company's main financial institutions will also be an important factor in considering further rating actions. The long-term senior unsecured debt rating is one notch higher than the corporate credit rating, reflecting the expectation that creditor banks would grant debt forgiveness in the event of any default based on the currently supportive positions of the principal financial institutions. SEMPER FINANCE: Fitch Assigns BB Rating to EUR32.7-Mln Notes ------------------------------------------------------------ Fitch Ratings assigned final ratings to Semper Finance 2006-1 Ltd.'s floating-rate notes due 2082: -- EUR500,000 Class A+ (ISIN: XS0274873941): AAA; -- EUR138 million Class A (ISIN: XS0274874246): AAA; -- EUR111.5 million Class B (ISIN: XS0274874592): AA; -- EUR92.5 million Class C (ISIN: XS0274874832): A; -- EUR83 million Class D (ISIN: XS0274875052): BBB; and -- EUR32.7 Class E (ISIN: XS0274875565): BB. The ratings reflect the characteristics of the reference portfolio 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 final legal maturity in September 2084. This transaction is a synthetic securitization of commercial mortgage loans originated by Eurohypo AG and secured by German properties. As at the cut-off date on 2 October 2006, the reference portfolio consisted of 1,773 EUR-denominated mortgage loans originated by Eurohypo with an aggregate balance of EUR1.851 billion. The loans were granted to operating housing associations and are secured by one or more multi-family assets located in Germany. As at Oct. 2, 2006, no loans were in arrears, and none of them had ever been in arrears for more than 10 days since October 2002. The portfolio's reference claims are secured either by senior- or subordinate-ranking mortgages. The reference portfolio mostly consists of well-seasoned fixed-rate loans that are fully amortizing over a term of typically 30 years. The transaction's collateral portfolio comprises 1,506 multi- family properties with a most recent appraisal value of approximately EUR3.806 billion. All of the assets are located in the eastern part of Germany with significant geographic exposures to Saxony and Berlin. TASK AGENTUR: Claims Registration Ends December 22 -------------------------------------------------- Creditors of TASK Agentur fuer Kommunikation GmbH have until Dec. 22 to register their claims with court-appointed provisional administrator Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Jan. 22, 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 Cologne Meeting Room 142 1st Floor Luxemburger Road 101 50939 Cologne, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Cologne opened bankruptcy proceedings against TASK Agentur fuer Kommunikation GmbH on Oct. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TASK Agentur fuer Kommunikation GmbH Attn: Patrick Stolle, Manager Luxemburger Str. 96 50354 Huerth, Germany The administrator can be contacted at: Dr. Christian Frystatzki Sankt Augustiner Str. 94 a 53225 Bonn, Germany WUESTENROT BANK: Fitch Downgrades Individual Rating to C/D ---------------------------------------------------------- Fitch Ratings downgraded Germany's Wuestenrot Bank AG Pfandbriefbank's Individual rating to C/D from C and affirmed its other ratings at Issuer Default A-, Short-term F2, and Support 1. The Outlook is Stable. At the same time, the agency has assigned Wuestenrot Bausparkasse AG ratings of Issuer Default A- with Stable outlook, Short-term F2, Individual B/C and Support 3. Separately, Fitch affirmed Wuestenrot & Wuerttembergische AG's Insurer Financial Strength A- rating. Its subsidiaries Wuerttembergische Lebensversicherung AG, the life insurance company, Wuerttembergische Versicherung AG, the property & casualty insurance company and Wuerttembergische Krankenversicherung AG, the health insurance company, are affirmed at IFS A. The agency has also affirmed the Issuer Default ratings of WL, WV and WK at A- and the BBB+ rating of the EUR130-million subordinated debt by WL. The Outlooks are Stable. "The downgrade in WBP's Individual rating reflects the bank's steadily weakened credit fundamentals. They are characterized by low profitability and continuous reliance on W&W group funds, very tight capitalization and small size," Sabine Bauer, Associate Director in Fitch's Financial Institutions team disclosed. The Individual rating, however, also takes into account WBP's diversified loan book, mixed funding base and close operational ties with WBSK in areas such as distribution and loan processing. The Issuer Default, Short-term and Support ratings of WBP are based on the extremely high potential support from its parent, the bancassurance group W&W, in case of need. Fitch considers the level of integration to be strong as there are many close operational ties between WBP and the W&W group. In addition, as a result of the restructuring program initiated by W&W's new CEO, WBP's operational ties with its sister bank WBSK will be further strengthened. The ratings of WBSK reflect the low credit risk and specialized nature of its retail residential mortgage lending business, its sound capitalization and a stronger new management. However, they also take into account WBSK's monoline business and some structural weaknesses, such as a weak credit culture, and inefficient administration and distribution, which undermine WBSK's profitability and established domestic franchise. The Stable Outlook reflects Fitch's view that, under new management, performance will return to a level, which is in line with WBSK's rating. Given WBSK's large deposit franchise, Fitch would expect moderate support from the German authorities should it be required. WBP's profitability in Financial Year 2006 will be burdened by restructuring charges of EUR11 million. The winding up of fair value hedges, which WBP's new auditors consider to be ineffective, will reduce losses on the related securities in FY06 by EUR21 million to an estimated EUR16 million pre-tax, allocating the remainder to Financial Year 2004 and Financial Year 2005. Overall, Fitch expects the bank to report a net loss in Financial Year 2006 of around EUR30 million. WBSK's operating profitability deteriorated in 9-months of 2006 on increased provisions to cover the potential exercise of options embedded in customers' savings and loan contracts. This is a result of more conservative assumptions on customer behavior. In addition, substantial restructuring costs in Financial Year 2006 will hamper performance. Fitch expects WBSK to report a net loss in Financial Year 2006 of around EUR37 million. Since March 2006, a new management team with a good track record ran W&W. Management has initiated a thorough restructuring and efficiency program, which includes measures to improve WBSK's stagnant profitability such as the efficient use of the existing distribution channels, the introduction of more standardized and competitive products and shorter turnaround times. WBSK specializes in taking deposits and granting loans for the construction, purchase and renovation of properties, which, due to legal restrictions, are almost exclusively for residential purposes. In 2005, WBSK ranked fourth in terms of new building and loans business with a market share of 8.1%. W&W's new CEO has announced a cutback by up to 1,000 staff by end-2009. The main business focus of WBP is domestic home financing. As a result of a new law on Pfandbriefe, WBP assumed the business of its subsidiary, Wuestenrot Hypothekenbank AG, in 2005. Whereas WBP will concentrate on treasury, WBSK will manage most operative businesses and back office functions. At end-September 2006, WBSK and WBP employed 2,870 staff. =========== G R E E C E =========== HELLAS TELECOM II: Moody's Junks Proposed EUR1.1-Billion Notes -------------------------------------------------------------- Moody's Investors Service downgraded the corporate family rating of Hellas Telecommunications II S.a.r.l., a holding company of TIM Hellas Telecommunications S.A. to B2 from B1 following its announcement that it intends to issue an additional EUR1.2 billion in debt. The proposed debt issuance is comprised of a EUR100 million tap on issue of the existing senior secured notes and EUR1.1-billion subordinated notes by Hellas II. The proceeds of this refinancing will be used for the repayment of the existing PIK and for shareholder distributions. Concurrently, Moody's has affirmed the existing EUR1.1-billion senior secured notes at B1 and the existing EUR355-million senior notes at B3 in conjunction with assigning a (P)Caa1 rating to the proposed subordinated note issuance. Furthermore, Moody's notes that Hellas Finance, a financial vehicle outside the restricted group ring-fenced at Hellas II, intends to issue EUR200 million Pay-In-Kind notes (PIK). The outlook on the ratings is stable. Ratings affected: Hellas Telecommunications II S.a.r.l. -- Corporate Family rating downgraded to B2 from B1 -- EUR1.1-billion subordinated notes assigned a (P)Caa1 rating Hellas Telecommunications V -- EUR1.22-billion senior secured notes due 2012 affirmed at B1 Hellas Telecommunications III -- EUR355-million senior notes due 2013 affirmed at B3 Following the debt issuance, the leverage on cash pay debt will rise to approximately 6.9x Total Debt to EBITDA on an annualized first nine month basis from approximately 4.0x as of 30 September 2006. At the same time the company anticipates a relatively rapid de-leveraging trajectory with a target leverage profile of approximately 5.7x (on the basis of the company's reported EBITDA and excluding the PIK note issuance) by fiscal year end 2007. Moody's notes that while the PIK notes are structurally and contractually subordinated to other debt in the capital structure, the PIK notes are seen to place constraints on the corporate family rating as the ratings agency regards the repayment of the PIK notes as ultimately being reliant upon the financial capacity of the rated group. Moody's therefore does take into account the impact of the PIK notes on the rated group and the corporate family rating in the context of the pressure it will place on the rated group in the future given that the obligation is expected to absorb financial flexibility as it develops in the future with continued improvements in credit metrics. The stable outlook on the ratings does factor in a degree of uncertainty associated with the company's ability to reach its leverage targets by fiscal year end 2007. In the event the company demonstrates the ability to achieve its de-leveraging targets over the course of the year on a sustainable trajectory, the corporate family rating could come under upward pressure with a likely change in the outlook. Moody's at that stage would also have to again take into account the impact of the PIK notes then on the more conservative financial metrics and what the impact would be of choosing to refinance or service on a cash basis those obligations once possible under the terms and conditions of other debt agreements. The affirmation of the existing senior secured notes and the senior notes reflects the fact that while total leverage has increased, the secured notes and senior notes do benefit from the presence of the EUR1.1-billion in subordinated debt in the company's capital structure. The (P)Caa1 rating on the subordinated notes reflects their structural and contractual subordination to the senior secured and senior notes. Headquartered in Athens, Greece, TIM Hellas is the third largest mobile operator in Greece, with a market share of approximately 27.7% as of Sept. 30, 2006. For the first nine months in 2006, the group generated EUR817.8 million of revenue on a consolidated basis. TIM HELLAS: S&P Cuts Rating to B on Leveraged Recapitalization -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Greek mobile telecommunications operator Tim Hellas Telecommunications S.A. and related entities to 'B' from 'B+'. The outlook is stable. The downgrade follows the leveraged recapitalization undertaken by Tim Hellas' private equity owners. At the same time, Standard & Poor's affirmed its outstanding 'B' senior secured debt rating on related entities Hellas Telecommunications (Luxembourg) V and lowered its debt rating on Hellas Telecommunications (Luxembourg) III to 'CCC+' from 'B-'. Furthermore, the recovery rating on Hellas V's EUR1.125-billion senior secured notes was raised to '2', indicating our expectation of substantial recovery (in the range of 80%-100%) of principal for senior secured notes investors in the event of a payment default. Simultaneously, all ratings were taken off CreditWatch with developing implications, where they had been placed on Oct. 27, 2006, following news of a potential sale of the business. Also, Standard & Poor's assigned its preliminary 'B' debt rating and a recovery rating of '2' to Hellas V's proposed additional issuance of EUR100-million of senior secured notes due October 2012 and its preliminary 'CCC+' debt rating to Hellas Telecommunications (Luxembourg) II's proposed EUR1.1-billion of subordinated notes due January 2015 and to Hellas Telecommunications Finance SARL's proposed EUR200-million PIK notes due July 2015. "The downgrade reflects the significant increase in leverage and material weakening of free cash flow generation that will occur following the group's proposed recapitalization, despite an impressive turnaround of operating performance over the past 12- 18 months," said Standard & Poor's credit analyst Melvyn Cooke. It also reflects the confirmation of a very aggressive financial policy on the heels of the previous earlier-than-expected refinancing of the group's about EUR380-million shareholder loans in April 2006. "The stable outlook reflects our expectation that Tim Hellas will continue to generate solid increases in revenues and materially improve EBITDA margin to strengthen its capital structure over the next few years," said Mr. Cooke. The long-term bullet debt maturities imply that the company will protect its accumulated cash balances to steadily improve its credit ratios based both on gross and net debt levels. The outlook also anticipates that the group will defend its current market position and at least maintain its market share. Standard & Poor's expects Tim Hellas to achieve pro forma lease-adjusted net debt (including PIK notes) to EBITDA of slightly more than 6x by year-end 2007. A negative rating action could arise if the company fails to deliver sufficient revenue growth and/or EBITDA margin improvement compared with 2006, thereby resulting in higher- than-expected leverage and a weaker liquidity profile. Upside potential is unlikely in the near term, given the expected improvement already factored into the ratings and the very aggressive financial policy pursued by the group's owners. ============= I R E L A N D ============= ELAN CORP: Converts & Redeems US$253.6-Million Notes ---------------------------------------------------- Elan Corp. plc reveals that following the issuance of a notice of redemption for the outstanding 6.5% Convertible Guaranteed Notes due 2008 issued by Elan Capital Corp. Ltd, a wholly owned subsidiary, and guaranteed by Elan, holders of around US$253.6 million of Convertible Notes elected to convert their Convertible Notes, on or before the close of business on Dec. 13, into American Depository Shares or ordinary shares of Elan at a conversion rate of 134.7709 ADSs or 134.7709 ordinary shares per US$1,000 principal amount of Convertible Notes. The conversion price of the Convertible Notes is approximately US$7.42 per ADS/ordinary share. As a result of the conversion of such Convertible Notes, around 34.2 million ADS/ordinary shares were issued to holders electing to convert their Convertible Notes. The remaining US$0.4 million of outstanding Convertible Notes will be redeemed at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date of Dec. 22, 2006. Elan Capital Corp. will redeem such unconverted Convertible Notes solely with cash from Elan's consummated senior notes offering. As of today, Elan has approximately 466.6 million ADS/ordinary shares outstanding, which includes the ADS/ordinary shares issued to holders electing to convert their Convertible Notes. In addition, Elan announced that Athena Neurosciences Finance, LLC, its wholly owned subsidiary, delivered a notice of redemption to the holders of Athena's outstanding US$613 million aggregate principal amount of 7.25% Guaranteed Senior Notes due 2008. The Athena Notes are guaranteed by Elan. As stated in the notice of redemption and in accordance with the indenture under which the Athena Notes were issued, Athena is exercising its right to redeem all of its Athena Notes on Jan. 12, 2006 at a redemption price equal to accrued and unpaid interest to, but excluding, the redemption date plus the sum of the present values of the future interest and principal payments on the Athena Notes, based upon prevailing U.S. treasury rates plus 25 basis points, as determined three business days prior to the redemption date in accordance with the terms of the indenture. Athena will redeem such Athena Notes with cash from Elan's consummated senior notes offering and cash on hand. After completion of the redemption of the remaining outstanding Convertible Notes and the outstanding Athena Notes, the next scheduled maturity date for outstanding long-term indebtedness of Elan will occur in 2011. