/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070123.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 Tuesday, January 23, 2007, Vol. 8, No. 16 Headlines A U S T R I A ADEM SIVAS: Claims Registration Period Ends January 29 AQUATRON - HOHENEGGER: Claims Registration Period Ends Feb. 6 CHRIST PERSONALMANAGEMENT: Claims Registration Ends January 30 GZF HANDEL: Creditors' Meeting Slated for February 6 HOTEL BUSCHENREITER: Creditors' Meeting Slated for January 31 D E N M A R K TDC AS: Selling Bite to Mid Europa Partners for EUR450 Million F R A N C E AIRBUS SAS: A380 Delay Spurs Full Year 2006 Losses GAP INC: Pressler Resigns as President & Chief Executive Officer G E R M A N Y ALMETRA METALL: Creditors' Meeting Slated for February 14 F & M OBJEKT: Claims Registration Ends February 12 GFZ ELEKTROANLAGEN: Creditors' Meeting Slated for February 15 GOLDLER GMBH: Claims Registration Ends February 12 HOWATEC UMWELTTECHNIK: Claims Registration Ends February 12 ICT INTEGRATED: Claims Registration Ends February 13 LPP DIALOG: Claims Registration Ends February 14 VOLKSWAGEN AG: Investor AB Reiterates Rejection of MAN's Bid VOLKSWAGEN AG: Kaluga Site Construction Starts July I R E L A N D CLOVERIE PLC: S&P Downgrades Series 2005-55 Debt Ratings to B+ I T A L Y ALITALIA SPA: Won't Deny Nor Confirm EUR400-Mln 2006 Net Loss K A Z A K H S T A N AKTOBE-ELECTROD LLP: Creditors' Claims Due February 28 BESARYK-2 LLP: Creditors Must File Claims by February 22 CONSTRUCTION LLP: Claims Filing Period Ends February 27 ENERGOMASHSERVICE-2030 LLP: Creditors' Claims Due February 28 KARAOZEK LLP: Proof of Claim Deadline Slated for February 22 KARAOZEK XXI: Claims Filing Period Ends February 22 PASSAJIR LLP: Proof of Claim Deadline Slated for February 27 SITECS INTEGRATION: Claims Registration Ends February 22 STROY PORTAL: Creditors Must File Claims by February 28 TECHNOGARANT LLP: Claims Filing Period Ends February 28 K Y R G Y Z S T A N ASIA PICTURES: Claims Filing Period Ends March 9 L U X E M B O U R G EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO N E T H E R L A N D S GLOBAL POWER: Court Extends Lease Decision Period to April 26 LAURUS NV: Appoints New CFO, Marketing & Purchasing Manager R U S S I A ALEKSEEVSKAYA MANUFACTURE: Court Names I. Gorn to Manage Assets ANZHERSKAYA PETROLEUM: Names E. Grinevich as Insolvency Manager ASKOPA CJSC: Court Names I. Gorn as Insolvency Manager CAMOMILE OJSC: Orel Bankruptcy Hearing Slated for March 28 ENTERPRISE BUILDER: Court Names D. Yanushevskiy to Manage Assets EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO GAZPROM NEFT: Launches Electronic Tendering System for Products GRIBANOVSKIY SUGAR: Bankruptcy Hearing Slated for March 14 KALUZHSKIY CREDIT: Court Names V. Yunin as Insolvency Manager MINE BIRYLINSKAYA: Bidding Deadline Slated for January 27 OLD SQUARE: Moscow Court Names A. Kubasov as Insolvency Manager RASSVET CJSC: Irkutsk Bankruptcy Hearing Slated for May 15 ROSNEFT OIL: License Revocation on Yuganskneftegaz Unit Looms STROY-TRANS-SERVICE CJSC: Court Names I. Gorn to Manage Assets SUAL GROUP: Competition Service OKs Merger with RusAl & Glencore SVETLINSKIY DIARY: Court Names K. Kibataev as Insolvency Manager TEKH-FLEET CJSC: Court Names V. Grishko as Insolvency Manager TERNOVKA-AGRO-SERVICE OJSC: Names B.Sander as Insolvency Manager UZHUR-SOVKHOZ CJSC: Bankruptcy Hearing Slated for March 13 VOLKSWAGEN AG: Kaluga Site Construction Starts July S W E D E N INVACARE CORP: Moody's Rates US$400 Million Facilities at Ba2 INVACARE CORP: S&P Rates Proposed US$400 Mil. Sr. Facility at B+ S W I T Z E R L A N D ASCENTIS CAPITAL: Creditors' Liquidation Claims Due February 7 FATTO MATTO: Creditors' Liquidation Claims Due February 9 FUNK-SYSTEME GERBER: Creditors' Liquidation Claims Due Feb.9 JANA AG: Creditors' Liquidation Claims Due February 9 LICHTENSTEIN & KORNER: Creditors' Liquidation Claims Due Feb. 9 U N I T E D K I N G D O M 3SF VENTURES: Names Stephen Gordon Franklin as Administrator ACORDIS U.K.: Creditors' Claims Due February 9 APEX PITCHMASTIC: Joint Liquidators Take Over Operations APTEC TECHNOLOGIES: Claims Filing Period Ends March 22 BRITISH AIRWAYS: Cabin Crew Workers to Stage Three-Day Strike C D REALISATIONS: Taps Liquidators from KPMG LLP CHERRY INTERIORS: Calls In Liquidators from PKF (U.K.) LLP COREL CORP: Earns US$9.4 Million in Fourth Quarter 2006 CURETON LTD: Hires Liquidators from Cooper Parry LLP DREAMPALM LTD: Appoints Liquidators from Deloitte & Touche DRIVEHARD LTD: Taps Ian Bull to Liquidate Assets EMI GROUP: Drops Suit Against Baidu; Launches Free Streaming EMI GROUP: Networking Web Sites to Give Songwriters More Value ENRON EUROPE: Taps Liquidators from PricewaterhouseCoopers LLP GAP INC: Pressler Resigns as President & Chief Executive Officer GARDENING SUPPLIES: Claims Filing Period Ends April 5 GREAT NORTH: Hints on Raising a New Bid for East Coast Franchise GEO GROUP: S&P Affirms BB- Corporate Credit Rating HIGHBURY NEXUS: Appoints Liquidators from Ernst & Young LLP INDOOR KARTING: Names Michael Francis Stevenson Liquidator INVICTA ELECTRICAL: Nominates Alex Kachani as Liquidator JACKLIN LTD: Appoints Liquidator from Bridgers JOHN DUFFY: Taps Liquidator from Kay Johnson Gee LAND AND GARDEN: Brings In Liquidator from Jeremy Knight LEYLAND RUBBER: Clive Morris Leads Liquidation Procedure LION TRANSPORT: Liquidator Sets March 31 Claims Bar Date M & D PROJECTS: Creditors Tap Ninos Koumettou as Liquidator M D BODIES: Names J. M. Titley Liquidator MPC MEDIA: Hires Liquidator from Rimmer Higson PHOENIX DEVELOPMENT: Joint Liquidators Take Over Operations PHOENIX WINDOWS: Names Mark Reynolds Liquidator POWER PACKAGING: Hires A. Turpin to Liquidate Assets PRESENTATION PLASTICS: Appoints Liquidator from Tenon Recovery QUEENSGATE MARKETING: Nominates Liquidator from Mayfields RAVEN TECHNOLOGY: J. N. Bleazard Leads Liquidation Procedure RE-CONSTRUCTION UK: Calls On Creditors to File Claims REFCO INC: RCM Trustee Asks for Procedures on Resolving Claims REFCO INC: RCM Trustee Withdraws Objection to PlusFunds' Claims REVOLUTION MEDIA: Brings In Liquidator from Bishop Fleming RICHMOND KITCHENS: Nominates Paul John Webb as Liquidator SHAWS PET: Creditors Confirm Liquidator's Appointment SOVEREIGN PROPERTY: Appoints Moira C. Fitzpatrick as Liquidator SPANISH TILE: Creditors Ratify Voluntary Liquidation SPIDER I.T.: Calls In Liquidator from Findlay James ST. HELENS: Hires Paul J. Fleming to Liquidate Assets STUFF FACILITIES: Names Liquidators to Wind Up Business SUNDIAL LEISURE: Claims Filing Period Ends February 9 SYNCHRONICITY 2000: Brings In Liquidators from Tenon Recovery TASK U.K.: Creditors Confirm Liquidators' Appointment THOMAS JAMES: Creditors Confirm Liquidators' Appointment TOP ONE: Appoints K. T. Brown as Liquidator ULTRA BUILDING: Joint Liquidators Take Over Operations UTILITY LINK: J. O'Sullivan Leads Liquidation Procedure WATERFORD WINDOWS: Taps Lloyd Biscoe to Liquidate Assets WOOGO U.K.: Liquidator Sets April 5 Claims Bar Date WORLDWIDE CONNECT: Creditors Ratify Voluntary Liquidation WORLDWIDE DIRECT: Names James Stephen Pretty Liquidator * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= ADEM SIVAS: Claims Registration Period Ends January 29 ------------------------------------------------------ Creditors owed money by LLC Adem Sivas (FN 231303b) have until Jan. 29 to file written proofs of claims to court-appointed property manager Karl Schirl at: Dr. Karl Schirl c/o Mag. Markus Siebinger Krugerstrasse 17/3 1010 Vienna, Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 12 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 7, 2006 (Bankr. Case No. 3 S 164/06x). Markus Siebinger represents Dr. Schirl in the bankruptcy proceedings. AQUATRON - HOHENEGGER: Claims Registration Period Ends Feb. 6 ------------------------------------------------------------- Creditors owed money by LLC Aquatron - Hohenegger (FN 119599g) have until Feb. 6 to file written proofs of claims to court- appointed property manager from LLC Goldsteiner & Strebinger at: LLC Goldsteiner & Strebinger Wiener Str. 14 - 16 2700 Wiener Neustadt, Austria Tel: 02622/24222 Fax: 02622/24222-22 E-mail: anwalt@rechtsbuero.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Feb. 20 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt, Austria Headquartered in Katzelsdorf an der Leitha, Austria, the Debtor declared bankruptcy on Dec. 7, 2006 (Bankr. Case No. 11 S 134/06a). CHRIST PERSONALMANAGEMENT: Claims Registration Ends January 30 -------------------------------------------------------------- Creditors owed money by LLC Christ Personalmanagement (FN 79727x) have until Jan. 30 to file written proofs of claims to court-appointed property manager Wolfgang Strasser at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin, Austria Tel: 07435/524 37 Fax: 07435/524 37 21 E-mail: ra-strasserwolf@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on Feb. 13 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 2nd Floor Steyr, Austria Headquartered in Asten, Austria, the Debtor declared bankruptcy on Dec. 7, 2006 (Bankr. Case No. 14 S 62/06z). GZF HANDEL: Creditors' Meeting Slated for February 6 ---------------------------------------------------- Creditors owed money by LLC GZF Handel (FN 167106w) are encouraged to attend the creditors' meeting at 9:15 a.m. on Feb. 6 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Graz Room 205 2nd Floor Graz, Austria Headquartered in Loipersdorf, Austria, the Debtor declared bankruptcy on Dec. 7, 2006 (Bankr. Case No. 26 S 112/06z). Franz Krainer serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Franz Krainer Herrengasse 19 8010 Gr, Austria Tel: 0316/822082 Fax: 0316/822082-75 E-mail: office@dr-krainer.at HOTEL BUSCHENREITER: Creditors' Meeting Slated for January 31 ------------------------------------------------------------- Creditors owed money by LLC Hotel Buschenreiter (FN 82847i) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 31 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Korneuburg Room 204 2nd Floor Korneuburg, Austria Headquartered in Klosterneuburg, Austria, the Debtor declared bankruptcy on Dec. 7, 2006 (Bankr. Case No. 36 S 139/06t). Michael Umfahrer serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Michael Umfahrer Währinger Road 2-4 1090 Vienna, Austria Tel: 01/319 58 89 Fax: 01/319 58 89 50 E-mail: michael.umfahrer@notar.at ============= D E N M A R K ============= TDC AS: Selling Bite to Mid Europa Partners for EUR450 Million -------------------------------------------------------------- TDC A/S will sell its 100%-owned Baltic mobile operator Bite to private equity fund Mid Europa Partners for a cash consideration of EUR450 million. "Bite is a well-managed and fast-growing company in a very attractive market. However, in accordance with TDC's strategic focus, Bite is considered a financial holding with the purpose to maximize value. To this end, we feel the time is now right to dispose of Bite to another party to continue its development," Jesper Theill Eriksen, CEO of TDC Mobile Interna-tional, said. The disposal of Bite is the end result of a thorough strategic review process of the company. Following this process, TDC has concluded that at the agreed price and conditions, Mid Europa Partners is the right owner for Bite going forward. In recent years, Bite has steadily increased its market shares in a growing market for mobile telephony in Lithuania and Latvia. Since 2004, Bite's customer base has quadrupled to almost 2 million. In 2005, Bite achieved a 22% revenue growth to EUR152.2 million. In September 2005, Bite expanded into Latvia creating new growth prospects. Bite employs around 500 persons in both countries. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR5.625% notes due 2009; and -- EUR6.5% notes due 2012. =========== F R A N C E =========== AIRBUS SAS: A380 Delay Spurs Full Year 2006 Losses -------------------------------------------------- Airbus SAS will post a loss before-interest-and-tax in 2006 due to a two-year delay to its A380 superjumbo jet, Bloomberg News reports. "Our financial estimate is a consequence of our 2006 turbulences -- in particular reflecting the effect of the A380 delay," Louis Gallois, Airbus president and chief executive officer, said. The delays in the company's A380 planes hiked costs and forced customers to demand for compensation and shift to rival Boeing Co. Bloomberg says that Airbus, distracted by A380 delays, failed to manufacture a rival plane to Boeing's 787, thus falling behind U.S. competitor in new orders in 2006. "The turbulences of 2006 and in particular the ever-weaker U.S. dollar require Airbus to make a major effort," Airbus said in a statement. "Certain one-time charges in relation to settlements with customers, impairment of assets, or financial impacts of Power8 originally expected to occur in 2007 and after are now foreseen to be recognized as early as 2006," European Aeronautic, Defense & Space Co., Airbus' parent, said in a separate statement. "These things have a habit of getting worse before they get better," Sandy Morris, an analyst at ABN Amro Holding N.V., said. "The worrying bit is the comment about additional A380 charges." EADS, which at the same time issued a profit, said its other divisions would compensate for Airbus' losses. It added that it might take additional charges tied to the two-year slip in deliveries of the A380, which cost around US$13.5 billion to develop. Airbus, meanwhile, announced the implementation of its new competitiveness program called Power 8. The company said the program is aimed at making it "leaner, more integrated, more efficient and more productive." "Power8 is the condition to ensure our success and profitability in the future, and that we shall be able to serve our customers even better," Mr. Gallois added. Headquartered in Toulouse, France, Airbus S.A.S. -- http://www.airbus.com/en -- manufactures aircraft in Europe with around 57,000 people employed at sixteen sites in Germany, France, Spain and the United Kingdom. The company captured half or more of all orders for airliners with more than 100 seats. GAP INC: Pressler Resigns as President & Chief Executive Officer ---------------------------------------------------------------- The Gap Inc. president and chief executive officer Paul Pressler will step down from his position, as well as resign his seat on the company's board, effective immediately. Robert J. Fisher, the company's current non-executive chairman of the board of directors, will also serve as president and chief executive officer on an interim basis, effective immediately. Robert J. Fisher, chairman of Gap Inc.'s board of directors said, "We want to thank Paul for the hard work and dedication that he has shown Gap Inc. over the past four years. "Under his leadership, the company has meaningfully improved its operations, strengthened its balance sheet, greatly enhanced its on-line presence across the brand portfolio and improved its standing as a global corporate citizen. We appreciate all of his efforts and wish Paul every success in the future," Mr. Fisher added. "I have enjoyed the opportunity to lead this iconic company over the past four years. It has been a pleasure to work with the management team and such talented people throughout the organization," Mr. Pressler said. "Gap Inc. is a company with tremendous potential and I wish all the employees much success in the years ahead." The board will begin a search for a new chief executive officer. A search committee has been formed by the board and will be led by independent Gap Inc. director Adrian D. Bellamy, chairman of The Body Shop International plc. Additional directors serving on the committee include: -- Donald G. Fisher, Gap Inc.'s founder and Chairman Emeritus, -- Domenico De Sole, former president and chief executive officer, Gucci