/raid1/www/Hosts/bankrupt/TCREUR_Public/070417.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, April 17, 2007, Vol. 8, No. 75
Headlines
A U S T R I A
FRANZ PISTORA: Claims Registration Period Ends May 15
INFORMATION-TECHNOLOGY: Claims Registration Period Ends May 22
INN CRYSTAL: Claims Registration Period Ends May 15
KOELBLINGER LLC: Wels Court Orders Business Shutdown
METRON IMPEX: Claims Registration Period Ends May 1
VOELSKE LLC: Claims Registration Period Ends May 22
C Y P R U S
ENSORTE ENTERPRISES: Fitch Rates Loan Participation Notes at B-
F I N L A N D
COMVERSE TECHNOLOGY: Names Andre Dahan as President and CEO
M-REAL OYJ: Moody's Assigns Loss-Given-Default Rating
F R A N C E
REXEL SA: Raises EUR1.02 Billion in European IPO
REXEL S.A.: S&P Raises Ratings to BB+ on IPO Success
SPCM SA: Moody's Assigns Loss-Given-Default Rating
G E R M A N Y
A. U. W. DIRKS: Claims Registration Period Ends May 22
ARABI IM: Claims Registration Period Ends May 25
AUTOMOTIVE GROUP: Creditors' Meeting Slated for May 18
BIO-MAGNETIC THERAPY: Claims Registration Period Ends May 21
BRUNNENKREF SERVICE: Claims Registration Period Ends May 2
BWP BETREUUNGS: Claims Registration Period Ends April 27
DRECHSLER ELECTRONIC: Claims Registration Period Ends May 25
EICHMANN & BOENNING: Claims Registration Period Ends May 30
GROENEWALD BAUUNTERNEHMUNG: Claims Registration Ends May 15
GROSSMARKT OBST: Claims Registration Ends May 25
GRUNDBAU GMBH: Claims Registration Ends May 8
H&S ISOLIERTECHNIK: Claims Registration Ends May 22
HATER GMBH: Creditors Must Register Claims by May 22
HERMANN WILLERSHAUSEN: Creditors Must Register Claims by May 30
HEXA-CHAIN EUROPA: Creditors Must Register Claims by May 25
HSG AUGUSTDORF/HOEVELHOF: Creditors Must File Claims by April 27
JOHANN HATER: Claims Registration Period Ends May 22
LINN UND JUNG: Creditors' Meeting Slated for May 14
MALEREIBETRIEB RAUM: Creditors' Meeting Slated for May 10
OCEAN STAR: Fitch Rates US$9.7-Million Class E Notes at BB
REDEKIN MBH: Claims Registration Period Ends May 21
REIF & GERBES: Creditors' Meeting Slated for May 14
ROSE STRASSENBAU: Creditors' Meeting Slated for May 8
SP HINSCH: Claims Registration Period Ends May 29
TST KANALSANIERUNG: Creditors' Meeting Slated for May 9
I R E L A N D
SANYO ELECTRIC: To Book JPY2 Billion Loss From Battery Recall
I T A L Y
ALITALIA SPA: Air One Has No Plans to Sell Carrier
ALITALIA SPA: Buyer Needs EUR3 Bln to Revive Firm, Italy Says
BLYTH INC: Posts US$103.17-Mln Loss for Year Ended Jan. 31, 2007
BLYTH INC: Declares US$0.27 Per Share Semi-Annual Cash Dividend
IMAX CORP: Provides Status Update on Delayed Filing
K A Z A K H S T A N
LLP: Creditors Must File Claims by May 16
BELIBO LLP: Creditors' Claims Due May 16
BOLID &K: Proof of Claim Deadline Slated for May 18
DRUJBA KI: Claims Registration Ends May 18
KAZAKHSTAN OTYN-GAS: Claims Filing Period Ends May 18
MAKTA AGRO: Creditors Must File Claims by May 16
PUHOVIK LLP: Creditors' Claims Due May 16
TAMYZ LLP: Proof of Claim Deadline Slated for May 16
TECHNIC LLP: Claims Registration Ends May 16
TILEUBERDI LLP: Claims Filing Period Ends May 16
K Y R G Y Z S T A N
D & T ELECTRONICS: Claims Filing Period Ends May 30
L U X E M B O U R G
EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
THIEL LOGISTIK: Moody's Assigns Loss-Given-Default Rating
N E T H E R L A N D S
X5 RETAIL: Moody's Assigns Loss-Given-Default Rating
N O R W A Y
SHIP FINANCE: Moody's Assigns Loss-Given-Default Rating
P O L A N D
HELLENA SA: Kofola AS Acquires Business for PLN17.2 Million
STOCZNIA GDYNIA: Imminent Bankruptcy May Cost Taxpayers PLN3 Bln
R U S S I A
BASHKIRSKIYE AIRLINES: Creditors Must File Claims by May 24
BODAYBINSKAYA MINING: Creditors Must File Claims by May 24
CB RENAISSANCE: Fitch Rates Ensorte's RUR3.29-Bln Issue at B-
ELDA CJSC: Court Names E. Zomba as Insolvency Manager
ENERGO-GAS CJSC: Creditors Must File Claims by May 24
EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
KRASNOUFIMSKIY ELEVATOR: Names D. Kostromin to Manage Assets
INDUSTRY CJSC: Creditors Must File Claims by April 24
ISKITIMSKIY MEAT-PACKING: Creditors Must File Claims by April 24
MAGNITOGORSK IRON: Moody's Assigns Loss-Given-Default Rating
MORSHANSKAYA MANUFACTURE: Creditors Must File Claims by May 24
MURASHINSKOYE LOGGING: Creditors Must File Claims by April 24
NEW WORLD: Moscow Bankruptcy Hearing Slated for June 6
ROSNEFT OIL: Pays for 9.44% Stake Bought From Yukos Auction
ROSNEFT OIL: Eyes Eurobond Issue to Refinance US$22-Bln Loan
SKOPINO-AGRO-SNAB: Creditors Must File Claims by May 24
STAROUTKINSKIY METALLURGIC: Claims Deadline Set April 24
SYSTEM OJSC: Creditors Must File Claims by April 24
TRANSNEFT OAO: Has Two Weeks to Repair Druzhba Pipeline
VNESHTORGBANK JSC: Plans to Place 70% of New Shares Abroad
VOROBYEVSKAYA LLC: Creditors Must File Claims by May 24
YUKOS OIL: Rosneft Unit Pays for 9.44% Stake Bought via Auction
S L O V A K R E P U B L I C
SLOVAK AIRLINES: Seagle Air to Take Over Operations
S P A I N
ALLIANCE ATLANTIS: Ontario Court Set May 18 Fairness Hearing
TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3
S W I T Z E R L A N D
ALIN RE: Creditors' Liquidation Claims Due May 4
AUGSBURG RE: Creditors' Liquidation Claims Due May 2
EWB ARMIERUNGEN: St. Gallen Court Starts Bankruptcy Proceedings
FEBA SON BACO: Creditors' Liquidation Claims Due May 31
FM-PHARMA JSC: Appenzell Court Starts Bankruptcy Proceedings
GASTROLINE LLC: St. Gallen Court Starts Bankruptcy Proceedings
INTERSUB JSC: Creditors' Liquidation Claims Due May 7
LION RESEARCH: Thurgau Court Starts Bankruptcy Proceedings
VASOPA JSC: Creditors' Liquidation Claims Due May 14
VINODE LLC: Creditors' Liquidation Claims Due May 7
U K R A I N E
ATLANTIS LLC: Claims Registration Bar Date Set April 29
DNIEPRORUDNOE CHEESEMAKING: Creditors' Claims Due April 27
EDELWEISS LLC: Claims Registration Bar Date Set April 28
FEODOSIYA SHIP: Creditors Must File Claims by April 27
FRIENDSHIP LLC: Claims Registration Deadline Set April 29
KHALAL LLC: Claims Registration Bar Date Set April 28
MIREX LLC: Claims Registration Bar Date Set April 27
SOLTI TRADE: Claims Registration Bar Date Set April 27
UVENTA LK: Claims Registration Bar Date Set April 29
U N I T E D K I N G D O M
ABBOTT INTERNATIONAL: Brings In BDO Stoy as Joint Administrators
ADVANCED MARKETING: Publishers Group Inc.'s Schedules of Assets
ADVANCED MARKETING: Publishers Group West's Schedules of Assets
AMBER NURSING: Appoints Jean M. Ellis as Liquidator
BLOOMFIELD DENTAL: Joint Liquidators Take Over Operations
BRITANNIA BULK: Earns US$2.4 Million in Year Ended December 31
BRITANNIA CONTRACTING: Claims Filing Period Ends April 30
BRITISH WOODWARES: Claims Filing Period Ends July 30
BROTHER 2 BROTHER: Brings In Liquidators from The P&A
BURGHILL VALLEY: Taps David Hughes to Liquidate Assets
CASTLEFIELD DEMOLITION: Creditors' Meeting Slated for April 24
CIRCA TECHNOLOGIES: Hires Liquidator from Sharma & Co.
COUNTRYCARE FARM: Brings In Liquidators from CBA
DESIGNER VISION: Taps Joint Administrators from UHY Hacker
DRAIN TECHNICIANS: Claims Filing Period Ends May 3
DYNAMO SITE: Taps Asher Miller to Liquidate Assets
EXPRESS LINK: Calls In Liquidators from KPMG
FAST TRACK: Creditors' Meeting Slated for April 25
FOOD CONCEPTS: Brings In Administrators from David Rubin
G L FOUNDRIES: Claims Filing Period Ends September 2
GLOBAL CONSULTANCY: Calls In Liquidators from Harrisons
HCCT HOLIDAYS: Claims Filing Period Ends May 11
HEWSON-STUBBS PRODUCTS: Claims Filing Period Ends June 30
HUMBERSIDE HYGIENE: Creditors' Meeting Slated for April 25
INDIGO CITY: Appoints Liquidators from Moore Stephens
INSTEP LTD: Appoints Joint Administrators from BDO Stoy
JAMES WATT: Taps Liquidators from Begbies Traynor
K J SOLUTIONS: Names Liquidators to Wind Up Business
KW PIPEWORK: Gerald Irwin Leads Liquidation Procedure
LIEBSIDE DISTRIBUTION: Lloyd Biscoe Leads Liquidation Procedure
LONGWOOD ENTERPRISES: Claims Filing Period Ends May 30
LONGWOOD ENTERPRISES: Hires Liquidators from KPMG
M K DIGITAL: Appoints Grant Thornton as Joint Administrators
MEDILANE LTD: Appoints Liquidators from KPMG
MEDILANE LTD: Claims Filing Period Ends May 30
MULTIBASE CONTRACTING: Joint Liquidators Take Over Operations
OGBOURNE LTD: Appoints Alan H. Tomlinson as Liquidator
PANTOGRAPH PRECISION: Joint Liquidators Take Over Operations
PEOPLE NOW: Andrew Rosler Leads Liquidation Procedure
PREMIER LANDSCAPING: Claims Filing Period Ends June 2
PREMIER LANDSCAPING: Claims Filing Period Ends June 2
RANK GROUP: S&P Affirms Low-B Ratings & Puts Negative Outlook
RDH COMPONENTS: Appoints Joint Administrators from PKF
RIDGEWOOD TEXTILES: Appoints Michael Ioannou to Liquidate Assets
RIVELIN INSTALLATIONS: Claims Filing Period Ends May 16
SOLO SERVICES: Hires Liquidators from BWC Business Solutions
STANDFITTING UK: Appoints Norwan Cowan as Liquidator
TARGET TOOLS: Names Joint Administrators from Kroll
TIBBATTS ASSOCIATES: Brings In Menzies as Joint Administrators
TK - ENTEC LTD: Claims Filing Period Ends May 4
TM KINGDOM: Creditors' Meeting Slated for April 23
TOUCH OF CLASS: Hires Liquidators from Mitchell Charlesworth
TOWN AND COUNTRY: Claims Filing Period Ends May 11
UNIVERSAL CONTRACT: Creditors' Meeting Slated for April 23
WALES WILLIAMS: Creditors' Meeting Slated for April 25
WARMAC LTD: Taps Tony Freeman to Liquidate Assets
WATMOUGH CARS: Calls In Liquidators from Fisher Partners
WINDERMERE X: Fitch Rates EUR14.5-Million Class F Notes at BB
* Large Companies with Insolvent Balance Sheets
*********
=============
A U S T R I A
=============
FRANZ PISTORA: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors owed money by LLC Franz Pistora (FN 100459i) have
until May 15 to file written proofs of claim to court-appointed
estate administrator Roland Heitzinger at:
Dr. Roland Heitzinger
Plobergerstrasse 7
Ringstrasse 4
4600 Wels
Austria
Tel: 07242/42605-0
Fax: 07242/42605-20
E-mail: heitzinger@ra-stossier.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on May 24 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wels
Hall 101
First Floor
Maria Theresia Strasse 12
Wels
Austria
Headquartered in Wels, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 20 S 38/07z).
INFORMATION-TECHNOLOGY: Claims Registration Period Ends May 22
--------------------------------------------------------------
Creditors owed money by LLC Information-Technology Holding (FN
118273g) have until May 22 to file written proofs of claim to
court-appointed estate administrator Andrea Fruhstorfer at:
Dr. Joerg Beirer
Hauptplatz 32
2700 Wiener Neustadt
Austria
Tel: 02622/27041
Fax: 02622/29246
E-mail: beirer@kosch-partner.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 5 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wiener Neustadt
Room 15
Wiener Neustadt
Austria
Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on March 22 (Bankr. Case No. 11 S 36/07s).
INN CRYSTAL: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors owed money by LLC Inn crystal (FN 116285h) have until
May 15 to file written proofs of claim to court-appointed estate
administrator Manfrid Lirk at:
Dr. Manfrid Lirk
c/o Dr. Karl Robert Hiebl
Stadtplatz 50/2
5280 Braunau am Inn
Austria
Tel: 07722/625 43
Fax: 07722/828 93
E-mail: kanzlei@lirk-hiebl.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 30 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Ried im Innkreis
Hall 101
First Floor
Ried im Innkreis
Austria
Headquartered in Braunau am Inn, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No. 17 S 9/07s).
KOELBLINGER LLC: Wels Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Wels entered March 16 an order shutting down
the business of LLC Koelblinger (FN 109543v).
Court-appointed estate administrator Gerhard Haslbauer
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.
The estate administrator can be reached at:
Dr. Gerhard Haslbauer
Hauptplatz 7
4663 Laakirchen
Austria
Tel: 07613/5588
Fax: 07613/5588-15
E-mail: rechtsanwalt@haslbauer.at
Headquartered in Laakirchen, Austria, the Debtor declared
bankruptcy on March 8 (Bankr. Case No 20 S 33/07i).
METRON IMPEX: Claims Registration Period Ends May 1
---------------------------------------------------
Creditors owed money by LLC Metron Impex (FN 112598k) have until
May 1 to file written proofs of claim to court-appointed estate
administrator Andrea Fruhstorfer at:
Dr. Maximilian Schludermann
Reisnerstrasse 32/12
1030 Vienna
Austria
Tel: 715 50 45
Fax: 715 50 474
E-mail: office@anwalt-vienna.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 15 for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1607
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 28 S 30/07a).
VOELSKE LLC: Claims Registration Period Ends May 22
---------------------------------------------------
Creditors owed money by LLC Voelske (FN 159109i) have until
May 22 to file written proofs of claim to court-appointed estate
administrator Norbert Mooseder at:
Dr. Norbert Mooseder
c/o Dr. Guenther Grassner
Stelzhamerstrasse 1
4400 Steyr
Austria
Tel: 07252/42 4 24
E-mail: lawfirm@gltp.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on June 5 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Steyr
Hall 7
Second Floor
Austria
Headquartered in Garsten, Austria, the Debtor declared
bankruptcy on March 14 (Bankr. Case No. 14 S 7/07p).
===========
C Y P R U S
===========
ENSORTE ENTERPRISES: Fitch Rates Loan Participation Notes at B-
---------------------------------------------------------------
Fitch Ratings assigned Ensorte Enterprises Limited's
RUR3.29 billion issue of 10.5% fixed-rate limited recourse loan
participation notes due October 2008 final ratings of Long-term
'B-' and Recovery 'RR4'.
The notes are to be used solely for financing a loan,
denominated in Russian roubles but funded and repayable in U.S.
dollars, to CB Renaissance Capital, which is guaranteed by
Renaissance Capital International Services Limited, Bermuda.
CBRC is rated Issuer Default 'B-', Short-term 'B', Support '5',
Individual 'D/E' and National Long-term 'BB'. The Outlooks on
the Issuer Default and National Long-term ratings are Stable.
CBRC is a specialist consumer finance bank set up in 2003 and
has been fully operational since 2004. The bank was the 106th-
largest bank in Russia by total assets at end-2006 and within
the top 30 consumer lenders at end of third quarter of 2006,
with a network of 50 regional offices and 3,000 points-of-sale.
CBRC is indirectly owned by Renaissance Holdings Management
Limited. Stephen Jennings, the CEO of Renaissance Group, is one
of the largest individual shareholders in RHML.