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Nov. 13, Standard & Poor's Ratings Services assigned its 'B' rating to Elan Finance plc's proposed offering of US$500 million senior unsecured notes due 2013, to be issued in a combination of fixed and floating-rate notes. Elan Finance plc is a wholly owned subsidiary of Dublin, Ireland-based specialty pharmaceutical company Elan Corp. plc. The notes are guaranteed on a senior unsecured basis by Elan and all of its existing material subsidiaries. Outstanding ratings on Elan (including the 'B' corporate credit rating) and its related entities were affirmed. The ratings outlook is stable. Also, Moody's Investors Service assigned a B3 rating to the proposed new senior unsecured notes of Elan Finance plc reflecting a guarantee from Elan Corporation plc and material subsidiaries. At the same time, Moody's affirmed Elan's existing ratings (B3 Corporate Family Rating) and the stable rating outlook. The rating outlook is stable. Rating assigned: Elan Finance plc * B3 fixed rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) Ratings affirmed: Elan Corporation, plc * B3 corporate family rating Elan Finance plc * B3 fixed rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC * B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) Moody's does not rate Elan's US$254 million convertible notes due 2008. SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business ------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'BB-' from 'BB' its long-term corporate credit rating on Sanyo Electric Co. Ltd. At the same time, Standard & Poor's lowered to 'BB' from 'BB+' its issue ratings on Sanyo Electric's senior unsecured debt. The outlook on the long-term credit rating is negative. The ratings were removed from CreditWatch, where they were placed on Nov. 22, 2006. "The downgrade reflects delays in Sanyo Electric meeting its financial improvement targets, as well as remaining concerns over the company being able to stabilize its earnings by strengthening the competitiveness of its weak businesses," said Standard & Poor's credit analyst Katsuyuki Nakai. Sanyo Electric revised its performance outlook, lowering its operating profit forecast through fiscal 2007 -- ending March 31, 2008, -- to JPY50 billion, from JPY97.2 billion as initially announced in its medium term management plan in November 2005. The primary reasons for the downward revision are earnings deterioration due to a delayed response to changes in the business environment in digital cameras and mobile telephones, and additional restructuring costs from reducing personnel and reorganizing production systems. Although downsizing is expected to result in lower fixed costs, concerns linger over whether the company will be able to generate stable cash flows by fundamentally strengthening the business franchises of its weak segments, including mobile telephones and digital cameras, amid a severe competitive environment. The company expects to record a net loss of about JPY50 billion in fiscal 2006, and as a result, its capitalization is expected to decrease. However, Sanyo Electric has continued to cut debt, which totaled JPY746 billion at Sept. 30, 2006, and is expected to be able to reduce its ratio of total debt to total capital to the lower 60% level by March 2008 from 66.6% as of March 31, 2006. Sanyo Electric remains challenged in rebuilding its group-wide business franchise. Key factors include: -- improving competitiveness via structural reforms, -- strengthening earnings, and -- early implementation of effective tie-ups with other companies. Downward pressure on the company's ratings may increase if structural reforms are further delayed, and concerns grow over whether the company can improve its business performance and financial standing according to its revised plans. The support stance of the company's main financial institutions will also be an important factor in considering further rating actions. The long-term senior unsecured debt rating is one notch higher than the corporate credit rating, reflecting the expectation that creditor banks would grant debt forgiveness in the event of any default based on the currently supportive positions of the principal financial institutions. ========= I T A L Y ========= METSO OYJ: Buys Back Shares as Incentives for Key Personnel ----------------------------------------------------------- Metso Oyj has repurchased 300,000 its own shares for use as incentives for key personnel. The shares have been repurchased at the rate quoted in public trading of the shares on the Helsinki Stock Exchange at the time of purchase. About Metso Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- serves customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom and the United States. * * * As reported in the TCR-Europe on April 11, Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital structure that offer it the potential to return to a low investment-grade rating. The 'BB+' long-term and 'B' short-term corporate credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed. METSO OYJ: Valmet Automotive Unit to Cut Production in Spring ------------------------------------------------------------- The production volume of Valmet Automotive, a unit of Metso Oyj, is estimated gradually to decrease during spring to about 100 cars per day by April 2007. During first 11 months in 2006 the production volume has been approximately 150 cars per day. The reason for the decrease is the overall uncertain situation in the automobile market and its effects on the demand for the car factory's products. The decrease in volume will mean an additional reduced need for employees. Valmet Automotive announced in November a decrease in the daily production volume from 153 cars to 132 cars. At the same time, personnel negotiations regarding 80 employees were initiated. At the personnel negotiations, the company informed the employee representatives of the impact the further decrease in production volumes will have on the personnel. Now there is a need to reduce personnel strength by 260 instead of the previously estimated 80. The intention is to maintain the previously communicated schedule for the personnel negotiation decisions, i.e. the second to the last week of December. The car factory currently employs about 1,060 people. Valmet Automotive's net sales during the first nine months in 2006 were EUR81 million and operating profit EUR10.7 million. About Metso Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- serves customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom and the United States. * * * As reported in the TCR-Europe on April 11, Standard & Poor's Ratings Services revised its outlook on Finland-based machinery and engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital structure that offer it the potential to return to a low investment-grade rating. The 'BB+' long-term and 'B' short-term corporate credit ratings, as well as the 'BB' senior unsecured debt rating on the group were affirmed. WIND ACQUISITION: Fitch Upgrades EUR950-Mln Sr. Notes to BB/RR4 --------------------------------------------------------------- Fitch Ratings upgraded Wind Acquisition Finance S.A.'s EUR950 million and US$650 million senior notes to BB/RR2 from B+/RR4 after receiving confirmation that EUR462-million senior debt has been permanently prepaid. The ratings are removed from Rating Watch Positive. Wind Telecomunicazioni S.p.A.'s B+ Issuer Default rating is affirmed with a Positive Outlook. The Short-term rating is affirmed at B. At the same time, Fitch has affirmed Wind's first priority senior secured facilities and Wind Finance SL S.A.'s EUR700 million second lien notes at BB/RR2. "The upgrade of the senior notes reflects significantly improved recovery prospects for this instrument in a distress scenario," Michelle De Angelis, director in Fitch's Leveraged Finance team in London disclosed. =================== K A Z A K H S T A N =================== BEREKE LLP: Creditors Must File Claims by Jan. 12, 2007 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Bereke 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. EKIBASTUZ ENERGO: Creditors' Claims Due Jan. 26, 2007 ----------------------------------------------------- LLP Ekibastuz-Energo-Alliance Trade has declared insolvency. Creditors have until Jan. 26, 2007, to submit written proofs of claim to: LLP Ekibastuz-Energo-Alliance Trade Gridin Str. 123 Ekibastuz Pavlodar Region Kazakhstan Tel: 8 (31835) 3-92-58 GRAN PRI: Claims Filing Period Ends Jan. 24, 2007 ------------------------------------------------- OJSC Corporation Gran Pri has declared insolvency. Creditors have until Jan. 24, 2007, to submit written proofs of claim to: OJSC Corporation Gran Pri Micro District Alatau, 8 Astana, Kazakhstan Tel: 8 (3172) 37-22-79 LVOVSKAYA AGRICULTURAL: Creditors' Claims Due Jan. 2, 2007 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared State Utility Enterprise Lvovskaya Agricultural Experimental Station insolvent. Creditors have until Jan. 2, 2007, to submit written proofs of claim to: Lvovskaya Agricultural Experimental Station Baitursynov Str. 70 Kostanai Region Kostanai Kazakhstan ODA-STORY LLP: Court Begins Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceedings against LLP Oda-Stroy. SWISS KAZAKH: Claims Registration Ends Jan. 26, 2007 ---------------------------------------------------- The Branch of LLP Swiss Kazakh Phoenix Holding in Ust-Kamenogorsk has declared insolvency. Creditors have until Jan. 26, 2007, to submit written proofs of claim to: LLP Swiss Kazakh Phoenix Holding Belinsky Str. 36 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan TATYANA LLP: Proof of Claim Deadline Slated for Jan. 10, 2007 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Tatyana insolvent. Creditors have until Jan. 10, 2007, to submit written proofs of claim to: LLP Tatyana Room 40 Taran Str. 85 Kostanai Kostanai Region Kazakhstan Tel: 8 (3142) 54-28-39 TS KURAL: South Kazakhstan Court Opens Bankruptcy Proceedings ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceedings against LLP TS Kural Company. URAL STROY: Claims Filing Period Ends Jan. 26, 2007 --------------------------------------------------- LLP Ural Stroy Service has declared insolvency. Creditors have until Jan. 26, 2007, to submit written proofs of claim to: LLP Ural Stroy Service Auezov Str. 21a Atyrau Atyrau Region Kazakhstan =================== K Y R G Y Z S T A N =================== AK-TILEK-A: Creditors' Meeting Slated for Dec. 20 ------------------------------------------------- Creditors of LLC Ak-Tilek-A will convene at 11:00 a.m. on Dec. 20 at: Building of LLC Ak-Tilek-A Plot Sai-Korgon Bazar-Korgon Djalal-Abad Region Kyrgyzstan The Inter-District Court of Djalal-Abad region for Economic Issues declared LLC Ak-Tilek-A insolvent on Nov. 20 (Case No. ED-238/2006). Subsequently, bankruptcy proceedings were introduced at the company. Mr. Suyunbai Mailybaev has been appointed temporary insolvency manager. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The Temporary Insolvency Manager is: Suyunbai Mailybaev Tel: (0-503) 49-44-21 (0-543) 94-16-63 BISHKEKSKY PASSAJIRSKY: Creditors' Meeting Slated for Dec. 20 ------------------------------------------------------------- Creditors of Utility Enterprise Bishkeksky Passajirsky Auto Combinat will convene at 2:00 p.m. on Dec. 20 at: Leo Tolstoi Str. 20 Bishkek, Kyrgyzstan The Inter-District Court of Bishkek for Economic Issues declared Utility Enterprise Bishkeksky Passajirsky Auto Combinat (Case No. 03-4/m04c1/0c9) insolvent on Nov. 15. Subsequently, bankruptcy proceedings were introduced at the company. Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The Temporary Insolvency Manager is: Mr. Taalaibek Ashyrbaev Tel: (0-502) 55-90-11 ================= L I T H U A N I A ================= MAZEIKIU NAFTA: PKN Orlen Buys Yukos' Stake for US$2.34 Billion --------------------------------------------------------------- PKN Orlen SA became the holder of a total number of 596,834,352 shares of AB Mazeikiu Nafta with the par value of LTL1. The Mazeikiu shares held by PKN Orlen represent 84.36% of Mazeikiu authorized capital and entitled PKN to 596,834,352 votes or 84.36% of the total number of votes at the General Meeting of Shareholders of Mazeikiu. PKN purchased 379,918,411 Mazeikiu shares at US$1.49 billion from Yukos International. PKN also purchased 216,915,941 Mazeikiu shares at US$851.83 million from the government of the Republic of Lithuania. Igor Chalupec, Piotr Kownacki and Saulius Specius were elected members of the Board of Mazeikiu Nafta during the Supervisory Council meeting on Dec. 15. Igor Chalupec was elected Chairman of the Board at the board meeting that followed. About PKN Orlen Headquartered in Poland, PKN Orlen operates three refineries located in Plock, Trzebinia and Jedlicze. It processes mainly URAL blend crude oil, shipped from Russia via the Friendship pipeline. Alternative supplies of crude oil to Plock may be sourced via the Pomerania pipeline, which connects the fuel reloading facility on the Baltic Sea with the Plock refinery. PKN ORLEN's retail network in Poland is made of 1,326 company owned stations, 504 affiliated stations and 87 franchised stations. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state-owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On July 25, Yukos creditors voted to liquidate the oil firm after rejecting a management rescue plan, which valued the company's assets at about US$30 billion. This would have permitted Yukos to continue its operations and attempt to pay off US$18 billion in debts through asset sales. The Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate Yukos Oil and declared what was once Russia's biggest oil firm bankrupt on Aug. 1. The expected court ruling paves the way for the company's liquidation and auction. About Mazeikiu Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta -- http://nafta.it/en-- is an integrated downstream oil company that comprises in one complex pipeline operations, oil refining, marine terminal operations, and logistics of crude oil and refined products. * * * As reported in the TCR-Europe on Oct. 17, Fitch Ratings is keeping Mazeikiu Nafta's Issuer Default rating of 'B+' on Rating Watch Positive despite Friday's fire at its Mazeikiai refinery. MN's Short-term rating is affirmed at 'B'. The RWP reflects MN's pending ownership change as a result of Polish oil refining and marketing company Polski Koncern Naftowy ORLEN S.A.'s (rated 'BBB', Rating Watch Negative) acquisition of the Lithuanian company. ===================== N E T H E R L A N D S ===================== GETRONICS NV: Unveils Cash Offer for EUR100-Million Bonds --------------------------------------------------------- Getronics N.V. disclosed of a cash tender offer for all or some of its outstanding EUR100 million 5.5% unsubordinated convertible bonds due 2008. The Cash Offer will be conditional on the closing of Getronics' offering of EUR95 million 3.875% convertible bonds due 2014, which was successfully placed. Rabo Securities and KBC Financial Products U.K. Ltd. have underwritten the CB Offering, subject to customary conditions precedent for an offering of this nature. 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. =========== P O L A N D =========== OMNOVA SOLUTIONS: Fitch Affirms Issuer Default Ratings at B+ ------------------------------------------------------------ Fitch Ratings affirmed the credit ratings for OMNOVA Solutions Inc.: -- Issuer Default rating at B+; -- Senior secured credit facility at BB+/RR1; and -- Senior secured notes at B+/RR4. The Rating Outlook is Stable. These rating actions affect US$165 million in public securities and the company's US$72 million senior secured credit facility. OMNOVA's credit ratings are supported by its small company size, relatively high debt level, and weak, though improving, operating performance. The company's size has declined and its product portfolio has become more limited upon the divestiture of its roofing business in late September 2006 for approximately US$40 million cash. The opportunistic sale monetized a small contributor to sales and operating income while removing warranty liabilities from the balance sheet. However, Fitch notes that resulting lower revenue and earnings levels make OMNOVA more susceptible to default risk when business conditions weaken. Total debt-to-operating EBITDA remains high at 3.6 times with US$165 million 11.25% notes representing the majority of the outstanding debt. These notes may be refinanced in 2007 after its call date at June 1 as the company tries to reduce future interest expense. The remaining portfolio has shown mixed results in 2006 so far. The Decorative Products segment began to contribute profit, although at very low levels, while the Performance Chemicals segment exhibited weaker margin and lower profit on lower volumes. Despite weaker profitability, Performance Chemicals continues to be the company's largest contributor to earnings. That OMNOVA's stronger segment is presenting some weakness is a near-term concern. The Stable Rating Outlook reflects Fitch's view that operating performance and credit measures are expected to change modestly from current levels near term. Fitch expects Performance Chemicals to stabilize or possibly weaken if carpet demand remains weak and raw material prices soften with energy prices near term. Fitch also expects Decorative Products to weaken slightly if office vacancy rates increase in 2007 and a weaker U.S. economy stems refurbishment activity, resulting in slower wall covering and laminate demand. OMNOVA Solutions Inc. is a specialty chemical producer based in Fairlawn, OH. The company has leading positions in styrene- butadiene latex production, vinyl wall covering, coated fabrics and decorative laminates. For the last 12 months ended Aug. 31, 2006, the company had operating EBITDA of US$50.1 million on sales of US$812.2 million unadjusted for the recent divestiture. =============== P O R T U G A L =============== BPN SGPS: Fitch Affirms Individual Rating at C ---------------------------------------------- Fitch Ratings affirmed the ratings of BPN SGPS (BPN Group) and subsidiary Banco Portugues de Negocios at Issuer Default BBB with Stable Outlook, Short-term F3, Individual C, and Support 5. The Issuer Default, Short-term and Individual ratings reflect BPN Group's reasonable profitability and good asset quality but also its relatively small size and market share in Portugal. The Stable Outlook reflects Fitch's expectations that BPN Group will continue to demonstrate a sound performance in the medium term. Upward rating potential for the Issuer Default and Short-term ratings is limited by the group's size and market share. Downside risk to the ratings would arise from a marked deterioration in its profitability and/or its capital ratios. BPN Bank's Tier 1 and total capital ratios were good at 8.0% and 12.1% at end-June 2006, while BPN Group's capital ratios were somewhat lower at that date. Nevertheless, Fitch understands that a capital increase of EUR80 million that was approved by the BPN Group's shareholders, which will take place before end- 2006 and will strengthen the group's capital ratios. BPN Group's profitability improved in 2005 and it continued to perform well in 2006, assisted by steady growth in net interest income, good commission income generation and well-controlled non-interest expenses. The cost/income ratio was acceptable at 62.4% at end-June 2006. The bank's asset quality was sound with impaired loans accounting for 2.3% of total loans and loan loss cover of 133% at end-2005. BPN Bank was established in 1993 as an investment bank, although in 1998 it was transformed into a small commercial bank. It is the main subsidiary of the group and is mainly focused on providing commercial services to SMEs and individual entrepreneurs, essentially in Portugal where it enjoyed a 1.9% market share in loans at end-2005. BPN Group was created in 2000 as the holding company for the financial and insurance activities of SLN SGPS, the ultimate holding company. BPN Group also has interests in consumer finance, insurance, investment banking and asset management. =========== R U S S I A =========== BUILDER CJSC: Court Names V. Fursov as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Chelyabinsk Region appointed Mr. V. Fursov as Insolvency Manager for CJSC Builder. He can be reached at: V. Fursov Lenina Str. 25-12 Yuzhnouralsk Chelyabinsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-11854/06-36-127. The Arbitration Court of Chelyabinsk Region is located at: Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: CJSC Builder Yuzhnouralsk 457040 Chelyabinsk Region Russia BUSINESS-CITY CJSC: Court Names S. Shaporev to Manage Assets ------------------------------------------------------------ The Arbitration Court of Murmansk Region appointed Mr. S. Shaporev as Insolvency Manager for CJSC Business-City. He can be reached at: S. Shaporev Post User Box 2600 183008 Murmansk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42-6675/2006. The Arbitration Court of Murmansk Region is located at: Knipovicha Str. 20 Murmansk Region Russia The Debtor can be reached at: S. Shaporev Post User Box 2600 183008 Murmansk Region Russia GAZPROMBANK OA0: To Create Asset Management Unit in Luxembourg -------------------------------------------------------------- OAO Gazprombank will set up Gazprombank Asset Management in Luxembourg and obtain an operating license for its operations, RIA Novosti reports. The Dutch asset management company, RIA Novosti relays, will work with large foreign institutional investors and attract US$50 million for asset management by mid-2007. Anatoly Milyukov, Gazprombank's Executive Vice-President, said the company has no plans to acquire other asset management companies, like Troika Dialog. "It is interesting to buy players on a mature market, when you have no potential for your own growth," Mr. Milyukov said. Mr. Milyukov added that the trust management market still has potential for development, especially the market of holding private clients' assets on trust. 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. INVEST-COM-BANK BELCOM: State Corp. Agency to Manage Assets ----------------------------------------------------------- The Arbitration Court of Moscow Region appointed State Corporation Agency on Endowment Insurance as Insolvency Manager for LLC Investment Commercial Bank Invest-Com-Bank Belcom. The Company is located at: State Corporation Agency on Endowment Insurance Verkhne-Vaganskiy Tupik Str., 4 109240 Moscow Region Russia The Representative of the Insolvency Manager can be reached at: Post User Box 7 123022 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-68237/06-71-1132B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: LLC Investment Commercial Bank Invest-Com-Bank Belcom Building 2 Zvezdnyj Avenue 21 129085 Moscow Region Russia KRUTINSKOYE CJSC: Omsk Bankruptcy Hearing Slated for May 15 ----------------------------------------------------------- The Arbitration Court of Omsk Region will convene on May 15, 2007, to hear the bankruptcy supervision procedure on CJSC Krutinskoye. The case is docketed under Case No. A46-19000/2006. The Temporary Insolvency Manager is: A. Lyasman Kuybysheva Str. 81-103 644010 Omsk Region Russia The Debtor can be reached at: CJSC Krutinskoye Lenina Str. 68 Krutinka Krutinskiy Region 646130 Omsk Region Russia LUKOIL OAO: Places RUR14-Billion Non-Convertible Bonds in MICEX --------------------------------------------------------------- OAO Lukoil has placed RUR14 billion of non-convertible interest- bearing documentary bonds, series 03 and 04, at the Moscow Interbank Currency Exchange. Based on the tender results conducted at the MICEX the coupon yield for the bonds, series 03, totaling RUR8 billion, with maturity of five years was set at 7.10% p.a. The coupon yield for the bonds, series 04, totaling RUR6 billion, with maturity of seven years was set at 7.40% p.a. Offering price of the bonds, series 03 and 04, is set at 100% of the bond nominal value. Early redemption and pre-emptive rights are not envisaged. During the offering, tender investors submitted 152 bids worth RUR20 billion which is 1.5 times higher than the issue size. As a result, Lukoil became the first Russian non-government company that successfully placed the bonds with seven-year maturity. Both Russian and foreign investors took an active part in the offering. Keen interest of a broad circle of investors in Lukoil debt instruments proves the issuer's irreproachable credit quality and investment attractiveness. The arrangers of the issue were ABN AMRO Bank ZAO, Drezdner Bank ZAO and the Renaissance Capital Group. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.Lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * As reported in the TCR-Europe on July 12, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Lukoil OAO to 'BB+' from 'BB'. S&P said the outlook is positive. LUKS OJSC: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------- The Arbitration Court of Voronezh Region commenced bankruptcy supervision procedure on OJSC Luks. The case is docketed under Case No. A14-14297-2006 183/33-b. The Temporary Insolvency Manager is: M. Budnyatskiy Michurina Str. 98/102 410028 Saratov Region Russia The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: OJSC Luks Karla Marksa Str. 9 Rabochiy (Zavodskoy) Poselok Anninskiy Region Voronezh region Russia MASLYANSKOYE LLC: Kurgan Bankruptcy Hearing Slated for Dec. 20 -------------------------------------------------------------- The Arbitration Court of Kurgan Region will convene at 1:15 p.m. on Dec. 20 to hear the bankruptcy supervision procedure on LLC Maslyanskoye. The case is docketed under Case No. A34-3916/2006. The Temporary Insolvency Manager is: L. Lazarenko Aviatsionnaya Str. 5 302010 Orel Region Russia The Debtor can be reached at: LLC Maslyanskoye Maslyanskoye Shadrinskiy Region Kurgan Region Russia MELEKESSKAYA CJSC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Ulyanovsk Region commenced bankruptcy supervision procedure on CJSC Agricultural Company Melekesskaya. The case is docketed under Case No. A72-12837/05-20/42-b. The Temporary Insolvency Manager is: M. Almakaev Post User Box 969 433513 Dimitrovograd-13 Russia The Debtor can be reached at: CJSC Agricultural Company Melekesskaya Michurina Str. 3 Mullovka Meleklesskiy Region 433550 Ulyanovsk Region Russia MOS-PROM-BANK LLC: Names State Corp. Agency to Manage Assets ------------------------------------------------------------ The Arbitration Court of Moscow Region appointed State Corporation Agency on Endowment Insurance as Insolvency Manager for LLC Mos-Prom-Bank. The Company is located at: State Corporation Agency on Endowment Insurance Verkhne-Vaganskiy Tupik Str., 4 109240 Moscow Region Russia The Representative of the Insolvency Manager can be reached at: Post User Box 7 123022 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-15376/06. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: LLC Mos-Prom-Bank Lenina Str. 23 Sheremetyevskiy 141720 Moscow Region Russia OMSK-TRANS-STORY OJSC: Names V. Vinogradov to Manage Assets ----------------------------------------------------------- The Arbitration Court of Omsk Region appointed Mr. V. Vinogradov as Insolvency Manager for OJSC Omsk-Trans-Story. He can be reached at: V. Vinogradov 50 Let Profsoyuzov Str. 61 644065 Omsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-14824/2006. The Debtor can be reached at: OJSC Omsk-Trans-Story Razdolnaya Str. 1 644105 Omsk Region Russia REFCO INC: N.Y. Court Confirms Modified Joint Chapter 11 Plan ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York confirmed Dec. 15 the Modified Joint Chapter 11 Plan of Refco Inc. (OTC: RFXCQ) and certain of its direct and indirect subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, enabling the companies' expeditious completion of an orderly wind-up of their businesses. "We are delighted to have achieved this milestone," said Harrison J. Goldin, Refco's chief executive officer. "It represents the culmination of an arduous process, but provides the optimal outcome for all involved." Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital Markets added, "We are committed to expediting the consummation of the Plan and anticipate making a substantial distribution to creditors before year end." The Plan, which is premised on a series of interdependent settlements and compromises, was supported by all the companies' major constituencies, including both official committees of unsecured creditors, secured lenders, bondholders, certain customer groups and certain former equity holders; and it represents the culmination over just 14 months of protracted negotiations in one of the most complex bankruptcy cases in history. Under the terms of the settlements which form the basis for the Plan, secured lenders who were owed US$717.7 million were paid in full in cash prior to confirmation of the Plan; bondholders are expected to receive 83.4 cents on the dollar for their claims; Refco Capital Markets' securities customers are expected to receive approximately 85.6 cents on the dollar for their claims; and general unsecured creditors are expected to receive between 23 and 37.5 cents on the dollar for their claims. In addition, shareholders and creditors of the company will have the opportunity to participate in recoveries obtained by both the Litigation Trust and Private Actions Trust, which will hold certain litigation claims. "It is a tribute to the excellent and focused job done by the professionals representing all parties that a consensual plan could be confirmed in such a short time in such an exceptionally complex and highly litigious case" said J. Gregory St. Clair, an attorney with the law firm of Skadden, Arps, Slate, Meagher & Flom LLP, which represents Refco. Mr. St. Clair added that he expected the agreements outlined in the Plan to be effective by the end of the year. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. On Oct. 6, 2006, the Debtors filed their Amended Plan and Disclosure Statement. On Oct. 16, 2006, the gave its tentative approval on the Disclosure Statement and on Oct. 20, 2006, the Court Clerk entered the written disclosure statement order. The hearing to consider confirmation of Refco, Inc., and its debtor-affiliates' plan is set for Dec. 15, 2006. Objections to the plan, if any, must be in by Dec. 1, 2006. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). Refco Commodity Management, Inc., formerly known as CIS Investments, Inc., a debtor-affiliate of Refco Inc., filed for chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No. 06-12436). RCMI's exclusive period to file a chapter 11 plan expires on Feb. 13, 2007. SHERBINOVSKAYA: Court Names A. Nefedov as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Krasnodar Region appointed Mr. A. Nefedov as Insolvency Manager for State Unitary Enterprise Poultry Farm Sherbinovskaya. He can be reached at: A. Nefedov Office 2 Kubano-Naberezhnaya Str. 100 350063 Krasnodar Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-5819/2006-2/77-B. The Arbitration Court of Krasnodar Region is located at: Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: State Unitary Enterprise Poultry Farm Sherbinovskaya Starosherbinovskaya St. 353630 Krasnodar Region Russia SIB-CONCORD CJSC: Court Names N. Baranova as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tyumen Region appointed Ms. N. Baranova as Insolvency Manager for CJSC Sib-Concord (TIN 7202079221). She can be reached at: N. Baranova Respubliki Str. 204-222 625035 Tyumen Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A70-8029/3-2006. The Arbitration Court of Tyumen Region is located at: Khokhryakova Str. 77 627000 Tyumen Region Russia The Debtor can be reached at: CJSC Sib-Concord Respubliki Str. 53-406 625000 Tyumen Region Russia SISTEMA CAPITAL: Moody's Rates US$3-Billion MTN Program at (P)B3 ---------------------------------------------------------------- Moody's Investor Service assigned a (P)B3 rating to the proposed US$3-billion medium-term note (MTN) program of Sistema Capital S.A. The Issuer is a wholly owned subsidiary of JSFC Sistema, who will fully and irrevocably guarantee the notes on a senior unsecured basis. Moody's has also affirmed Sistema's B1 corporate family rating. The outlook on the ratings is stable. Proceeds from the notes will be utilized (via an inter-company loan to Sistema) to enhance the group's liquidity position and to fund general corporate purposes, including acquisitions. The (P)B3 rating on the notes reflects the effective subordination of the notes and the parent guarantee to all existing and future (secured or unsecured) obligations of Sistema's subsidiaries (excluding the Issuer). In particular, the notes will be structurally subordinated to the indebtedness of Mobile Telesystems OJSC, one of Sistema's principal holdings and a primary source of cash flow through dividends. The notching on the notes also assumes that secured debt at the parent company level will not be material apart from the existing US$346 million notes which are secured by approximately 193.5 million shares of MTS (approximately 10% of MTS's total shares or 20% of Sistema's ownership stake in the company). The notes will rank pari passu with the existing US$350-million senior unsecured notes of the Issuer due in January 2011. The rating incorporates Moody's expectation that Sistema will be utilizing the new financing facility as a standby liquidity enhancement mechanism. Moody's notes that neither the affirmed B1 rating for Sistema, nor the B3 rating for the MTN program factors in the impact of a large scale debt-financed acquisition, buy-out or investment. Any such event would have to be reviewed separately in the context of its potential impact on the rating. The notes will be subject to various covenants, including limitations on additional indebtedness (with a 4.0x Consolidated Total Indebtedness/Consolidated OIBDA incurrence test) and the creation of new liens. Redemption by installments is allowed on stipulated dates. The issuer has a right to redeem, in the aggregate, up to 35% of the principal amount of the notes from net cash proceeds of public equity offering(s). Noteholders also benefit from a Change of Control clause. Moody's B1 corporate family rating takes into account Sistema's sizeable consolidated asset base (US$17.3 billion as of June 30, 2006), which includes majority stakes in leading mobile and fixed-line telecommunications operators and the third largest insurance company in Russia; the strong market positions and the rapid growth of Sistema's major subsidiaries; a relatively modest level of consolidated indebtedness (Debt/EBITDA below 2x); the company's proven track record of strategic partnerships with large international players; the company's ever increasing regional presence as well as its relatively high degree of financial reporting and operating transparency. Moody's notes further that the company's growth and diversification through acquisitions is leading to the potential for increased financial flexibility in the future in conjunction with which there would be a reduced reliance upon dividend distributions from MTS. The rating also factors in the risks associated with operating within the Russian economic and political environment as well as that of other CIS countries, as well as the company's exposure through its various businesses to the Russian telecommunications sector with its regulatory uncertainties and competitive pressures. In particular, the rating takes into account Sistema's reliance on the cash flows through dividends of its 52.8% owned subsidiary, MTS. Moody's also notes that along with Sistema's focus on growth and diversification through acquisitions has come an increase in leverage and, on a consolidated basis, a reduction in operating margins. The assigned ratings assume that there will be no material variations to the draft legal documentation reviewed by Moody's, and assume that these agreements are legally valid, binding, and enforceable. Headquartered in Moscow, Russia, Sistema is one of the largest diversified service providers in Russia. The company has a diversified portfolio of telecom, technology, insurance, real estate, banking, media and other businesses. SOUTHERN TELECOM: Partially Redeems Pay-to-Bearer Bonds ------------------------------------------------------- Southern Telecommunications Company PJSC redeemed the first part of the nominal value of UTK 04-series non-convertible interest- bearing documentary pay-to-bearer bonds and paid out in full the fourth coupon income on the bonds of the issue on Dec. 13, 2006. The coupon interest rate will be set according to the Decision on the Bond Issue approved by the Company's Board of Directors. The fourth coupon interest rate of 10.5% per annum was approved by Order of UTK's Director General N 393 dated 14 December 2005. Total amount of the fourth coupon yield payable under all UTK series 04 bonds made 130,900,000 rubles. The coupon income on one bond of the issue amounted to RUR26.18. At the same time the Company redeemed in full the first part (10%) of the nominal value of UTK series 04 bonds to the amount of 500,000,000 rubles that made 100 rubles on one bond of the issue. The cut-off date of the register of the holders of UTK series 04 bonds entitled to receive the fourth coupon income was Dec. 6, 2006. About the Company Headquartered in Krasnodar, Russia, Southern Telecommunications Co. -- http://www.stcompany.ru/-- provides local, long- distance, and cellular telephone, paging and telegraph services. * * * As reported in the TCR-Europe on Oct. 30, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based fixed-line telecommunications operator Southern Telecommunications Co. (OJSC) to 'B-' from 'CCC+', in light of the company's improving financial risk profile. The outlook is stable. At the same time, Standard & Poor's raised its long-term Russia national scale rating on STC to 'ruBBB' from 'ruBB'. STC is the incumbent fixed-line telecoms operator in the southern region of Russia. Southern Telecommunications carries Moody's Investors' Service's Caa1 issuer rating and B3 long-term corporate family rating since 2004. STEPURINSKIY FLAX: Court Names S. Postnov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tver Region appointed Mr. S. Postnov as Insolvency Manager for OJSC Agricultural and Industrial Enterprise Stepurinskiy Flax Factory. He can be reached at: S. Postnov Stepurino Staritskiy Region 171360 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A66-6621/2006. The Arbitration Court of Tver Region is located at: Room 7 Sovetskaya Str. 23b Tver Region Russia The Debtor can be reached at: OJSC Agricultural and Industrial Enterprise Stepurinskiy Flax Factory Stepurino Staritskiy Region 171360 Tver Region Russia TRANSSIBERIAN RE: AM Best Assigns C++ Financial Strength Rating --------------------------------------------------------------- A.M. Best Co. assigned a financial strength rating of C++ and an issuer credit rating of b+ to OJSC Transsiberian Reinsurance Corp. (Russia). The Outlook for both ratings is stable. The ratings reflect Transsib Re's position as a medium-sized company in the small but fast developing Russian reinsurance market and the company's excellent financial performance. The main offsetting factor is the insufficient level of financial strength to support continued business expansion according to A.M. Best's s risk-based capital model. Transsib Re is a medium-sized company in the context of the domestic Russian reinsurance market, with gross written premiums of around RUR1.1 billion in 2005. With a historical net retention ratio of around 30%, A.M. Best believes that Transsib Re's potential for net premium growth during the next three years is likely to be constrained by significant capital pressures. Transsib Re's technical performance has historically been excellent, with combined ratios of around 90%. A.M. Best believes that despite these positive underwriting results and a comprehensive reinsurance program, the net exposures in respect of natural catastrophes are material enough to impact significantly Transsib Re's capital position. UST'-ILIMSKIY BREWERY: Court Names A. Kostyunin to Manage Assets ---------------------------------------------------------------- The Arbitration Court of Irkutsk Region appointed Mr. A. Kostyunin as Insolvency Manager for CJSC Ust'-Ilimskiy Brewery. He can be reached at: A. Kostyunin Post User Box 36 127434 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-10245/06-29. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: CJSC Ust'-Ilimskiy Brewery Bratskaya Str. 21 Prom Ust'-Ilimsk 666671 Irkutsk Region Russia VERKHNEKAMSKIY PHOSPHORITE: Asset Sale Slated for December 25 ------------------------------------------------------------- The insolvency manager, the bidding organizer for OJSC Verkhnekamskiy Phosphorite Mine, will set on a public auction for the company's properties on Dec. 25 at: The Insolvency Manager, the Bidding Organizer Komsomolskaya Str. 2 Rudnichnyj Verkhnekamskiy Region 612830 Kirov Region Russia The company has set a RUR2,438,200 starting price for the auctioned assets. To participate, bidders have until Dec. 25 to submit their bids and necessary documents at: The Insolvency Manager, the Bidding Organizer Komsomolskaya Str. 2 Rudnichnyj Verkhnekamskiy Region 612830 Kirov Region Russia The Debtor can be reached at: The Insolvency Manager, the Bidding Organizer Komsomolskaya Str. 2 Rudnichnyj Verkhnekamskiy Region 612830 Kirov Region Russia VIMPEL-COMMUNICATIONS: Board Approves 2007 Proposed Budget ---------------------------------------------------------- The Board of Directors OJSC Vimpel-Communications voted in favor of the proposed 2007 consolidated budget by a majority vote. Pursuant to the company's charter, the necessary vote to approve the proposed consolidated budget is eight out of nine directors. As in 2006, as a result of the continuing disagreement between the directors regarding the spending of funds respecting VimpelCom's subsidiary, Ukrainian Radio Systems, there were not eight votes cast in favor. However, as in 2006, the Company will operate within the parameters of the proposed consolidated budget for 2007. The management of OJSC Vimpel-Communications will continue to operate the company in 2007 in the ordinary course of business. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As reported in the TCR-Europe on Oct. 12, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based mobile telecommunications operator Vimpel- Communications (JSC) to 'BB+' from 'BB', reflecting the company's continuing strong performance. S&P said the outlook is stable. VOLGOGRADSKIY CENTRE: Bankruptcy Hearing Slated for March 15 ------------------------------------------------------------ The Arbitration Court of Volgograd Region will convene on March 15, 2007, to hear the bankruptcy supervision procedure on OJSC Volgogradskiy Centre of Technical Development (TIN 3448020968). The case is docketed under Case No. A12-16366/ 06-s50. The Temporary Insolvency Manager is: I. Gridneva Balakhninskaya Str. 4 400001 Volgograd Region Russia The Debtor can be reached at: OJSC Volgogradskiy Centre of Technical Development Vilyanskaya Str. 15a Volgograd Region Russia ========= S P A I N ========= FTPYME TDA: Moody's Junks EUR29.3-Million Series D Notes -------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the debt to be issued by FTPYME TDA CAM 4, Fondo de Titulizacion de Activos: -- EUR337.5-million Series A1 notes: Aaa; -- EUR931.5-million Series A2 notes: Aaa; -- EUR127-million Series A3(CA) notes: Aaa; -- EUR66-million Series B notes: A2; -- EUR38-million Series C notes: Baa3; and -- EUR29.3-million Series D notes: Ca. The ratings address the expected loss posed to investors by the legal final maturity (September 28, 2045). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Series A1, A2, A3(CA), B and C at par on or before the rated final legal maturity date, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Series D. FTPYME TDA CAM 4, Fondo de Titulizacion de Activos, a securitization of small- and medium-sized enterprise loans under the FTPYME program carried out by Caja de Ahorros del Mediterraneo, comes after the concession by the Spanish Ministry of Economy of a new guarantee budget for the current year. In line with the reduction observed in 2005, the amount assigned by the Ministry has decreased sharply from the EUR1.8 billion guarantee assigned in 2002, 2003 and 2004, to the current level of EUR800 million. According to Moody's, this deal benefits from several credit strengths including: (1) a strong swap agreement guaranteeing an excess spread of 0.50%; (2) a 1.95% reserve fund to cover potential shortfalls in interest or principal; (3) a 12-month artificial write-off mechanism; (4) the guarantee of the Kingdom of Spain (Aaa/P-1), as concerns the Series A3(CA) notes; and (5) the fact that the management company will elect the loans from the provisional pool that will result in the least concentrated securitized pool. However, Moody's notes that the deal also features credit weaknesses, notably: (1) prorata amortization of the notes; (2) geographical concentration in the regions of Valencia and Murcia; and (3) the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets was, as of 14 November 2006, composed of a portfolio of 14,971 loans and 12,726 borrowers, granted to Spanish enterprises and self-employed individuals. The loans have been originated between 1991 and 2006, with a weighted average seasoning of 2.04 years and a weighted average remaining life of 9.91 years. Around 57% of the outstanding of the portfolio is secured by mortgage guarantee over different types of properties (54% being first lien). Geographically the pool is concentrated in Valencia (49.66%), Murcia (24.12%) and Catalonia (7.66%). At closing, there will be no loans more than 30 days in arrears. Moody's based the ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information; (iii) the swap agreement hedging the interest rate risk; (iv) the credit enhancement provided through the Guaranteed Investments Contract account, the guaranteed excess spread, the reserve fund and the subordination of the notes; and (v) the legal and structural integrity of the transaction. 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. MADRID RMBS II: Moody's Rates EUR18.9-Mln Series E Notes at Ba1 --------------------------------------------------------------- Moody's Investors Service assigned these definitive 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: Aaa; -- EUR936-million Series A2 notes: Aaa; -- EUR270-million Series A3 notes: Aaa; -- EUR63-million Series B notes: Aa1; -- EUR67.5-million Series C notes: A1; -- EUR30.6-million Series D notes: Baa2; and -- EUR18.9-million Series E notes: Ba1. The products being securitized are first-lien mortgage loans granted to individuals, originated by Caja Madrid, 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 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. 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 weak features including: (1) the collateral consists exclusively of loans with an LTV greater than 80%; (2) the pool cut 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. SANTANDER FINANCIACION: Moody's Junks EUR14.3-Mln Series F Notes ---------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the debt issued by Fondo de Titulizacion de Activos, Santander Financiacion 1 (formerly named Santander Consumo 2, FTA): -- EUR1,738.5-million Series A notes: Aaa; -- EUR25.7-million Series B notes: Aa2; -- EUR61.7-million Series C notes: A2; -- EUR47.5-million Series D notes: Baa2; -- EUR26.6-million Series E notes: Ba2; and -- EUR14.3-million Series F notes: Caa2. Fondo de Titulizacion de Activos, Santander Financiacion 1 is the second consumer loan-backed securitization transaction carried out by Banco Santander Central Hispano, S.A. The securitized pool comprises a mixture of auto loans and consumer loans granted for other purposes. In Moody's view, strong features include: (1) a swap agreement guaranteeing an excess spread of 2.5% and covering the servicing fee; (2) a 12-month artificial write-off mechanism; (3) a granular securitized pool; and (4) good geographical diversification of the pool. Weaker features include: (1) the fact that no historical information has been provided in a format satisfactory to Moody's; (2) a revolving period of up to three years; (3) the negative impact of the interest deferral trigger on the subordinated series; and (4) the negative carry and the reduction in the excess spread amount if BSCH fails to provide a sufficient amount of loans to be purchased by the fund during the revolving period. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets comprised, as of October 2006, a portfolio of 222,242 loans granted to 207,390 borrowers resident in Spain for the purpose of financing consumer goods (including auto loans) and services. The loans have been originated between 1991 and August 2006, with a weighted average seasoning of 1.55 years and a weighted average remaining life of 5.6 years. The weighted average interest rate is 6.2%, with 36.5% of the loans linked to floating reference rates. All of the loans hold a personal guarantee. Geographically the pool is concentrated in the regions of Madrid (24%), Andalusia (15%) and Catalonia (12%). At closing, there will be no loans more than 30 days in arrears. Moody's based the ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) the strict eligibility criteria with which any receivable must comply in order to be included in the securitized pool; (iii) the early amortization triggers put in place to stop the purchase of additional loans; (iv) historical performance information from the Spanish consumer loan market; (v) the swap agreement; (vi) the credit enhancement provided through the GIC account, the excess spread, the reserve fund and the subordination of the notes; and (vii) the legal and structural integrity of the transaction. The ratings address the expected loss posed to investors by the legal final maturity (April 20, 2035). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par with respect to the Series A, B, C, D and E notes, and for ultimate payment of interest and principal at par with respect to the Series F notes, on or before the final legal 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. ===================== S W I T Z E R L A N D ===================== AEGERI TRUST: Zug Court Suspends Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Zug suspended the bankruptcy proceedings of JSC Aegeri Trust on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on May 13, 2005, can be reached at: JSC Aegeri Trust Wilbrunnenstrasse 110 6314 Unterageri Zug Switzerland The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland CONVERIUM HOLDING: Fitch Upgrades Issuer Default Rating to BBB -------------------------------------------------------------- Fitch Ratings upgraded Swiss-based Converium AG's Insurer Financial Strength rating to BBB+ from BBB- and removed the rating from Rating Watch Positive. The agency also upgraded and removed from RWP other ratings within the Converium group. Stable Outlooks were assigned to all ratings. The rating action follows the conclusion of the sale by Converium of its North American operations to the Berkshire Hathaway Group for US$95 million in cash. In addition, Berkshire Hathaway has assumed US$200 million of senior debt from the North American operation. Fitch views the sale of Converium's North American business positively. This business has historically been a drag on the group's ratings due to potential further adverse reserve development on prior-year liabilities, the management time and effort required to manage the run-off of the portfolio and the non-fungibility of capital tied up in these operations. Fitch also views positively the transfer of Converium's US senior debt to Berkshire Hathaway and the impact that the sale should have on the group's consolidated expense ratio. Significantly, Converium has not provided guarantees or indemnities relating to the reserves of the North American operations. The ratings also reflect Converium's strong capitalization, conservative investment strategy and improving franchise. Partially offsetting these positive rating factors are Converium's high expense base relative to its peers and outstanding class action lawsuits, which if defended unsuccessfully, could have a material effect on the group's financial strength, operating results and cash flows. Converium group ratings are: -- Converium AG's IFS upgraded to BBB+ from BBB-; off RWP; -- Converium AG's Issuer Default rating upgraded to BBB+ from BBB-; off RWP; -- Converium Insurance (U.K.) Limited's IFS upgraded to BBB+ from BBB-;off RWP; -- Converium Ruckversicherungs (Deutschland) AG's IFS upgraded to BBB+ from BBB-; off RWP; -- Converium Holding AG's IDR upgraded to BBB from BB; off RWP; and -- Converium Finance S.A.'s US$200 million subordinated debt due 2032 upgraded to BBB from BB+; off RWP. ERIC REICHENBACH: Court Suspends Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Solothurn suspended the bankruptcy proceedings of LLC Eric Reichenbach on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF6,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Oct. 10, can be reached at: LLC Eric Reichenbach Bielstrasse 28 4500 Solothurn Switzerland The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4501 Solothurn Switzerland GASTHAUS GUBEL: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC Gasthaus Gubel on Oct 30. The Debtor can be reached at: LLC Gasthaus Gubel Gubel 6313 Menzingen Zug Switzerland The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland INTERAD LLC: Solothurn Court Suspends Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Solothurn suspended the bankruptcy proceedings of LLC InterAD on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Oct. 30, can be reached at: LLC InterAD Rotistrasse 5 4500 Solothurn Switzerland The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4501 Solothurn Switzerland JEANS STATION: Binningen Court Suspends Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Cour of Binningen suspended the bankruptcy proceedings of LLC Jeans Station on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Sept.12, can be reached at: LLC Jeans Station Muhlemattstrasse 25 4104 Oberwil Basel-Landschaft Switzerland The Bankruptcy Service of Binningen can be reached at: Bankruptcy Service of Binningen 4102 Binningen Basel-Landschaft Switzerland MBS-DENTAL LLC: Solothurn Court Starts Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Court of Solothurn commenced bankruptcy proceedings against LLC MBS-Dental on Oct. 3. The Debtor can be reached at: LLC MBS-Dental Bettlachstrasse 8 2540 Grenchen Solothurn Switzerland The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4501 Solothurn Switzerland MUTH PARTNERS: Basel-Stadt Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Court of Basel-Stadt entered Oct. 26 an order closing the bankruptcy proceedings of JSC Muth Partners AG Corporate Consulting. The Debtor can be reached at: JSC Muth Partners AG Corporate Consulting Gartenstrasse 59 4052 Basel Basel-Stadt Switzerland The Bankruptcy Service of Basel-Stadt can be reached at: Bankruptcy Service of Basel-Stadt 4051 Basel Basel-Stadt Switzerland NOVA MOBEL: Solothurn Court Suspends Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Solothurn suspended the bankruptcy proceedings of LLC Nova Mobel on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF6,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Oct. 3, can be reached at: LLC Nova Mobel Weissensteinstrasse 5 4500 Solothurn Switzerland The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4501 Solothurn Switzerland WP-PRODUKTLEASING JSC: Zug Court Suspends Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Court of Zug suspended the bankruptcy proceedings of JSC WP-Produktleasing on Nov. 20, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Dec. 19, 2005, can be reached at: JSC WP-Produktleasing Metallstrasse 9a 6304 Zug Switzerland The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland ============= U K R A I N E ============= BUCHATSKYI MALTHA: Creditors Must File Claims by Jan. 4, 2007 ------------------------------------------------------------- Creditors of State Enterprise Buchatskyi Maltha Plant (code EDRPOU 00375148) have until Jan. 4, 2007, to submit their proofs of claim to: Androschuk Vasyl Yakovych Temporary Insolvency Manager Sichovyh Strilziv Str. 67 Berezhany Ternopilska Region Ukraine The Economic Court of Ternopil Region has commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 1/0-809. The Economic Court of Ternopil Region is located at: Ostrozski Str. 14a 46000 Ternopil Region Ukraine The Debtor can be reached at: State Enterprise Buchatskyi Maltha Plant S. Bandery Str. 2 Buchach Ternopil Region Ukraine DIAMOND LTD: Creditors Must File Claims by Feb. 7, 2007 ------------------------------------------------------- Creditors of Manufacturing Enterprise Diamond Ltd. (Code EDRPOU 23810523) have until Feb. 7, 2007, to submit their proofs of claim to: Manufacturing Enterprise Diamond Ltd. Svyatoshynska Str. 11. Kremenchug 39600 Poltava Region Ukraine The Economic Court of Poltava Region has commenced bankruptcy supervision procedure on the company. The Economic Court of Poltava Region is located at: Zigina Str. 1 36000 Poltava Region Ukraine STAROBILSKA' PETROLEUM: Creditors' Claims Due Jan. 4, 2007 ---------------------------------------------------------- Creditors of OJSC Starobilska' Petroleum Storage Depot (code EDRPOU 20188900) have until Jan. 4, 2007, to submit their proofs of claim to: Viktoria Mykolaivna Deinegina Temporary Insolvency Manager Apt. 13 Sovetskaya Str. 59a 91000 Lugansk Region Ukraine The Economic Court of Lugansk Region commenced bankruptcy supervision procedure on the company on Oct. 20. The case is docketed under Case No. 20/79. The Economic Court of Lugansk Region is located at: Geroiv VVV Square 3a 91000 Lugansk Region Ukraine The Debtor can be reached at: OJSC Starobilska' Petroleum