Group NV, and -- Bob L. Martin, the company's lead independent director and former president and chief executive officer of Wal-Mart International. The search committee's preference is to focus their efforts on recruiting a chief executive officer who has deep retailing and merchandising experience ideally in apparel, understands the creative process, and can effectively execute strategies in large, complex environments while maintaining strong financial discipline. "I look forward to serving our employees, customers, and shareholders as interim CEO," Mr. Fisher said. "My personal ties and nearly 30-year professional history in operating roles at the company and as a board member have resulted in a deep appreciation for the creative process, gratitude to our customers who have supported us for the past 38 years and profound respect for the talented and passionate employees, past and present who have built this company. "During this important transition period for our company, the board of directors and I are committed to working with our employees to enhance our focus on what has been at the heart of the company's past success, reinvigorating our brands and charting a new course for the future that will deliver strong returns for our shareholders." During his nearly 30-year history at Gap Inc., Mr. Fisher started with the company as a store manager in 1980 and worked his way up through the company's merchandising ranks. He also held a variety of senior executive leadership positions at the company, including chief operating officer, chief financial officer, president of Banana Republic and president of Gap brand. Mr. Fisher has served on the company's board of directors since 1990. Pursuant to Mr. Pressler's employment agreement dated Sept. 25, 2002, which was disclosed at the time of his hire, Mr. Pressler is eligible for severance benefits subject to certain conditions as described in more detail in his agreement: -- Salary of up to $1.5 million per annum payable over a 24-month period, subject to cessation or reduction if he accepts other employment or compensation, -- Future bonuses he would have otherwise received during the 24-month period, up to an aggregate $1.5 million, if company financial performance targets are met and subject to elimination or reduction if he accepts other employment or compensation; he will not receive a bonus for fiscal 2006; -- Stock option acceleration with approximately $9.5 million of in-the-money value, assuming a company stock price of $20 per share. In total, and subject to reduction if Mr. Pressler accepts other employment or compensation during the 24-month period, he is eligible for up to approximately US$14 million associated with his severance with the company, assuming a company stock price of US$20 per share. He is also eligible to receive nominal health benefits. The company will release 2006 fourth quarter and full-year earnings on March 1, 2007, and continues to expect 2006 earnings per share of $0.83 to $0.87 per share, 2006 full-year operating margins of about 7% and free cash flow to be about $650 million for the full year. The company also continues to expect the percent increase in inventory per square foot at the end of the fourth quarter of fiscal 2006 to be in the low single digits versus prior year. About Gap Inc. Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * As reported in the Troubled Company Reporter-Europe on Jan. 15, Fitch has downgraded its ratings on The Gap Inc.'s Issuer Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes to 'BB+' from 'BBB-'. Fitch said the Rating Outlook is Negative. As reported in the Troubled Company Reporter on Nov. 21, 2006, Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on San Francisco-based The Gap Inc. to 'BB+' from 'BBB-'. S&P said the outlook is stable. ============= G E R M A N Y ============= ALMETRA METALL: Creditors' Meeting Slated for February 14 --------------------------------------------------------- The court-appointed insolvency manager for Almetra Metall- Handels GmbH, Thomas Schmidt, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:00 a.m. on Feb. 14. The meeting of creditors and other interested parties will be held at: The District Court of Trier Hall 56 Justizstrasse 2,4,6 54290 Trier, Germany The Court will also verify the claims set out in the insolvency manager's report at 8:30 a.m. on March 14, at the same venue. Creditors have until March 9 to register their claims with the court-appointed insolvency manager. The District Court of Aschaffenburg opened bankruptcy proceedings against Almetra Metall-Handels GmbH on Dec. 28, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Almetra Metall-Handels GmbH Attn: Ulrich Siegfried Helbig, Manager Graf-Reginar-Road 39 54294 Trier, Germany The insolvency manager can be reached at: Dr. Thomas Schmidt Kalenfelsstrasse 5 a 54290 Trier, Germany Tel: 0651/970400 Fax: 0651/9704040 E-mail: thomas.schmidt@king-lawyers.de F & M OBJEKT: Claims Registration Ends February 12 -------------------------------------------------- Creditors of F & M Objekt Bauunternehmung GmbH & Co KG have until Feb. 12 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Moenchengladbach Meeting Room A 58 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Moenchengladbach opened bankruptcy proceedings against F & M Objekt Bauunternehmung GmbH & Co KG on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: F & M Objekt Bauunternehmung GmbH & Co KG Attn: Sylvia Flessers, Manager Burgstrasse 35 41372 Niederkruechten, Germany The insolvency manager can be contacted at: Eberhard Stock Wilhelmshofallee 75 47800 Krefeld, Germany Tel: 02151/58 13143 Fax: +4921515813133 GFZ ELEKTROANLAGEN: Creditors' Meeting Slated for February 15 ------------------------------------------------------------- The court-appointed insolvency manager for GFZ Elektroanlagen GmbH, Knut Rebholz, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Feb. 15. 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 insolvency manager's report at 9:50 a.m. on May 24, at the same venue. Creditors have until March 27 to register their claims with the court-appointed insolvency manager. The District Court of Charlottenburg opened bankruptcy proceedings against GFZ Elektroanlagen GmbH on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GFZ Elektroanlagen GmbH Axel-Springer-Road 43 10969 Berlin, Germany The insolvency manager can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin, Germany GOLDLER GMBH: Claims Registration Ends February 12 -------------------------------------------------- Creditors of GOLDLER GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 11:55 a.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehlhausen Area 35 Untermarkt 17 Muelhausen, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Muelhausen opened bankruptcy proceedings against GOLDLER GmbH on Dec. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GOLDLER GmbH Attn: Jens Eisfeld, Manager Schurzfell 12 99734 Nordhausen, Germany The insolvency manager can be contacted at: Ulrich Hauter Untermarkt 12 99974 Muehlhausen, Germany HOWATEC UMWELTTECHNIK: Claims Registration Ends February 12 ----------------------------------------------------------- Creditors of HoWaTec Umwelttechnik GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Rainer Beck. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on March 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Area C407 4th Floor Cardinal Galen Road 124-132 47058 Duisburg, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duisburg opened bankruptcy proceedings against HoWaTec Umwelttechnik GmbH on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: HoWaTec Umwelttechnik GmbH Attn: Edwin Ignaz Kosidowski, Manager Krengelstr. 97 46539 Dinslaken, Germany The insolvency manager can be contacted at: Rainer Beck Rheinstrasse 75 47623 Kevelaer, Germany ICT INTEGRATED: Claims Registration Ends February 13 ---------------------------------------------------- Creditors of ICT Integrated Control Technology GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Wolfgang Ott. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 101 Infanteriestr. 5 Munich, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Munich opened bankruptcy proceedings against ICT Integrated Control Technology GmbH on Dec. 28, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ICT Integrated Control Technology GmbH Hochacker 4 85630 Grasbrunn, Germany The insolvency manager can be contacted at: Dr. Wolfgang Ott Nymphenburgerstr. 139 80636 Munich, Germany Tel: 089/120260 Fax: 089/12026127 LPP DIALOG: Claims Registration Ends February 14 ------------------------------------------------ Creditors of LPP Dialog GmbH Werbeagentur fuer integrierte Kommunikation have until Feb. 14 to register their claims with court-appointed insolvency manager Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 1 Building F Klingerstrasse 20 60313 Frankfurt/Main, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Frankfurt/Main opened bankruptcy proceedings against LPP Dialog GmbH Werbeagentur fuer integrierte Kommunikation on Dec. 12, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: LPP Dialog GmbH Werbeagentur fuer integrierte Kommunikation Reuterweg 49 60323 Frankfurt/Main, Germany The insolvency manager can be contacted at: Dr. Holger Lessing Hanauer Highway 287-289 D 60314 Frankfurt/Main Germany VOLKSWAGEN AG: Investor AB Reiterates Rejection of MAN's Bid ------------------------------------------------------------ Investor AB, the second largest shareholder of Scania AB owned by the Wallenberg family, reiterated its rejection of MAN AG's EUR10.3 billion hostile bid for Scania, Bloomberg News reports. However, the Wallenbergs holding company stated that it is open to a friendly merger between Scania and MAN. According to Investor, MAN's revised bid for Scania was rejected because the offer does not reflect the value of Scania and the potential synergies of a combination. Investor wants to keep all doors open with regards to Scania's future, though there's nothing that would make the holding company accept MAN's existing bid, Bloomberg cites Investor AB CEO Boerje Ekholm as saying. Mr. Ekholm said that a merger between Scania and MAN is therefore still an alternative. VW's Supervisory Board of Volkswagen AG rejected MAN's offer to take over Scania on Jan. 11. It has requested that the Board of Management worked on a friendly merger of Scania and MAN. Volkswagen holds the biggest share in Scania with 34% of the voting rights and 18.7% of the equity. VW also holds a 20% stake in MAN. MAN's offer for Scania will expire on Jan. 31. A combination of MAN and Scania would create Europe's biggest maker of commercial vehicles by market share and the world's third biggest behind Sweden's Volvo AB and Germany's DaimlerChrysler AG. Headquartered in Wolfsburg, Germany, the Volkswagen Group -- http://www.volkswagen.de/-- is one of the world's leading automobile manufacturers and the largest carmaker in Europe. With 47 production plants in eleven European countries and a further seven countries in the Americas, Africa, and Asia, including China, Volkswagen has more than 343,000 employees producing over 21,500 vehicles or are involved in vehicle- related services on every working day. * * * Volkswagen has been carrying out measures to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by then CEO Bernd Pischetsrieder and former Volkswagen brand head, Wolfgang Bernhard. In November 2005, Volkswagen maintained its 2005 earnings guidance amid rumors it may lower targets. The company predicts a year-on-year improvement in both operating profit after special items and profit before tax this year. Rumors flew that the company would slash full-year earnings forecast due to higher restructuring costs. The company said the impact of its workforce reduction measures, which will be charged as special items in the fourth quarter, will be lower than last year's. The company also admitted there were no significant improvements in the economic environment in the first nine months of 2005, and the overall situation in the important automotive markets remained difficult. It also expected tougher competition in the Chinese and U.S. markets, and the rise in fuel prices to influence consumer confidence. VOLKSWAGEN AG: Kaluga Site Construction Starts July --------------------------------------------------- Volkswagen AG will start building its EUR470-million assembly in Kaluga, Russia, at the end of July 2007, RIA Novosti reports. In a TCR-Europe report on Nov. 8, 2006, Volkswagen AG said it is building an assembly plant in the region to tap low labor cost and to fill the growing demand for cars in Russia. A spokesman for the carmaker said the assembly plant would be completed in the second half of 2009 and would have an annual capacity of 115,000 cars. VW will initially invest around US$340 million on the site and add another US$130 million later. German Gref, Russia's Economic Development and Trade Minister, said during the site's cornerstone-laying in November that VW's cars would be 20% cheaper in 2010 than today, mainly due to localization of manufacturing. The site would assemble the Skoda Octavia, Polo, Passat and Touareg brands. Headquartered in Wolfsburg, Germany, the Volkswagen Group -- http://www.volkswagen.de/-- is one of the world's leading automobile manufacturers and the largest carmaker in Europe. With 47 production plants in eleven European countries and a further seven countries in the Americas, Africa, and Asia, including China, Volkswagen has more than 343,000 employees producing over 21,500 vehicles or are involved in vehicle- related services on every working day. * * * Volkswagen has been carrying out measures to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by then CEO Bernd Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard. In November 2005, Volkswagen maintained its 2005 earnings guidance amid rumors it may lower targets. The company predicts a year-on-year improvement in both operating profit after special items and profit before tax this year. Rumors flew that the company would slash full-year earnings forecast due to higher restructuring costs. The company said the impact of its workforce reduction measures, which will be charged as special items in the fourth quarter, will be lower than last year's. The company also admitted there were no significant improvements in the economic environment in the first nine months of 2005, and the overall situation in the important automotive markets remained difficult. It also expected tougher competition in the Chinese and U.S. markets, and the rise in fuel prices to influence consumer confidence. ============= I R E L A N D ============= CLOVERIE PLC: S&P Downgrades Series 2005-55 Debt Ratings to B+ -------------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on three classes from various U.S. synthetic CDO transactions and removed them from CreditWatch with positive implications. Concurrently, the ratings on 13 tranches were lowered and removed from CreditWatch with negative implications. At the same time, the ratings on nine tranches were affirmed and removed from CreditWatch negative. The ratings on all the classes mentioned in this release had been previously placed on CreditWatch negative or CreditWatch positive and were reviewed to determine the appropriate rating action. If the synthetic rated overcollateralization ratio was above 100% at the next higher rating level, S&P raised the rating on the tranche. If the SROC ratio was lower than 100% at the current date and at a 90-day forward projected date, S&P lowered the rating on the tranche. If the SROC ratio was above 100% at the current rating level, S&P affirmed the rating on the tranche. Ratings List Class To From ----- -- ---- * Bank of