=============
F I N L A N D
=============
COMVERSE TECHNOLOGY: Names Andre Dahan as President and CEO
-----------------------------------------------------------
Comverse Technology Inc. named Andre Dahan, the former President
and CEO of AT&T Wireless' Mobile Multimedia Services, as
President, Chief Executive Officer and a member of the company's
Board of Directors, effective April 30, 2007.
Mr. Dahan has more than 30 years of global leadership experience
in the wireless and technology sectors. In addition to his work
with AT&T Wireless, he has held senior executive positions with
Dun & Bradstreet, Teradata Corporation (now NCR) and Sequent
Computer Systems. He also has served on the boards of several
leading, global telecommunications and information technology
companies.
Mark Terrell, Chairman of Comverse Technology's Board of
Directors, said, "Andre Dahan is an exceptional leader with the
vision, global experience and deep industry and technical
knowledge to help make Comverse Technology even stronger for its
investors, customers, partners and employees. Andre has
achieved an extraordinary track record of success in growing and
delivering superior operating results at telecommunications and
technology businesses in highly competitive markets around the
world as well as in driving key corporate and product
innovations - always with a focus on serving the needs of
customers. In particular, Andre's operational background in key
global markets for our products and services will be of great
benefit as we move forward. Andre gets
results, and as we continue to focus on building the value of
our business, we are confident that he is the right leader at
the right time."
Mr. Terrell also noted, "Andre will play a key role in the
comprehensive strategic review that is now underway of the
company's portfolio and of its corporate and capital structure.
In addition, Andre will work closely with Yaron Tchwella,
President of Comverse, Inc., and the heads of Verint Systems,
Ulticom and our other subsidiaries, in pursuing operational
excellence."
Mr. Dahan said, "I am honored to have this opportunity and
excited by the possibilities that lie ahead for Comverse
Technology. Comverse has earned a powerful reputation for
technological innovation, commercial success and relentless
focus on customers. I look forward to working with Comverse's
talented Board and employees to continue to build on this record
of outstanding performance, with a focus on delivering superior
shareholder return. I believe strongly that Comverse is well
positioned to continue to deliver the critical products and
services its customers need to succeed today, and to become an
even more valuable partner to them going forward."
Mr. Dahan, 58, served as President and Chief Executive Officer
of Mobile Multimedia Services at AT&T Wireless from July 2001 to
December 2004. Before that, he served as President of North
America and Global Accounts and in several other global
executive positions for Dun & Bradstreet. In addition, Mr.
Dahan previously served in a variety of senior executive
positions with Teradata Corp. (now NCR), Sequent Computer
Systems and S.E. Qual, an information technology consulting
firm.
He began his career as a database architect and held a variety
of technical positions with MALAM, IAI and IBM. Mr. Dahan
graduated from Hadassah College in Jerusalem, with a degree in
software engineering.
Mr. Dahan currently serves on the board of Red Bend Software,
which provides mobile software management solutions to mobile
companies worldwide, and NeuStar, Inc., a provider of
clearinghouse services to the global communications and Internet
industries. With NeuStar, he is a member of the Audit Committee
and the Governance Committee of the Board of Directors. He also
serves as a board observer for IXI Mobile, Inc., the mobile
messaging solutions provider. He was formerly a director of
PalmSource, Inc., a supplier of the operating systems for
Palm handheld devices, until its acquisition in November 2005.
Mr. Dahan will be stepping down from his positions with the
boards of NeuStar and IXI Mobile before beginning his work with
Comverse Technology.
About Comverse Technology
Comverse Technology, Inc., -- http://www.cmvt.com/-- (Pink
Sheets: CMVT.PK) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services. The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions. Over 500 communication and content
service providers in more than 130 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency. Other Comverse Technology
subsidiaries include: Verint Systems (VRNT.PK), which provides
analytic software-based solutions for communications
interception, networked video security and business
intelligence; and Ulticom (ULCM.PK), which provides service
enabling signaling software for wireline, wireless and Internet
communications.
Comverse has offices all over the world, including Australia,
Finland, Greece, Indonesia, Malaysia, and the Philippines.
* * *
As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.
M-REAL OYJ: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its B3 Corporate Family Rating for M-real Oyj.
Moody's also assigned a B3 Probability-of-Default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability-of-
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ --------
Sr. Unsec. Medium-Term
Note Program B3 B3 LGD4 50%
Sr. Unsec. Regular Bond/
Debenture Due 2007 B3 B3 LGD4 50%
Sr. Unsec. FLT RT EUR
MTNs Due 2008 B3 B3 LGD4 50%
5.60% Senior Unsecured
EUR MTNs Due 2008 B3 B3 LGD4 50%
Senior Unsecured FLT RT
EUR MTNs Due 2009 B3 B3 LGD4 50%
5.91% Senior Unsecured
EUR MTNs Due 2009 B3 B3 LGD4 50%
Senior Unsecured FLT RT
Eurobonds Due 2010 B3 B3 LGD4 50%
Senior Unsecured Eurobonds
Due 2013 B3 B3 LGD4 50%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale. They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).
Headquartered in Espoo, Finland, M-real Oyj -- http://www.m-
real.com/ -- produces and distributes coated and uncoated fine
papers for printing and packaging industries.
===========
F R A N C E
===========
REXEL SA: Raises EUR1.02 Billion in European IPO
------------------------------------------------
Rexel S.A. placed 61.53 million shares to raise a total of
EUR1.02 billion on the Eurolist compartment of Euronext Paris on
April 5.
The global offer reserved to institutions and the open price
offer for retail investors were oversubscribed.
At April 5, the market capitalization of Rexel stood at EUR4.18
billion, based on EUR16.50 first traded price.
Rexel is the 28th company to list on Euronext in 2007.
Placements on all Euronext markets together come to EUR1.6
billion since the beginning of the year, and have added 26.16
billion to total market capitalization.
About Rexel
Headquartered in Paris, France, Rexel SA --
http://www.rexel.com/-- distributes more than one million kinds
of electrical parts and supplies, including wiring devices,
cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components.
REXEL S.A.: S&P Raises Ratings to BB+ on IPO Success
----------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'B' its
long-term corporate credit rating on France-based business-to-
business electrical parts distributor Rexel Distribution S.A.
and Ray Acquisition SCA, following the successful completion of
the partial IPO of Rexel S.A., the ultimate holding company.
At the same time, Standard & Poor's raised to 'BB-' from 'CCC+'
the rating on Ray Acquisition's EUR600 million senior
subordinated notes, maturing in 2015, and to 'BB+' from 'B' the
rating on Ray Acquisition's EUR2.1 billion senior secured
facilities. All ratings were removed from CreditWatch, where
they had been placed with positive implications on Feb. 22. The
outlook is positive.
"The rating action reflects the successful completion of the
partial IPO of about 24% of group equity before employee
offering representing up to 3.4% of capital," said Standard &
Poor's credit analyst Eve Greb. Essentially, all of the
EUR1 billion proceeds will be used to reduce Rexel's net
indebtedness and therefore significantly strengthen its
financial profile. This will involve a claw-back of up to 35%
of the outstanding bonds issued by Ray Acquisition. In
addition, if Ray Acquisition's EUR2.1 billion senior secured
facilities are refinanced through Rexel's proposed new EUR2.1
billion senior credit facility, the remaining 65% of the
outstanding bond will be redeemed. The shareholder loan granted
to Rexel S.A. of EUR1.04 billion at the end of 2006 was
converted into equity. Rexel had net unadjusted financial debt
of EUR1.9 billion at the end of December 2006, pro forma the
partial IPO.
"The positive outlook reflects the possibility of a one-notch
upgrade should the company continue to strengthen its credit
protection measures," Ms. Greb said. In particular, a ratio of
FFO to adjusted debt of about 25% on a sustained basis could
trigger an upgrade. Conversely, should the company choose to
use its excess cash flow for further growth or should cash flow
generation be weaker than expected the outlook could be revised
to stable.
SPCM SA: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for SPCM SA.
Moody's also assigned a B1 probability of default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ --------
8.25% Senior Unsecured
Regular Bond/Debenture
Due 2013 B3 B3 LGD5 85%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale. They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).
Headquartered in Andrezieux, France, SPCM S.A. is a holding
company for SNF group. SNF is one of the leading global
manufacturers of acrylate-based water-soluble polymers. In
2005, SNF reported Net Revenues of EUR731 million (EUR593
million in 2004) and EBITDA of EUR81 million (EUR62 million in
2004).
=============
G E R M A N Y
=============
A. U. W. DIRKS: Claims Registration Period Ends May 22
------------------------------------------------------
Creditors of A. u. W. Dirks Baugeschaft GmbH have until May 22
to register their claims with court-appointed insolvency manager
Roland Lehnert.
Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on June 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 Oldenburg
Meeting Hall
Second Floor
Elisabethstrasse 6
26135 Oldenburg
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 insolvency manager can be contacted at:
Roland Lehnert
Hauptstrasse 5
26122 Oldenburg
Germany
Tel: 0441 950910
Fax: 0441 9509177
E-mail: RA_Lehnert_OL@t-Online.de
The District Court of Oldenburg opened bankruptcy proceedings
against A. u. W. Dirks Baugeschaft GmbH on April 3.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
A. u. W. Dirks Baugeschaft GmbH
Attn: Alfons and Wilfried Dirks, Managers
Eulenweg 9
26689 Apen
Germany
ARABI IM: Claims Registration Period Ends May 25
------------------------------------------------
Creditors of Arabi Im- & Export GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Herbert Duerkop.
Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 25, 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 Hamburg
Hall B405
Fourth Floor Annex
Civil Justice Bldg.
Sievkingplatz 1
20355 Hamburg
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 insolvency manager can be contacted at:
Herbert Duerkop
Neuer Wall 86
20354 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Arabi Im- & Export GmbH on April 3. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Arabi Im- & Export GmbH
Attn: Girma Zemariam, Manager
Grevenweg 95
20537 Hamburg
Germany
AUTOMOTIVE GROUP: Creditors' Meeting Slated for May 18
------------------------------------------------------
The court-appointed insolvency manager for Automotive Group ISE
Industries GmbH, Christopher Seagon, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m. on May 18.
The meeting of creditors and other interested parties will be
held at:
The District Court of Bonn
Hall S 1.19
First Floor
William-Strasse 23
53111 Bonn
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 18, at the same venue.
The District Court of Bonn
Hall S 218
Second Floor
William-Strasse 23
53111 Bonn
Germany
Creditors have until June 25 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Christopher Seagon
Blumenstr. 17
69115 Heidelberg
Germany
Tel: 06221/91180
Fax: 06221/911866
The District Court of Bonn opened bankruptcy proceedings against
Automotive Group ISE Industries GmbH on April 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Automotive Group ISE Industries GmbH
Othestr. 19
51702 Bergneustadt
Germany
BIO-MAGNETIC THERAPY: Claims Registration Period Ends May 21
------------------------------------------------------------
Creditors of Bio-Magnetic Therapy Systems GmbH have until May 21
to register their claims with court-appointed insolvency manager
Christina Siegert.
Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 20, at which time the
insolvency manager will present her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Munich
Meeting Hall 101
Infanteriestr. 5
80097 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 insolvency manager can be contacted at:
Christina Siegert
Oskar-von-Miller-Ring 34-36
80333 Munich
Germany
The District Court of Munich opened bankruptcy proceedings
against Bio-Magnetic Therapy Systems GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Bio-Magnetic Therapy Systems GmbH
Kapellenweg 6
81371 Munich
Germany
BRUNNENKREF SERVICE: Claims Registration Period Ends May 2
----------------------------------------------------------
Creditors of Brunnenkref Service GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.
Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on June 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 Stralsund
Hall A 421
Fourth Floor
House A
Frankendamm 17
Stralsund
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 insolvency manager can be contacted at:
Gerhard Brinkmann
Freiligrathstr. 1
18055 Rostock
Germany
The District Court of Stralsund opened bankruptcy proceedings
against Brunnenkref Service GmbH on April 3. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
Brunnenkref Service GmbH
Attn: Thomas Brunnenkref, Manager
Thronpost 12
17489 Greifswald
Germany
BWP BETREUUNGS: Claims Registration Period Ends April 27
--------------------------------------------------------
Creditors of BWP Betreuungs- und Wohnprojekte gemeinnuetzige
GmbH have until April 27 to register their claims with court-
appointed insolvency manager Peter May.
Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on May 10, 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 Landshut
Meeting Hall 8/I
Maximilianstrasse 22-24
Landshut
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 insolvency manager can be contacted at:
Dr. Peter May
Bachstr. 6
84036 Landshut
Germany
Tel: 0871/94321-0
Fax: 0871/9432150
The District Court of Landshut opened bankruptcy proceedings
against BWP Betreuungs- und Wohnprojekte gemeinnuetzige GmbH on
April 2. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be contacted at:
BWP Betreuungs- und Wohnprojekte gemeinnuetzige GmbH
Krankenhausweg 2
85368 Moosburg
Germany
DRECHSLER ELECTRONIC: Claims Registration Period Ends May 25
------------------------------------------------------------
Creditors of drechsler electronic GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Christian Hellmich.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 14, 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 Pforzheim
Hall 310
Third Floor
Mannheimer Str. 17
75179 Pforzheim
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 insolvency manager can be contacted at:
Christian Hellmich
Koenigstr. 20
70173 Stuttgart
Germany
The District Court of Pforzheim opened bankruptcy proceedings
against drechsler electronic GmbH on April 2. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be contacted at:
drechsler electronic GmbH
Attn: Thomas Drechsler, Manager
Reuchlinstr. 3
75223 Niefern-Oeschelbronn
Germany
EICHMANN & BOENNING: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors of Eichmann & Boenning GmbH & Co. KG. have until
May 30 to register their claims with court-appointed insolvency
manager Holger Zbick.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 20, 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 Muenster
Meeting Hall 119 B
Gerichtsstr. 2-6
48149 Muenster
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 insolvency manager can be contacted at:
Holger Zbick
Koenigstr. 20
70173 Stuttgart
Germany
The District Court of Muenster opened bankruptcy proceedings
against Eichmann & Boenning GmbH & Co. KG. on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be contacted at:
Eichmann & Boenning GmbH & Co. KG.
Attn: Boenning Adreas, Manager
Werner-von-Siemens-Strasse 17
48712 Gescher
Germany
GROENEWALD BAUUNTERNEHMUNG: Claims Registration Ends May 15
-----------------------------------------------------------
Creditors of Groenewald Bauunternehmung GmbH have until May 15
to register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 22, 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 Bonn
Meeting Hall S 2.22
Second Floor
Wilhelmstr. 23
53111 Bonn
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 insolvency manager can be reached at:
Dr. Joerg Bornheimer
Sporergasse 7
50667 Cologne
Germany
Tel: 0221-2726120
Fax: 0221-27261299
The District Court of Bonn opened bankruptcy proceedings against
Groenewald Bauunternehmung GmbH on April 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Groenewald Bauunternehmung GmbH
Attn: Bernhard Stauf and Rolf Groenewald, Managers
Muelldorfer Str. 12b
53757 Sankt Augustin
Germany
GROSSMARKT OBST: Claims Registration Ends May 25
------------------------------------------------
Creditors of Grossmarkt Obst und Gemuese GmbH have until May 25
to register their claims with court-appointed insolvency manager
Heiko Rautmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The Judicial Center of Magdeburg
Breiter Weg 203-206
39104 Magdeburg
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 insolvency manager can be reached at:
Heiko Rautmann
Editharing 31
39108 Magdeburg
Germany
Tel: 0391/5066030
Fax: 0391/5066033
E-Mail: Heiko.Rautmann@gmx.de
The Judicial Center of Magdeburg opened bankruptcy proceedings
against Grossmarkt Obst und Gemuese GmbH on April 4.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Grossmarkt Obst und Gemuese GmbH
Attn: Juergen Meger, Manager
Wilhelm.Kobelt-Str. 44
39108 Magdeburg
Germany
GRUNDBAU GMBH: Claims Registration Ends May 8
---------------------------------------------
Creditors of Grundbau GmbH have until May 8 to register their
claims with court-appointed insolvency manager Arndt Geiwitz.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 29, 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 Kempten
SS 157/I
Residenzplatz 4-6
87435 Kempten
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 insolvency manager can be reached at:
Arndt Geiwitz
Bahnhofstrasse 39
89231 Neu-Ulm
Germany
Tel: 0731/970180
Fax: 0731/97018650
The District Court of Kempten opened bankruptcy proceedings
against Grundbau GmbH on April 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Grundbau GmbH
Eichweg 14
87666 Pforzen
Germany
H&S ISOLIERTECHNIK: Claims Registration Ends May 22
---------------------------------------------------
Creditors of H&S Isoliertechnik GmbH have until May 22 to
register their claims with court-appointed insolvency manager
Matthias Roensch.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 3, 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 Dresden
Hall D131
Olbrichtplatz 1
01099 Dresden
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 insolvency manager can be reached at:
Matthias Roensch
Gustav-Adolf-Strasse 6 b
01219 Dresden
Germany
Web site: http://www.munz-anwaelte.de/
The District Court of Dresden opened bankruptcy proceedings
against H&S Isoliertechnik GmbH on April 4. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
H&S Isoliertechnik GmbH
Attn: Heinz Vetter, Manager
Ernst-Thalmann-Str. 46
02991 Leippe-Torno
Germany
HATER GMBH: Creditors Must Register Claims by May 22
----------------------------------------------------
Creditors of Hater GmbH have until May 22 to register their
claims with court-appointed insolvency manager Horst Piepenburg.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 21, 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 Muenster
Meeting Hall 13 B
Gerichtsstr. 2-6
48149 Muenster
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 insolvency manager can be reached at:
Horst Piepenburg
Heinrich-Heine-Allee 20
40213 Duesseldorf
Germany
Tel: 0211/492240
Fax: +492114922487
The District Court of Muenster opened bankruptcy proceedings
against Hater GmbH on April 1. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Hater GmbH
Gartenstrasse 12
46348 Raesfeld
Germany
HERMANN WILLERSHAUSEN: Creditors Must Register Claims by May 30
---------------------------------------------------------------
Creditors of Hermann Willershausen Fleischwarenfabrik GmbH & Co
Kommanditgesellschaft have until May 30 to register their claims
with court-appointed insolvency manager Manfred Kuhne.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 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 Marburg/Lahn
Hall 157
Universitatsstrasse 48
35037 Marburg/Lahn
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 insolvency manager can be reached at:
Manfred Kuhne
Schwanallee 18-20
35037 Marburg
Germany
Tel: 06421/407960
Fax: 06421/15858
The District Court of Marburg/Lahn opened bankruptcy proceedings
against Hermann Willershausen Fleischwarenfabrik GmbH & Co
Kommanditgesellschaft on March 30. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Hermann Willershausen Fleischwarenfabrik GmbH & Co
Kommanditgesellschaft
Kirbach 21
35102 Lohra
HEXA-CHAIN EUROPA: Creditors Must Register Claims by May 25
-----------------------------------------------------------
Creditors of Hexa-Chain Europa GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Angelika Amend.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 25, at which time the
insolvency manager will present her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court Bad Homburg v.d. Hoehe
Room 302
Third Floor
Auf der Steinkaut 10-12
61352 Bad Homburg v.d. Hoehe
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 insolvency manager can be reached at:
Angelika Amend
Minnholzweg 2b
D 61476 Kronberg/Ts.