Storage Depot Gorkiy Str. 147 Chmyrivka Village Starobilskyi Locality Lugansk Region Ukraine SCHEVCHENKIVSKE AGRICULTURAL: Bankruptcy Supervision Starts ----------------------------------------------------------- The Economic Court of Rivne Region commenced bankruptcy supervision procedure on the Schevchenkivske Agricultural Production Enterprise (code EDRPOU 315808517055) on Dec. 5. The case is docketed under Case No. 8/61 The Temporary Insolvency Manager is: B. O. Sohanevich Gorodnya Str. 14 Dubno 35600 Rivno Region Ukraine The Economic Court of Rivne Region is located at: Yavornitski Str. 59 33001 Rivne Region Ukraine The Debtor can be reached at: Schevchenkivske Agricultural Production Enterprise Gorkiy Str. 147 Turkovychi Village Dubensky Locality 35656 Rivne Region Ukraine PROGRESS LLC: Khmelnitsky Court Starts Bankruptcy Supervision ------------------------------------------------------------- The Economic Court of Khmelnitsky Region commenced bankruptcy supervision procedure on the Progress LLC (code EDRPOU 03786136). The case is docketed under Case No. 17/229. The Temporary Insolvency Manager is: Vitaliy Yuriyovych Opanasenko Hotovytskogo Str. 8, apt.120 Khmelnitsky Region Ukraine The Economic Court of Khmelnitsky Region is located at: Nezalezhnosti Square 1 29000 Khmelnitsky Region Ukraine The Debtor can be reached at: LLC Progress Golenyscheve Village Letychivsky Khmelnitsky Region Ukraine NIZHYNSKE PLEMPIDPRYEMSTVO: Court Starts Bankruptcy Supervision --------------------------------------------------------------- The Economic Court of Chernigivska Region commenced bankruptcy supervision procedure on OJSC Nizhynske Plempidpryemstvo (code EDRPOU 00709738) on Oct. 23. The case is docketed under Case No. 9/196. The Temporary Insolvency Manager is: Yurij Vasylyovych Shvydky Peremogy Str. 94 14000 Chernigiv Region Ukraine The Economic Court of Chernigivska Region is located at: Myru Avenue 20 14000 Chernigivska Region Ukraine The Debtor can be reached at: OJSC Nizhynske Plempidpryemstvo Borznyansky Shlyah Str. 44 Nizhyn Chernigivska Region Ukraine =========================== U N I T E D K I N G D O M =========================== 9 TO 5 OFFICE: Appoints Jeremy Knight to Administer Assets ---------------------------------------------------------- William Jeremy Jonathan Knight of Jeremy Knight & Co. was appointed administrator of 9 To 5 Office Supplies Ltd. (Company Number 4510749) on Dec. 5. The administrator can be reached at: William Jeremy Jonathan Knight Jeremy Knight & Co. 68 Ship Street Brighton Sussex BN1 1AE United Kingdom Tel: 01273 203654 Fax: 01273 206056 E-mail: jknight@mistral.co.uk 9 To 5 Office Supplies Ltd. can be reached at: Unit 11 Cliffe Industrial Estate South Street Lewes East Sussex BN8 6JL United Kingdom Tel: 01273 473 333 ALEXANDER BOX: Creditors' Meeting Slated for January 8 ------------------------------------------------------ Creditors of Alexander Box Company Ltd. will meet at 11:00 a.m. on Jan. 8, 2007 at: KPMG LLP 191 West George Street Glasgow G2 2LJ 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 Jan. 5, 2007 at: B. C. Nimmo Joint Administrator KPMG LLP 191 West George Street Glasgow G2 2LJ United Kingdom KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. AMAZON.COM INC: Moody's Lifts Corporate Family Rating to Ba2 ------------------------------------------------------------ Moody's Investors Service upgraded the long-term debt ratings of Amazon.com, affirmed the speculative grade liquidity rating at SGL-2, and assigned a stable rating outlook. The upgrade recognizes the company's continued reduction in funded debt levels, which has resulted in further improvement in credit metrics and should allow the company to maintain strong credit metrics despite potential uneven operating income performance. Since 2003 the company has retired approximately US$1.2 billion in debt. These ratings are upgraded: -- Corporate family rating to Ba2 from Ba3; -- Probability of default rating to Ba2 from Ba3; -- Senior subordinated notes to Ba3, LGD5-82% from B2, LGD5, 82%; and, -- Multiple shelf ratings to Ba1; LGD3-35%, Ba3; LGD5-82%, B1; LGD6-97% from Ba2; LGD3-35%, B2; LGD5-82%, B2; LGD6- 97%. Amazon.com's Ba2 corporate family rating reflects the company's dominant position in online retailing, well recognized brand name, international diversification, and solid credit metrics. The impact of these strengths on the rating is limited by the company's uneven and unpredictable operating profits, which are a by-product of its limited track record, evolving business strategy, and recent rapid growth. In addition, the rating is constrained by the potential ramifications of its young corporate age on business procedures, controls and corporate governance. The rating also reflects profitability that is below that of its peer group and very high seasonality, with the vast majority of its cash flow generation being highly dependent on its fourth quarter. The company's lack of a committed bank facility is a negative rating factor and will likely constrain upward rating pressure over the near term. The rating outlook is stable. Upward ratings momentum could develop should the company's operating margins stabilize above 4% while maintaining Debt/EBITDA below 3x. In addition, upward ratings momentum would require additional predictability of the company's profitability and evidence of stability in its business strategy. Additional upward rating pressure would develop should the company obtain a reasonable level of committed bank financing. Given the recent upgrade a downgrade is highly unlikely. However, the rating outlook could be changed to negative should the company experience a sharp decline in profitability, begin to fund its growth with debt, or should Debt/EBITDA rise above 4x. The long term ratings, as well as the speculative grade liquidity rating, could fall should cash balances be sustained below $1 billion without the company having committed bank facilities in place. Based in Seattle, Wash., Amazon.com, Inc. (Nasdaq: AMZN) a Fortune 500 company, opened on the World Wide Web in July 1995 and offers Earth's Biggest Selection. Amazon.com seeks to be Earth's most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices. Amazon.com and other sellers offer millions of unique new, refurbished and used items in categories such as health and personal care, jewelry and watches, gourmet food, sports and outdoors, apparel and accessories, books, music, DVDs, electronics and office, toys and baby, and home and garden. Amazon.com and its affiliates operate retail sites http://www.amazon.com/http://www.amazon.co.uk/ http://www.amazon.de/http://www.amazon.co.jp/ http://www.amazon.fr/http://www.amazon.ca/and http://www.joyo.com/ The company has fulfillment centers in Japan and China. Other office locations include those in Germany, India, and the United Kingdom. ARTEMIS INDUSTRIAL: Taps Administrators from Begbies Traynor ------------------------------------------------------------ David Paul Hudson and Timothy John Edward Dolder of Begbies Traynor were appointed joint administrators of Artemis Industrial Recruitment Ltd. (Company Number 05441434) on Dec. 1. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Artemis Industrial Recruitment Ltd. can be reached at: 13-15 Belvoir Street Leicester Leicestershire LE1 6SL United Kingdom Tel: 0116 247 0414 Fax: 0116 247 0404 BGM CRYOGENIC: Appoints BDO Stoy as Joint Administrators -------------------------------------------------------- Martha H. Thompson and Antony David Nygate of BDO Stoy Hayward LLP were appointed joint administrators of BGM Cryogenic Engineering Ltd. (Company Number 02672710) on Nov. 29. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. BGM Cryogenic Engineering Ltd. can be reached at: Windrush Park Range Road Witney Oxfordshire OX29 0YA United Kingdom Tel: 01993 702 905 Fax: 01993 778 349 BOLDGATE LIMITED: Brings In Tenon Recovery to Administer Assets --------------------------------------------------------------- S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint administrators of Boldgate Ltd. (Company Number 3840682) on Dec. 5. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Boldgate Ltd. can be reached at: Crossbow House 40 Liverpool Road Slough Berkshire SL1 4QZ United Kingdom Tel: 01753 610 525 Fax: 01753 610 587 BONAS MACHINE: Names Gerald Maurice Krasner as Administrator ------------------------------------------------------------ Gerald Maurice Krasner of Bartfields U.K. Ltd. was named administrator of Bonas Machine Company Ltd. (Company Number 3651547) on Dec. 5. The administrator can be reached at: Gerald Maurice Krasner Bartfields (U.K.) Limited Burley House 12 Clarendon Road Leeds West Yorkshire LS2 9NF United Kingdom Tel: 0113 244 9051 Fax: 0113 234 3208 E-mail: gerald.krasner@bartfield.co.uk Bonas Machine Company Ltd. can be reached at: Dukesway Team Valley Trading Estate Gateshead Tyne and Wear NE11 0LF United Kingdom Tel: 0191 491 0444 Fax: 0191 491 0999 CANAS LIMITED: Appoints Alan Simon to Liquidate Assets ------------------------------------------------------ Alan Simon of Langley Group LLP was appointed Liquidator of Canas Limited (t/a Canas Limited) on Dec. 4 for the creditors' voluntary winding-up procedure. The company can be reached at: Canas Limited The Harlequin Watford Hertfordshire WD172TD United Kingdom Tel: 019 2321 2160 CAPCOM LIMITED: Claims Filing Period Ends Dec. 31 ------------------------------------------------- Creditors of Capcom Limited have until Dec. 31 to prove their debts by sending written statements of the amount they claim to be due to them from the Company to appointed Joint Liquidator Peter James Hughes-Holland at: 81 Station Road Marlow Buckinghamshire SL7 1NS United Kingdom Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. CAPITAL BATHROOMS: Appoints Milner Boardman as Administrators ------------------------------------------------------------- Colin Burke and Gary J. Corbett of Milner Boardman & Partners were appointed joint administrators of Capital Bathrooms & Kitchens Ltd. (Company Number 04933525) on Dec. 6. Milner Boardman -- http://www.milnerboardman.co.uk/-- is an independent firm of chartered accountants and business advisers. Headquartered in Liverpool, England, Capital Bathrooms & Kitchens Ltd. retails household furnitures. CAPITEX LIMITED: Creditors' Claims Due Dec. 31 ---------------------------------------------- Creditors of Capitex Limited (formerly Barhaven Limited) have until Dec. 31 to prove their debts by sending written statements of the amount they claim to be due to them from the Company to appointed Joint Liquidator Peter James Hughes-Holland at: 81 Station Road Marlow Buckinghamshire SL7 1NS United Kingdom The company can be reached at: Capitex Limited Picton House Wargrave Road Twyford Reading Berkshire RG109NY United Kingdom Tel: 0118 934 4500 Fax: 017 3434 4506 CLARK STEPHEN: Creditors' Meeting Slated for January 8 ------------------------------------------------------ Creditors of Clark Stephen Ltd. (Company Number 3480233) will meet at noon on Jan. 8, 2007 at: KPMG LLP 191 West George Street Glasgow G2 2LJ 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 Jan. 5, 2007 at: B. C. Nimmo Joint Administrator KPMG LLP 191 West George Street Glasgow G2 2LJ United Kingdom KPMG LLP -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. COMPUTFORCE LIMITED: Claims Registration Ends Dec. 31 ----------------------------------------------------- Creditors of Computforce Limited have until Dec. 31 to prove their debts by sending written statements of the amount they claim to be due to them from the Company to appointed Joint Liquidator Peter James Hughes-Holland at: 81 Station Road Marlow Buckinghamshire SL7 1NS United Kingdom The company can be reached at: Computforce Limited Picton House Wargrave Road Twyford Reading Berkshire RG109NY United Kingdom Tel: 01189344500 Fax: 01189344506 CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator ---------------------------------------------------------- Timothy Hargreaves of T.H. Associates was nominated Liquidator of Core Technical Support Limited on Dec. 7 for the creditors' voluntary winding-up procedure. The company can be reached at: Core Technical Support Limited 49 Bexhill Road Ingol Preston Lancashire PR2 3TA United Kingdom Tel: 078 0290 7342 COUNTRY FOODS: Brings In Administrators from BDO Stoy ----------------------------------------------------- Dermot Justin Power and Toby S. Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Country Foods Ltd. (Company Number 05592910) on Dec. 6. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Country Foods Ltd. can be reached at: Abenbury Way Wrexham Industrial Estate Wrexham Clwyd LL13 9UZ United Kingdom Tel: 01978 664422 D LEWIS: Nominates Liquidators from Purnells -------------------------------------------- Susan Purnell and Michelle Williams of Purnells were nominated Liquidators of D Lewis & Sons Limited on Nov. 29 for the creditors' voluntary winding-up procedure. The company can be reached at: D Lewis & Sons Limited 29 Rhodfa Sweldon Barry South Glamorgan CF625AD United Kingdom Tel: 01443 439 916 DEP INTERNATIONAL: Creditors' Meeting Slated for December 22 ------------------------------------------------------------ Creditors of DEP International Ltd. (Company Number 01562673) will meet at 10:30 a.m. on Dec. 22 at: Irwin & Company Station House Midland Drive Sutton Coldfield West Midlands B72 1TU 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. 21 at: G. Irwin Administrator Irwin & Company Station House Midland Drive Sutton Coldfield Birmingham West Midlands B72 1TU United Kingdom Tel: 08700 111812 Fax: 08700 111813 E-mail: mail@irwinuk.net DVS SYSTEMS: Brings In Liquidator from Rifsons ---------------------------------------------- Arif Anwar of Rifsons was appointed Liquidator of DVS Systems Security Limited on Dec. 7 for the creditors' voluntary winding-up procedure. The company can be reached at: DVS Systems Security Limited 1 Kenley Close Chislehurst Kent BR7 6QT United Kingdom Tel: 020 8468 1068 Fax: 020 8468 1069 E & P COATINGS: Creditors' Meeting Slated for January 5 ------------------------------------------------------- Creditors of E & P Coatings Limited will meet at 11:00 a.m. on Jan. 5, 2007, at: CLB Coopers Century House 11 St. Peter's Square Manchester M2 3DN 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 Jan. 4, 2007 at: M. T. Getliffe Joint Administrative Receiver CLB Coopers Century House 11 St. Peters Square Manchester M2 3DN United Kingdom Tel: 0161-245-1000 Fax: 0161-245-1001 E-mail: manchester@clb.co.uk Headquartered in Manchester, England, CLB Coopers -- http://www.clb.co.uk/-- is an independent firm of accountants and advisers. EFFECTIVE GOLF: Creditors' Meeting Slated for December 21 --------------------------------------------------------- Creditors of Effective Golf Ltd. (Company Number 05014691) will meet at 10:30 a.m. on Dec. 21 at: UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH 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. 