Nova Scotia CDN$98.465 million portfolio credit-linked notes Port Cred A- A-/Watch Neg * Blue Point CDO SPC Series 2005-1 B-1 A+ A+/Watch Neg B-2 A+ A+/Watch Neg Series 2005-2 B A+ A+/Watch Neg * Cloverie PLC Series 2005-55 Notes B+ BB-/Watch Neg * Greystone CDO SPC Series 2006-2 A AA- AA-/Watch Neg * Lorally CDO Ltd. Series 2006-1 Tranche B A A/Watch Neg * Morgan Stanley ACES SPC Series 2005-25 ScFltRtNt A+ AA-/Watch Neg Series 2006-3 IA AA- AA/Watch Neg IB AA- AA/Watch Neg IC AA- AA/Watch Neg Series 2006-7 IIA BBB+ A-/Watch Neg Series 2006-12 I A A+/Watch Neg * Oban Trust Series 2005-2 A A+ A+/Watch Neg * Prelude Europe CDO Ltd. Series 2006-2 Notes A+ AA/Watch Neg * REPACS Trust Series CAT 2005-1 Debt units A+ AA-/Watch Neg Series 2006-1 Monte Rosa A-1 AA- AA/Watch Neg A-2 AA- AA/Watch Neg * Rutland Rated Investments Delancy 2006-1 A1-L AA- AA+/Watch Neg B2-L BBB- BBB/Watch Neg * SALS HY 2005-A Series 2926 A-Class D BBB BBB/Watch Neg * Salt Creek High Yield CSO 2005-2 Ltd. A-1 AA+ AA/Watch Pos A-2 AA A+/Watch Pos * Signum Finance II PLC Series 2005-2 B AA+ AA/Watch Pos * Sunset Park CDO Ltd. SPC Series 2005-5 C A A/Watch Neg * Tribune Ltd. Series 38 Tranche AA AA+/Watch Neg * Tribune Ltd. Series 39 Tranche AA+ AAA/Watch Neg * Walton SCDO 2003-1 Ltd. A-2L AA AA/Watch Neg A-2F AA AA/Watch Neg A-3DL-1 BBB+ A-/Watch Neg ========= I T A L Y ========= ALITALIA SPA: Won't Deny Nor Confirm EUR400-Mln 2006 Net Loss ------------------------------------------------------------- Alitalia issues these statements following a request from Commissione Nazionale per le Societa e la Borsa: -- regarding communications concerning the current state of activities to dispose of non-strategic assets and non- instrumental real estate, Alitalia will immediately provide such information once the operations have been finalized; -- regarding the evaluation of sustainable financial requirements for the Alitalia Group during the coming 12 months, it should be noted that -- with all the limitations caused by the Company's present situation and the fact that part of the shareholding is up for sale -- the plan is to draw up the current budget by the end of January 2007, in order to provide the essential elements for such appraisal; -- as a result of the sales procedure for the government shareholding in the Company decided by the Council of Ministers on Dec. 1, 2006, and implemented by the Ministry of Economy and Finance via a communique issued on Dec. 5 2006, coupled with the fact that the Alitalia Board of Directors no longer has a quorum, it is not possible, as things stand, to complete the updating of the Plan for the years 2007-2009; -- finally, in regard to frequent rumors in the press forecasting a negative result for 2007 of around EUR400 million, it should be pointed out that, at the present time, it is not possible either to deny or to confirm such predictions which seem, rather, to be based on an extrapolation on an annual basis of the before-tax result for the first nine months of the year. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. In Europe, the company reaches 45 airports, with 1,238 flights per week. In the rest of the world, the Alitalia Group's aircrafts operate out of 32 airports with 255 flights per week. The Alitalia Group network is centered on two main airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet of 182 aircrafts. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. =================== K A Z A K H S T A N =================== AKTOBE-ELECTROD LLP: Creditors' Claims Due February 28 ------------------------------------------------------ LLP Joint Enterprise Aktobe-Electrod has declared insolvency. Creditors have until Feb. 28 to submit written proofs of claim to: LLP Aktobe-Electrod Passing-Track 41 Aktobe Aktobe Region Kazakhstan BESARYK-2 LLP: Creditors Must File Claims by February 22 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Besaryk-2 insolvent on Dec. 20, 2006. Creditors have until Feb. 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Aiteke bi Str. 29 Kyzylorda Kyzylorda Region Kazakhstan CONSTRUCTION LLP: Claims Filing Period Ends February 27 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Construction insolvent on Nov. 24, 2006. Creditors have until Feb. 27 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Mangistau Region Former Kindergarten #51 Micro District 27 Aktau Mangistau Region Kazakhstan Tel: 8 (3292) 41-22-37 ENERGOMASHSERVICE-2030 LLP: Creditors' Claims Due February 28 ------------------------------------------------------------- LLP Energomashservice-2030 has declared insolvency. Creditors have until Feb. 28 to submit written proofs of claim to: LLP Energomashservice-2030 Maresiev Str. 4 Aktobe Aktobe Region Kazakhstan KARAOZEK LLP: Proof of Claim Deadline Slated for February 22 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Company Karaozek insolvent on Dec. 20, 2006. Creditors have until Feb. 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Aiteke bi Str. 29 Kyzylorda Kyzylorda Region Kazakhstan KARAOZEK XXI: Claims Filing Period Ends February 22 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Karaozek XXI insolvent on Dec. 20, 2006. Creditors have until Feb. 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Aiteke bi Str. 29 Kyzylorda Kyzylorda Region Kazakhstan PASSAJIR LLP: Proof of Claim Deadline Slated for February 27 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Passajir insolvent on Nov. 20, 2006. Creditors have until Feb. 27 to submit written proofs of claim to: LLP Passajir Ospanov Str. 11 Georgievka Jarminsky District East Kazakhstan Region Kazakhstan SITECS INTEGRATION: Claims Registration Ends February 22 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktobe Region declared LLP Sitecs Integration insolvent. Creditors have until Feb. 22 to submit written proofs of claim to: LLP Sitecs Integration Altynsarin Str. 31 Aktobe Aktobe Region Kazakhstan STROY PORTAL: Creditors Must File Claims by February 28 ------------------------------------------------------- LLP Stroy Portal Sever has declared insolvency. Creditors have until Feb. 28 to submit written proofs of claim to: LLP Stroy Portal Sever Ulyanov Str. 55-9 Petropavlovsk Petropavlovsk Region Kazakhstan TECHNOGARANT LLP: Claims Filing Period Ends February 28 ------------------------------------------------------- LLP Technogarant has declared insolvency. Creditors have until Feb. 28 to submit written proofs of claim to: LLP Technogarant Leninogorskaya Str. 96 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan =================== K Y R G Y Z S T A N =================== ASIA PICTURES: Claims Filing Period Ends March 9 ------------------------------------------------ LLC Asia Pictures (INN 02112200510258) has declared insolvency. Creditors have until March 9 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 51-15-74. =================== L U X E M B O U R G =================== EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO ------------------------------------------------------------- Evraz Group S.A. disclosed that subsequent to the resolutions of the extraordinary general meeting on Jan. 18, the company's Board of Directors, convened on Jan. 19 in London, has resolved, inter alia, to: -- delegate the daily management of the Company's business to Alexander Frolov and appoint him as Chief Executive Officer of the Company. The Board has also confirmed Mr. Frolov's position as the Chairman of the Board of Directors. -- appoint Dmitry Melnikov as the new Secretary of the Board effective immediately. About Evraz Headquartered in Luxembourg, Evraz Group S.A. -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in Sverdlovsk region and two mills in Kemerovo region. * * * As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd.- Evraz's core subsidiary with most of its assets concentrated in Russia- at Issuer Default BB and Short-term B. Evraz Securities SA's senior unsecured rating is affirmed at BB. Fitch said the Outlooks on the Issuer Default ratings are Stable. Evraz Group's 8-1/4% notes due November 2015 has been given by Moody's Investors Service's (P)B2 rating, Standard & Poor's B+ rating and Fitch's BB- rating. ===================== N E T H E R L A N D S ===================== GLOBAL POWER: Court Extends Lease Decision Period to April 26 ------------------------------------------------------------- The U.S Bankruptcy Court for the District of Delaware further extended until April 26, 2007, the period within which Global Power Equipment Group and its debtor-affiliates can assume, assume or assign, or reject unexpired leases of nonresidential real property. As reported in the Troubled Company Reporter on Jan. 3, 2007, the Debtors told the Court that they have five unexpired leases of nonresidential real property, including, the Debtors' headquarters in Tulsa, Oklahoma; two of Williams Group facilities in Stone Mountain, Georgia and Lakeland, Florida; and Branden Group facilities in Tulsa, Oklahoma. Headquartered in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides power generation equipment and maintenance services for its customers in the domestic and international energy, power and infrastructure and service industries. The Company designs, engineers and manufactures a range of heat recovery and auxiliary equipment primarily used to enhance the efficiency and facilitate the operation of gas turbine power plants as well as for other industrial and power-related applications. The Company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The Company and 10 of its affiliates filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045). Attorneys at White & Case LLP and The Bayard Firm, P.A., represent the Debtors. The Official Committee of Unsecured Creditors appointed in the Debtors' cases has selected Landis Rath & Cobb LLP as its counsel. As of Sept. 30, 2005, the Debtors reported total assets of US$381,131,000 and total debts of US$123,221,000. LAURUS NV: Appoints New CFO, Marketing & Purchasing Manager ----------------------------------------------------------- Laurus N.V. appointed Thomas C.M. van Beek, 39, as chief financial officer of the company, effective Feb. 26. Since 2001, he has been corporate controller at Laurus N.V., having previously worked for KPMG. Laurus also appointed Eric C.J. Leebeek, 43, as Marketing and Purchasing Manager of the company and will assume his post on the same date. He will be responsible for activities concerned with Marketing and Formats, as well as for Buying & Merchandising. Mr. Leebeek is currently Manager Category Management Europe at Philips DAP, prior to which he held various buying and marketing positions at Ahold and Albert Heijn. About Laurus N.V. Headquartered in AD's-Hertogenbosch, the Netherlands, Laurus N.V. -- http://www.laurus.nl/-- operates 700 supermarket & off- license stores, employs about 24,000 workers, and holds a 14.3% market share in 2005. Laurus was formed on Oct. 30, 1998, through a merger of De Boer Unigro N.V. and Vendex Food Groep B.V. In January 2006 the company disclosed of its intention to sell its Edah and Konmar Superstores operations in order to focus on its Super de Boer format. Super de Boer counts 400 supermarkets, half of it is owned by Laurus and the other half is run by affiliated retailers. * * * Laurus told Ian Bickerton of the Financial Times in September 2006 that the company was renegotiating financing arrangements with its banks, after it warned creditors that the company would breach loan covenants and be loss-making this year. In 2004, Laurus suffered a net loss of EUR128 million, a sharp reversal compared with 2003, when the positive net result of EUR9 million marked an -- albeit modest -- return to profitability for the first time in several years. In fighting the price war, which broke out in October 2003 and continued unabated in 2004, Laurus implemented substantial price cuts within all three retail formats, which, combined with the reduced sales volume, had a major negative impact on the result. In 2005, the company posted a EUR66 million net loss against EUR273 million in gross profits. =========== R U S S I A =========== ALEKSEEVSKAYA MANUFACTURE: Court Names I. Gorn to Manage Assets --------------------------------------------------------------- The Arbitration Court of Moscow Region appointed Mr. I. Gorn as Insolvency Manager for CJSC Alekseevskaya Manufacture. He can be reached at: I. Gorn Post User Box 183 127018 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-48157/06-123-1046B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Alekseevskaya Manufacture Klimova Str. 38 Noginsk Moscow Region Russia ANZHERSKAYA PETROLEUM: Names E. Grinevich as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. E. Grinevich as Insolvency Manager for CJSC Anzherskaya Petroleum Storage Depot. He can be reached at: E. Grinevich Michurina Per. 5-73 650099 Kemerovo Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-16230/2006-4. The Arbitration Court of Kemerovo Region is located at: Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: CJSC Anzherskaya Petroleum Storage Depot Depovskaya Str. 1 Anzhero-Sudzhensk 652090 Kemerovo Region Russia ASKOPA CJSC: Court Names I. Gorn as Insolvency Manager ------------------------------------------------------ The Arbitration Court of Khabarovsk Region appointed Mr. I. Gorn as Insolvency Manager for CJSC Askopa. He can be reached at: I. Gorn Apartment 157 Nevelskogo Str. 4 Vladivostok 690013 Primorye Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-12751/2006-36. The Debtor can be reached at: CJSC Askopa Gagarina Str. 11-1 Khabarovsk Region Russia CAMOMILE OJSC: Orel Bankruptcy Hearing Slated for March 28 ---------------------------------------------------------- The Arbitration Court of Orel Region will convene on March 28 to hear the bankruptcy supervision procedure on OJSC Camomile. The case is docketed under Case No. A48-4988/06-17b. The Temporary Insolvency Manager is: V. Goltsov Office 24 Gorkogo Str. 45 302028 Orel Region Russia Tel/Fax: 8(4862) 43-72-55 The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Camomile Pushkina Str. 54 Orel Region Russia ENTERPRISE BUILDER: Court Names D. Yanushevskiy to Manage Assets ---------------------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. D. Yanushevskiy as Insolvency Manager for LLC Enterprise Builder (TIN 3515002195). He can be reached at: D. Yanushevskiy Office 4 Pobedy Pr. 55 160035 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-9732/2006-22. The Arbitration Court of Vologda Region is located at: Hall 4 Gertsena Str. 1a Vologda Region Russia The Debtor can be reached at: LLC Enterprise Builder Nyuksenitsa Vologda Region Russia EVRAZ GROUP: Board of Directors Names Alexander Frolov as CEO ------------------------------------------------------------- Evraz Group S.A. disclosed that subsequent to the resolutions of the extraordinary general meeting on Jan. 18, the company's Board of Directors, convened on Jan. 19 in London, has resolved, inter alia, to: -- delegate the daily management of the Company's business to Alexander Frolov and appoint him as Chief Executive Officer of the Company. The Board has also confirmed Mr. Frolov's position as the Chairman of the Board of Directors. -- appoint Dmitry Melnikov as the new Secretary of the Board effective immediately. About Evraz Headquartered in Luxembourg, Evraz Group S.A. -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in Sverdlovsk region and two mills in Kemerovo region. * * * As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd.- Evraz's core subsidiary with most of its assets concentrated in Russia- at Issuer Default BB and Short-term B. Evraz Securities SA's senior unsecured rating is affirmed at BB. Fitch said the Outlooks on the Issuer Default ratings are Stable. Evraz Group's 8-1/4% notes due November 2015 has been given by Moody's Investors Service's (P)B2 rating, Standard & Poor's B+ rating and Fitch's BB- rating. GAZPROM NEFT: Launches Electronic Tendering System for Products --------------------------------------------------------------- OAO Gazprom Neft is deploying its electronic tendering system for petroleum products, RIA Novosti reports. The system aims to ensure maximum effectiveness in transactions and secure equal access to resources for clients, RIA Novosti relates citing a Gazprom Neft statement. "World oil companies have widely applied the bidding system to sell oil products, which ensures the transparency of trading and lowers corruption and image-related risks," Gazprom Neft said. The company held a dry run of the system on Dec. 15, 2006, when it conducted tenders for oil, petrochemical and liquefied hydrocarbon gas products. "The results summed up on Dec. 19-20, 2006, were satisfactory for the company, and Gazprom Neft is preparing for electronic tendering," the company added. About Gazprom Neft Headquartered in Moscow, Russia, Gazprom Neft OAO -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk regions, and in Chukotka. The Company'smain oil processing center is the Omsk Refinery. * * * As reported in the TCR-Europe on Nov. 20, 2006, Standard & Poor's Ratings Services placed its 'BB+' corporate credit rating and 'ruAA+' national scale rating on Russia-based oil company JSC Gazprom Neft on CreditWatch with positive implications. GRIBANOVSKIY SUGAR: Bankruptcy Hearing Slated for March 14 ---------------------------------------------------------- The Arbitration Court of Voronezh Region will convene at noon on March 14 to hear the bankruptcy supervision procedure on LLC Gribanovskiy Sugar. The case is docketed under Case No. A14-10630/2006-213/16b. The Temporary Insolvency Manager is: L. Shkilev Belinskogo Str. 48 305001 Kursk 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: LLC Gribanovskiy Sugar Sakhzavodskaya Str. 22 Gribanovskiy Voronezh Region Russia KALUZHSKIY CREDIT: Court Names V. Yunin as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Kaluga Region appointed Mr. V. Yunin as Insolvency Manager for CJSC Kaluzhskiy Credit House. He can be reached at: V. Yunin Mayakovskogo Str. 17 248009 Kaluga Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A23-3872/06B-17-212. The Arbitration Court of Kaluga Region is located at: Staryj Torg Square 4 Kaluga Region Russia The Debtor can be reached at: CJSC Kaluzhskiy Credit House Kaluga Region Russia MINE BIRYLINSKAYA: Bidding Deadline Slated for January 27 --------------------------------------------------------- LLC Business Group, the bidding organizer for OJSC Mine Birylinskaya, will open a public auction for the company's properties at 10:00 a.m. on Jan. 30 at: LLC Business Group Kirova Str. 57, 9 Kemerovo Region Russia The company has set a RUR14 million starting price for the auctioned assets. Interested participants have until Jan. 27 to deposit an amount of RUR2.8 million to: LLC Business Group Settlement Account 40702810300070003655 Correspondent Account 30101810400000000739 BIK 043207739 branch 4207 CJSC Vneshtorgbank TIN 4205057164 KPP 420501001 Kemerovo Region Russia Bidding documents must be submitted to: LLC Business Group Kirova Str. 57, 9 Kemerovo Region Russia OLD SQUARE: Moscow Court Names A. Kubasov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Moscow Region appointed Mr. A. Kubasov as Insolvency Manager for CJSC Advertising Agency Old Square (TIN 7724016086). He can be reached at: A. Kubasov Office of ROSAU Krasnokazarmennaya Str. 9 111250 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-58705/06-95-1114B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Advertising Agency Old Square Kashiorskoye 115522 Moscow Region Russia RASSVET CJSC: Irkutsk Bankruptcy Hearing Slated for May 15 ---------------------------------------------------------- The Arbitration Court of Irkutsk Region will convene on May 15 to hear the bankruptcy supervision procedure on CJSC Rassvet (TIN 8501002719). The case is docketed under Case No. A19-22760/06-38. The Temporary Insolvency Manager is: O. Fominykh Office 34 Proletarskaya Str. 8 Irkutsk Region Russia The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: CJSC Rassvet Tabarsuk Alarskiy region UOBAO Irkutsk region Russia ROSNEFT OIL: License Revocation on Yuganskneftegaz Unit Looms ------------------------------------------------------------- The Federal Service for the Oversight of Natural Resources is asking the Ministry of Natural Resources of the Russian Federation to revoke the license of Rosneft-Yuganskneftegaz, a production unit of OAO Rosneft Oil Co. previously owned by OAO Yukos Oil Company, RIA Novosti reports. Oleg Mitvol, the regulators' deputy head, said Rosneft- Yuganskneftegaz failed to implement the development terms of the license, which includes associated gas utilization procedures on the Priobskoye oil site in western Siberia, RIA Novosti relates. Mr. Mitvol said that the terms of license requires Rosneft- Yuganskneftegaz to 95% of its associated gas by 2002. The unit, however, has only used 1.9% of the gas in 2005. Mr. Mitovol added that some 1.3 billion cubic meters of associated gas was flared at the deposit in 2005. Mr. Mitvol added that the unit also committed other violations like: -- pollution of soil with oil; and -- unauthorized emissions of polluting gases. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://ns.roilcom.ru/english/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed OJSC Rosneft Oil's foreign and local currency Issuer Default ratings of BB+ on Rating Watch Positive following the company's announcement of strong financial results for the first nine months of 2006. STROY-TRANS-SERVICE CJSC: Court Names I. Gorn to Manage Assets -------------------------------------------------------------- The Arbitration Court of Moscow Region appointed Mr. I. Gorn as Insolvency Manager for CJSC Stroy-Trans-Service. He can be reached at: I. Gorn Post User Box 183 127018 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-19269/06 The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Stroy-Trans-Service Vladimirskaya Str. 12 Egoryevsk 115522 Moscow Region Russia SUAL GROUP: Competition Service OKs Merger with RusAl & Glencore ---------------------------------------------------------------- The Federal Anti-Monopoly Service approved a merger between Siberian-Urals Aluminium Company, Russky Alyuminiyum and Glencore International AG, RIA Novosti reports. "We have made a decision in principle to approve the deal and we intend to complete work within two weeks to prepare our conclusion," Igor Artemyev, chief of FAS, said. "This will enhance Russia's positions as a full participant in international economic integration and strengthen its influence on world markets," Mr. Artemyev added. The three firms agreed on Oct. 9, 2006, to merge their assets to form United Company RusAl, with RusAl holding a 66% stake, Sual 22% and Glencore 12%. The combined company would have a total production capacity of 4 million tons of aluminum and 11 million tons of alumina. The merged company will hold 12.5% of the global primary aluminum market and 16% of the worldwide alumina market, RIA Novosti relates. As reported in the TCR-Europe on Nov 15, 2006, the United Company RUSAL will include these RUSAL assets: -- Bratsk Aluminium Smelter, -- Krasnoyarsk Aluminium Smelter, -- Novokuznetsk Aluminium Smelter, -- Sayanogorsk Aluminium Smelters, -- Achinsk Alumina Plant, -- Nikolaev Alumina Refinery, -- Boksitogorsk Alumina Refinery, -- Friguia Alumina Plant (Guinea), -- Compagnie des Bauxites de Kindia (Guinea), -- Bauxite Company of Guyana, -- a stake in the Queensland Alumina Refinery (Australia), -- Armenal Alumina Refinery, -- Sayanal Alumina Refinery, and -- a cathode plant in China. SUAL Group will contribute: -- Irkutsk Aluminium Smelter, -- Urals Aluminium Smelter, -- Kandalaksha Aluminium Smelter, -- Bogoslovsk Aluminium Smelter, -- Nadvoitsy Aluminium Smelter, -- Volgograd Aluminium Smelter, -- Volkhov Aluminium Smelter, -- Zaporozhye Aluminium Combine, -- Pikalevo Alumina Refinery, -- SUBR, -- Urals Foil, -- Silicon, -- SUAL-Silicon-Ural and -- SUAL-PM. Glencore International AG will contribute: -- Aughinish in Ireland, -- Windalco and Alpart in Jamaica, -- Eurallumina in Italy, and -- Kubikenborg Aluminium Smelter in Sweden. About Glencore Headquartered in Baar, Switzerland, Glencore International AG -- http://www.glencore.com/-- engages in the smelting, refining, mining, processing, purchasing, selling and marketing of metals and minerals, energy products and agricultural products. Energy products and commodities are marketed and coordinated primarily in Glencore's headquarters in Baar, Switzerland and through the offices of its subsidiaries in London, Stamford and Singapore. About RusAl Headquartered in Moscow, Russia, Russky Alyuminiyum -- http://www.rusal.com/-- produces and smelts aluminium with US$6.65 billion in revenues in 2005. The group produced 2.714 million tons of primary aluminium in 2005. RusAl employs about 50,000 people in nine Russian regions and thirteen countries. About SUAL Headquartered in Moscow, Russia, Siberian-Urals Aluminium Company -- http://www.sual.com/-- produces and smelts aluminium and ranks amongst the world's top ten producers. It comprises 18 businesses that are located in nine Russian regions and in Ukraine, Zaporozhya City, are involved in the production of bauxite, alumina, primary aluminium, silicon, semi-finished and finished aluminium products. The Group's revenue for the year ended Dec. 31, 2005, was US$2.7 billion. It has 60,000 employees. * * * Standard & Poor's Ratings Services assigned its 'BB-'long-term corporate credit rating to SUAL International Ltd. The outlook is stable. Standard & Poor's also assigned its 'ruAA-' Russian national scale rating to SUAL. At the same time, Moody's Investors Service, assigned 'Ba3' corporate family rating to SUAL International Ltd. Outlook is stable. SVETLINSKIY DIARY: Court Names K. Kibataev as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Orenburg Region appointed Mr. K. Kibataev as Insolvency Manager for OJSC Svetlinskiy Diary. He can be reached at: K. Kibataev Proletarskaya Str. 216 460035 Orenburg Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-2325/2006-14GK. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: OJSC Svetlinskiy Diary Svetlyj 462740 Orenburg Region Russia TEKH-FLEET CJSC: Court Names V. Grishko as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Arkhangelsk Region appointed Mr. V. Grishko as Insolvency Manager for CJSC Tekh-Fleet. He can be reached at: V. Grishko R. Lyuksemburg Str. 7 48 Arkhangelsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A05-6444/2006-21. The Arbitration Court of Arkhangelsk Region is located at: Loginova Str. 17 163069 Arkhangelsk Region Russia The Debtor can be reached at: CJSC Tekh-Fleet Pomorskaya Str. 7 Arkhangelsk Region Russia TERNOVKA-AGRO-SERVICE OJSC: Names B.Sander as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Penza Region appointed Mr. B. Sander as Insolvency Manager for OJSC Ternovka-Agro-Service (TIN 5829011211). He can be reached at: B. Sander Pushkina Str. 2-002 Penza Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-3841/2006-370b/26. The Arbitration Court of Penza Region is located at: Belinskogo Str. 2 440600 Penza Region Russia The Debtor can be reached at: OJSC Ternovka-Agro-Service Ternovskogo 222A Penza Region Russia UZHUR-SOVKHOZ CJSC: Bankruptcy Hearing Slated for March 13 ---------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region will convene at 10:00 a.m. on March 13 to hear the bankruptcy supervision procedure on CJSC Uzhur-Sovkhoz. The case is docketed under Case No. A33-18824/2006. The Temporary Insolvency Manager is: N. Zubenko Post User Box 2 Sosnovoborsk 662501 Krasnoyarsk Region Russia The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: CJSC Uzhur-Sovkhoz Skryleva Str. 112-2 Uzhur 662255 Krasnoyarsk Region Russia VOLKSWAGEN AG: Kaluga Site Construction Starts July --------------------------------------------------- Volkswagen AG will start building its EUR470-million assembly in Kaluga, Russia, at the end of July 2007, RIA Novosti reports. In a TCR-Europe report on Nov. 8, 2006, Volkswagen AG said it is building an assembly plant in the region to tap low labor cost and to fill the growing demand for cars in Russia. A spokesman for the carmaker said the assembly plant would be completed in the second half of 2009 and would have an annual capacity of 115,000 cars. VW will initially invest around US$340 million on the site and add another US$130 million later. German Gref, Russia's Economic Development and Trade Minister, said during the site's cornerstone-laying in November that VW's cars would be 20% cheaper in 2010 than today, mainly due to localization of manufacturing. The site would assemble the Skoda Octavia, Polo, Passat and Touareg brands. Headquartered in Wolfsburg, Germany, the Volkswagen Group -- http://www.volkswagen.de/-- is one of the world's leading automobile manufacturers and the largest carmaker in Europe. With 47 production plants in eleven European countries and a further seven countries in the Americas, Africa, and Asia, including China, Volkswagen has more than 343,000 employees producing over 21,500 vehicles or are involved in vehicle- related services on every working day. * * * Volkswagen has been carrying out measures to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by then CEO Bernd Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard. In November 2005, Volkswagen maintained its 2005 earnings guidance amid rumors it may lower targets. The company predicts a year-on-year improvement in both operating profit after special items and profit before tax this year. Rumors flew that the company would slash full-year earnings forecast due to higher restructuring costs. The company said the impact of its workforce reduction measures, which will be charged as special items in the fourth quarter, will be lower than last year's. The company also admitted there were no significant improvements in the economic environment in the first nine months of 2005, and the overall situation in the important automotive markets remained difficult. It also expected tougher competition in the Chinese and U.S. markets, and the rise in fuel prices to influence consumer confidence. =========== S W E D E N =========== INVACARE CORP: Moody's Rates US$400 Million Facilities at Ba2 ------------------------------------------------------------- Moody's Investors Service assigned first time ratings to the proposed US$400 million Senior Secured Credit Facility, US$175 million of Senior Notes, and US$125 million of Senior Subordinated Convertible Notes of Invacare Inc. Concurrently, Moody's assigned a B1 Corporate Family Rating and Speculative Grade Liquidity Rating of SGL-2 to the company. The outlook for the ratings is stable. Invacare's B1 rating reflects the factors outlined in Moody's Global Medical Products and Device Industry Rating Methodology. While the methodology suggests an indicative rating for Invacare of Ba3, Moody's has assigned an initial rating one notch lower at B1. The lower rating reflects Moody's concern that overall profitability and cash flow coverage of debt could continue to deteriorate due to unfavorable Medicare reimbursement changes, and to a lesser extent, competitive pricing in some of its segments. Moody's notes that the company's cash coverage of debt ratios, operating margins and return on assets are at the low end of the single B category. However, Moody's acknowledges that Invacare benefits from scale and diversification and low research and development spending as a percentage of revenues, which reflect an investment grade credit profile. The