Germany
Tel: 06173/78340
Fax: 06173/783422
Germany
The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Hexa-Chain Europa GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Hexa-Chain Europa GmbH
Am Riedborn 16
61250 Usingen
Germany
Angelika Amend
Minnholzweg 2b
D 61476 Kronberg/Ts.
Germany
Tel: 06173/78340
Fax: 06173/783422
HSG AUGUSTDORF/HOEVELHOF: Creditors Must File Claims by April 27
----------------------------------------------------------------
Creditors of HSG Augustdorf/Hoevelhof Musketiere Lopshorn
Spielbetriebs- und Marketing GmbH & Co. KG have until April 27
to register their claims with court-appointed insolvency manager
Oliver Schulte.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 29, 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 Detmold
Meeting Room 12
Ground Floor
Gerichtsstr. 6
32756 Detmold
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 insolvency manager can be reached at:
Oliver Schulte
Moltkestr. 12
32756 Detmold
Germany
The District Court of Detmold opened bankruptcy proceedings
against HSG Augustdorf/Hoevelhof Musketiere Lopshorn
Spielbetriebs- und Marketing GmbH & Co. KG on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
HSG Augustdorf/Hoevelhof Musketiere Lopshorn
Spielbetriebs- und Marketing GmbH & Co. KG
Cacilienstr. 2
32832 Augustdorf
Germany
JOHANN HATER: Claims Registration Period Ends May 22
----------------------------------------------------
Creditors of Johann Hater GmbH & Co. KG have until May 22 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 21, 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 Muenster
Meeting Hall 112 B
First Floor
Gerichtsstr. 2-6
48149 Muenster
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 insolvency manager can be reached at:
Horst Piepenburg
Heinrich-Heine-Allee 20
40213 Duesseldorf
Tel: 0211/492240
Fax: +492114922487
The District Court of Muenster opened bankruptcy proceedings
against Johann Hater GmbH & Co. KG on April 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Johann Hater GmbH & Co. KG
Attn: Maria Hater, Manager
Gartenstrasse 12
46348 Raesfeld
Germany
LINN UND JUNG: Creditors' Meeting Slated for May 14
---------------------------------------------------
The court-appointed insolvency manager for Linn und Jung GmbH
Planungs- und Vertriebsbuero fuer das Baugewerbe, Joachim
Glaser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:33 a.m. on
May 14.
The meeting of creditors and other interested parties will be
held at:
The District Court of Montabaur
Hall 106
First Stock
Bahnhofstrasse 47
56410 Montabaur
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 8:59 a.m. on Aug. 27 at the same venue.
Creditors have until June 27 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Joachim Glaser
Konrad-Adenauer-Str. 2a
56414 Wallmerod
Germany
Tel: 06435-96400
Fax: 06435-964024
The District Court of Montabaur opened bankruptcy proceedings
against Linn und Jung GmbH Planungs- und Vertriebsbuero fuer das
Baugewerbe on April 1. Consequently, all pending proceedings
against the company have been automatically stayed.
The Debtor can be reached at:
Linn und Jung GmbH Planungs- und Vertriebsbuero fuer
das Baugewerbe
Attn: Volker Jung, Manager
Bahnhofstrasse 21
56414 Herschbach
Germany
MALEREIBETRIEB RAUM: Creditors' Meeting Slated for May 10
---------------------------------------------------------
The court-appointed insolvency manager for Malereibetrieb Raum
und Objekt GmbH, Dirk Oelbermann, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:00 a.m. on May 10.
The meeting of creditors and other interested parties will be
held at:
The District Court of Syke
Hall 112
Hauptstr. 5A
28857 Syke
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on June 28 at the same venue.
Creditors have until May 16 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Dirk Oelbermann
Ostertorsteinweg 74/75
28203 Bremen
Germany
The District Court of Syke opened bankruptcy proceedings against
Malereibetrieb Raum und Objekt GmbH on April 2. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Malereibetrieb Raum und Objekt GmbH
Attn: Dirk Michael Bechert, Manager
Am schmalen Bruch 24
28844 Weyhe
Germany
OCEAN STAR: Fitch Rates US$9.7-Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings affirmed all of Ocean Star 2004 PLC's and Ocean
Star 2005 PLC's credit-linked floating-rate notes due 2018 and
2012 respectively:
Ocean Star 2004:
-- US$0.25 million Class A+ notes at 'AAA';
-- US$52.75 million Class A notes at 'AAA';
-- US$79.15 million Class B notes at 'AA';
-- US$79.15 million Class C notes at 'A';
-- US$53.8 million Class D notes at 'BBB-'and
-- US$19 million Class E notes at 'BB-'.
Ocean Star 2005:
-- US$28.6 million Class A notes at 'AAA';
-- US$25.7 million Class B notes at 'AA';
-- US$42.8 million Class C notes at 'A';
-- US$23.4 million Class D notes at 'BBB' and
-- US$9.7 million Class E notes at 'BB'.
The affirmations follow the replenishments of the underlying
portfolios and a satisfactory review of both transactions'
performance to date.
Ocean Star 2004 and Ocean Star 2005 are revolving synthetic
securitizations of shipping loan obligations originated by HSH
Nordbank AG and its predecessors, LB Kiel and Hamburgische
Landesbank, with respect to reference portfolios with an
outstanding amount of up to US$1,054.7 million and
US$570.1 million, respectively. The reference portfolio
consists of loans secured by ships.
This is Ocean Star 2004's fifth portfolio replenishment since
closing and Ocean Star 2005's third replenishment since closing.
The levels of credit enhancement have not changed since closing
for both transactions. No credit events, defaults or losses for
both transactions have occurred since inception. No
delinquencies have been reported since closing. The rating of
collateral available to the issuer has not changed. The current
portfolio characteristics meet the transactions' general
replenishment conditions and bear lower concentration risk
compared to the initial portfolios.
REDEKIN MBH: Claims Registration Period Ends May 21
---------------------------------------------------
Creditors of Redekin mbH have until May 21 to register their
claims with court-appointed insolvency manager Klaus Wrede.
Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on June 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 Stendal
Hall 411
Albrecht der Bar
Scharnhorststrasse 40
39576 Stendal
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 insolvency manager can be reached at:
Klaus Wrede
Lennestrasse 10
39112 Magdeburg
Germany
Tel: 0391/59733-0
Fax: 0391/5973333
The District Court of Stendal opened bankruptcy proceedings
against Redekin mbH on March 29. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Redekin mbH
Attn: Kerstin Riemer, Manager
Klietznicker Weg 15
39319 Redekin
Germany
REIF & GERBES: Creditors' Meeting Slated for May 14
---------------------------------------------------
The court-appointed insolvency manager for Reif & Gerbes
Heimwerkermarkt GmbH, Dr. Thomas Wazlawik, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on May 14.
The meeting of creditors and other interested parties will be
held at:
The District Court of Passau
Meeting Room 12a/EG
Second Floor
Schustergasse 4
Passau
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 18 at the same venue.
Creditors have until June 21 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Dr. Thomas Wazlawik
Luragogasse 5
94032 Passau
Germany
Tel: 0851/490548-0
Fax: 0851/490548-9
The District Court of Passau opened bankruptcy proceedings
against Reif & Gerbes Heimwerkermarkt GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Reif & Gerbes Heimwerkermarkt GmbH
Attn: Guenter Gerbes, Manager
Strohtestr. 35-37
49356 Diepholz
Germany
ROSE STRASSENBAU: Creditors' Meeting Slated for May 8
-----------------------------------------------------
The court-appointed insolvency manager for Guenther Rose
Strassenbau GmbH, Christoph Rosenmueller, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:45 a.m. on May 8.
The meeting of creditors and other interested parties will be
held at:
The District Court of Charlottenburg
Second Stock Hall 218
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 8:40 a.m. on Sept. 13 at the same venue.
Creditors have until July 1 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Christoph Rosenmueller
Berliner Str. 117
10713 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Guenther Rose Strassenbau GmbH on April 3.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Guenther Rose Strassenbau GmbH
Otawistrasse 7
13351 Berlin
Germany
SP HINSCH: Claims Registration Period Ends May 29
-------------------------------------------------
Creditors of SP Hinsch GmbH have until May 29 to register their
claims with court-appointed insolvency manager Christian Scholz.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 Tostedt
Meeting Room I
Area CE.02
Linden 23
21255 Tostedt
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 insolvency manager can be reached at:
Christian Scholz
Heuberg 1
20354 Hamburg
Germany
Tel: 040 / 350 16 90
Fax: 040 / 350 16 915
The District Court of Tostedt opened bankruptcy proceedings
against SP Hinsch GmbH on April 2. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
SP Hinsch GmbH
Attn: Sigrid Hinsch, Manager
Industriestrasse 19
21640 Horneburg
Germany
TST KANALSANIERUNG: Creditors' Meeting Slated for May 9
-------------------------------------------------------
The court-appointed insolvency manager for TST Kanalsanierung
GmbH, Udo Groener, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
2:10 p.m. on May 9.
The meeting of creditors and other interested parties will be
held at:
The District Court of Saarbruecken
Area Hall 24
First Floor
Branch Office Sulzbach
Vopeliusstrasse 2
66280 Sulzbach
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 1:45 p.m. on July 18 at the same venue.
Creditors have until June 20 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Udo Groener
Faktoreistrasse 4
66111 Saarbruecken
Germany
Tel: 0681/ 41010
Fax: 0681/ 4101 276
The District Court of Saarbruecken opened bankruptcy proceedings
against TST Kanalsanierung GmbH on April 1. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
TST Kanalsanierung GmbH
Attn: Roland Koenig, Manager
Suedstr. 18
66780 Rehlingen-Siersburg
Germany
=============
I R E L A N D
=============
SANYO ELECTRIC: To Book JPY2 Billion Loss From Battery Recall
-------------------------------------------------------------
Sanyo Electric Co Ltd will book a loss of JPY2.04 billion or
US$17 million in its earnings for the year ended March 31, 2007,
related to the recall of mobile phone batteries, according to
Reuters.
As reported in the Troubled Company Reporter on Dec. 12, 2006,
NTT DoCoMo Inc. recalled some 1.3 million batteries made by
Sanyo Electric, which are used in Mitsubishi Electric Corp's
handsets. The recall was prompted by fears that the lithium ion
batteries installed in Mitsubishi's FOMA D902i phones may
overheat and rupture.
Reuters recounts that Sanyo forecast in January a net loss of
US$419.8 million on sales of US$18.4 billion. The company has
no plan to revise its earnings estimates for the year ended
March 31, Reuters reports.
About Sanyo Electric
Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products. The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s BB+
long-term foreign and local currency issuer default and senior
unsecured ratings on rating watch negative.
The TCR-AP reported on May 25, 2006, that Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on Sanyo Electric
Co. Limited. At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.
=========
I T A L Y
=========
ALITALIA SPA: Air One Has No Plans to Sell Carrier
--------------------------------------------------
Air One S.p.A. will not sell Alitalia S.p.A. if it wins the
tender to acquire the Italian national carrier, Corriere della
Sera reports citing Air One chairman Carlo Toto.
"Under our proposal we will not buy Alitalia and resell it," Mr.
Toto was quoted by Corriere della Sera as saying.
Mr. Toto told Corriere della Sera that Air One plans to make
Alitalia the fourth-largest airline in Europe, adding that the
national carrier needs a strong "Italian industrial project."
AirOne S.p.A. is backed by Intesa-San Paolo S.p.A.
In a TCR-Europe report on April 5, three potential buyers
entered the next phase of the tender to acquire the Italian
government's 39.9% stake in Alitalia.
According to the Italian Treasury, which holds stake for the
government, bidders are firms forming three consortium:
-- OAO Aeroflot and Unicredito Italiano S.p.A.;
-- TPG capital and MatlinPatterson Global Advisers; and
-- AirOne S.p.A. and Intesa-San Paolo S.p.A.
The government gave the bidders until April 16 to submit non-
binding offers and a five-year business plan for Alitalia. The
plan, which must include job levels, will be binding for three
years and can only be amended with the government's approval.
The government plans to complete the sale in June.
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.
ALITALIA SPA: Buyer Needs EUR3 Bln to Revive Firm, Italy Says
-------------------------------------------------------------
The buyer for Italian national carrier Alitalia S.p.A. will have
to spend around EUR3 billion to acquire and return it to
profitability, Dow Jones Newswires reports citing Transport
Minister Alessandro Bianchi.
Mr. Bianchi said Alitalia's buyer would have to spend EUR1.5
billion for buying the carrier, and another EUR1.5 billion to
turn it around.
In a TCR-Europe report on April 5, three potential buyers
entered the next phase of the tender to acquire the Italian
government's 39.9% stake in Alitalia.
According to the Italian Treasury, which holds stake for the
government, bidders are firms forming three consortium:
-- OAO Aeroflot and Unicredito Italiano S.p.A.;
-- TPG capital and MatlinPatterson Global Advisers; and
-- AirOne S.p.A. and Intesa-San Paolo S.p.A.
The government gave the bidders until April 16 to submit non-
binding offers and a five-year business plan for Alitalia. The
plan, which must include job levels, will be binding for three
years and can only be amended with the government's approval.
The government plans to complete the sale in June.
Mr. Bianchi, meanwhile, said that the comment of Infrastructure
Minister Antonio di Pietro had been misunderstood as casting
doubt on OAO Aeroflot's bid for Alitalia.
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.
BLYTH INC: Posts US$103.17-Mln Loss for Year Ended Jan. 31, 2007
----------------------------------------------------------------
Blyth Inc. released its financial results for the fourth quarter
and year ended Jan. 31, 2007.
Blyth posted US$103.17 million in net losses on US$1.22 billion
net revenues for the year ended Jan. 31, 2007, compared with
US$24.85 million in net profit on US$1.25 billion net revenues
for the year ended Jan. 31, 2005.
The company registered US$17.0 million in net profit on
US$379.84 million net revenues for the fourth quarter ended
Jan. 31, 2007, compared with US$12.30 million in net losses on
US$380.71 million net revenues for the fourth quarter ended
Jan. 31, 2005.
"Fiscal year 2007 has been one of significant transition for
Blyth, as demonstrated by our fourth quarter and full year
restructuring charges," Robert B. Goergen, Blyth's Chairman of
the Board and CEO, said. "Most of these unusual charges are
non-cash, and Blyth continues to generate strong cash flow,
achieving US$95 million in Cash Flow From Operations in fiscal
year 2007. Restructuring efforts within the Multi-channel Group
of Wholesale and Catalog & Internet businesses, as well as the
Direct Selling segment, have further streamlined operations,
eliminated numerous less profitable customers and continued to
improve the efficiency of our asset base. We believe that these
steps will position the Company for improved performance and
profitability in fiscal year 2008. Due to the complexity of our
fourth quarter and full year results, we have included a summary
table of unusual items to assist investors in understanding
Blyth's financials."
"The divestiture of our European Wholesale businesses was
completed in the fourth quarter with the sale of our Colony
premium candle company in the U.K. Blyth has narrowed its
European focus to direct selling, which is where we believe we
have the best opportunities for profitable growth," Mr. Goergen
continued. "This year's strong, double-digit sales growth in
markets such as France and the Nordic region support our
conclusion."
About Blyth
Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products. The company has operations in Italy, Spain, Hong
Kong, China, and Australia.
* * *
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.
Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
US$125M senior
unsecured bonds
due 2009 Ba3 Ba3 LGD4 55%
US$100M senior
unsecured bonds
due 2013 Ba3 Ba3 LGD4 55%
BLYTH INC: Declares US$0.27 Per Share Semi-Annual Cash Dividend
---------------------------------------------------------------
Blyth Inc. has declared a semi-annual cash dividend of US$0.27
per share on the Company's common stock for the six months ended
Jan. 31, 2007.
This represents an increase of US$0.04 per share, or
approximately 17%, above the semi-annual dividend paid for the
comparable period last year and an equal amount to the semi-
annual dividend paid in November 2006. The dividend, authorized
at the March 27, 2007 Board of Directors meeting, will be
payable to shareholders of record as of May 1, 2007, and will be
paid on May 15, 2007.
About Blyth
Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products. The company has operations in Italy, Spain, Hong
Kong, China, and Australia.
* * *
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba3 Corporate Family Rating for Blyth, Inc.
Additionally, Moody's held its probability-of-default ratings
and assigned loss-given-default ratings on these loans and bond
debt obligations:
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
US$125M senior
unsecured bonds
due 2009 Ba3 Ba3 LGD4 55%
US$100M senior
unsecured bonds
due 2013 Ba3 Ba3 LGD4 55%
IMAX CORP: Provides Status Update on Delayed Filing
---------------------------------------------------
IMAX Corporation has provided a status update pursuant to the
alternative information guidelines of the Ontario Securities
Commission. These guidelines contemplate that the company will
normally provide bi-weekly updates on its affairs until such
time as the company is current with its filing obligations under
applicable Canadian provincial securities laws.
Except as to the matters described in the company's press
releases of April 3, April 5, and April 9, the company reported
that there had been no material developments in the matters
reported in the company's press release "IMAX to Delay Filing of
2006 10-K" dated March 29, 2007.
The company previously said that it would delay the filing of
its annual report on Form 10-K for fiscal 2006 due to the
discovery of certain accounting errors and has since broadened
its accounting review to include certain other accounting
matters based on comments received by the Company from the SEC
and Ontario Securities Commission. The company is currently
working diligently and devoting necessary resources to complete
the report and filing as soon as practicable. For the reasons
described in its prior news releases, the company cannot predict
when it will complete its review and file its financial
statements, although it intends to do so as soon as practicable.
The statements set forth in this press release are preliminary,
reflect information currently known to the company and are
subject to change as a result of the accounting review and
restatement process, subsequent events and the completion of the
audit of the financial statements by the company's independent
auditors, PricewaterhouseCoopers, LLP.
The Company's next bi-weekly status update is expected to be
released during the week of April 23.
IMAX Corporation - http://www.imax.com-- is an entertainment
technology company specializing in large-format and three-
dimensional (3D) film presentations. The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites. IMAX has locations in
Guatemala, India, and Italy, among others.
* * *
As reported in the TCR-Europe on March 22, Standard & Poor's
Ratings Services affirmed its ratings, including the 'B-'
corporate credit rating, on IMAX Corp. and removed them from
CreditWatch, where they were placed on March 10, 2006, with
developing implications.
===================
K A Z A K H S T A N
===================
LLP: Creditors Must File Claims by May 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Akkum insolvent.
Creditors have until May 16 to submit written proofs of claim
to:
Tax Committee on South Kazakhstan Region
Shymkent
South Kazakhstan Region
Kazakshtan
BELIBO LLP: Creditors' Claims Due May 16
----------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Belibo insolvent.
Creditors have until May 16 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of North Kazakhstan Region
Jumabaev Str. 102-25
Petropavlovsk
North Kazakhstan Region
Kazakhstan
BOLID &K: Proof of Claim Deadline Slated for May 18
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP BOLID &K insolvent.
Creditors have until May 18 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Kostanai
Gogol Str. 177a
Kostanai
Kazakhstan
DRUJBA KI: Claims Registration Ends May 18
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Drujba Ki insolvent.
Creditors have until May 18 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Kostanai
Gogol Str. 177a
Kostanai
Kazakhstan
KAZAKHSTAN OTYN-GAS: Claims Filing Period Ends May 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kazakhstan Otyn-Gas insolvent.
Creditors have until May 18 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of Akmola
Room 228
Auelbekov Str. 139a
Kokshetau
Akmola
Kazakhstan
Tel: 8 (3162) 25-79-32
MAKTA AGRO: Creditors Must File Claims by May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Lsj Makta Agro insolvent.
Creditors have until May 16 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan Region
Tokaev Str.17
Shymkent
South Kazakhstan Region
Kazakhstan
Tel: 8 (3252) 54-53-29
PUHOVIK LLP: Creditors' Claims Due May 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Puhovik insolvent on Feb. 21.
Creditors have until May 16 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan Region
Myzy Str. 2/1
Ust-Kamenogorsk
East Kazakhstan Region
Kazakhstan
Tel: 8 (3232) 24-22-84
TAMYZ LLP: Proof of Claim Deadline Slated for May 16
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Tamyz insolvent.
Creditors have until May 16 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of North Kazakhstan Region
Jumabaev Str. 102-25
Petropavlovsk
North Kazakhstan Region
Kazakhstan
TECHNIC LLP: Claims Registration Ends May 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Technic insolvent on Feb. 23.
Creditors have until May 16 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan Region
Myzy Str. 2/1
Ust-Kamenogorsk
East Kazakhstan Region
Kazakhstan
Tel: 8 (3232) 24-22-84
TILEUBERDI LLP: Claims Filing Period Ends May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Tileuberdi insolvent.
Creditors have until May 16 to submit written proofs of claim
to:
The Specialized Inter-Regional
Economic Court of South Kazakhstan Region
Tokaev Str.17
Shymkent
South Kazakhstan Region
Kazakhstan
Tel: 8 (3252) 54-53-29
===================
K Y R G Y Z S T A N
===================
D & T ELECTRONICS: Claims Filing Period Ends May 30
---------------------------------------------------
LLC D & T Electronics Co. Ltd. has declared insolvency.
Creditors have until May 30 to submit written proofs of claim
Inquiries can be addressed to (+996 312) 46-45-77.
===================
L U X E M B O U R G
===================
EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
------------------------------------------------------------
Evraz Group S.A. is holding talks to acquire U.S.-Canadian
steelmaker IPSCO Inc. for US$6 billion, business newspaper
Vedomosti reports citing sources privy to the matter.
Sources close to Evraz's shareholders told Vedomosti that the
acquisition talks commenced several weeks ago. Rina Kibina,
vice-president of Evraz, however, declined to comment on the
report when contacted by The Associated Press.
Headquartered in Lisle, Illinois, IPSCO Inc. produces steel
products with facilities located at 25 sites throughout the
United States and Canada. The firm operates four steel mills,
11 pipe mills, nine product-finishing plants and nine scrap
processing centers.
Andrei Litvin of MDM Bank told AP that the Evraz's acquisition
of Ipsco was theoretically possible. Mr. Litvin added that
IPSCO would allow Evraz to diversify productively and
geographically. Mr. Litvin, however, commented that Evraz faces
the hurdle of financing its acquisition IPSCO, which market
values currently stands at around US$6 billion.
AP notes that Evraz has the highest debt burden among Russian
steel firms following its acquisition of Oregon Steel.
RIA Novosti, meanwhile, says the talks to acquire IPSCO are part
of the group "worldwide expansion" merger and acquisition
strategy.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
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 the Sverdlovsk
region and two mills in the 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.
EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
------------------------------------------------------------
Evraz Group S.A. released its operational results for the first
quarter of 2007.
1Q 1Q 1Q 2007/1Q 2006 4Q 1Q 2007/4Q 2006
Products 2007 2006 change, %** 2006 change, %***
-------- ---- ---- -------------- ---- ---------------
(in tons unless
otherwise stated)
Steel division
Pig iron 3,293 3,071 +7.2% 3,085 +6.7%
Steel 4,287 3,841 +11.6% 4,103 +4.5%
Rolled
products (1) 3,892 3,405 +14.3% 3,610 +7.8%
Mining division
Iron ore
Concentrate
(saleable products)647 499 +29.5% 807 (19.9)%
Sinter 2,235 2,046 +9.2% 1,984 +12.7%
Pellets 1,557 1,473 +5.7% 1,484 +4.9%
Coal (mined)
Cooking coal 142 206 (31.1)% 163 (13.1)%
Steam coal 58 12 +383.7% 43 36.2%
Vanadium
Vanadium products,
tons (2) 1,697 n/a 1,507 +12.6%
Equity investments (3)
Cooking coal
(Raspadskaya) 3,273 1,594 +105.3% 2,950 +10.9%
Cooking and
steam coal
(Yuzhkuzbassugol) 3,557 3,514 +1.2% 4,576 (22.3)%
* All information on production volumes of the enterprises
presented in the press release concerns only the period
of their operation within Evraz Group. The total volume
of rolled steel products excludes those re-rolled at other
Group's plants. These volumes are eliminated as
intercompany sales for purposes of Evraz's consolidated
operating results.
** Percentage changes may not be exact due to rounding.
(1) Operational results of Evraz Oregon Steel Mills are
consolidated into the Group since Jan. 12, 2007.
(2) Calculated in pure vanadium equivalent. Include
operational results of Strategic Minerals Corp.
consolidated into the Group since September 2006.
(3) Evraz Group holds 40% beneficial interest in OAO
Raspadskaya and 50% interest in Yuzhkuzbassugol.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
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 the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Evraz Group S.A.
The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006. Most of the
rating actions Moody's confirmed relate to senior secured loans.
* Issuer: Evraz Group S.A.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
8.25% Senior Unsecured
Regular Bond/
Debenture Due 2015 B2 B2 LGD5 88%
* Issuer: Evraz Securities S.A.
Old POD New POD LGD Loss Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
10.875% Senior Unsecured
Regular Bond/
Debenture Due 2009 B1 Ba3 LGD3 47%
In November 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.
Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.
THIEL LOGISTIK: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Thiel Logistik A.G.
Moody's also assigned a B2 probability of default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ --------
8% Senior Subordinated
Regular Bond/Debenture
due 2012 Caa1 Caa1 LGD6 90%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale. They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).
Headquartered in Grevenmacher, Luxembourg, Thiel Logistik AG
develops complete logistics and service solutions as an external
partner for industry and commerce. In 2004, the Thiel Group
achieved sales of EUR1.7 billion and currently employs
approximately 9,000 people in 41 countries. With more than 400
locations on all continents, Thiel Logistik operates in the
major European markets and in every important procurement and
sales market worldwide.
=====================
N E T H E R L A N D S
=====================
X5 RETAIL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for X5 Retail Group
N.V.
Moody's also assigned a B1 probability of default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale. They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).
Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) -- http://www.5chka.com/-- operates a
large store network largely covering the Moscow region and St.
Petersburg but also has a good presence in other Russian regions
through its franchise operations. The company has recently
acquired two of its successful regional franchise operations in
Yekaterinburg and Chelyabinsk.
===========
N O R W A Y
===========
SHIP FINANCE: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Ship Finance
International Limited.
Moody's also assigned a Ba3 probability of default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ --------
Senior Secured Bank
Credit Facility Ba2 Ba2 LGD3 41%
Senior Unsecured
Regular Bond/Debenture
Due 2013 B1 B1 LGD5 79%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale. They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).
Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers. The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway, and Singapore.
It is also involved in the charter, purchase, and sale of
vessels.
===========
P O L A N D
===========
HELLENA SA: Kofola AS Acquires Business for PLN17.2 Million
-----------------------------------------------------------
Kofola AS has purchased bankrupt rival Hellena S.A. for PLN17.2
million (US$6.05 million), subject to the approval of a
bankruptcy court in Kalisz, Poland, Dow Jones Newswires reports,
citing the Polish Press Agency as its source.
According to the report, Kofola's acquisition of Hellena could
potentially strengthen the Czech company's position in the
market -- enough to challenge Pepsico as the world's second-
largest soft drinks maker next to dominant company Coca-Cola.
About Kofola AS
Czech company Kofola AS -- http://www.kofola.cz/cz/--
manufactures carbonated soft drink in the Czech Republic and
Slovakia. It is the main competitor of Coca-Cola and Pepsi on
the two markets.
About Hellena S.A.
Headquartered in Poland, Hellena S.A. http://www.hellena.com.pl/
-- was established in 1991 by Zenon Sroczyski. Since 1994 it
has become a joint stock company. It specializes in fruit and
vegetable juices production, carbonated and non-carbonated
drinks, and natural spring waters and promotes traditional
Polish flavors.
A bankruptcy court in Kalisz, Poland, commenced bankruptcy
proceedings for Hellena in June 2005. It has placed the entire
business on the block since then and has drawn considerable
interest from rival companies. The company's assets and debts
were each estimated at PLN130 million.
STOCZNIA GDYNIA: Imminent Bankruptcy May Cost Taxpayers PLN3 Bln
----------------------------------------------------------------
Stocznia Gdynia, which has received PLN4.2 billion in state
subsidies from 2001-2005, could potentially cost Polish
taxpayers about PLN3 billion if it goes bankrupt, the Financial
Times reports, quoting the Polish News Bulletin.
According to the report, experts from F5 Konsulting were asked
to submit an appraisal of Stocznia Gdynia's assets by May 17.
The company hopes to receive a capital injection of PLN515
million from the Polish Treasury to boost the value of its
assets and repay its debts.
The Treasury will present a proposal detailing additional
financial support for the company at its next meeting, possibly
granting cash or shares in state companies to Stocznia Gdynia,
the Polish News Bulletin states.
About Stocznia Gdynia
Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- is a shipyard that has been
undergoing restructuring for the past several years.
===========
R U S S I A
===========
BASHKIRSKIYE AIRLINES: Creditors Must File Claims by May 24
-----------------------------------------------------------
Creditors of OJSC Air Company Bashkirskiye Airlines (TIN
0274108158) have until May 24 to submit proofs of claim to:
R. Shuvarov
Insolvency Manager
Office 2
Oktyabrya Pr. 11
Ufa
450001 Bashkortostan
The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A07-15423/06-G-KhRM.
The Court is located at:
The Arbitration Court of Bashkortostan
Oktyabrskoy Revolyutsii Str. 63a
Ufa
Bashkortostan
Russia
The Debtor can be reached at:
OJSC Air Company Bashkirskiye Airlines
Airport
Ufa
450056 Bashkortostan
Russia
BODAYBINSKAYA MINING: Creditors Must File Claims by May 24
----------------------------------------------------------
Creditors of LLC Bodaybinskaya Mining Company (TIN 3802008472
have until May 24 to submit proofs of claim to:
V. Demenchuk
Insolvency Manager
Post User Box 1958
Bratsk
665732 Irkutsk
Russia
The Arbitration Court of Irkutsk company after finding it
insolvent. The case is docketed under Case No. A19-8901/06-29.
The Court is located at:
The Arbitration Court of Irkutsk
Room 303
Gagarina Avenue 70
664025 Irkutsk
Russia
The Debtor can be reached at:
LLC Bodaybinskaya Mining Company
Sadovaya Str. 12-12
Balakhinskiy
Bodaybinskiy
666921 Irkutsk
Russia
CB RENAISSANCE: Fitch Rates Ensorte's RUR3.29-Bln Issue at B-
-------------------------------------------------------------
Fitch Ratings assigned Ensorte Enterprises Limited's
RUR3.29 billion issue of 10.5% fixed-rate limited recourse loan
participation notes due October 2008 final ratings of Long-term
'B-' and Recovery 'RR4'.
The notes are to be used solely for financing a loan,
denominated in Russian roubles but funded and repayable in U.S.
dollars, to CB Renaissance Capital, which is guaranteed by
Renaissance Capital International Services Limited, Bermuda.
CBRC is rated Issuer Default 'B-', Short-term 'B', Support '5',
Individual 'D/E' and National Long-term 'BB'. The Outlooks on
the Issuer Default and National Long-term ratings are Stable.
CBRC is a specialist consumer finance bank set up in 2003 and
has been fully operational since 2004. The bank was the 106th-
largest bank in Russia by total assets at end-2006 and within
the top 30 consumer lenders at end of third quarter of 2006,
with a network of 50 regional offices and 3,000 points-of-sale.
CBRC is indirectly owned by Renaissance Holdings Management
Limited; Stephen Jennings, the CEO of Renaissance Group, is one
of the largest individual shareholders in RHML.
ELDA CJSC: Court Names E. Zomba as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Ms. E. Zomba as Insolvency Manager for CJSC Timber Trading
Company Elda. She can be reached at:
E. Zomba
Post User Box 142
192007 St. Petersburg
Russia
Tel: 8(812) 764-39-27
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A56-51372/2006.
The Court is located at:
The Arbitration Court of Sverdlovsk
Lenina Pr. 34
620151 Ekaterinburg
Russia
The Debtor can be reached at:
E. Zomba
Post User Box 142
192007 St. Petersburg
Russia
Tel: 8(812) 764-39-27
ENERGO-GAS CJSC: Creditors Must File Claims by May 24
-----------------------------------------------------
Creditors of CJSC Energo-Gas (TIN 7729342460) have until May 24
to submit proofs of claim to:
L. Serdyuk
Insolvency Manager
Apartment 6
Building 3
Moldagulovoj Str. 16
111395 Moscow
Russia
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent. The case is docketed under Case No. A40-58004/
06-124-1151B.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC Energo-Gas
Setunskiy Proezd 3 10
119136 Moscow
Russia
EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
------------------------------------------------------------
Evraz Group S.A. is holding talks to acquire U.S.-Canadian
steelmaker IPSCO Inc. for US$6 billion, business newspaper
Vedomosti reports citing sources privy to the matter.