20 at: Andrew Andronikou Joint Administrator UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH United Kingdom Tel: 020 7216 4600 Fax: 020 7638 2159 ELAN CORP: Converts & Redeems US$253.6-Million Notes ---------------------------------------------------- Elan Corp. plc reveals that following the issuance of a notice of redemption for the outstanding 6.5% Convertible Guaranteed Notes due 2008 issued by Elan Capital Corp. Ltd, a wholly owned subsidiary, and guaranteed by Elan, holders of around US$253.6 million of Convertible Notes elected to convert their Convertible Notes, on or before the close of business on Dec. 13, into American Depository Shares or ordinary shares of Elan at a conversion rate of 134.7709 ADSs or 134.7709 ordinary shares per US$1,000 principal amount of Convertible Notes. The conversion price of the Convertible Notes is approximately US$7.42 per ADS/ordinary share. As a result of the conversion of such Convertible Notes, around 34.2 million ADS/ordinary shares were issued to holders electing to convert their Convertible Notes. The remaining US$0.4 million of outstanding Convertible Notes will be redeemed at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date of Dec. 22, 2006. Elan Capital Corp. will redeem such unconverted Convertible Notes solely with cash from Elan's consummated senior notes offering. As of today, Elan has approximately 466.6 million ADS/ordinary shares outstanding, which includes the ADS/ordinary shares issued to holders electing to convert their Convertible Notes. In addition, Elan announced that Athena Neurosciences Finance, LLC, its wholly owned subsidiary, delivered a notice of redemption to the holders of Athena's outstanding US$613 million aggregate principal amount of 7.25% Guaranteed Senior Notes due 2008. The Athena Notes are guaranteed by Elan. As stated in the notice of redemption and in accordance with the indenture under which the Athena Notes were issued, Athena is exercising its right to redeem all of its Athena Notes on Jan. 12, 2006 at a redemption price equal to accrued and unpaid interest to, but excluding, the redemption date plus the sum of the present values of the future interest and principal payments on the Athena Notes, based upon prevailing U.S. treasury rates plus 25 basis points, as determined three business days prior to the redemption date in accordance with the terms of the indenture. Athena will redeem such Athena Notes with cash from Elan's consummated senior notes offering and cash on hand. After completion of the redemption of the remaining outstanding Convertible Notes and the outstanding Athena Notes, the next scheduled maturity date for outstanding long-term indebtedness of Elan will occur in 2011. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Nov. 13, Standard & Poor's Ratings Services assigned its 'B' rating to Elan Finance plc's proposed offering of US$500 million senior unsecured notes due 2013, to be issued in a combination of fixed and floating-rate notes. Elan Finance plc is a wholly owned subsidiary of Dublin, Ireland-based specialty pharmaceutical company Elan Corp. plc. The notes are guaranteed on a senior unsecured basis by Elan and all of its existing material subsidiaries. Outstanding ratings on Elan (including the 'B' corporate credit rating) and its related entities were affirmed. The ratings outlook is stable. Also, Moody's Investors Service assigned a B3 rating to the proposed new senior unsecured notes of Elan Finance plc reflecting a guarantee from Elan Corporation plc and material subsidiaries. At the same time, Moody's affirmed Elan's existing ratings (B3 Corporate Family Rating) and the stable rating outlook. The rating outlook is stable. Rating assigned: Elan Finance plc * B3 fixed rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) Ratings affirmed: Elan Corporation, plc * B3 corporate family rating Elan Finance plc * B3 fixed rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC * B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) Moody's does not rate Elan's US$254 million convertible notes due 2008. ENVELOPES U.K.: Creditors' Meeting Slated for December 22 --------------------------------------------------------- Creditors of Envelopes U.K. Ltd. (Company Number 02956555) will meet at 10:00 a.m. on Dec. 22 at: Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW 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. 21 at: J. P. Bradney Joint Administrator 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 FOCUS DIY: Moody's Junks Rating on High Financial Leverage ---------------------------------------------------------- Moody's Investors Service downgraded Focus DIY Holdings Limited corporate family rating to Caa1 from B3, the senior secured rating of Focus DIY (Investments) Limited to Caa1 from B3 and the senior subordinated rating on the notes due in 2015 issued by Focus (Finance) PLC to Caa3 from Caa2. The rating action reflects the challenges facing the company to reduce its leverage to more acceptable levels given the persistent weakness in the UK DIY market. The outlook on the ratings remains negative. The downgrade reflects the fragile position of the company, whilst adjusting downward the relative position of debt holders within the Focus capital structure, notably the move to Caa3 on the mezzanine note holders denotes their weak position as the lowest ranking rated creditor. Moody's recognizes that management has been able to stabilize operating performance, albeit at a lower level than in the past, but financial leverage remains high. Although Moody's recognizes the company's success in obtaining an adjustment of financial covenants until April 2007, Moody's remains concerned that going forward the company will need the continuing support of its senior lenders. The outlook for Focus' ratings remains negative as there is little evidence of a sustained market turnaround, despite some of the pressure on consumer spending appearing to have eased. A stabilization of the outlook would be predicated upon the company's ability to restore an improved leverage profile and strengthened liquidity. At this stage it is difficult to envisage upward pressure on the rating, however, the rating could be upgraded if the company successfully implemented measures to materially reduce leverage and restore the liquidity profile. More negatively, should the company be unable to resolve its liquidity pressure the company's financial position will weaken further. Ratings affected are: -- Corporate family rating at Focus DIY Holdings Limited downgraded to Caa1 from B3; -- GBP285 million senior credit facilities at Focus DIY (Investments) Limited downgraded to Caa1 from B3; and -- GBP100 million 9.375% Mezzanine Notes due 2015 at Focus (Finance) PLC downgraded to Caa3 from Caa2. Headquartered in Crewe, UK Focus DIY Holdings Limited is the third largest DIY retailer, by market share, in the U.K. and operates 252 stores. Revenues during the first nine months ending July 2006 stood at GBP532.1 million. GEORGICA PLC: S&P Cuts Rating to CCC+ on Increased Leverage ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K. leisure group Georgica PLC to 'CCC+' from 'B-' and placed the rating on CreditWatch with negative implications, reflecting the rating agency's concerns about the company's increased leverage and the forthcoming smoking bans in England and Wales. At the same time, Standard & Poor's lowered its debt rating on Georgica's GBP60 million senior secured second-lien floating- rate notes due 2012 to 'CCC' from 'CCC+' and also placed this rating on CreditWatch with negative implications. "The rating actions reflect the company's increased leverage during 2006, in excess of targets set for the previous rating level," said Standard & Poor's credit analyst Philip Temme. "They also reflect our concerns regarding the impact of the forthcoming English and Welsh smoking bans on Georgica's cue sports subsidiary Rileys, in the context of the group's already very aggressive financial policy and tightly-drawn banking covenants." Additional uncertainties have arisen following Georgica's announcement on Nov. 29, 2006, that it proposes to separate the group into two separately-listed companies next year, with the Tenpin bowling business in one company and the cue sports business and freehold property assets in the other. When Standard & Poor's first assigned ratings to Georgica, it appeared that Rileys, as a chain of private members clubs, would not be affected by the then proposed U.K. anti-smoking legislation. Since then, the legislation has been extended to include private members clubs. As a result, the group's Scottish clubs, where the smoking ban is already enforced, have suffered about a 14% revenue shortfall. Rileys' clubs in England and Wales are expected to experience at least a 10% revenue decline once the ban comes into force in those countries. Given the group's already weak trading performance in 2006 and very aggressive financial policy (with lease- adjusted total debt to EBITDA of 7.8x at Oct.1, 2006), this anticipated revenue shortfall is likely to make Georgica dependent upon significant reductions to capital spending and/or further proceeds from unpredictable future freehold property sales, in order to meet its financial commitments in 2007 and 2008. Standard & Poor's hopes to resolve the CreditWatch after it has received more information regarding Georgica's planned demerger. HAMMOND SERVICES: Claims Filing Period Ends Jan. 11, 2007 --------------------------------------------------------- Creditors of Hammond Services (Mfg) Limited have until Jan. 11, 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 Robert Knight at: Vantis Business Recovery Services Judd House 16 East Street Tonbridge TN9 1HG United Kingdom The company can be reached at: Hammond Services (Mfg) Limited Unit 1 Chaucer Industrial Estate Dittons Road Polegate East Sussex BN266JF United Kingdom Tel: 01323 489 000 Fax: 01323 489 353 HARBOURMASTER CLO 8: Fitch Places BB Rating on EUR11.8-Mln Notes ---------------------------------------------------------------- Fitch Ratings assigned final ratings to Harbourmaster CLO 8 B.V.'s issue of EUR512.6 million floating-rate notes due 2022. The transaction, a European arbitrage collateralized loan obligation, is a securitization of primarily senior secured loans. -- EUR317 million Class A1 floating-rate notes: AAA; -- EUR84 million Class A2 floating-rate notes: AAA; -- EUR20.5 million Class B floating-rate notes: AA; -- EUR23.2 million Class C floating-rate notes: A; -- EUR21.1 million Class D floating-rate notes: BBB; -- EUR11.8 million Class E floating-rate notes: BB; and -- EUR35 million Class N subordinated notes: not rated. The ratings of the Class A1 and A2 notes address ultimate repayment of principal at maturity and timely payment of interest, according to the terms of the notes. For all other rated Classes of notes, the ratings address ultimate payment of principal and interest, including any deferred interest, at maturity, according to the terms of the notes. The ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Harbourmaster Capital Limited, subject to the guidelines outlined in the collateral management agreement. The said guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. Fitch assigned Harbourmaster Capital Limited a CDO Asset Manager Rating of CAM2 for leveraged loans in September 2004 that was affirmed in November 2006, based on the manager's strong credit underwriting and workout experience. The ratings are also based on the credit enhancement provided to the various Classes of notes, which consists of the subordinated notes, structural protection covenants and excess spread. This transaction is the 10th European CLO to be managed by Harbourmaster Capital Limited. The issuer is a company with limited liability, incorporated under the laws of the Netherlands. The net proceeds from the note issuance will be used to purchase a portfolio of at least EUR500 million of primarily European senior secured loans and to fund certain initial expenses. HINCHINGBROOKE HEALTHCARE: Faces Irrecoverable Deficit ------------------------------------------------------ Hinchingbrooke Healthcare NHS Trust is technically bankrupt and has no chance of balancing its books, The Hunts Post states citing The Guardian as its source. An investigation by The Guardian revealed that Hinchingbrooke is facing an irrecoverable deficit along with 12 other hospital trusts. The paper alleged that a financial regime known as Resource Accounting and Budgeting introduced in 2001 caused Hinchingbrooke's escalating deficit as the new rules penalized overspending hospital trusts by obliging them to repay overspends at the same time cutting their income by an equivalent amount, The Hunts Post relates. According to a spokesman for the East of England Strategic Health Authority, the hospital is not a lost cause. "If it were, we wouldn't be going through this review to secure its future for the next 20 years. Our aim is to look at what can happen there to retain as many services as possible that are clinically and financially viable," the spokesman added. SHA's director of commissioning, Dr. Paul Watson, reiterated that the authority would not be influenced in its review by the size of the debt, The Hunts Post relates. According to data provided by the Department of Health under Freedom of Information Act, around 103 hospital trusts across England are expected to be in deficit by GBP1.6 billion by the end of the year, due to overspending since 2001. Other trusts dealing with irrecoverable deficits include Surrey and Sussex Healthcare, West Herts, Ipswich, and North West London. Hinchingbrooke Healthcare NHS Trust -- http://www.hinchingbrooke.nhs.uk/ -- provides health care for the people of Huntingdonshire, England and surrounding areas. More than 150,000 people rely on the hospital for a range of services. IDEAL PERSONNEL: Taps Liquidator from Bulley Davey -------------------------------------------------- Michael James Gregson of Bulley Davey was appointed Liquidator of Ideal Personnel Recruitment Limited on Dec. 5 for the creditors' voluntary winding-up procedure. The company can be reached at: Ideal Personnel Recruitment Limited Langford Arch London Road Pampisford Cambridge Cambridgeshire CB22 3FX United Kingdom Tel: 01223 835100 INEOS GROUP: Moody's Changes Rating Outlook to Negative ------------------------------------------------------- Moody's Investors Service changed outlook on all ratings of Ineos Group to negative reflecting slower than expected deleveraging of the group in 2006 and the agency's cautious view of the company's modest prospects of an accelerated debt reduction in the near future. Ineos operating performance in 2006 remained broadly stable. The group continues to benefit from supporting market conditions in the US and Europe that underpinned good growth in revenues in the first 9 months of 2006. Ineos EBITDA margins, however, are below Moody's initial expectations even after taking into account raw material price dynamics, the third quarter weak performance of the refining division as well as certain reliability issues at the refineries. EBITDA margins are expected to decline towards 8% for the year, notwithstanding fixed cost reduction