outlook is stable, despite Moody's expectation that unfavorable Medicare reimbursement changes and continued competition from Asia manufacturers will continue to put pressure on revenues in 2007, followed by stabilization in 2008. Moody's believes that Invacare will partially offset the effects of lower revenues through additional reductions in staffing, consolidation of manufacturing and distribution facilities, and increased outsourcing to Asia. As a result, Moody's forecasts minimal margin compression in 2007. The outlook also considers Moody's expectation that free cash flow will continue to deteriorate based on lower earnings, despite lower capital spending and modest working capital improvements. The assignment of the SGL-2 speculative grade liquidity rating reflects the company's good liquidity position and incorporates Moody's expectation that, over the twelve month period ending Dec. 31, 2007, Invacare will likely fund its ordinary working capital, capital expenditures, mandatory debt amortization and other cash requirements without further access to external sources. This rating also considers the limited size of external committed funding the company is anticipated to have upon closing of the proposed US$150 million revolving credit facility, with approximately US$115 million in availability. Since Moody's anticipates that Invacare will have a comfortable cushion to remain in compliance with the financial covenants inherent in the proposed credit facility, Invacare should be able to maintain access to its committed source of funding over the next four quarters. However, the SGL rating recognizes the absence of an alternate source of liquidity, since all assets will be encumbered under the credit agreement. These ratings were assigned to Invacare Inc: -- US$250 Million Term Loan B, due 2013 Ba2, LGD2, 22%; -- US$150 Million Revolver, due 2012, Ba2, LGD2, 22%; -- US$175 Million Senior Notes, due 2015, B2, LGD4, 68%; -- US$125 Million Senior Subordinated Convertible Notes, due 2027, B3, LGD6, 93%; -- Corporate Family Rating, B1; -- Probability of Default Rating, B1; and, -- Loss Given Default Rating, LGD4, 50%. Headquartered in Elyria, Ohio, Invacare Corp. is the leading manufacturer and distributor of non-acute health care products for home health care, retail and extended care markets worldwide. The company's products are principally sold to over 25,000 home healthcare and medical equipment providers in North America, Europe and Asia. The company reported revenues of US$1,480 million for the twelve months ended Sept. 30, 2006. Invacare has manufacturing plants in the United States, Australia, Canada, Denmark, Germany, France, Mexico, New Zealand, Portugal, Sweden, Switzerland and the United Kingdom. INVACARE CORP: S&P Rates Proposed US$400 Mil. Sr. Facility at B+ ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to Elyria, Ohio-based medical equipment manufacturer Invacare Corp. The rating outlook is stable. At the same time, Standard & Poor's assigned its loan and recovery ratings to Invacare's proposed US$400 million senior secured credit facility, consisting of a US$150 million revolver maturing in 2012 and a US$250 million term loan maturing in 2013. The credit facility is rated 'B+' with a recovery rating of '1', indicating the expectation for full recovery of principal in the event of a payment default. Standard & Poor's also assigned its 'B-' rating to the company's proposed US$175 million senior unsecured notes maturing in 2015 and its 'CCC+' rating to the company's proposed US$125 million senior subordinated convertible notes maturing in 2027. Proceeds will be used to refinance the company's existing debt and pay associated premiums, fees, and expenses. "The 'B' rating reflects Invacare's exposure to Medicare reimbursement reductions, its concentration in wheelchairs, counterparty risk for its accounts receivable, pricing and volume pressures from lower-priced competitors, and the company's significant debt leverage," said Standard & Poor's credit analyst Jesse Juliano. "These concerns are partially mitigated by Invacare's market- leading positions and brand reputation, its customer and geographic diversity, and its opportunities to reduce costs." Following the refinancing, Invacare will have just over US$600 million of debt. The company's financial risk profile is consistent with the current rating, given a pro forma lease- adjusted debt-to-EBITDA ratio of around 5.4x and EBITDA interest coverage of less than 3x. If the company is unable to execute its cost savings initiatives, pricing and volume pressures could weaken these numbers, or at least delay an improvement in the financial risk profile. However, Standard & Poor's believes that the company will maintain an appropriate financial risk profile for the current rating. ===================== S W I T Z E R L A N D ===================== ASCENTIS CAPITAL: Creditors' Liquidation Claims Due February 7 -------------------------------------------------------------- The creditors of JSC Ascentis Capital have until Feb. 7 to submit their claims to: Rene Steimer Liquidator Rennweg 27 8704 Herrliberg Zurich Switzerland The Debtor can be reached at: JSC Ascentis Capital Zurich Switzerland FATTO MATTO: Creditors' Liquidation Claims Due February 9 --------------------------------------------------------- The creditors of LLC FATTO MATTO have until Feb. 9 to submit their claims to: Marianne Haldimann Liquidator Grunenstrasse 6 3455 Grunen Sumiswald Trachselwald Berne Switzerland The Debtor can be reached at: LLC FATTO MATTO Battwil Switzerland FUNK-SYSTEME GERBER: Creditors' Liquidation Claims Due Feb.9 ------------------------------------------------------------ The creditors of JSC Funk-Systeme Gerber + Friedland have until Feb. 9 to submit their claims to: Hans Gerber Liquidator Leutwilerstrasse 590 5724 Durrenasch Kulm, Aargau Switzerland The Debtor can be reached at: JSC Funk-Systeme Gerber + Friedland Dulliken Switzerland JANA AG: Creditors' Liquidation Claims Due February 9 ----------------------------------------------------- The creditors of JSC Jana AG have until Feb. 9 to submit their claims to: Gust Eugster Liquidator Nollisweid 17 9050 Appenzell Switzerland The Debtor can be reached at: JSC Jana AG Appenzell Switzerland LICHTENSTEIN & KORNER: Creditors' Liquidation Claims Due Feb. 9 --------------------------------------------------------------- The creditors of JSC Lichtenstein & Korner have until Feb. 9 to submit their claims to: JSC Fred Brugger Liquidator Roschibachstrasse 22 8037 Zurich 10 Switzerland The Debtor can be reached at: JSC Lichtenstein & Korner Zurich Switzerland =========================== U N I T E D K I N G D O M =========================== 3SF VENTURES: Names Stephen Gordon Franklin as Administrator ------------------------------------------------------------ Stephen Gordon Franklin was named administrator of 3SF Ventures Ltd. (Company Number 4561527) on Dec. 7, 2006. The administrator can be reached at: Stephen Gordon Franklin Panos Eliades, Franklin & Co. Albany House 18 Theydon Road London E5 9NZ United Kingdom Tel: 020 8815 4000 Fax: 02 0 8815 4040 3SF Ventures Ltd. can be reached at: 4 Hartham Close Isleworth Middlesex TW7 5EX United Kingdom Tel: 020 8232 8240 ACORDIS U.K.: Creditors' Claims Due February 9 ---------------------------------------------- Creditors of Acordis U.K. Ltd. have until Feb. 9 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 Joint Administrator Ian Brown at: Deloitte & Touche LLP 1 City Square Leeds LS1 2AL England The company can be reached at: Acordis U.K. Ltd. Saint Street Bradford West Yorkshire BD7 4AB England Tel: 01472 241 241 Fax: 01274 525 299 APEX PITCHMASTIC: Joint Liquidators Take Over Operations -------------------------------------------------------- A. Poxon and J. M. Titley of DTE Leonard Curtis were appointed Liquidators of Apex Pitchmastic Ltd. on Dec. 20, 2006, for the creditors' voluntary winding-up procedure. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Apex Pitchmastic Ltd. can be reached at: Apex House 3 Embassy Drive Calthorpe Road Edgbaston Birmingham West Midlands B15 1TR England Tel: 0114 272 8724 APTEC TECHNOLOGIES: Claims Filing Period Ends March 22 ------------------------------------------------------ Creditors of Aptec Technologies Ltd. have until March 22 to send in writing their names and addresses and the particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to appointed Joint Liquidators David Matthew Hammond, Edward Mark Shires and Ian David Green at: PricewaterhouseCoopers LLP Hill House Richmond Hill Bournemouth BH2 6HR England PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. BRITISH AIRWAYS: Cabin Crew Workers to Stage Three-Day Strike ------------------------------------------------------------- The Transport & General Workers Union, representing 11,000 cabin crew employees of British Airways Plc, will carry out a three-day strike starting Jan. 29 after talks over sick leave, pay and staffing issues failed to reach an agreement, Tracy Alloway and Stuart Wallace write for Bloomberg News. According to Andrew Murray, a spokesman for T&G, two more three- day strikes are expected to happen in February unless the dispute is resolved. He added that there are no further talks scheduled between the airline and the union. "Our members are fed up with being bullied into coming to work when sick and with division caused by poverty levels," Jack Dromey, T&G deputy general secretary, said. BA was disappointed by the union's move as industrial action would cause "massive disruption" for its customers. The carrier is now allowing passengers who had booked flights between Jan. 29 and Feb. 16 to change the dates of their trips. The airline is still hoping for a negotiated settlement although the union is refusing another dialogue, BA spokesman Paul Marston was quoted by Bloomberg as saying. Mr. Marston revealed that the union is seeking a unified pay scale that would cost BA up to GBP50 million pounds a year. As previously reported in the TCR-Europe on Jan. 17, 96% of T&G union's cabin crew members, who are employed at BA, voted in favor of a strike action over the airline's proposed deal that would narrow a GBP2.1-billion pension deficit. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. C D REALISATIONS: Taps Liquidators from KPMG LLP ------------------------------------------------ David John Crawshaw and Jonathan Scott Pope of KPMG LLP Restructuring were appointed Liquidators of C D Realisations Ltd. (formerly Cardiff Demolition Company) on Jan. 10 for the creditors' voluntary winding-up procedure. The Liquidators can be reached at: KPMG LLP Restructuring Marlborough House Fitzalan Court Fitzalan Road Cardiff CF24 0TE Wales CHERRY INTERIORS: Calls In Liquidators from PKF (U.K.) LLP ---------------------------------------------------------- Kerry Balley and Jonathan D. Newell of PKF (U.K.) LLP were appointed Joint Liquidators of Cherry Interior Contracts Ltd. on Jan. 5 for the creditors' voluntary winding-up procedure. The Joint Liquidators can be reached at: PKF (U.K.) LLP Sovereign House Queen Street Manchester M2 5HR England COREL CORP: Earns US$9.4 Million in Fourth Quarter 2006 ------------------------------------------------------- Corel Corp. reported financial results for its fourth quarter and year ended Nov. 30, 2006. Revenues in the fourth quarter of fiscal 2006 were US$47.4 million, an increase of 4% over revenues of US$45.6 million in the fourth quarter fiscal 2005. GAAP net income in the fourth quarter of fiscal 2006 was US$9.4 million compared to a GAAP net loss of US$3.4 million in the fourth quarter of fiscal 2005. Non-GAAP adjusted net income for the fourth quarter fiscal 2006 was US$13.1 million, an increase of 90% compared to non-GAAP adjusted net income for the fourth quarter of fiscal 2005 of US$6.9 million. Non-GAAP adjusted EBITDA increased 11% in the fourth quarter to US$14.7 million compared to US$13.3 million in the fourth quarter of fiscal 2005. In fiscal year 2006, Corel achieved revenue of US$177.2 million, an increase of 8%, compared to US$164.0 million in fiscal 2005. GAAP net income for the year was US$9.3 million compared to a GAAP net loss of US$8.8 million for fiscal year 2005. For the full-year 2006, Non-GAAP adjusted net income was US$37.6 million, an increase of 31% from the previous year of US$28.6 million. Non-GAAP adjusted EBITDA for 2006 was US$55.2 million, a 13% increase over 2005 non-GAAP adjusted EBITDA of US$49.0 million. "Corel closed a busy 2006 with a solid fourth quarter, delivering strong results on both revenue and earnings and continuing to execute against all facets of our strategy," said David Dobson, Corel's CEO. "As we enter 2007, we are very excited about the acquisition of Intervideo, which we closed in December. This combination creates the broadest digital media portfolio in the industry, and will further our core strategy of expanding our partner ecosystem, delivering new products and growing in new and emerging markets. We expect that over the course of 2007, we will improve Intervideo's gross margins, realize significant cost synergies between the two organizations, and drive increased value to our customers, partners and shareholders." Financial Guidance There are several items related to the acquisition that will impact revenue and earnings for the first quarter and full year of 2007. These are as follows: -- The acquisition closed on Dec. 12, 2006, so Corel will not recognize approximately two weeks of revenue from Intervideo in the first quarter. In addition, revenue from OEM customers is primarily reported to Intervideo after the end of each calendar quarter. Corel is not able to recognize revenue that is reported from OEM customers for products sold prior to the close of the acquisition that traditionally would have been reported in Intervideo's first quarter results. Beginning in our second quarter, the company will be able to report the full Intervideo OEM revenue. The impact of these items on revenue will be approximately US$15 million in the first quarter. The impact on earnings for both the first quarter and fiscal year 2007 will be approximately US$7 million. -- Also, the company expects that it will no longer recognize approximately US$15 million of revenue that was annually sold by Intervideo at cost. There will be no impact on earnings as a result of this change. -- The company expects to rationalize approximately US$5 million to US$7 million of unprofitable revenue in fiscal 2007. -- The company expects to take a one-time charge of approximately US$8.5 million to in-process research and development and a US$2 million restructuring and transition charge in the first quarter. The combined impact of these changes on revenue is expected to be approximately US$20 million in the first quarter and US$35 million to US$37 million in fiscal year 2007. First Quarter Fiscal 2007 Guidance Corel provided guidance for the first quarter ending Feb. 28, 2007. The Company currently expects: * Revenue in the range of US$51 million to US$53 million. * GAAP net loss of US$18 million to US$20 million and a non- GAAP adjusted net loss of US$1 million to a non-GAAP adjusted net income of US$1 million. Fiscal 2007 Guidance Corel provided guidance for the year ending Nov. 30, 2007. The Company currently expects: * Revenue in the range of US$245 million to US$255 million * GAAP net loss of US$10.5 million to US$13.5 million and non-GAAP adjusted net income of US$33 million to US$36 million. About Corel Corp. Ottawa, Ontario-based Corel Corporation (NASDAQ: CREL) (TSX: CRE) -- http://www.corel.com/-- is a packaged software company with an estimated installed base of over 40 million users. The Company provides productivity, graphics and digital imaging software. Its products are sold in over 75 countries