Sources close to Evraz's shareholders told Vedomosti that the
acquisition talks commenced several weeks ago. Rina Kibina,
vice-president of Evraz, however, declined to comment on the
report when contacted by The Associated Press.
Headquartered in Lisle, Illinois, IPSCO Inc. produces steel
products with facilities located at 25 sites throughout the
United States and Canada. The firm operates four steel mills,
11 pipe mills, nine product-finishing plants and nine scrap
processing centers.
Andrei Litvin of MDM Bank told AP that the Evraz's acquisition
of Ipsco was theoretically possible. Mr. Litvin added that
IPSCO would allow Evraz to diversify productively and
geographically. Mr. Litvin, however, commented that Evraz faces
the hurdle of financing its acquisition IPSCO, which market
values currently stands at around US$6 billion.
AP notes that Evraz has the highest debt burden among Russian
steel firms following its acquisition of Oregon Steel.
RIA Novosti, meanwhile, says the talks to acquire IPSCO are part
of the group "worldwide expansion" merger and acquisition
strategy.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
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 the Sverdlovsk
region and two mills in the 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.
EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
------------------------------------------------------------
Evraz Group S.A. released its operational results for the first
quarter of 2007.
1Q 1Q 1Q 2007/1Q 2006 4Q 1Q 2007/4Q 2006
Products 2007 2006 change, %** 2006 change, %***
-------- ---- ---- -------------- ---- ---------------
(in tons unless
otherwise stated)
Steel division
Pig iron 3,293 3,071 +7.2% 3,085 +6.7%
Steel 4,287 3,841 +11.6% 4,103 +4.5%
Rolled
products (1) 3,892 3,405 +14.3% 3,610 +7.8%
Mining division
Iron ore
Concentrate
(saleable products)647 499 +29.5% 807 (19.9)%
Sinter 2,235 2,046 +9.2% 1,984 +12.7%
Pellets 1,557 1,473 +5.7% 1,484 +4.9%
Coal (mined)
Cooking coal 142 206 (31.1)% 163 (13.1)%
Steam coal 58 12 +383.7% 43 36.2%
Vanadium
Vanadium products,
tons (2) 1,697 n/a 1,507 +12.6%
Equity investments (3)
Cooking coal
(Raspadskaya) 3,273 1,594 +105.3% 2,950 +10.9%
Cooking and
steam coal
(Yuzhkuzbassugol) 3,557 3,514 +1.2% 4,576 (22.3)%
* All information on production volumes of the enterprises
presented in the press release concerns only the period
of their operation within Evraz Group. The total volume
of rolled steel products excludes those re-rolled at other
Group's plants. These volumes are eliminated as
intercompany sales for purposes of Evraz's consolidated
operating results.
** Percentage changes may not be exact due to rounding.
(1) Operational results of Evraz Oregon Steel Mills are
consolidated into the Group since Jan. 12, 2007.
(2) Calculated in pure vanadium equivalent. Include
operational results of Strategic Minerals Corp.
consolidated into the Group since September 2006.
(3) Evraz Group holds 40% beneficial interest in OAO
Raspadskaya and 50% interest in Yuzhkuzbassugol.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
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 the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Evraz Group S.A.
The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006. Most of the
rating actions Moody's confirmed relate to senior secured loans.
* Issuer: Evraz Group S.A.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
8.25% Senior Unsecured
Regular Bond/
Debenture Due 2015 B2 B2 LGD5 88%
* Issuer: Evraz Securities S.A.
Old POD New POD LGD Loss Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
10.875% Senior Unsecured
Regular Bond/
Debenture Due 2009 B1 Ba3 LGD3 47%
In November 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.
Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.
KRASNOUFIMSKIY ELEVATOR: Names D. Kostromin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed Mr. D. Kostromin
as Insolvency Manager for OJSC Krasnoufimskiy Elevator. He can
be reached at:
D. Kostromin
Post User Box 366
620014 Ekaterinburg
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A60-17099/06-S11.
The Court is located at:
The Arbitration Court of Sverdlovsk
Lenina Pr. 34
620151 Ekaterinburg
Russia
The Debtor can be reached at:
OJSC Krasnoufimskiy Elevator
Rogozinnikovyh Str., 81
Krasnoufimsk, Sverdlovsk
Russia
INDUSTRY CJSC: Creditors Must File Claims by April 24
-----------------------------------------------------
Creditors of CJSC Industry have until April 24 to submit proofs
of claim to:
V. Khlyamov, Temporary Insolvency Manager
Obvodnogo Kanala Quay, 181
190103 St. Petersburg
Russia
The Arbitration Court of Novgorod will convene at 11:00 a.m. on
May 16 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A44-3417/2006.
The Court is located at:
The Arbitration Court of Novgorod
Mikhaylova Str. 25
Velikiy Novgorod
Russia
The Debtor can be reached at:
CJSC Industry
Egla
Borovichskiy
174425 Novgorod
Russia
ISKITIMSKIY MEAT-PACKING: Creditors Must File Claims by April 24
----------------------------------------------------------------
Creditors of CJSC Iskitimskiy Meat-Packing Enterprise (TIN
5443117127) have until April 24 to submit proofs of claim to:
V. Avgustovskiy
Temporary Insolvency Manager
Ordzhonikidze Str. 43
Novosibirsk-99
Russia
The Arbitration Court of Novosibirsk will convene on Aug. 8 to
hear the company's bankruptcy supervision procedure. The case
is docketed under Case No. A45-2249/07-43/8.
The Court is located at:
The Arbitration Court of Novosibirsk
Kirova Str. 3
630007 Novosibirsk
Russia
The Debtor can be reached at:
CJSC Iskitimskiy Meat-Packing Enterprise
Yubileynyj Pr. 6
Iskitim
633210 Novosibirsk
Russia
MAGNITOGORSK IRON: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Magnitogorsk Iron
& Steel Works.
Moody's also assigned a Ba3 Probability-of-Default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability-of-
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
* Issuer: MMK Finance S.A.
Projected
Old POD New POD LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ --------
Sr. Unsec. Regular Bond/
Debenture Due 2008 Ba3 Ba3 LGD4 50%
Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default. The LGD rating methodology will disaggregate these two
key assessments in long-term ratings. The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.
Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
alphanumeric scale. They express Moody's opinion of the
likelihood that any entity within a corporate family will
default on any of its debt obligations.
Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock. Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).
Magnitogorsk Iron & Steel Works -- http://www.mmk.ru/-- is
Russia's largest steel company, accounting for about 20% of all
steel products sold on the domestic market.
MORSHANSKAYA MANUFACTURE: Creditors Must File Claims by May 24
--------------------------------------------------------------
Creditors of OJSC Morshanskaya Manufacture (TIN 6826000823, OGRN
1026801030288) have until May 24 to submit proofs of claim to:
S. Rassadin
Insolvency Manager
Rechnaya Str. 1
Morshansk
393950 Tambov
Russia
The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A64-3226/06-21.
The Debtor can be reached at:
OJSC Morshanskaya Manufacture
Rechnaya Str. 1
Morshansk
393950 Tambov
Russia
MURASHINSKOYE LOGGING: Creditors Must File Claims by April 24
-------------------------------------------------------------
Creditors of LLC Murashinskoye Logging Enterprise have until
April 24 to submit proofs of claim to:
V. Gyrdymov
Temporary Insolvency Manager
Apartment 113
A. Upita Str. 13
610050 Kirov
Russia
The Arbitration Court of Kirov will convene at 9:00 a.m. on Aug.
6 to hear the bankruptcy supervision procedure. The case is
docketed under Case No. A28-782/06-380/06.
The Court is located at:
The Arbitration Court of Kirov
K-Libknekhta Str. 102
610017 Kirov
Russia
The Debtor can be reached through the insolvency manager at the
above-mentioned address.
NEW WORLD: Moscow Bankruptcy Hearing Slated for June 6
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Strizhov as
Insolvency Manager for LLC Agricultural Company New World. He
can be reached at:
M. Strizhov
Office 615
Building 15
Nizhegorodskaya Str. 32
109029 Moscow
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The Court will convene at 10:15
a.m. on June 6 to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. A41-K2-14975/05.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Agricultural Company New World
Ilyicha Pr. 55
Shatura
140700 Moscow
Russia
ROSNEFT OIL: Pays for 9.44% Stake Bought From Yukos Auction
-----------------------------------------------------------
RN-Razvitiye, an indirect subsidiary of OAO Rosneft Oil,
transferred funds Friday as payment for the assets it acquired
from OAO Yukos Oil Co. through an auction to sell the bankrupt
firm's assets, various reports say.
On March 27, RN-Razvitiye outbid TNK-BP Holding Ltd. for Yukos'
9.44% stake in Rosneft with its RUR197.84 billion offer. Aside
from the stake, the assets sold under the first lot included 12
promissory notes worth RUR3.56 billion in Yuganskneftegaz,
Yukos' former main production unit. According to RIA Novosti,
Rosneft acquired the lot at 10 percent less than the market
price.
Possible Stake Swap
RosBusinessConsulting says Rosneft may swap around 1-2 percent
of its newly bought stake for China National Petroleum
Corporation's assets in order to access China's local oil
market. However, sources privy to the matter insists that no
final decision has been made yet, RBC Daily reports.
Creditor Distribution
Yukos bankruptcy receiver Eduard Rebgun said creditor
distribution would start as soon as payments are received from
the first or second auctions and before all the auctions are
completed, Interfax relates.
On April 4, EniNeftegaz, a joint venture of Italian energy firms
Eni S.p.A. (60%) and Enel S.p.A. (40%), won the bid to acquire
Yukos's 20% stake in OAO Gazprom Neft for RUR151.5 billion. The
second lot, which carried a starting price of RUR144.78 billion,
also included:
-- a 100% stake in OAO Arcticgaz;
-- a 100% stake in ZAO Urengoil; and
-- 19 other Yukos assets.
Nikolai Lashkevich, spokesman for Mr. Rebgun, told Interfax that
EniNeftegaz has fully paid for the acquisition immediately after
the auction.
Under a call option agreement, OAO Gazprom will acquire the 20%
stake in Gazprom Neft and at least 51% of the gas-related assets
of Arcticgas and Urengoil Inc. from EniNeftegaz, Interfax
relates.
Rosneft Oil and Gazprom are seen as the most likely bidders for
the bulk of the nearly 200 Yukos assets up for liquidation,
which Mr. Rebgun aims to sell by August 2007.
Mr. Rebgun has estimated the firm's assets between US$25.6
billion and US$26.8 billion, minus a possible liquidation
discount of not more than 30 percent. As of Jan. 31, claims
against Yukos filed by 68 creditors reached RUR709 billion
(US$26.8 billion).
About Yukos Oil
Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation. Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.
The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003. Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.
On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements. The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.
On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.
On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake. The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.
On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.
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 Mar. 23, Fitch Ratings notes that
Rosneft's plans to borrow US$22 billion from a group of eight
banks in two credit arrangements of US$13 billion maturing in 12
months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.
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.
ROSNEFT OIL: Eyes Eurobond Issue to Refinance US$22-Bln Loan
------------------------------------------------------------
OAO Rosneft Oil plans to refinance part of its US$22 billion
loan, which it obtained for the acquisition of OAO Yukos Oil
Co.'s assets, through a Eurobond issue in June 2007, Interfax
says.
According to the report, the company intends to place up to
US$4 billion in Eurobonds to pay off part of the loan obtained
from a group of banks comprised of ABN AMRO, Barclays, BNP
Paribas, Calyon, Citibank, Goldman Sachs, J.P. Morgan Chase, and
Morgan Stanley.
The loan carries an interest rate of LIBOR 0.25% to 0.5% and
will mature in less than 18 months.
On March 27, Rosneft subsidiary RN-Razvitiye outbid TNK-BP
Holding Ltd. at an auction to acquire Yukos' 9.44% stake in
Rosneft. The company bought the assets along with 12 promissory
notes worth RUR3.56 billion in Yuganskneftegaz for RUR197.84
billion. RIA Novosti reports Rosneft acquired the lot at 10
percent less than the market price.
Rosneft and OAO Gazprom are seen as the most likely bidders for
the bulk of the nearly 200 Yukos assets up for liquidation,
which bankruptcy receiver Eduard Rebgun aims to sell by August
2007.
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 Mar. 23, Fitch Ratings notes that
Rosneft's plans to borrow US$22 billion from a group of eight
banks in two credit arrangements of US$13 billion maturing in 12
months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.
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.
SKOPINO-AGRO-SNAB: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of OJSC Skopino-Agro-Snab have until May 24 to submit
proofs of claim to:
A. Androsov
Insolvency Manager
Post User Box 269
390039 Ryazan
Russia
Tel/Fax: (4912) 24-60-73
The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A54-3452/2006-S20.
The Court is located at:
The Arbitration Court of Ryazan
Pochtovaya Str. 43/44
Ryazan
Russia
The Debtor can be reached at:
OJSC Skopino-Agro-Snab
Skopin
391830 Ryazan
Russia
STAROUTKINSKIY METALLURGIC: Claims Deadline Set April 24
--------------------------------------------------------
Creditors of CJSC Staroutkinskiy Metallurgic Works have until
April 24 to submit proofs of claim to:
E. Gutarina
Insolvency Manager
Post User Box 380
620142 Ekaterinburg
Russia
The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A60-622/07-S11.
The Court is located at:
The Arbitration Court of Sverdlovsk
Lenina Pr. 34
620151 Ekaterinburg
Russia
The Debtor can be reached at:
CJSC Staroutkinskiy Metallurgic Works
Rabochej Molodyezhi Str. 1
Staroutkinsk
623036 Sverdlovsk
Russia
SYSTEM OJSC: Creditors Must File Claims by April 24
---------------------------------------------------
Creditors of OJSC System have until April 24 to submit proofs of
claim to:
S. Zhidov
Temporary Insolvency Manager
Office 51
L-ta Yanalova Str. 42a
236023 Kaliningrad
Russia
The Arbitration Court of Kaliningrad will convene at 10:30 a.m.
on June 4 to hear the company's bankruptcy supervision
procedure. The case is docketed under Case No. A21-460/2007.
The Court is located at:
The Arbitration Court of Kaliningrad
Rokossovskogo Str. 2
Kaliningrad
Russia
The Debtor can be reached at:
OJSC System
Moskovskiy Pr. 182
236000 Kaliningrad
Russia
TRANSNEFT OAO: Has Two Weeks to Repair Druzhba Pipeline
-------------------------------------------------------
Rostekhnadzor, Russia's agency for ecological, technological and
nuclear supervision, instructed OAO Transneft to repair the
defects on two sections of the Druzhba oil pipeline within two
weeks, RIA Novosti reports.
Rostekhnadzor told RIA Novosti that it has instructed Transneft
to repair the pipeline's Unecha-Polotsk-1 and Unecha-Polotsk-2
sections.
The Druzhba pipeline transports 81 million metric tons of crude
oil annually from Russia to Germany, Poland and Ukraine.
In July 2006, an oil spill on a western part of the pipeline
caused shipment suspensions to Mazeikiu Nafta refinery.
About the Company
Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world. The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia. Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product. The company
transports about 93% of the oil produced in Russia.
* * *
OAO Transneft carries Fitch's 'BB' rating.
VNESHTORGBANK JSC: Plans to Place 70% of New Shares Abroad
----------------------------------------------------------
JSC Vneshtorgbank plans to place at least 70% of its share
offering abroad, RIA Novosti reports citing Senior Vice-
President Nikolai Tsekhomsky as saying.
Mr. Tsekhomsky said VTB had applied with the Russian financial
market regulator for the issue of Global Depositary Receipts as
part of its global share offering this May.
VTB CEO Andrei Kostin said the new securities, which totals
24.97% of the bank's charter capital, would be offered through
open subscription to professional investors on the London Stock
Exchange and both to professional market participants and
individuals in Russia.
Mr. Kostin, however, said VTB might fail to sell entire volume
of newly issued shares, RIAN relates.
In a TCR-Europe report on April 13, VTB will place up to RUR120
billion in new shares through open subscription on the local and
foreign markets. Bids will be accepted from April 9 to May 7.
The company will publish bid invitations along with the bidding
terms. Prior to publication of the invitations, VTB will reveal
whether its shareholders could exercise pre-emptive rights
during the IPO. The bank will announce the price of the share
offering on the last day of the IPO.
The IPO is aimed at decreasing the Russian government's stake in
VTB from 99.9% to 75% plus one. Sberbank, another state-owned
bank, recently completed its IPO.
About Vneshtorgbank
Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.
As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions. The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.
* * *
Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.
VOROBYEVSKAYA LLC: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Agricultural Company Vorobyevskaya have until
May 24 to submit proofs of claim to:
S. Bykov
Insolvency Manager
Karla Marksa Str. 106
Livny
303850 Orel
Russia
The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A36-2432/2006.