remaining on track for 2006. Following recent reorganization (that brought Ineos Vinyls and Ineos Chlor into the group) as well as follow-up acquisition of assets at Dormagen, Ineos 2006 LTM Total Debt / EBITDA level (on a non-adjusted basis) is expected to remain just above 4 times. At the peak of the petrochemical cycle, Moody's views this level of leverage as elevated, given that the current Ba3 corporate family rating of the group is underpinned by an expectation of strong de-leveraging before the cycle turns. Moody's will look for a resolute strengthening in cash flows as a result of continuous fixed cost reductions, higher utilization rate of the refineries and improvement in working capital management targeted by the group in 2007 to support Ineos's current ratings with FCF/Debt in low teens. Ratings affected: -- corporate family ratings at Ineos Group Holdings plc: Ba3; -- Senior Secured Bank Facilities at Ineos Holdings Limited: Ba3; -- Senior Second Lien Loans at Ineos Holdings Limited: B1; -- global notes at Ineos Group Holdings plc: B2; and -- Eurobonds at Ineos Vinyls Finance plc: B3. Ineos Group Holdings plc is a diversified and integrated chemicals group headquartered in Southampton, the United Kingdom. Following the completion of the Innovene acquisition in December 2005, Ineos reported 2005 revenues of EUR22.3 billion and 9 months 2006 revenues of EUR20.2 billion and EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for 9 months of 2006. J.T.L. STEEL: Appoints Liquidator from Begbies Traynor ------------------------------------------------------ Lloyd Biscoe of Begbies Traynor was appointed Liquidator of J.T.L. Steel Fabrications Limited on Dec. 1 for the creditors' voluntary winding-up proceeding. The company can be reached at: J.T.L. Steel Fabrications Limited Denver Industrial Estate Ferry Lane Rainham Essex RM139DD United Kingdom Tel: 01708 558 058 Fax: 01708 553 231 LOADMASTER ENGINEERING: Claims Registration Ends Jan. 31, 2007 -------------------------------------------------------------- Creditors of Loadmaster Engineering Ltd. (formerly Acrehope Ltd. and Payload Ltd.) have until Jan. 31, 2007, to send in their full names, their addresses of their Solicitors (if any) to appointed Liquidator Helen Timothe Phillips at: Philips & Co. 21-23 Station Road Gerrards Cross Buckinghamshire SL9 8ES United Kingdom The company can be reached at: Loadmaster Engineering Ltd. Andover House Fairmile Henley-On-Thames Oxfordshire RG9 2LA United Kingdom Tel: 0870 386 7377 Fax: 01491 411 511 MABO U.K.: Names David Grindall Holmes Liquidator ------------------------------------------------- David Grindall Holmes of Harris & Harris was appointed Liquidator of Mabo U.K. Limited on Dec. 6 for the creditors' voluntary winding-up proceeding. The company can be reached at: Mabo U.K. Limited M R F Miles Fca Chartered Accountant 191a High Street Street Somerset BA160NE United Kingdom Tel: 01458 833 213 MACROBUILD LIMITED: Calls In Liquidator from Haines Watts --------------------------------------------------------- Timothy Calverley of Haines Watts was appointed Liquidator of Macrobuild Limited (formerly Speakercopy Limited) on Dec. 5 for the creditors' voluntary winding-up proceeding. Headquartered in Leeds, England, Macrobuild Limited -- http://www.macrobuild.co.uk/-- offers a full design and build service. The company builds a range of projects from outbuildings and extensions to small housing developments. MDP FABRICATIONS: Liquidator Sets Jan. 11, 2007 Claims Bar Date --------------------------------------------------------------- Creditors of MDP Fabrications Ltd. have until Jan. 11, 2007, to send in their names and addresses with particulars of their debts or claims and the names and addresses of their Solicitors (if any) to appointed Liquidator John William Lewis at: J W Lewis Insolvency Services Ltd. Suite B1 White House Business Centre Forest Road Kingswood Bristol BS15 9NH United Kingdom The company can be reached at: MDP Fabrications Ltd. Unit 4 Foundry Lane Bristol Avon BS5 7UZ United Kingdom Tel: 0117 952 0050 MERLIN SOLUTIONS: Appoints Liquidator to Wind Up Business --------------------------------------------------------- Paul John Webb of Mayfields Insolvency Practitioners was appointed Liquidator of Merlin Solutions (U.K.) Limited on Nov. 28 for the creditors' voluntary winding-up proceeding. The company can be reached at: Merlin Solutions (U.K.) Limited Middleton House Farm Tamworth Road Middleton Tamworth Staffordshire B78 2BD United Kingdom Tel: 01827 875 355 MICRODOSE PRECISION: Names Jeremy Paul Oddie Liquidator ------------------------------------------------------- Jeremy Paul Oddie was appointed Liquidator of Microdose Precision Engineering Ltd. on Dec. 6 for the creditors' voluntary winding-up proceeding. The company can be reached at: Microdose Precision Engineering Ltd. Brooks Lane Middlewich Cheshire CW100JH United Kingdom Tel: 01606 835 825 Fax: 01606 832 447 NATIONWIDE STONE: Creditors Confirm Voluntary Liquidation --------------------------------------------------------- Creditors of Nationwide Stone Products Limited confirmed on Dec. 6 the resolutions for voluntary liquidation and the appointment of Allan Cooper and John Russell of The P& A Partnership as Liquidators of the company. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors OCEAN GOLD: Creditors' Meeting Slated for December 22 ----------------------------------------------------- Creditors of Ocean Gold Seafoods Ltd. (Company Number 03542954) will meet at 11:30 a.m. on Dec. 22 at: Begbies Traynor 9th Floor Bond Court Leeds LS1 2JZ 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. 21 at: R. Sadler Joint Administrative Receiver Begbies Traynor 9th Floor Bond Court Leeds LS1 2JZ United Kingdom Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. OPTISM LTD: Brings In Joint Liquidators from Lines Henry -------------------------------------------------------- Neil Henry and Michael Simister of Lines Henry were appointed Joint Liquidators of Optism Ltd. on Dec. 5 for the creditors' voluntary winding-up procedure. The company can be reached at: Optism Ltd. Holborn Gate 330 High Holborn City Of London London WC1V7QT United Kingdom Tel: 020 7203 8436 Fax: 020 7203 8409 OVERNIGHT TRANSPORT: Nominates Ninos Koumettou as Liquidator ------------------------------------------------------------ Ninos Koumettou of AlexanderLawsonJacobs was nominated Liquidator of Overnight Transport Ltd. on Dec. 7 for the creditors' voluntary winding-up procedure. The company can be reached at: Overnight Transport Ltd. Flat 2 Ripton Long Field Barnet London NW9 5SS United Kingdom Tel: 020 8888 2627 PAF LIMITED: Hires Lloyd Biscoe to Liquidate Assets --------------------------------------------------- Lloyd Biscoe of Begbies Traynor was appointed Liquidator of PAF Limited (formerly Platform Access Flooring Limited) (t/a Access Flooring) on Dec. 1 for the creditors' voluntary winding-up procedure. The company can be reached at: PAF Limited Mill Lane Westbury Brackley Northamptonshire NN13 5JS United Kingdom Tel: 01280 706667 PICTURE PERFECT: Hires Elliot Woolfe to Liquidate Assets -------------------------------------------------------- Melvyn L. Rose of Elliot, Woolfe & Rose was appointed Liquidator of Picture Perfect Audio Visuals Ltd. on Nov. 29 for the creditors' voluntary winding-up procedure. Headquartered in Uxbridge, England, Picture Perfect Audio Visuals Ltd. -- http://www.ppav.co.uk/-- supplies audio-visual and computer equipment. The company also offers a range of audio visual services including audio visual installations, equipment rental, stage set and design, conferences and exhibitions, broadcasting, among others. PIPE ACQUISITION: IPO Plans Spur S&P's Watch Positive on Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit ratings on U.K.-based steel distributor Pipe Acquisition Ltd., and its subsidiary Murray International Metals Ltd., on CreditWatch with positive implications following plans by Edgen Murray PLC, PAL's parent company, to raise equity by way of an IPO during the next few months. At the same time, the 'CCC+' senior secured debt rating on the second lien bonds issued by PAL was placed on CreditWatch with positive implications. "The CreditWatch placement reflects our expectations that, if the IPO proceeds as planned, Edgen Murray will use approximately US$130 million of the proceeds to repay all of PAL's public debt, thereby improving the company's financial risk profile," said Standard & Poor's credit analyst Alex Herbert. PAL is a sister company of U.S.-based steel distributor Edgen Corp. The ratings on Edgen are unaffected by this rating action, because the IPO proceeds will be mainly used to repay all of PAL's public debt. In resolving the CreditWatch placement, Standard & Poor's will assess how the IPO proceeds will be used. If all of PAL's debt is repaid as expected, Standard & Poor's will consider whether PAL's financial risk profile has been sufficiently strengthened to sustain a higher rating. In particular, Standard & Poor's will consider whether the expected substantial repayment of debt reflects a sustained enhancement to cash flow generation given the much lower debt-servicing burden, and importantly whether this signals a more conservative financial policy. If this is the case, the ratings could be raised by one notch. A potential upgrade beyond this level is considered unlikely, because the ratings remain constrained by: -- PAL's vulnerable business risk profile due to its small size in a highly competitive distribution sector; -- high reliance upon capital spending in the cyclical oil and gas industry; and -- limited supplier and customer diversity. In the near term, these negative factors outweigh: -- the company's good geographic diversity; -- healthy demand from the oil and gas sector; and -- satisfactory level of profitability. If the IPO does not proceed, the ratings are likely to be removed from CreditWatch and affirmed at the existing level. Standard & Poor's will seek to resolve the CreditWatch within 90 days, but this will in part depend on the timing of the IPO. PLANET CHILTERN: Hires M. S. E. Solomons as Liquidator ------------------------------------------------------ M. S. E. Solomons of SPW Poppleton & Appleby was appointed Liquidator of Planet Chiltern Limited on Dec. 6 for the creditors' voluntary winding-up procedure. The company can be reached at: Planet Chiltern Limited Frogmore Road Industrial Estate Frogmore Road Hemel Hempstead Hertfordshire HP3 9RW United Kingdom Tel: 01442 260 001 SCIENS CFO: Moody's Rates EUR7.8-Mln Class E Notes at Ba1 ---------------------------------------------------------- Moody's Investors Service assigned definitive ratings to the Notes issued on Dec. 14, 2006 by Sciens CFO I Limited: -- EUR121.2-million Class A Floating Rate Notes due 2014: Aaa; -- EUR21-million Class B Floating Rate Notes due 2014: Aa2; -- EUR13.9-million Class C Floating Rate Notes due 2014: A1; -- EUR18.6-million Class D Floating Rate Notes due 2014: Baa1; and -- EUR7.8-million Class E Floating Rate Notes due 2014: Ba1. This transaction is a Collateralized Fund Obligation (CFO) that is backed by interests in a diversified pool of hedge funds. The transaction is arranged by Bear, Stearns International Limited and managed by Sciens CFO I Management Ltd. The ratings address the expected losses posed to the investors by the legal final maturity. According to Moody's, the ratings are based on: -- the diversification of the underlying portfolio of hedge funds (individual and strategy concentrations); -- our estimation of the net asset value volatility for each strategy; -- the transaction's structural and legal protections; and -- the track record of the manager. The Issuer will invest the proceeds of the issuance in shares of Sciens CFO I Feeder Fund Ltd. The investment advisor of the Fund is Sciens CFO I Advisors Ltd. The Fund will invest in a diversified portfolio of hedge funds, each following its own strategy. The transaction's structure includes a frequent mark- to-market process for the collateral pool and a set of "over- collateralization ratios" that constitute sufficient credit enhancement for the transaction. Certain diversification criteria and portfolio limitations must also be maintained. In assessing the risks posed to investors in the rated classes, Moody's also reviewed the structure of the Issuer itself, particularly its liquidity and the liquidation period of the units held by the Issuer in a stressed environment. Moody's ran simulations to calculate the frequency and the severity of each market scenario, including stressed scenarios, for each class of rated debt, then derived an expected loss and a rating for each tranche. SOUTH COAST: Names Eric William Sheppard Liquidator --------------------------------------------------- Eric William Sheppard was appointed Liquidator of South Coast Windows and Conservatories Ltd. on Dec. 6 for the creditors' voluntary winding-up proceeding. The company can be reached at: South Coast Windows and Conservatories Ltd. 81-83 South Coast Road Peacehaven East Sussex BN108QS United Kingdom Tel: 01273 585 300 TABERNA EUROPE: S&P Assigns BB Rating on EUR16-Mln Class E Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the floating-rate notes to be issued by Taberna Europe CDO I PLC, a special purpose entity. This is the first public CDO of European corporate real-estate investment trusts rated by Standard & Poor's. Approximately 55% of the collateral in this transaction will be directly originated for this CDO. The transaction is backed by a diverse pool of corporate real- estate collateral, diversified across geographic areas and real- estate sectors. Small buckets of CMBS securities and B-notes add additional diversification. The transaction has a five-year reinvestment period, during which time only prepayments and repayments of CMBS securities and B-notes may be reinvested. The collateral manager will be Taberna Capital Management LLC. Ratings List Taberna Europe CDO I PLC EUR600-Million Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A1 AAA 362 A2 AAA 90.5 B AA 55 C A 21.5 D BBB 32 E BB 16 F NR 23 NR-Not rated. THAMES VALLEY: Brings In Liquidators from Harrisons --------------------------------------------------- P. R. Boyle and J. C. Sallabank of Harrisons were appointed Joint Liquidators of Thames Valley Express Limited on Dec. 8 for the creditors' voluntary winding-up proceeding. The company can be reached at: Thames Valley Express Limited Transport House 218 New Road Ascot Berkshire SL5 8PS United Kingdom Tel: 01344 640 016 TOPFORDS LIMITED: Taps Liquidators from Recovery hjs ---------------------------------------------------- Gordon Johnston and Shane Biddlecombe of Recovery hjs were appointed Joint Liquidators of Topfords Limited on Dec. 5 for the creditors' voluntary winding-up proceeding. The company can be reached at: Topfords Limited Estate Road 8 South Humberside Ind Est Grimsby South Humberside DN312TG United Kingdom Tel: 014 7235 5502 Fax: 014 7235 5504 ********* 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. 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