through a scalable distribution platform comprised of original equipment manufacturers, Corel's international websites, and a global network of resellers and retailers. The Company's product portfolio features CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office, WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM). In Europe, the company maintains operations in France, Germany, Italy, the Netherlands, and the United Kingdom. * * * As reported in the Troubled Company Reporter-Europe on Nov. 6, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit and senior secured debt ratings on Canada-based packaged software company, Corel Corp. In a TCR-Europe report on Oct. 19, Moody's confirmed its Caa1 Corporate Family Rating for Corel Corp. in connection with the rating agency's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology. CURETON LTD: Hires Liquidators from Cooper Parry LLP ---------------------------------------------------- Tyrone Shaun Courtman and Rashpal Singh Sandhu of Cooper Parry LLP were appointed Liquidators of Cureton Ltd. on Dec. 19, 2006, for the creditors' voluntary winding-up procedure. The Liquidators can be reached at: Cooper Parry LLP The Crescent King Street Leicester LE1 6RX England DREAMPALM LTD: Appoints Liquidators from Deloitte & Touche ---------------------------------------------------------- Lee Anthony Manning, Neville Barry Kahn and Nicholas James Dargan of Deloitte & Touche LLP were appointed Liquidators of Dreampalm Ltd. on Jan. 9 for the creditors' voluntary winding-up procedure. The Liquidators can be reached at: Deloitte & Touche LLP Athene Place 66 Shoe Lane London EC4A 3WA England DRIVEHARD LTD: Taps Ian Bull to Liquidate Assets ------------------------------------------------ Ian Bull of Ian Bull & Co. was appointed Liquidator of Drivehard Ltd. on Jan. 9 for the creditors' voluntary winding-up proceeding. The company can be reached at: Drivehard Ltd. 4 Broom Hill Road Ipswich Suffolk IP1 4EH England Fax: 01473 401 571 EMI GROUP: Drops Suit Against Baidu; Launches Free Streaming ------------------------------------------------------------ EMI Group Plc will drop legal charges against Baidu.com Inc. and collaborate with the Chinese Internet-search company on a program that will allow Chinese Internet users to listen to EMI songs free of charge, the Wall Street Journal reports. EMI and six other music industry giants filed a lawsuit against Baidu in 2005, arguing that the Chinese company infringed on copyrights by providing links in its search results to unlicensed MP3 versions of songs on other sites. Baidu refuted the claim, denying any wrongdoing since it doesn't supply the files for download, the Wall Street Journal relates. In a statement released Jan. 16, the London-based company revealed that EMI Music and Baidu entered into a pioneering strategic partnership to launch an advertising-supported online music streaming service in China, the first revenue-sharing arrangement between an Internet search engine and an international music company in the country. EMI and Baidu also agreed to explore developing advertising-supported music download services. This agreement will see Chinese repertoire from EMI's Typhoon Music being made available for streaming, at no charge, to all users of Baidu. Baidu will set up a special "EMI Music Zone" in its music search channel, which will legally stream all of EMI Music's Chinese repertoire, including recordings from artists such as Jolin Tsai, Stephanie Sun, David Tao, Sandy Lam, and Richie Ren. While consumers listen to the music for free, they will be exposed to Internet advertising, and EMI and Baidu will share the revenue generated by the advertising, a pioneering approach to promoting digital music in China. Robin Li, chairman and chief executive officer of Baidu said: "We believe this cooperation between Baidu and EMI will create a meaningful ecosystem for value generating services for Baidu users, content providers, and advertisers. The cooperation with EMI, the world's best music major and no. 1 Chinese repertoire music company, has set the stage for win-win cooperation between the Internet and music industries. It also sets the direction and a new model for future ongoing digital music business development in the Internet era." "With Baidu's close relationship with Chinese digital music lovers, EMI and Baidu's cooperation is a major breakthrough in the history of online music in China. It provides an efficient digital distribution platform to reach Chinese consumers, allowing fans to listen to EMI's latest quality music immediately on the Internet," said Norman Cheng, chairman of EMI Music Asia and director of Typhoon Music. "The cooperation between Baidu and EMI also moves us towards jointly controlling digital piracy, something that is important to EMI in the Chinese digital music market. Our cooperation with the world's largest Chinese search engine is also part of EMI's strategic roadmap to expanding digital music development across the region." Following a Chinese court ruling in favor of Baidu in November 2006, the International Federation of the Phonographic Industry, which led the copyright infringement suit on behalf of the record labels, filed for an appeal. However, in light of EMI's recent partnership with Baidu, Joanna Huang, Chinese repertoire general manager for EMI Music Marketing China, said that EMI would withdraw from the appeal, the Wall Street Journal states. According to the report, the two companies agreed to explore ad- driven music-download services, but they have yet to reach a deal. About Baidu Baidu is the largest Internet portal in China and the fourth largest in the world. According to the 2006 report from the official China Internet Network Information Center, Baidu has a market share in overall search of 62.1%, while the latest report from iResearch, a market research company for China's Internet industry, calculates that the company has an 84% share of music searches. With over 150 million Internet users in China and the clear popularity of Chinese music, this new service provides a new business model in China for the development of the online music market. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. * * * According to a TCR-Europe report published Jan. 17, Moody's Investors Service downgraded EMI Group plc's Corporate Family and senior debt ratings to Ba3 from Ba2. All ratings remain under review for possible further downgrade. As reported in the TCR-Europe on Dec. 19, 2006, Standard & Poor's Ratings Services affirmed its 'BB/B' long- and short-term corporate credit and 'BB' senior unsecured debt ratings on U.K.- based music major EMI Group PLC. The long-term and debt ratings were removed from CreditWatch, where they had been placed with negative implications on Nov. 28, 2006, when the group reported a takeover approach. The outlook is negative. EMI GROUP: Networking Web Sites to Give Songwriters More Value -------------------------------------------------------------- MySpace.com and other social networking Web sites will create "more value" for songwriters compared with advertising-supported acquisition sites such as SpiralFrog, revealed Roger Faxon, president of EMI Group Plc's music publishing unit, Bloomberg News reports. "The price businesses have paid to purchase these sites is an indication that people believe there will be a great deal of advertising revenue generated," Mr. Faxon added. News Corp., controlled by Rupert Murdoch, acquired MySpace.com operator Intermix Media Inc. in September 2005 for US$580 million. In November 2006, Google Inc. shelled out US$1.65 billion to purchase YouTube Inc., which lets users post videos on its Web site for others to watch, Bloomberg News relates. Social networking Web sites ask users to provide personal information and group them according to their interests, making targeted marketing easier, according to Nick Bertolotti, an analyst at Credit Suisse. This helps music companies find alternative ways to increase sales and address the dent caused by piracy and illegal downloading, Bloomberg News states. Warner Music Group Corp., in September 2006, became the first record company to allow users of YouTube's Web site to download and manipulate copyrighted music and videos in exchange for part of the advertising revenue, Bloomberg News said. Commenting on the rise of social networking sites, Mr. Faxon said: "The growth in participation has been so rapid and culturally deep across the whole population, but largely among people under the age of 25, that it's become part of the culture. When something becomes part of the culture and is fulfilling a need in that culture, it's likely to persist." Mr. Faxon further said that performance revenues are growing, unlike industry mechanical revenues. "These sites are largely performance-related, so you're listening to it, you're participating in it," he said. "Do I think that they will drive a substantial shift further away from models that were about the sale of music? Yes, I do." While the sale of music will remain "important," Mr. Faxon said, "the broader consumer participation in social networking sites puts music into a broader context and will probably draw more people, and in turn more advertising." While this doesn't mean SpiralFrog and Qtrax won't serve a distinct audience and be "successful," social networking sites will "create more value" for songwriters, he concluded. In June 2006, EMI entered into an accord with online music service Qtrax, which permits users to listen to songs free for a fixed number of times in an ad-funded service. The company's music publishing division agreed in September 2006 to allow the ad-supported SpiralFrog Web site to use EMI's catalog of music for its download service in the U.S., Bloomberg News reports. New York-based SpiralFrog offers legal music downloading to users of its no-cost service. In August 2006, it revealed that Vivendi SA's Universal Music Group would offer its songs for free to SpiralFrog's North American customers, Bloomberg News states. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. * * * According to a TCR-Europe report published Jan. 17, Moody's Investors Service downgraded EMI Group plc's Corporate Family and senior debt ratings to Ba3 from Ba2. All ratings remain under review for possible further downgrade. As reported in the TCR-Europe on Dec. 19, 2006, Standard & Poor's Ratings Services affirmed its 'BB/B' long- and short-term corporate credit and 'BB' senior unsecured debt ratings on U.K.- based music major EMI Group PLC. The long-term and debt ratings were removed from CreditWatch, where they had been placed with negative implications on Nov. 28, 2006, when the group reported a takeover approach. The outlook is negative. ENRON EUROPE: Taps Liquidators from PricewaterhouseCoopers LLP -------------------------------------------------------------- Ian Christopher Oakley and David John Blenkarn of PricewaterhouseCoopers LLP were appointed Joint Liquidators of Enron Europe Construction Ltd. on Jan. 8 for the creditors' voluntary winding-up procedure. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. The Joint Liquidators can be reached at: 12 Plumtree Court London EC4A 4HT England GAP INC: Pressler Resigns as President & Chief Executive Officer ---------------------------------------------------------------- The Gap Inc. president and chief executive officer Paul Pressler will step down from his position, as well as resign his seat on the company's board, effective immediately. Robert J. Fisher, the company's current non-executive chairman of the board of directors, will also serve as president and chief executive officer on an interim basis, effective immediately. Robert J. Fisher, chairman of Gap Inc.'s board of directors said, "We want to thank Paul for the hard work and dedication that he has shown Gap Inc. over the past four years. "Under his leadership, the company has meaningfully improved its operations, strengthened its balance sheet, greatly enhanced its on-line presence across the brand portfolio and improved its standing as a global corporate citizen. We appreciate all of his efforts and wish Paul every success in the future," Mr. Fisher added. "I have enjoyed the opportunity to lead this iconic company over the past four years. It has been a pleasure to work with the management team and such talented people throughout the organization," Mr. Pressler said. "Gap Inc. is a company with tremendous potential and I wish all the employees much success in the years ahead." The board will begin a search for a new chief executive officer. A search committee has been formed by the board and will be led by independent Gap Inc. director Adrian D. Bellamy, chairman of The Body Shop International plc. Additional directors serving on the committee include: -- Donald G. Fisher, Gap Inc.'s founder and Chairman Emeritus, -- Domenico De Sole, former president and chief executive officer, Gucci Group NV, and -- Bob L. Martin, the company's lead independent director and former president and chief executive officer of Wal-Mart International. The search committee's preference is to focus their efforts on recruiting a chief executive officer who has deep retailing and merchandising experience ideally in apparel, understands the creative process, and can effectively execute strategies in large, complex environments while maintaining strong financial discipline. "I look forward to serving our employees, customers, and shareholders as interim CEO," Mr. Fisher said. "My personal ties and nearly 30-year professional history in operating roles at the company and as a board member have resulted in a deep appreciation for the creative process, gratitude to our customers who have supported us for the past 38 years and profound respect for the talented and passionate employees, past and present who have built this company. "During this important transition period for our company, the board of directors and I are committed to working with our employees to enhance our focus on what has been at the heart of the company's past success, reinvigorating our brands and charting a new course for the future that will deliver strong returns for our shareholders." During his nearly 30-year history at Gap Inc., Mr. Fisher started with the company as a store manager in 1980 and worked his way up through the company's merchandising ranks. He also held a variety of senior executive leadership positions at the company, including chief operating officer, chief financial officer, president of Banana Republic and president of Gap brand. Mr. Fisher has served on the company's board of directors since 1990. Pursuant to Mr. Pressler's employment agreement dated Sept. 25, 2002, which was disclosed at the time of his hire, Mr. Pressler is eligible for severance benefits subject to certain conditions as described in more detail in his agreement: -- Salary of up to $1.5 million per annum payable over a 24-month period, subject to cessation or reduction if he accepts other employment or compensation, -- Future bonuses he would have otherwise received during the 24-month period, up to an aggregate $1.5 million, if company financial performance targets are met and subject to elimination or reduction if he accepts other employment or compensation; he will not receive a bonus for fiscal 2006; -- Stock option acceleration with approximately $9.5 million of in-the-money value, assuming a company stock price of $20 per share. In total, and subject to reduction if Mr. Pressler accepts other employment or compensation during the 24-month period, he is eligible for up to approximately US$14 million associated with his severance with the company, assuming a company stock price of US$20 per share. He is also eligible to receive nominal health benefits. The company will release 2006 fourth quarter and full-year earnings on March 1, 2007, and continues to expect 2006 earnings per share of $0.83 to $0.87 per share, 2006 full-year operating margins of about 7% and free cash flow to be about $650 million for the full year. The company also continues to expect the percent increase in inventory per square foot at the end of the fourth quarter of fiscal 2006 to be in the low single digits versus prior year. About Gap Inc. Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * As reported in the Troubled Company Reporter-Europe on Jan. 15, Fitch has downgraded its ratings on The Gap Inc.'s Issuer Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes to 'BB+' from 'BBB-'. Fitch said the Rating Outlook is Negative. As reported in the Troubled Company Reporter on Nov. 21, 2006, Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured ratings on San Francisco-based The Gap Inc. to 'BB+' from 'BBB-'. S&P said the outlook is stable. GARDENING SUPPLIES: Claims Filing Period Ends April 5 ----------------------------------------------------- Creditors of Gardening Supplies Ltd. have until April 5 to send in their names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to appointed Joint Liquidator Andrew Andronikou at: UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH England Andrew Andronikou and Ladislav Hornan of UHY Hacker Young were appointed Joint Liquidators of the company on Jan. 5 by resolutions of members and creditors. GREAT NORTH: Hints on Raising a New Bid for East Coast Franchise ---------------------------------------------------------------- Great North Eastern Railways hinted it would raise a new bid for the East Coast Main Line, the franchise it agreed to let go on Dec. 11, 2006, The Scotsman reports. According to the report, GNER emphasized it has "no intention of simply standing on the sidelines," while Virgin/Stagecoach and FirstGroup lodged interest on the franchise by the Jan. 15 deadline. "We are not confirming at this stage whether we have submitted a bid for pre-qualification, either with or without another party," a spokesman for GNER told Scotsman. GNER declined to clarify its purpose, but raised an option that it would join a consortium. According to the report, the Department for Transport would announced on Feb. 9 a shortlist of three to five bidders, with an invitation to tender being issued in March and bids being returned by June. The successful bidder will be disclosed in July or August, and would run the franchise from "late autumn" this year until 2015. As reported in the TCR-Europe on Dec. 11, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. GEO GROUP: S&P Affirms BB- Corporate Credit Rating -------------------------------------------------- Standard & Poor's affirmed its 'BB-' corporate credit rating on GEO Group and revised the rating outlook to negative from stable. Standard & Poor's Ratings Services assigned its loan and recovery ratings to The GEO Group Inc.'s new US$515 million senior secured credit facility, which comprises: -- an upsized US$150 million revolving credit facility due 2010, and -- a proposed US$365 million term loan B due 2014. The facility was rated 'BB' (one notch higher than the 'BB-' corporate credit rating) with a recovery rating of '1', indicating a high expectation for full recovery of principal in the event of a payment default. Also, the rating on GEO's senior unsecured debt rating was lowered to 'B' from 'B+', reflecting unsecured lenders' less favorable recovery position than the senior secured lenders under the company's pro forma capital structure. Accordingly, S&P has also lowered our preliminary senior unsecured shelf debt rating to 'B' from 'B+'. However, in the event that senior unsecured shelf drawdowns are used to repay a substantial portion of senior secured debt, S&P would consider rating the drawn down debt at 'B+'. Proceeds from the US$365 million term loan facility will be used in conjunction with cash to fund the acquisition of CentraCore Properties Trust (CPT), a correctional and detention facility REIT, for about US$396.1 million (US$356.1 million acquisition price and the assumption of US$40.0 million of CPT debt), plus related transaction fees. Pro forma for the transaction, GEO is expected to have about US$515 million in total debt outstanding, excluding nonrecourse debt. "The 'BB-' corporate credit rating reflects GEO's narrow business focus, customer concentration, and highly leveraged financial profile," said Standard & Poor's credit analyst Mark Salierno. "These factors are somewhat mitigated by the company's strong market position in the highly regulated U.S. private correctional facility management industry, as well as favorable demographic trends." When the transaction closes, GEO's capital structure will be more highly leveraged and its credit measures will weaken, despite a reduction in operating lease obligations. On a pro forma basis, S&P expects lease- and pension-adjusted total debt to EBITDA to be about 5.4x, excluding GEO's non-recourse debt, which we consider to be true pass-through arrangements. S&P believed GEO would improve credit measures in the near term by maintaining its strong operating performance and by applying free cash flow to debt reduction. The company has limited flexibility at the current rating level for additional debt-financed acquisitions. HIGHBURY NEXUS: Appoints Liquidators from Ernst & Young LLP ----------------------------------------------------------- Margaret Elizabeth Mills and Roy Bailey of Ernst & Young LLP were appointed Joint Liquidators of Highbury Nexus Special Interests Ltd. on Jan. 3 for the creditors' voluntary winding-up procedure. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. Highbury Nexus Special Interests Ltd. can be reached at: Media House Azalea Drive Swanley Kent BR8 8HU England Tel: 01322 660 070 Fax: 01322 616 319 INDOOR KARTING: Names Michael Francis Stevenson Liquidator ---------------------------------------------------------- Michael Francis Stevenson of Begbies Traynor was appointed Liquidator of Indoor Karting Centre Ltd. on Jan. 8 for the creditors' voluntary winding-up proceeding. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Indoor Karting Centre Ltd. can be reached at: Blue Zone Aviation Park West Hurn Christchurch Dorset BH236NW England Tel: 01202 570 022 Fax: 01202 570 044 INVICTA ELECTRICAL: Nominates Alex Kachani as Liquidator -------------------------------------------------------- Alex Kachani of Crawfords was nominated Liquidator of Invicta Electrical Ltd. on Dec. 21, 2006, for the creditors' voluntary winding-up proceeding. The company can be reached at: Invicta Electrical Ltd. 23 Anthony Crescent Whitstable Kent CT5 4TS England Tel: 01227 281 673 JACKLIN LTD: Appoints Liquidator from Bridgers ---------------------------------------------- John Arthur Kirkpatrick of Bridgers was appointed Liquidator of Jacklin Ltd. on Dec. 21, 2006, for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Bridgers 6C Church Street Reading Berkshire RG1 2SB England JOHN DUFFY: Taps Liquidator from Kay Johnson Gee ------------------------------------------------ Jonathan Avery-Gee of Kay Johnson Gee was appointed Liquidator of John Duffy (North) Ltd. on Jan. 9 for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Kay Johnson Gee Griffin Court 201 Chapel Street Manchester M3 5EQ England LAND AND GARDEN: Brings In Liquidator from Jeremy Knight -------------------------------------------------------- William Jeremy Jonathan Knight of Jeremy Knight & Co. was appointed Liquidator of Land and Garden Ltd. on Jan. 5 for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: Jeremy Knight & Co. 68 Ship Street Brighton East Sussex BN1 1AE England LEYLAND RUBBER: Clive Morris Leads Liquidation Procedure --------------------------------------------------------- Clive Morris of Marshall Peters Ltd. was appointed Liquidator of Leyland Rubber Ltd. on Jan. 9 for the creditors' voluntary winding-up procedure. The company can be reached at: Leyland Rubber Ltd. Unit 3 Lostock House Lancashire Enterprise Business Park Leyland Lancashire PR266TZ England Tel: 0870 797 0925 Fax: 0870 990 1358 LION TRANSPORT: Liquidator Sets March 31 Claims Bar Date -------------------------------------------------------- Creditors of Lion Transport Ltd. have until March 31 to send in their names and addresses and particulars of their debts or claims and of any security held by them, and the names and addresses of their Solicitors (if any), to: Alan Keith Thornton Liquidator Bulley Davey 69-75 Lincoln Road Peterborough PE1 2SQ England M & D PROJECTS: Creditors Tap Ninos Koumettou as Liquidator ----------------------------------------------------------- Ninos Koumettou of AlexanderLawsonJacobs was nominated Liquidator of M & D Projects Ltd. on Dec. 21, 2006, for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: AlexanderLawsonJacobs 1 Kings Avenue Winchmore Hill London N21 3NA England M D BODIES: Names J. M. Titley Liquidator ----------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed Liquidator of M. D. Bodies Ltd. on Jan. 5 for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: DTE Leonard Curtis 24 Wellington Street St. Johns Blackburn BB1 8AF England MPC MEDIA: Hires Liquidator from Rimmer Higson ---------------------------------------------- Timothy Hargreaves of Rimmer Higson was appointed Liquidator of MPC Media Ltd. on Jan. 5 for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: Rimmer Higson 22 Ribblesdale Place Preston PR1 3NA England PHOENIX DEVELOPMENT: Joint Liquidators Take Over Operations ----------------------------------------------------------- David L. Cockshott and Gary E. Blackburn of BWC Business Solutions were appointed Joint Liquidators of Phoenix Development & Construction Ltd. on Dec. 22, 2006, for the creditors' voluntary winding-up procedure. The Joint Liquidators can be reached at: BWC Business Solutions 8 Park Place Leeds LS1 2RU England PHOENIX WINDOWS: Names Mark Reynolds Liquidator ----------------------------------------------- Mark Reynolds of Valentine & Co. was appointed Liquidator of Phoenix Windows Ltd. on Dec. 22, 2006, for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Valentine & Co. 4 Dancastle Court 14 Arcadia Avenue London N3 2HS England POWER PACKAGING: Hires A. Turpin to Liquidate Assets ---------------------------------------------------- A. Turpin of Poppleton & Appleby was appointed Liquidator of Power Packaging Ltd. on Dec. 21, 2006, for the creditors' voluntary winding-up proceeding. 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 Power Packaging Ltd. can be reached at: Delph Road Industrial Estate Dudley Road Brierley Hill West Midlands DY5 1UA England Tel: 01384 758 71 Fax: 01384 572 749 PRESENTATION PLASTICS: Appoints Liquidator from Tenon Recovery -------------------------------------------------------------- Ian William Kings of Tenon Recovery was appointed Liquidator of Presentation Plastics Ltd. on Dec. 20, 2006, for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland SR5 3JN England QUEENSGATE MARKETING: Nominates Liquidator from Mayfields --------------------------------------------------------- Paul John Webb of Mayfields Insolvency Practitioners was nominated Liquidator of Queensgate Marketing Ltd. on Dec. 12 2006, for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Mayfields Insolvency Practitioners Church Steps House Queensway Halesowen B63 4AB England RAVEN TECHNOLOGY: J. N. Bleazard Leads Liquidation Procedure ------------------------------------------------------------ J. N. Bleazard of XL Business Solutions Ltd was appointed Liquidator of Raven Technology (U.K.) Ltd. on Dec. 28, 2006, for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: XL Business Solutions Ltd. 1st Floor 2-4 Market Street Cleckheaton BD19 5AJ England RE-CONSTRUCTION UK: Calls On Creditors to File Claims ----------------------------------------------------- Creditors of Re-Construction U.K. Ltd. are required to send in writing their names and addresses and the particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidators David Malcolm Walker and Edward Klempka at: PricewaterhouseCoopers LLP Benson House 33 Wellington Street Leeds LS1 4JP England REFCO INC: RCM Trustee Asks for Procedures on Resolving Claims -------------------------------------------------------------- Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital Markets, Ltd. estate, asked the Hon. Lewis A. Kaplan of the U.S. Southern District of New York for a scheduling order governing procedures for resolving certain claims brought against RCM and other debtors, and the claim objections that have been filed or soon will be filed by the RCM Trustee. The RCM Trustee objects to the Claims on the grounds that they are, among others: (i) based on theories of recovery that fail as a matter of law; (ii) inconsistent with RCM's and other Debtors' books and records; (iii) fail to articulate any facts that could serve as the basis for any claim against RCM; (iv) duplicative of certain claims previously resolved in settlement agreements; and (iv) not supported by any documentary evidence of an RCM account as of the Petition Date. The Claims are: Claimant Claim No. Claim Amount -------- --------- ------------ ABBA Funds, L.P. 11709 US$577,952 11710 577,952 Geshoa Fund Class A 11442 17,379,011 Geshoa Structured Finance Ltd. 14177 10,134,755 11443 9,560,708 Global Macro Fund Limited 12080 40,384,865 Living Water Fund, L.P. 10495 1,453,670 OFI Palmares 12054 12,943,388 PCMG Trading Partners V LP 9315 1,889,281 PlusFunds Group, Inc. 11289 7,000,000 Refco SPhinX Managed Futures Index Fund, Ltd. 9482 11,926 Reifler, Barry C. 14124 5,879,839 SPhinX Ltd., et al. 11375 Unliquidated SPhinX Managed Futures Fund SPC, et al. 11378 Various 11384 Various 11387 4,312,945 SPhinX Managed Futures Index Fund, LP 13256 39,005,537 About Refco Inc. Headquartered in New York City, Refco Inc. (OTC: RFXCQ) -- 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. 