The Court is located at:
The Arbitration Court of Lipetsk
Skorokhodova Str. 2
398019 Lipetsk
Russia
The Debtor can be reached at:
LLC Agricultural Company Vorobyevskaya
Vorobyevka
Khlevenskiy
399870 Lipetsk
Russia
YUKOS OIL: Rosneft Unit Pays for 9.44% Stake Bought via Auction
---------------------------------------------------------------
RN-Razvitiye, an indirect subsidiary of OAO Rosneft Oil,
transferred funds Friday as payment for the assets it acquired
from OAO Yukos Oil Co. through an auction to sell the bankrupt
firm's assets, various reports say.
On March 27, RN-Razvitiye outbid TNK-BP Holding Ltd. for Yukos'
9.44% stake in Rosneft with its RUR197.84 billion offer. Aside
from the stake, the assets sold under the first lot included 12
promissory notes worth RUR3.56 billion in Yuganskneftegaz,
Yukos' former main production unit. According to RIA Novosti,
Rosneft acquired the lot at 10 percent less than the market
price.
Possible Stake Swap
RosBusinessConsulting says Rosneft may swap around 1-2 percent
of its newly bought stake for China National Petroleum
Corporation's assets in order to access China's local oil
market. However, sources privy to the matter insists that no
final decision has been made yet, RBC Daily reports.
Creditor Distribution
Yukos bankruptcy receiver Eduard Rebgun said creditor
distribution would start as soon as payments are received from
the first or second auctions and before all the auctions are
completed, Interfax relates.
On April 4, EniNeftegaz, a joint venture of Italian energy firms
Eni S.p.A. (60%) and Enel S.p.A. (40%), won the bid to acquire
Yukos's 20% stake in OAO Gazprom Neft for RUR151.5 billion. The
second lot, which carried a starting price of RUR144.78 billion,
also included:
-- a 100% stake in OAO Arcticgaz;
-- a 100% stake in ZAO Urengoil; and
-- 19 other Yukos assets.
Nikolai Lashkevich, spokesman for Mr. Rebgun, told Interfax that
EniNeftegaz has fully paid for the acquisition immediately after
the auction.
Under a call option agreement, OAO Gazprom will acquire the 20%
stake in Gazprom Neft and at least 51% of the gas-related assets
of Arcticgas and Urengoil Inc. from EniNeftegaz, Interfax
relates.
Rosneft Oil and Gazprom are seen as the most likely bidders for
the bulk of the nearly 200 Yukos assets up for liquidation,
which Mr. Rebgun aims to sell by August 2007.
Mr. Rebgun has estimated the firm's assets between US$25.6
billion and US$26.8 billion, minus a possible liquidation
discount of not more than 30 percent. As of Jan. 31, claims
against Yukos filed by 68 creditors reached RUR709 billion
(US$26.8 billion).
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.
About Yukos Oil
Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation. Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.
The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for 2000-
2003. Yugansk eventually was bought by state-owned Rosneft,
which is now claiming more than US$12 billion from Yukos.
On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements. The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.
On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.
On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake. The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.
On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.
=============================
S L O V A K R E P U B L I C
=============================
SLOVAK AIRLINES: Seagle Air to Take Over Operations
---------------------------------------------------
Seagle Air is set to replace Slovak Airlines as it absorbs about
80 percent of the insolvent carrier's employees, leases two new
Boeing 737 aircrafts, and prepares to embark on a charter
transport business, the Financial Times reports, citing the
Czech News Agency as its source.
According to the report, Seagle Air plans to offer flights
specifically to foreign travel agencies and currently has no
plans to provide regular flights, although it might do so in the
future.
The TCR-Europe reported on March 21 that the regional court in
Bratislava has declared Slovak Airlines bankrupt and has given
creditors until May 3 to file written proofs of claims against
the carrier.
About Seagle Air
Headquartered in Zilina, Slovakia, Seagle Air --
http://www.seagleair.sk/-- operates scheduled and non-scheduled
air services, including passenger, cargo, and mail charter
flights, to domestic and international destinations. It also
operates domestic and international flights on scheduled cargo
and mail routes. The company also specializes in private and
VIP flights, logistics services, and aircraft maintenance.
About Slovak Airlines
Headquartered in Bratislava, Slovak Republic, Slovak Airlines --
http://www.slovakairlines.sk/-- has been operating on the
Slovak airlines market for almost 10 years. The company's main
target is to operate regular and irregular passenger air
transport.
In January 2005, Austrian Airlines purchased a 62% stake in the
company under the condition that the Slovakian government will
take on the company's debts.
After the company finished its transformation in January 2006,
the maintenance of the aircrafts was shifted on a contractual
basis to Austrian Airlines Technik.
Austrian Airlines terminated scheduled flights in mid-February
in the wake of the Slovakian government's failure to meet a
final extension for the repayment of its unsettled debts.
The Austrian national carrier had withdrawn all financial
support for the company since Jan. 17 and also recalled its two
Boeing 737 300s from Slovak Airlines' custody, forcing the
company to cease its operations.
=========
S P A I N
=========
ALLIANCE ATLANTIS: Ontario Court Set May 18 Fairness Hearing
------------------------------------------------------------
Alliance Atlantis Communications Inc. disclosed that, at its
request, the Ontario Superior Court scheduled on May 18, 2007 a
fairness hearing in connection with the Plan of Arrangement
pursuant to which AA Acquisition Corp. (formerly 6681859 Canada
Inc.) would acquire all of the outstanding shares of Alliance
Atlantis for US$53.00 cash per share.
Alliance Atlantis and AA Acquisition Corp. agreed with Movie
Distribution Income Fund to now schedule the fairness hearing on
this date and have also agreed that the claim by the Fund
announced in a media release on April 4 relating to whether the
Fund's consent was required in connection with the Arrangement
would be heard on the same date.
The Fund is the indirect owner of 49% of Motion Picture
Distribution LP and it has publicly stated that it believes,
based on publicly available information, the Fund's consent is
required in connection with the Arrangement.
Alliance Atlantis indirectly owns 51% of MPD and previously
responded in a media release on April 5 that it does not believe
the Arrangement itself requires the Fund's consent.
"Scheduling the court date for the fairness hearing on May 18
will give the parties time to properly respond to the claim made
by the Fund. We do not expect the new date to have any impact
on the timing of closing of the Plan of Arrangement, which is
currently expected to occur in July or early August," said David
Lazzarato, Executive VP and Chief Financial Officer of Alliance
Atlantis.
"As I indicated on April 5, we understand that the Fund
trustees, together with AA Acquisition Corp. and management of
MPD, continue to engage in discussions. We believe there is
ample time for this process to run its course and we are hopeful
that the parties will reach a satisfactory understanding but,
of course, we cannot currently predict its outcome."
About Alliance Atlantis
Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise. The company has worldwide offices in the
United Kingdom, Spain and Australia.
* * *
In January 2007, Standard & Poor's Ratings Services reported
that the ratings on Alliance Atlantis Communications Inc.,
including the 'BB' long-term corporate credit rating, remain on
CreditWatch. The implications, however, have been revised to
negative from developing. The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.
At the same time Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible downgrade.
TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended the period during which Tower Automotive Inc. and its
debtor-affiliates may exclusively file a plan or plans of
reorganization through and including May 3. The Debtors'
exclusive right to solicit acceptances of the plan is extended
through and including June 29.
If by April 30, the Debtors have already filed a plan, the
Exclusive Plan Filing Period will be automatically extended
through and including June 6, without further Court order, Judge
Gropper says.
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components. The company has operations in Korea, Spain and
Brazil.
The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts. Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.
=====================
S W I T Z E R L A N D
=====================
ALIN RE: Creditors' Liquidation Claims Due May 4
------------------------------------------------
Creditors of JSC Alin Re have until May 4 to submit their claims
to:
Dr. Hans J. Rohrer
Liquidator
Eggmann Hanhart Rohrer
Bellerivestrasse 5
8008 Zurich
Switzerland
The Debtor can be reached at:
JSC Alin Re
Zug
Switzerland
AUGSBURG RE: Creditors' Liquidation Claims Due May 2
----------------------------------------------------
Creditors of JSC Augsburg Re have until May 2 to submit their
claims to:
Herrn Daniel Hayek
Liquidator
Prager Dreifuss
Muhlebachstrasse 6
8008 Zurich
Switzerland
The Debtor can be reached at:
JSC Augsburg Re
Schaffhausen
Switzerland
EWB ARMIERUNGEN: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC EWB Armierungen on March 12.
The Bankruptcy Service of St. Gallen can be reached at:
Bankruptcy Service of St. Gallen
Max Banziger
9001 St. Gallen
Switzerland
The Debtor can be reached at:
LLC EWB Armierungen
Kirchrain 29
9422 Staad SG
Switzerland
FEBA SON BACO: Creditors' Liquidation Claims Due May 31
-------------------------------------------------------
Creditors of JSC Feba Son Baco have until May 31 to submit their
claims to:
JSC Ari Secunda
Liquidator
Gotthardstrasse 3
6301 Zug
Switzerland
The Debtor can be reached at:
JSC Feba Son Baco
Zug
Switzerland
FM-PHARMA JSC: Appenzell Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Appenzell Ausserrhoden commenced
bankruptcy proceedings against JSC FM-Pharma on March 22.
The Bankruptcy Service of Appenzell Ausserrhoden can be reached
at:
Bankruptcy Service of Appenzell Ausserrhoden
Branch Heiden
9410 Heiden AR
Switzerland
The Debtor can be reached at:
JSC FM-Pharma
Dorf 28
9044 Wald AR
Switzerland
GASTROLINE LLC: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Gastroline on March 20.
The Bankruptcy Service of St. Gallen can be reached at:
Bankruptcy Service of St. Gallen
Branch Buchs
Yves Beljean
9471 Buchs
Werdenberg SG
Switzerland
The Debtor can be reached at:
LLC Gastroline
Bahnhofstrasse 5
9470 Buchs
Werdenberg SG
Switzerland
INTERSUB JSC: Creditors' Liquidation Claims Due May 7
-----------------------------------------------------
Creditors of JSC Intersub have until May 7 to submit their
claims to:
Wilhelm Damm
Liquidator
Im Grunenhof 13
8625 Gossau ZH
Switzerland
The Debtor can be reached at:
JSC Intersub
Gossau ZH
Switzerland
LION RESEARCH: Thurgau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Lion Research on March 13.
The Bankruptcy Service of Thurgau can be reached at:
Bankruptcy Service of Thurgau
8510 Frauenfeld TG
Switzerland
The Debtor can be reached at:
JSC Lion Research
Seeweg 3
8280 Kreuzlingen TG
Switzerland
VASOPA JSC: Creditors' Liquidation Claims Due May 14
----------------------------------------------------
Creditors of JSC Vasopa have until May 14 to submit their claims
to:
Georg Peter
Liquidator
Oberer Graben 14
9000 St. Gallen
Switzerland
The Debtor can be reached at:
JSC Vasopa
St. Gallen
Switzerland
VINODE LLC: Creditors' Liquidation Claims Due May 7
---------------------------------------------------
Creditors of LLC VinoDe have until May 7 to submit their claims
to:
Martin Suter
Liquidator
Bruelstrasse
8932 Mettmenstetten
Affoltern ZH
Switzerland
The Debtor can be reached at:
LLC VinoDe
Mettmenstetten
Affoltern ZH
Switzerland
=============
U K R A I N E
=============
ATLANTIS LLC: Claims Registration Bar Date Set April 29
-------------------------------------------------------
Creditors of LLC Atlantis (code EDRPOU 30023645) have until
April 29 to submit written proofs of claim to:
Liudmila Zaikina
Liquidator
Melnikov Str. 2/10
Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as Case No. 15/77b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Atlantis
General Naumov Str. 23-B
03164 Kiev
Ukraine
DNIEPRORUDNOE CHEESEMAKING: Creditors' Claims Due April 27
----------------------------------------------------------
Creditors of OJSC Dnieprorudnoe Cheesemaking Enterprise (code
EDRPOU 05496046) have until April 27 to submit written proofs of
claim to:
Vitaly Mischenko
Temporary Insolvency Manager
40 Years of Soviet Ukraine Str. 45-B
69037 Zaporozhje
Ukraine
The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on March 6. The case is
docketed as Case No. 16/56/07.
The Court is located at:
The Economic Court of Zaporozhje
Shaumiana Str. 4
69001 Zaporozhje
Ukraine
The Debtor can be reached at:
OJSC Dnieprorudnoe Cheesemaking Enterprise
Stepovaya Str. 2
Dnieprorudnoe
Zaporozhje
Ukraine
EDELWEISS LLC: Claims Registration Bar Date Set April 28
--------------------------------------------------------
Creditors of LLC Edelweiss (code EDRPOU 31575824) have until
April 28 to submit written proofs of claim to:
Oleg Agafonov
Liquidator
P.O. Box 88
01024 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 16 after finding it insolvent. The
case is docketed as Case No. 342/11b-06.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Edelweiss
Dnieprovskaya Str. 7
Dimer
Vyshgorod District
07300 Kiev
Ukraine
FEODOSIYA SHIP: Creditors Must File Claims by April 27
------------------------------------------------------
Creditors of State Enterprise of Ministry of Defense of Ukraine
Feodosiya Ship Mechanics Plant (code EDRPOU 08385169) have until
April 27 to submit written proofs of claim to:
Sergey Mikheev
Temporary Insolvency Manager
Sevastopol Str. 23/3
Simferopol
95015 AR Krym Ukraine
The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on March 20 after finding it insolvent. The
case is docketed as Case No. 2-5/2572-2007.
The Court is located at:
The Economic Court of AR Krym
Karl Marks Str. 18
Simferopol
95000 AR Krym
Ukraine
The Debtor can be reached at:
State Enterprise of Ministry of Defense of Ukraine
Feodosiya Ship Mechanics Plant
Feodosiya, Gorky Str. 19
98108 AR Krym
Ukraine
FRIENDSHIP LLC: Claims Registration Deadline Set April 29
---------------------------------------------------------
Creditors of have until April 29 to submit written proofs of
claim to:
Alexander Polischuk
Liquidator
Vorovsky Str. 5/1
83045 Donetsk
Ukraine
The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as Case No. 5/223B.
The Court is located at:
The Economic Court of Donetsk
Artema Str. 157
83048 Donetsk
Ukraine
The Debtor can be reached at:
Agricultural LLC Friendship
Lenin Str. 53
Urzuf
Pershotravneve District
Donetsk
Ukraine
KHALAL LLC: Claims Registration Bar Date Set April 28
-----------------------------------------------------
Creditors of LLC Khalal (code EDRPOU 31863348) have until
April 28 to submit written proofs of claim to:
Oleg Agafonov
Liquidator
P.O. Box 88
01024 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as Case No. 5/122-b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Khalal
Kostychev Str. 7;
Academic
Kiev
Ukraine
MIREX LLC: Claims Registration Bar Date Set April 27
----------------------------------------------------
Creditors of LLC Company Mirex (code EDRPOU 33887231) have until
April 27 to submit written proofs of claim to:
Oleg Agafonov
Liquidator
P.O. Box 88
01024 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 21 after finding it insolvent. The
case is docketed as Case No. 43/118.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Company Mirex
Bliukher Str. 11
04128 Kiev
Ukraine
SOLTI TRADE: Claims Registration Bar Date Set April 27
------------------------------------------------------
Creditors of LLC Solti Trade (code EDRPOU 33396894) have until
April 27 to submit written proofs of claim to:
Oleg Agafonov
Liquidator
P.O. Box 88
01024 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 21 after finding it insolvent. The
case is docketed as Case No. 43/117.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Solti Trade
Lubomirskaya Str. 14
03131 Kiev
Ukraine
UVENTA LK: Claims Registration Bar Date Set April 29
----------------------------------------------------
Creditors of LLC Uventa LK (code EDRPOU 32253020) have until
April 29 to submit written proofs of claim to:
D. Kushnarev
Liquidator
Melnikov Str. 2/10
Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 20 after finding it insolvent.
The case is docketed as Case No. 15/78b.
The Court is located at:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Debtor can be reached at:
LLC Uventa LK
Tupolev Str. 17
04128 Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
ABBOTT INTERNATIONAL: Brings In BDO Stoy as Joint Administrators
----------------------------------------------------------------
Geoffrey Stuart Kinlan and David Gilbert of BDO Stoy Hayward LLP
were appointed joint administrators of Abbott International Plc.
(Company Number 03282946) on April 2.
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.
Headquartered in Burnham on Crouch, England, Abbott
International Plc -- http://www.abbottonline.co.uk/--
manufactures and distributes shopfittings.
ADVANCED MARKETING: Publishers Group Inc.'s Schedules of Assets
---------------------------------------------------------------
A. Real Property US$0
B. Personal Property 0
TOTAL SCHEDULED ASSETS $0
=======================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wells Fargo Foothill, Inc. $41,514,348
E. Creditors Holding Unsecured
Priority Claims 0
F. Creditors Holding Unsecured Claims 0
TOTAL SCHEDULED LIABILITIES $41,514,348
=======================================================
About Advanced Marketing Services
Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry. The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.
The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million. The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007.