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). (Refco Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) Plan Update On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries, along with Marc S. Kirschner, the Chapter 11 Trustee for the estate of Refco Capital Markets, Ltd., delivered a Chapter 11 plan of reorganization and accompanying Disclosure Statement to the Court. On Oct. 10, 2006, the Debtors filed an Amended Plan and Disclosure Statement and on Oct. 13, filed a Modified Amended Disclosure Statement. On Oct. 16, 2006, the Court gave its tentative approval on the Disclosure Statement and the Court Clerk entered an order on Oct. 20, 2006. On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates LLC, was confirmed by the Court. That Plan became effective on Dec. 26, 2006. REFCO INC: RCM Trustee Withdraws Objection to PlusFunds' Claims --------------------------------------------------------------- In a stipulation approved by the U.S. Bankruptcy Court for the Southern District of New York, Marc S. Kirschner, Chapter 11 Trustee of Refco Capital Markets, Ltd., and Refco Inc. and its debtor-affiliates agree to withdraw their objections to PlusFunds Group, Inc.'s claims, with prejudice. PlusFunds filed amended proofs of claim on Dec. 1, 2006. The parties agree that the Amended Claims will supersede all Claims filed by PlusFunds in the Refco cases. In addition, allowance of the Amended Claims against all the Debtors and Refco LLC will, in the aggregate, be capped at US$7,000,000. PlusFunds will be required to establish in further proceedings which the Debtor, if any, is liable for the Amended Claim or Claims, and in what amount. The Debtors will establish reserves as appropriate for a potential US$7,000,000 claim in the aggregate against all the Debtors and Refco LLC. The aggregate reserve will be used to pay any allowed Amended Claim against any of the Debtors and Refco LLC not exceeding US$7,000,000. Any reserve taken by a Debtor in connection with the US$7,000,000 cap will reduce, dollar-for-dollar, the reserve amount that must be taken by the other Debtors with respect to the Amended Claims. If and to the extent the Amended Claims should be adjudicated as a liability of RCM, the RCM Trustee will classify the Amended Claim as a Class 3 RCM FX/Unsecured Claim under the Plan. The parties reserve all rights with respect to the validity of the Amended Claims as against any Debtor or Refco LLC, or whether the same is subject to subordination. The Debtors and Refco LLC reserve the right to seek avoidance of any preferential payment to PlusFunds. PlusFunds reserves the right to assert all defenses to the same. On Dec. 7, 2006, PlusFunds cast ballots to reject the Plan in the full amount of its Amended Claims. Pursuant to the Stipulation, the Ballots cast will not be counted for purposes of numerosity, value or existence of the Amended Claims at any or all of the Debtors. However, any elections contained in any Ballot will be deemed valid to the extent the applicable Amended Claim is allowed. PlusFunds withdraws its Plan confirmation objection with prejudice and its request pursuant to Bankruptcy Rule 3018 seeking temporarily allowance of the Amended Claims for voting purposes. Prior to the stipulation, Marc S. Kirschner, Chapter 11 Trustee of Refco Capital Markets, Ltd., asks Judge Drain to disallow and expunge Claim No. 11289 filed by PlusFunds against RCM for approximately US$532,000,000. The Claim asserts entitlement to an amount precisely equal to a US$312,000,000 preference cash, plus PlusFunds' "enterprise value" of US$220,000,000 and "unliquidated damages in an amount to be determined at trial" related to PlusFunds' lost management fees. Claim No. 11289 arose from the decline of PlusFunds' assets under management in the wake of a preference action commenced by the Official Committee of Unsecured Creditors against SPhinX Managed Futures Fund SPC. The SPhinX Preference Action sought to avoid a US$312,000,000 cash transfer placed with RCM by SPhinX to segregated customer accounts at Refco, LLC. The Preference Cash was then transferred from Refco LLC outside of Refco entirely, to accounts at Lehman Brothers. Jared R. Clark, Esq., at Bingham McCutchen LLP, in New York, relates that on October 13, 2005, Refco, Inc., and its affiliates imposed a 15-day moratorium on withdrawals from RCM accounts because of insufficient liquidity within RCM. On December 16, Judge Drain entered a temporary restraining order freezing and attaching SPhinX's assets in an amount equal to the Preference Cash. To resolve the SPhinX Preference Action, the Creditors Committee and SPhinX entered into a settlement, subsequently approved by Judge Drain, providing for a US$263,000,000 payment to RCM. The SPhinX Settlement is currently subject to appeal pending before the U.S. District Court for the Southern District of New York. Mr. Clark tells Judge Drain that Claim No. 11289 fails to articulate any facts that could serve as the basis for an alleged breach of a contractual obligation or common law duty by RCM. Mr. Clark argues that the unspecified charge of wrongdoing does not approach the level of particularity required for a fraud claim under Rule 9(b) of the Federal Rules of Civil Procedure. Specifically, he states, the Claim does not allege with particularity: (1) what statement or omission RCM made or failed to make; (2) scienter on the part of RCM; (3) how or whether PlusFunds replied; or (4) what specific injury resulted. Furthermore, Mr. Clark contends that PlusFunds' general allegations of breach of contract, breach of fiduciary duty, aiding, abetting, and conspiracy are similarly unsubstantiated. He notes that the Claim asserts breach of contract without specifying the nature of the contract with RCM that PFGI replies upon; duty without alleging a relationship; and conspiracy without naming the cabalists. "The Claim's general, innuendo-laden allegations themselves demonstrate that nothing lies back of it; it is prima facie invalid," Mr. Clark asserts. To the extent the Claim suggests the SPhinX Transfer itself started a chain of events leading to PlusFunds' collapse, PlusFunds was the catalyst, Mr. Clark points out. Therefore, he says, PlusFunds' subsequent wounds were self-inflicted. To the extent the Claim suggests that Refco's filing for bankruptcy caused PlusFunds to lose value, PlusFunds fails to state a cognizable claim, Mr. Clark maintains. About Refco Inc. Headquartered in New York City, Refco Inc. (OTC: RFXCQ) -- 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. 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). (Refco Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) Plan Update On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries, along with Marc S. Kirschner, the Chapter 11 Trustee for the estate of Refco Capital Markets, Ltd., delivered a Chapter 11 plan of reorganization and accompanying Disclosure Statement to the Court. On Oct. 10, 2006, the Debtors filed an Amended Plan and Disclosure Statement and on Oct. 13, filed a Modified Amended Disclosure Statement. On Oct. 16, 2006, the Court gave its tentative approval on the Disclosure Statement and the Court Clerk entered an order on Oct. 20, 2006. On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its direct and indirect subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates LLC, was confirmed by the Court. That Plan became effective on Dec. 26, 2006. REVOLUTION MEDIA: Brings In Liquidator from Bishop Fleming ---------------------------------------------------------- Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed Liquidator of Revolution Media Ltd. on Jan. 8 for the creditors' voluntary winding-up proceeding. The company can be reached at: Bishop Fleming 1 Barnfield Crescent Exeter EX1 1QY England RICHMOND KITCHENS: Nominates Paul John Webb as Liquidator --------------------------------------------------------- Paul John Webb of Mayfields Insolvency Practitioners was nominated Liquidator of Richmond Kitchens & Bathrooms Ltd. on Dec. 14, 2006, for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: Mayfields Insolvency Practitioners Church Steps House Queensway Halesowen B63 4AB England SHAWS PET: Creditors Confirm Liquidator's Appointment ----------------------------------------------------- Creditors of Shaws Pet Products Ltd. confirmed Jan. 4 the appointment of Robert Day of Robert Day and Company Ltd. as Liquidator of the company. The company can be reached at: Shaws Pet Products Ltd. 1 Chamberlain Road Aylesbury Buckinghamshire HP198RB England Tel: 01296 429 333 SOVEREIGN PROPERTY: Appoints Moira C. Fitzpatrick as Liquidator --------------------------------------------------------------- Moira C. Fitzpatrick of MCF Business Rescue and Insolvency was appointed Liquidator of Sovereign Property Designers Ltd. on Jan. 8 for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: MCF Business Rescue and Insolvency 39 Southernhay East Exeter EX1 1PE England SPANISH TILE: Creditors Ratify Voluntary Liquidation ---------------------------------------------------- Creditors of Spanish Tile Company Ltd. ratified Jan. 4 the company's resolutions for voluntary liquidation. The appointment of Jonathan Lord of Bridgestones as Liquidator of the company was also confirmed on the same date. The Liquidator can be reached at: Bridgestones 125-127 Union Street Oldham OL1 1TE England SPIDER I.T.: Calls In Liquidator from Findlay James --------------------------------------------------- Alisdair J. Findlay of Findlay James was appointed Liquidator of Spider I.T. Ltd. on Dec. 19, 2006, for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Alisdair J. Findlay Findlay James Saxon House Saxon Way Cheltenham GL52 6QX England ST. HELENS: Hires Paul J. Fleming to Liquidate Assets ----------------------------------------------------- Paul J. Fleming was appointed Liquidator of St. Helens Auto Electrical Services Ltd. on Jan. 2 for the creditors' voluntary winding-up procedure proceeding. The company can be reached at: St. Helens Auto Electrical Services Ltd. Peasley Cross Lane St. Helens Merseyside WA9 3AW England Tel: 01744 735 101 Fax: 01744 454 043 STUFF FACILITIES: Names Liquidators to Wind Up Business ------------------------------------------------------- Philip Anthony Brooks and Julie Willetts of Blades Insolvency Services were appointed Joint Liquidators of Stuff Facilities Ltd. on Jan. 5 for the creditors' voluntary winding-up proceeding. The Joint Liquidators can be reached at: Blades Insolvency Services 19B Market Place Bingham Nottingham NG13 8AP England SUNDIAL LEISURE: Claims Filing Period Ends February 9 ----------------------------------------------------- Creditors of Sundial Leisure Ltd. have until Feb. 9 to submit particulars of their debts and claims to appointed Joint Liquidator Geoffrey Stuart Kinlan at: BDO Stoy Hayward LLP Prospect Place 85 Great North Road Hatfield Hertfordshire AL9 5BS England Geoffrey Stuart Kinlan and Anthony Sanderson of BDO Stoy Hayward LLP were appointed Joint Liquidators of the company on Sept. 27, 2005. 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. SYNCHRONICITY 2000: Brings In Liquidators from Tenon Recovery ------------------------------------------------------------- Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were appointed Joint Liquidators of Synchronicity 2000 Ltd. (t/a PC Ideals) on Jan. 5 for the creditors' voluntary winding-up proceeding. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Synchronicity 2000 Ltd. can be reached at: 2c Albert Road Southsea Hampshire PO5 2SH England Tel: 023 9286 3362 Fax: 023 9285 1661 TASK U.K.: Creditors Confirm Liquidators' Appointment ----------------------------------------------------- Creditors of Task U.K. Ltd. (formerly Task U.K. Plc) confirmed the appointment of Geoffrey Stuart Kinlan and Antony David Nygate of BDO Stoy Hayward LLP as Joint Liquidators of the company on Dec. 19, 2006. 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. The Joint Liquidators can be reached at: BDO Stoy Hayward LLP 8 Baker Street London W1U 3LL England THOMAS JAMES: Creditors Confirm Liquidators' Appointment -------------------------------------------------------- Creditors of Thomas James & Sons Ltd. confirmed on Jan. 4 the appointment of T. J. Binyon and S. J. Parker of Tenon Recovery as Joint Liquidators of the company. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The Joint Liquidators can be reached at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England TOP ONE: Appoints K. T. Brown as Liquidator ------------------------------------------- K. T. Brown of Marriotts LLP was appointed Liquidator of Top One Fashions Ltd. (t/a Interno) on June 19, 2006, for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Marriotts LLP Allan House 10 John Princes Street London W1G 0AH England ULTRA BUILDING: Joint Liquidators Take Over Operations ------------------------------------------------------ Ian Donald Williams and Laurence Pagden of Benedict Mackenzie LLP were appointed Joint Liquidators of Ultra Building Contractors Ltd. on Jan. 10 for the creditors' voluntary winding-up proceeding. The Joint Liquidators can be reached at: Benedict Mackenzie LLP 62 Wilson Street London EC2A 2BU England UTILITY LINK: J. O'Sullivan Leads Liquidation Procedure ------------------------------------------------------- J. O'Sullivan of Bishop Fleming was appointed Liquidator of Utility Link Ltd. on Jan. 8 for the creditors' voluntary winding-up procedure. Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides services that include tax advice, financial forecasts, business planning and corporate finance. The Liquidator c an be reached at: Bishop Fleming 16 Queen Square Bristol BS1 4NT England WATERFORD WINDOWS: Taps Lloyd Biscoe to Liquidate Assets -------------------------------------------------------- Lloyd Biscoe of Begbies Traynor was appointed Liquidator of Waterfod Windows Glass Ltd. on Jan. 5 for the creditors' voluntary winding-up proceeding. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The Liquidator can be reached at: Begbies Traynor The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG England WOOGO U.K.: Liquidator Sets April 5 Claims Bar Date --------------------------------------------------- Creditors of Woogo U.K. Ltd. have until April 5 to send in their full forenames and surnames, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to appointed Liquidator Gerald Maurice Krasner at: Bartfields (U.K.) Ltd. Burley House 12 Clarendon Road Leeds LS2 9NF England Creditors confirmed on Jan. 5 the company's resolutions for voluntary liquidation and the appointment of Gerald Maurice Krasner of Bartfields (U.K.) Ltd. as Liquidator. WORLDWIDE CONNECT: Creditors Ratify Voluntary Liquidation --------------------------------------------------------- Creditors of Worldwide Connect U.K. Ltd. ratified the company's resolutions for voluntary liquidation on Dec. 19, 2006. The appointment of Jonathan Lord and Robert Cooksey of Bridgestones as Joint Liquidators was also confirmed on the same date. The company can be reached at: Worldwide Connect U.K. Ltd. Lygon Court Hereward Rise Halesowen West Midlands B62 8AN England Tel: 0121 585 8611 Fax: 0121 585 9738 WORLDWIDE DIRECT: Names James Stephen Pretty Liquidator ------------------------------------------------------- James Stephen Pretty of Atherton Bailey was appointed Liquidator of Worldwide Direct Mail Ltd. on Jan. 9 for the creditors' voluntary winding-up proceeding. The Liquidator can be reached at: Atherton Bailey Kent House Romney Place Maidstone Kent ME15 6LH England * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 293 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (10) 120 (5) Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (788) 6,681 171 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Selcodis S.A. SPVX (18) 128 22 Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Plambeck Neue Energien AG PNE3 (4) 141 19 Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (23) 144 (7) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Pouliadis Associates Corporation POUL (28) 124 (31) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus Asset Management Nyrt. EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) Wind Telecomunicazioni S.p.A. (10) 12,698 (815) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) Vista Alegre Atlantis SGPS S.A. VAAAE (18) 193 (83) ROMANIA ------- Oltchim RM Valce OLT (45) 232 (321) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (185) 378 (11,107) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (10) 134 (37) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dnepropetrovsk Metallurgical Plant Imeni Petrovsko (2) 278 (509) Dniprooblenergo (38) 478 (797) Donetskoblenergo (166) 706 (1,320) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker Plc ANK.L (22) 115 13 Atkins (WS) Plc ATK (63) 1,279 70 Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,264) 2,818 (253) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (4) 948 (175) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (835) 8,881 (49) Invensys PLC (1,031) 3,875 494 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Mytravel Group MT.L (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Farner Plc PFL (33) 964 127 Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (490) 155 (80) Wincanton Plc WIN (66) 1,236 (71) ********* 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 P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Kristina A. Godinez, Editors. Copyright 2007. 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$625 per half-year, delivered via e-mail. 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