ADVANCED MARKETING: Publishers Group West's Schedules of Assets
---------------------------------------------------------------
A. Real Property US$0
B. Personal Property
B.2 Bank accounts
Cash in Bank -- Main ($370,438)
Cash in Bank -- New York 2,555
B.3 Security Deposits 30,000
B.16 Accounts receivable
Accounts Receivable, net 36,778,094
Vendor and Misc. Receivables 56,402
B.28 Office equipment and supplies 267,990
B.29 Machinery, furniture and fixtures 576,181
B.35 Other personal property
Notes Receivable 2,136,687
Prepaid Expense 163,647
Prepaid Insurance 58,333
TOTAL SCHEDULED ASSETS $39,699,451
=======================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
Wells Fargo Foothill, Inc. $41,514,348
E. Creditors Holding Unsecured
Priority Claims 565,365
F. Creditors Holding Unsecured Claims
Intercompany payable
Advanced Marketing Services 6,476,038
Publisher
Amber Allen Publishing 1,038,857
Avalon Travel Publishing 1,186,831
Backbeat Books 654,548
Berrett-Koehler 248,440
Canongate Books 613,616
Carroll & Graf 1,128,619
Carus Publishing 399,022
Children's Book Press 106,004
Cleis Press 326,091
CMP Books 185,802
Dark Horse 177,006
Demos Medical 120,142
DH Press 221,492
Douglas & McIntyre/Greyst 151,621
Emmis Books 230,615
Footprint Handbooks 162,265
Frog Ltd. 774,285
Gallup 677,179
Gibbs Smith 118,074
Groundwood 203,034
Grove/Atlantic 3,816,335
H J Kramer 156,518
Hugh L. Levin Associates 1,108,605
Hunter House 177,385
Inside Communications 363,379
Kabbalah Centre 151,435
Marlowe & Company 990,593
McSweeney's Publishing 548,773
Milkweed Editions 139,815
New World Library 1,333,414
New World Library/AAP 100,829
North Atlantic Books 589,051
Paperblank Book Company 809,166
Parallax Press 176,749
Passporter Travel Press 121,720
Plexus Publishing 106,315
Portable Press 459,340
Rich Publishing 4,513,830
Sasquatch Books 295,414
Seal Press 222,999
Shelter Publications 216,677
Shoemaker & Hoard 176,373
Silver Dolphin 526,528
The Audio Partners 286,731
Thunder Bay 437,866
Thunder's Mouth Press 224,080
Time Out 229,854
Tinwood Books 109,307
Travelers Tales 172,439
Trinity University Press 290,467
Ulysses Press 650,425
Underwood Books 308,097
Windsor Peak 346,372
Wisdom Publications 399,285
Accounts Payable -- Vendor
Federal Express Corp. 227,680
Grove/Atlantic 105,256
Yellow Transportation 307,943
Others 4,796,158
TOTAL SCHEDULED LIABILITIES $83,272,493
=======================================================
About Advanced Marketing Services
Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry. The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.
The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million. The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007.
AMBER NURSING: Appoints Jean M. Ellis as Liquidator
---------------------------------------------------
Jean M. Ellis of Duncan Sheard Glass was appointed liquidator of
Amber Nursing Services Ltd. on March 22 for the creditors'
voluntary winding-up proceeding.
The company can be reached at:
Amber Nursing Services Ltd.
Unit 1G
Wavertree Boulevard South
Liverpool
Merseyside
L7 9PF
England
Tel: 0151 288 9888
Fax: 0151 283 5439
BLOOMFIELD DENTAL: Joint Liquidators Take Over Operations
---------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services was appointed liquidator of Bloomfield Dental
Laboratories Ltd. on April 3 for the creditors' voluntary
winding-up procedure.
The company can be reached at:
Bloomfield Dental Laboratories Ltd.
O P M House
Haydn Road
Nottingham
Nottinghamshire
NG5 2LB
England
Tel: 0115 969 2808
BRITANNIA BULK: Earns US$2.4 Million in Year Ended December 31
--------------------------------------------------------------
Britannia Bulk Plc released its financial results for the year
ended Dec. 31, 2006.
Britannia reported US$2.4 million in net income for the year
ended Dec. 31, 2006, compared with US$8.2 million in net income
for the year ended Dec. 31, 2005.
Total voyage revenues were US$191.5 million for the year ended
Dec. 31, 2006 compared to US$184.6 million for the year ended
Dec. 31, 2005, an increase of 4%. The increase in revenues was
largely due to an increase in the total number of operating days
offset by a weakening day-rate market from 2005 to 2006.
Total voyage expenses for the year ended Dec. 31, 2006 were
US$71.8 million compared with US$49.3 million for the year ended
Dec. 31, 2005, an increase of US$22.5 million. This increase is
primarily a result of an US$11.5 million increase in bunker
costs and US$7.6 million increase in port costs for 2006 as
compared with 2005. In addition, total vessel operating
expenses for the year ended Dec. 31, 2006 were US$12.9 million
compared with US$12.1 million for the year ended Dec. 31, 2005,
an increase of US$0.8 million.
General and administrative expenses for the year ended Dec. 31,
2006 were US$9.4 million compared to US$3.7 million for the year
ended Dec. 31, 2005, an increase of US$5.7 million. This
increase was primarily a result in increased salary and office
costs to manage our expanding fleet, as well as increases in
travel, legal and accounting fees and expenses.
In November 2006, Britannia completed the sale and issuance of
US$185 million of senior secured notes due 2011. The notes were
sold to qualified institutional buyers under Rule 144A and
Regulation S. Gross proceeds from the offering, net of
discounts, commissions and offering expenses, were approximately
US$166.4 million. US$140 million of the proceeds were deposited
in a vessel acquisition account, and the remaining funds were
used to repay all outstanding indebtedness and for general
corporate purposes. Britannia successfully filed a registration
statement with the U.S. Securities and Exchange Commission and
completed its exchange offer on April 11, 2007 allowing holders
to exchange their senior secured notes for identical notes which
have been registered under the Securities Act of 1933, as
amended.
"We are pleased with our 2006 performance," Arvid Tage,
Britannia Chief Executive Officer, stated. "Completion of the
company's notes issuance in 2006 provided the company with a
solid financial foundation and the ability to expand our fleet
and further grow our business. We believe the market for our
services is strong and we see continued growth opportunities
within the Baltic region market as well as new opportunities to
expand our service offerings and customer base."
Vessel Acquisition Update
Britannia has acquired and taken delivery of two additional
Panamax bulkers in 2007 for US$28.5 million and US$36.7 million,
respectively. In addition, the company has contracted for the
purchase of a third Panamax bulker and Handysize vessel for
US$36.7 million and US$10.8 million, respectively. It expects
to take delivery of the third Panamax and Handymax vessels in
May 2007. Substantially all of the acquisition costs associated
with the purchase of these vessels have been funded from the net
proceeds of the sale and issuance of our senior secured notes.
Headquartered in London, England, Brittania Bulk Plc --
http://www.britbulk.net/-- is a holding company whose
subsidiaries operates a dry bulk fleet of about 20 ships and
barges.
* * *
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B3 Corporate Family Rating for Britannia Bulk Plc.
Moody's also assigned a B2 Probability-of-Default rating to the
company.
Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
Projected
POD LGD Loss-Given
Debt Issue Rating Rating Default
---------- ------- ------- ------
11% Senior Secured
Regular Bond/Debenture
Due 2011 B3 LGD4 62%
BRITANNIA CONTRACTING: Claims Filing Period Ends April 30
---------------------------------------------------------
Creditors of Britannia Contracting Services Ltd. have until
April 30 to send their names and addresses together with written
details of their claims and supporting documentation, including
copy invoices to:
D. J. Blenkarn and I. C. Oakley Smith
Joint Liquidators
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 WOODWARES: Claims Filing Period Ends July 30
----------------------------------------------------
Creditors of British Woodwares Ltd. have until July 30 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:
Andrew Andronikou
Joint Liquidator
UHY Hacker Young
St. Alphage House
2 Fore Street
London
EC2Y 5DH
England
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on March 30 by
resolutions of members and creditors.
BROTHER 2 BROTHER: Brings In Liquidators from The P&A
-----------------------------------------------------
John Russell and Andrew Philip Wood of The P&A Partnership were
appointed liquidators of Brother 2 Brother Ltd. on March 29 for
the creditors' voluntary winding-up procedure.
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.
The company can be reached at:
Brother 2 Brother Ltd.
Unit 11 The Plaza
8 Fitzwilliam Street
Sheffield
South Yorkshire
S1 4JB
England
Tel: 0114 263 4155
Fax: 0114 263 4122
BURGHILL VALLEY: Taps David Hughes to Liquidate Assets
------------------------------------------------------
David Hughes of Janes was appointed liquidator of Burghill
Valley Members Club Ltd. and Burghill Valley Visitors Club Ltd.
on April 3 for the creditors' voluntary winding-up proceeding.
The company can be reached at:
Burghill Valley Members Club Ltd.
Tillington Road
Hereford
Herefordshire
HR4 9QJ
England
Tel: 01432 760 456
CASTLEFIELD DEMOLITION: Creditors' Meeting Slated for April 24
--------------------------------------------------------------
Creditors of Castlefield Demolition Ltd. will meet at 11:30 a.m.
on April 24 at:
Unity Business Services LLP
Unity House
Clive Street
Bolton
BL1 1E
England
Creditors who want to vote at the meeting have until noon on
April 23 to submit their proxy forms together with particulars
proofs of claims at the said address.
M. C. Bowker of Unity Business Services LLP will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require during the period befor
the day of the meeting.
CIRCA TECHNOLOGIES: Hires Liquidator from Sharma & Co.
------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of
Circa Technologies Ltd. (formerly API CAD Design Services Ltd.)
on March 30 for the creditors' voluntary winding-up proceeding.
The company can be reached at:
Circa Technologies Ltd.
Edward Street
Redditch
Worcestershire
B97 6HA
England
Tel: 077 7477 5563
Fax: 0121 313 2111
COUNTRYCARE FARM: Brings In Liquidators from CBA
------------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
joint liquidators of Countrycare Farm Supplies Ltd. on April 3
for the creditors' voluntary winding-up procedure.
The company can be reached at:
Countrycare Farm Supplies Ltd.
23 Church Street
Billesdon
Leicester
Leicestershire
LE7 9AE
England
Tel: 0116 259 8522
DESIGNER VISION: Taps Joint Administrators from UHY Hacker
----------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint administrators of Designer Vision Group Plc.
(Company Number 04801525) on April 3.
The administrators can be reached at:
Andrew Andronikou and Peter Alan Kubik
UHY Hacker Young
St Alphage House
2 Fore Street
London
EC2Y 5DH
Tel: 020 7216 4600
Fax: 020 7638 2159
The company can be reached at:
Designer Vision Group Plc
Capitol Industrial Park
Capitol Way
Brent
London
NW9 0EW
England
Tel: 020 8200 1515
DRAIN TECHNICIANS: Claims Filing Period Ends May 3
--------------------------------------------------
Creditors of The Drain Technicians (U.K.) Ltd. have until May 3
to send their names and addresses, with particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:
Tyrone Shaun Courtman and
Joint Liquidator
Cooper Parry LLP
14 Park Row
Nottingham
NG1 6GR
England
-- or --
Evelyn Gabrielle Exley
Joint Liquidator
3 Centro Place
Pride Park
Derby
DE24 8RF
England
Tyrone Shaun Courtman and Evelyn Gabrielle Exley were appointed
joint liquidators of the company on March 22.
Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers
to private business.
DYNAMO SITE: Taps Asher Miller to Liquidate Assets
--------------------------------------------------
Asher Miller of David Rubin & Partners was appointed liquidator
of Dynamo Site Services Ltd. on April 2 for the creditors'
voluntary winding-up procedure.
David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.
The company can be reached at:
Dynamo Site Services Ltd.
2 Gayton Road
Harrow
Middlesex
HA1 2XU
England
Tel: 020 8901 7563
Fax: 020 8901 4001
EXPRESS LINK: Calls In Liquidators from KPMG
--------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Express Link Ltd. on April 1 for the
creditors' voluntary winding-up proceeding.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The joint liquidators can be reached at:
Paul Andrew Flint and Brian Green
KPMG LLP
8 Princes Parade
Liverpool
L3 1QH
England
FAST TRACK: Creditors' Meeting Slated for April 25
--------------------------------------------------
Creditors of Fast Track Refurbishments Ltd. will meet at 11:30
a.m. on April 25 at:
Huntingdon Marriott Hotel
Kingfisher Way
Hinchingbrooke Business Park
Huntingdon
Cambridgeshire
PE29 6FL
England
Creditors who want to vote at the meeting have until noon on
April 24 to submit their proxy forms together with particulars
of their claims or of any security at:
Begbies Traynor
The Old Exchange
234 Southchurch Road
Southend-on-Sea
Essex
SS1 2EG
England
Wayne MacPherson of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
FOOD CONCEPTS: Brings In Administrators from David Rubin
--------------------------------------------------------
Paul Robert Appleton and Asher David Miller of David Rubin &
Partners were appointed joint administrators of Food Concepts
International Ltd. (Company Number 04365872) on April 5.
David Rubin & Partners -- http://www.drpartners.com/--
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.
The company can be reached at:
Food Concepts International Ltd.
40 Wimbledon Hill Road
Merton
London
SW19 7PA
England
Tel: 020 8947 3355
Fax: 020 8947 4567
G L FOUNDRIES: Claims Filing Period Ends September 2
----------------------------------------------------
Creditors of G L Foundries Ltd. have until Sept. 2 to send in
their full particulars of their debts or claims and the names
and addresses of their solicitors (if any) to:
Michael F. McCarthy
Liquidator
Walletts Insolvency Services
2-6 Adventure Place
Hanley Stoke-on-Trent
ST1 3AF
England
Michael Francis McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on April 2.
GLOBAL CONSULTANCY: Calls In Liquidators from Harrisons
-------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of Global Consultancy & Security Solutions
Ltd. on April 2 for the creditors' voluntary winding-up
proceeding.
Harrisons -- http://www.harrisons.uk.com/-- provides advice and
solutions to professional advisors who found their clients
experiencing financial difficulties. Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.
The company can be reached at:
Global Consultancy & Security Solutions Ltd.
19-20 Pentonville
Newport
Gwent
NP205HB
Wales
Tel: 01633 272 726
Fax: 01633 255 350
HCCT HOLIDAYS: Claims Filing Period Ends May 11
-----------------------------------------------
Creditors of HCCT (Holidays) Ltd. (t/a CT2, Club Travel 2000,
LOCOflights) have until May 11 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:
Ian Christopher Oakley Smith and David John Blenkarn
Joint Liquidators
PricewaterhouseCoopers LLP
Hill House
Richmond Hill
Bournemouth
BH2 6HR
England
Ian Christopher Oakley Smith and David John Blenkarn of
PricewaterhouseCoopers LLP were appointed joint liquidators of
the company on March 15.
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.
HEWSON-STUBBS PRODUCTS: Claims Filing Period Ends June 30
---------------------------------------------------------
Creditors of Hewson-Stubbs Products Ltd. have until June 30 to
send their names and addresses and particulars of their claims,
and the names and addresses of their solicitors, if any, to:
Simon Gwinnutt
Liquidator
Smith Cooper
Wilmot House
St. James Court
Friar Gate
Derby
England
DE1 1BT
Simon Gwinnutt of Smith Cooper was appointed liquidator of the
company on April 3.
HUMBERSIDE HYGIENE: Creditors' Meeting Slated for April 25
----------------------------------------------------------
Creditors of Humberside Hygiene & Property Services Ltd. will
meet at 11:00 a.m. on April 25 at:
Alexandra Dock Business Centre
Fisherman's Wharf
Grimsby
DN31 1UL
England
Creditors who want to vote at the meeting have until noon on
April 24 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 23.
INDIGO CITY: Appoints Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Indigo City Blue Ltd. on
March 6 for the creditors' voluntary winding-up proceeding.
Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services. Its U.K. network comprises over
1,400 partners and staff.
The company can be reached at:
Indigo City Blue Ltd.
Top Barn Business Centre
Worcester Road
Holt Heath
Worcester
Worcestershire
WR6 6NH
England
Tel: 01905 621 433
INSTEP LTD: Appoints Joint Administrators from BDO Stoy
-------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Instep Ltd. (Company Number
02268600) on March 30.
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.
Headquartered in Borehamwood, England, Instep Ltd. --
http://www.instepshoes.co.uk/-- retails footwear and leather
goods.
JAMES WATT: Taps Liquidators from Begbies Traynor
-------------------------------------------------
Robert Michael Young and Paul Finnity of Begbies Traynor were
appointed joint liquidators of James Watt Automotive Ltd. on
March 29 for the creditors' voluntary winding-up procedure.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
The company can be reached at:
James Watt Automotives Ltd.
Raleigh Hall Industrial Estate
Eccleshall
Stafford
Staffordshire
ST21 6JL
England
Tel: 01785 851 122
Fax: 01785 859 297
K J SOLUTIONS: Names Liquidators to Wind Up Business
----------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint liquidators of K J Solutions
Ltd. on March 22 for the creditors' voluntary winding-up
procedure.
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.
The company can be reached at:
K J Solutions Ltd.
93 Queen Street
Sheffield
South Yorkshire
S1 1WF
England
Fax: 020 8761 6641
KW PIPEWORK: Gerald Irwin Leads Liquidation Procedure
-----------------------------------------------------
Gerald Irwin of Irwin & Co. was appointed liquidator of KW
Pipework and Welding Services Ltd. on April 2 for the creditors'
voluntary winding-up procedure.
The company can be reached at:
KW Pipework & Welding Services Ltd.
201 Inkerman Street
Birmingham
West Midlands
B7 4SA
England
Tel: 0121 386 6775
LIEBSIDE DISTRIBUTION: Lloyd Biscoe Leads Liquidation Procedure
---------------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Liebside Distribution Ltd. on March 28 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 company can be reached at:
Liebside Distribution Ltd.
Scimitar Park Industrial Estate
Courtauld Road
Basildon
Essex
SS13 1ND
England
Tel: 01268 725 915
Fax: 01268 560 474
LONGWOOD ENTERPRISES: Claims Filing Period Ends May 30
------------------------------------------------------
Creditors of Longwood Enterprises Ltd. have until May 30 to send
in their names and addresses with particulars of their debts or
claims to:
Paul Flint and Brian Green
Joint Liquidators
KPMG LLP
8 Princes Parade
Liverpool
L3 1QH
England
Paul Flint and Brian Green of KPMG LLP were appointed joint
liquidators on April 1.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
LONGWOOD ENTERPRISES: Hires Liquidators from KPMG
-------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Longwood Enterprises Ltd. on April 1 for
the creditors' voluntary winding-up procedure.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The joint liquidators can be reached at:
Paul Andrew Flint and Brian Green
KPMG LLP
8 Princes Parade
Liverpool
L3 1QH
England
M K DIGITAL: Appoints Grant Thornton as Joint Administrators
------------------------------------------------------------
Ian Carr and Nigel Morrison of Grant Thornton U.K. LLP were
appointed joint administrators of M K Digital Ltd. (Company
Number 04598190) on March 27.
Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.
The company can be reached at:
M K Digital Ltd.
60 Alston Drive
Bradwell Abbey
Milton Keynes
Buckinghamshire
MK13 9HB
England
Tel: 0845 230 3504
Fax: 0190 822 2270
MEDILANE LTD: Appoints Liquidators from KPMG
--------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Medilane Ltd. on April 1 for the creditors'
voluntary winding-up procedure.
The joint liquidators can be reached at:
Paul Andrew Flint and Brian Green
KPMG LLP
8 Princes Parade
Liverpool
L3 1QH
England
MEDILANE LTD: Claims Filing Period Ends May 30
----------------------------------------------
Creditors of Medilane Ltd. have until May 30 to send in their
names and addresses with particulars of their debts or claims
to:
Paul Flint and Brian Green
Joint Liquidators
KPMG LLP
8 Princes Parade
Liverpool
L3 1QH
England
Paul Flint and Brian Green of KPMG LLP were appointed joint
liquidators of the company on April 1.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
MULTIBASE CONTRACTING: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Jeffrey Mark Brenner and Filippa Conner of B & C Associates were
appointed joint liquidators of Multibase Contracting Ltd. on
April 3 for the creditors' voluntary winding-up proceeding.
The company can be reached at:
Multibase Contracting Ltd.
First Floor
462-464 Saint Albans Road
Watford
WD24 6PD
England
Tel: 01923 256 221
OGBOURNE LTD: Appoints Alan H. Tomlinson as Liquidator
------------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of
Ogbourne Ltd. on April 2 for the creditors' voluntary winding-up
procedure.
Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.
The company can be reached at:
Ogbourne Ltd.
Kingsbridge Road
Manchester
Lancashire
M9 5SQ
England
Tel: 0161 205 5544
Fax: 0161 203 4950
PANTOGRAPH PRECISION: Joint Liquidators Take Over Operations
------------------------------------------------------------
Lynn Gibson and Robert David Hewitt of Gibson Hewitt were
appointed joint liquidators of Pantograph Precision Ltd. on
April 3 for the creditors' voluntary winding-up procedure
proceeding.
The company can be reached at:
Pantograph Precision Ltd.
15 Willow Road
Colnbrook
Slough
Berkshire
SL3 0BS
England
Tel: 01753 684 343
PEOPLE NOW: Andrew Rosler Leads Liquidation Procedure
-----------------------------------------------------
Andrew Rosler was appointed liquidator of People Now Ltd. on
April 3 for the creditors' voluntary winding-up proceeding.
The company can be reached at:
People Now Ltd.
Circus House
26 Little Portland Street
City of Westminster
London
W1W 8BX
England
Fax: 020 7637 2527
PREMIER LANDSCAPING: Claims Filing Period Ends June 2
-----------------------------------------------------
Creditors of Premier Landscaping Construction and Maintenance
Ltd. have until June 2 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:
Andrew Andronikou
Liquidator
UHY Hacker Young
St. Alphage House
2 Fore Street
London
EC2Y 5DH
England
Andrew Andronikou of UHY Hacker Young was appointed liquidator
of the company on March 26.
PREMIER LANDSCAPING: Claims Filing Period Ends June 2
-----------------------------------------------------
Creditors of Premier Landscaping North East Ltd. have until
June 2 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:
Andrew Andronikou
Liquidator
UHY Hacker Young
St. Alphage House
2 Fore Street
London
EC2Y 5DH
England
Andrew Andronikou of UHY Hacker Young was appointed liquidator
of the company on March 26 by resolutions of members and
creditors.
RANK GROUP: S&P Affirms Low-B Ratings & Puts Negative Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based gaming company The Rank Group PLC to negative from stable.
At the same time, the 'BB-' long-term and 'B' short-term
corporate credit ratings were affirmed.
"The outlook revision follows indications that key leverage
ratios for 2007 will exceed the target levels we had previously
set, not helped by recent changes in U.K. gaming taxation and
earnings pressures arising from the extension of the smoking ban
in Scotland to Wales and England," said Standard & Poor's credit
analyst Philip Temme.
"Although the recent House of Lords decision to reject the
government's recommendations on new casino locations will likely
lessen immediate competitive pressures in the company's U.K.
casino businesses, and although Rank maintains an adequate
liquidity position, lease-adjusted leverage will remain high for
longer than previously expected," Mr. Temme added.
Standard & Poor's considers that it will be difficult for Rank
to achieve the target for the ratings of lease-adjusted net debt
to EBITDA of or below 4.5x. Ratings could be lowered in the
absence of uninterrupted improvement to lease-adjusted leverage
measures. Any downgrade would be likely to be limited to one
notch. No further material shareholder returns or significant
acquisitions are factored into the ratings beyond the GBP350
million special dividend paid in March 2007.
RDH COMPONENTS: Appoints Joint Administrators from PKF
------------------------------------------------------
Matthew Gibson and Kerry Bailey of PKF (U.K.) LLP were appointed
joint administrators of RDH Components Ltd. (Company Number
05139896) on March 28.
PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in
advising the management of developing private and public
businesses. Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation. It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.
The company can be reached at:
RDH Components Ltd.
Nelson Lane
Warwick
Warwickshire
CV34 5JB
England
Tel: 01926 409 330
RIDGEWOOD TEXTILES: Appoints Michael Ioannou to Liquidate Assets
----------------------------------------------------------------
Michael Ioannou of Gregory Michaels & Co. was appointed
liquidator of Ridgewood Textiles Ltd. on April 4 for the
creditors' voluntary winding-up proceeding.
The company can be reached at:
Ridgewood Textiles Ltd.
364 Mare Street
Hackney
London
E8 1HR
England
Fax: 020 8988 0729
RIVELIN INSTALLATIONS: Claims Filing Period Ends May 16
-------------------------------------------------------
Creditors of Rivelin Installations Ltd. have until May 16 to
send their names and addresses with particulars of their debts
or claims and the names and addresses of their solicitors (if
any) to:
Ashok K. Bhardwaj
Liquidator
Bhardwaj Insolvency Practitioners
47-49 Green Lane
Northwood
Middlesex
HA6 3AE
England
Ashok K. Bhardwaj of Bhardwaj Insolvency Practitioners was
appointed liquidator of the company on April 3.
SOLO SERVICES: Hires Liquidators from BWC Business Solutions
------------------------------------------------------------
Gary E. Blackburn and Paul A. Whitwam of BWC Business Solutions
were appointed joint liquidators of Solo Services (Northern)
Ltd. on March 29 for the creditors' voluntary winding-up
procedure.
The company can be reached at:
Solo Services Northern Ltd.
Coach Fold Works
Haley Hill
Halifax
West Yorkshire
HX3 6ED
England
Tel: 01422 359 955
Fax: 01422 359 966
STANDFITTING UK: Appoints Norwan Cowan as Liquidator
----------------------------------------------------
Norman Cowan of Wilder Coe was appointed liquidator of
Standfitting U.K. Ltd. on March 23 for the creditors' voluntary
winding-up procedure.
The company can be reached at:
Standfitting U.K. Ltd.
233-236 Nestles Avenue
Hayes
Middlesex
UB3 4QG
England
Tel: 020 8569 1078
Fax: 020 8569 1035
TARGET TOOLS: Names Joint Administrators from Kroll
---------------------------------------------------
S. C. E. Mackellar and C. P. Holder of Kroll Ltd. were appointed
joint administrators of Target Tools Ltd. (Company Number
04568682) on April 4.
Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide. The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm. Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.
The company can be reached at:
Target Tools Ltd
Unit 40A
Spring Valley Industrial Estate
Douglas
IM2 2QS
Isle of Man
Tel: 01624 613 332
Fax: 01624 613 334
TIBBATTS ASSOCIATES: Brings In Menzies as Joint Administrators
--------------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Tibbatts Associates Ltd. (Company Number 02412657) on April 2.
Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.
The company can be reached at:
Tibbatts Associates Ltd.
1 St. Pauls Square
Birmingham
West Midlands
B3 1QU
England
Tel: 0121 236 9000
Fax: 0121 236 8705
TK - ENTEC LTD: Claims Filing Period Ends May 4
-----------------------------------------------
Creditors of TK - Entec Ltd. have until May 4 to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims and the names and addresses of their
solicitors (if any) to:
Stephen P. J. White
Liquidator
White & Co.
Unit 10
Trident Park
Trident Way
Blackburn
England
Stephen P. J. White of White & Co. was appointed liquidator of
the company on March 23 by resolutions of members.
Subsequently, creditors confirmed the appointment on April 4.
TM KINGDOM: Creditors' Meeting Slated for April 23
--------------------------------------------------
Creditors of TM Kingdom Ltd. (T/A Toymaster) will meet at noon
on April 23 at:
Quy Mill Hotel
Church Road
Stow-cum-Quy
Cambridge
CB5 9AF
England
Creditors have until noon on April 22 to submit their proxy
forms at:
KPMG LLP
1 Waterloo Way
Leicester
LE1 6LP
England
A list of names and addresses of the company's creditors will be
available for inspection at the offices of KPMG LLP on April 20.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
TOUCH OF CLASS: Hires Liquidators from Mitchell Charlesworth
------------------------------------------------------------
Jeremy Paul Oddie and Geoffrey Michael Weisgard of Mitchell
Charlesworth were appointed joint liquidators of Touch Of Class
(Garment Processors) Ltd. on April 3 for the creditors'
voluntary winding-up proceeding.
The company can be reached at:
Touch of Class (Garment Processors) Ltd.
Edge Lane Street
Royton
Oldham
Lancashire
OL2 6DX
England
Tel: 0161 626 9769
TOWN AND COUNTRY: Claims Filing Period Ends May 11
--------------------------------------------------
Creditors of Town and Country Coaches Ltd. have until May 11 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any) to:
Michelle Anne Weir
Liquidator
Lameys
One Courtenay Park
Newton Abbot
Devon
TQ12 2HD
England
Michelle Anne Weir of Lameys was appointed liquidator of the
company on March 30.
UNIVERSAL CONTRACT: Creditors' Meeting Slated for April 23
----------------------------------------------------------
Creditors of Universal Contract Management Ltd. will meet at
11:00 a.m. on April 23 at:
Stones & Co.
63 Walter Road
Swansea
SA1 4PT
Wales
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 20.
WALES WILLIAMS: Creditors' Meeting Slated for April 25
------------------------------------------------------
Creditors of Wales Williams Ltd. will meet at 11:30 a.m. on
April 25 at:
Begbies Traynor
The Old Exchange
234 Southchurch Road
Southend-on-Sea
Essex
SS1 2EG
England
Creditors who want to vote at the meeting have until noon on
April 24 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
Lloyd Biscoe of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
WARMAC LTD: Taps Tony Freeman to Liquidate Assets
-------------------------------------------------
Tony Freeman of Tony Freeman & Company was appointed liquidator
of Warmac Ltd. (formerly Advanceclaim Ltd.), Warmac Pump
Services Ltd. and Warmac Planned Maintenance Ltd. on March 28
for the creditors' voluntary winding-up proceeding.
Creditors of the company are required to send in full
particulars of their debts or claims to:
Tony Freeman
Tony Freeman & Company
New Maxdov House
130 Bury New Road
Prestwich
Manchester
M25 0AA
England.
WATMOUGH CARS: Calls In Liquidators from Fisher Partners
--------------------------------------------------------
Stephen Katz and David Birne of Fisher Partners were appointed
joint liquidators of Watmough Cars Ltd. (formerly Wellington
Motors Ltd.) on April 2 for the creditors' voluntary winding-up
proceeding.
The company can be reached at:
Watmough Cars Ltd.
100 Upper Wickham Lane
Welling
Kent
DA16 3DR
England
Tel: 020 8854 3080
Fax: 020 8316 7276
WINDERMERE X: Fitch Rates EUR14.5-Million Class F Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned Windermere X CMBS Ltd. floating-rate
notes due 2015 final ratings:
-- EUR1.18 billion Class A: 'AAA'
-- EUR50,000 Class X: 'AAA'
-- EUR56 million Class B: 'AA+'
-- EUR64 million Class C: 'AA'
-- EUR112.9 million Class D: 'A'
-- EUR70 million Class E: 'BBB'
-- EUR14.506 million Class F: 'BB'
The final ratings reflect the positive and negative features of
the underlying collateral and the integrity of the legal and
financial structures. They address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in October 2019.
This transaction is the securitization of a multi-borrower pool
of 15 commercial mortgage loans. The loans are originated by
subsidiaries of Lehman Brothers Inc. and secured by real estate
located in Germany, France, the Netherlands, Switzerland and
Italy. The largest loan accounts for 23.8% of the loan pool and
is secured by six office properties located across Germany, with
a concentration in and around Frankfurt. The transaction
includes four capex facilities and proceeds from the sales of
the notes relating to these facilities are kept in separate
accounts invested in eligible investment and are only
transferred to the issuer once certain tests are met.
The underlying loan collateral consists of 167 properties
located in Germany, France, Netherlands, Switzerland, and Italy,
with a total market value of EUR2 billion. The note issuance
represents an initial weighted average loan-to-value ratio of
72.1%, reducing to a balloon LTV of 69.6%, assuming no changes
in value, prepayments or defaults occur prior to individual loan
maturities. Payments due on the issued notes are funded from
principal and interest payments on the Swiss unsecured loans and
the German, French, Italian and Dutch secured loans.
Interest and principal for the notes are paid quarterly in
arrears on each payment date, commencing in July 2007.
Scheduled amortization on the loans is allocated sequentially.
Prepayments and final repayments on the loans are allocated to
the notes on a 50% sequential and 50% pro rata basis. The
transaction benefits from a liquidity facility which amounts to
GBP97.3 million.
* 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)
Hamon S.A. HAMO (12) 236 (58)
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 (116) 194 (94)
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 (65) 259 10
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 6
Primacom AG PRIG (268) 1,257 (1,048)
Rinol AG RLIG (64) 104 (15)
Schaltbau Hold SLTG (22) 162 (4)
SinnLeffers AG WHGG (4) 454 (145)
Spar Handels- AG SPAG (442) 1,433 (234)
Vivanco Gruppe (33) 132 (45)
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)
IPK Osijek DD OS IPKORA (18) 190 (320)
ICELAND
-------
Decode Genetics Inc. DCGN (55) 216 141
ITALY
-----
Binda S.p.A. BND (11) 129 (20)
Cirio Finanziaria S.p.A. (422) 1,583 (396)
Compagnia Italia ICT (138) 527 (235)
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 (154) 800 (50)
I Viaggi del
Ventaglio S.p.A. VVE.MI (61) 487 (57)
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)
IRELAND
-------
Waterford Wed Ut WTFU (203) 828 190
LUXEMBOURG
----------
Millicum International MICC (59) 1,523 4
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)
BW Offshore BWO (85) 487 (516)
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)
Rafo Onesti RAF (395) 359 (1695)
RUSSIA
------
OAO Samaraneftegas (332) 892 (16,942)
Zil Auto (185) 378 (11,107)
Vimpel Ship SOVP (77) 188 (927)
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 DMZP (10) 358 (596)
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 69
BCH Group Plc BCH (6) 188 (44)
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 Ltd 523362Q (5,823) 4,921 290
British Energy Plc BGY (5,823) 4,921 434
British Nuclear
Fuels Plc (4,248) 40,326 977
Britvic Plc BVIC (108) 874 (20)
Compass Group CPG (668) 2,972 (298)
Costain Group COST (108) 595 (61)
Danka Bus System DNK.L (108) 540 34
Dawson Holdings DWN.L (12) 158 (19)
Dignity Plc DTY (55) 552 36
Easynet Group ESY.L (45) 323 38
Electrical and Music
Industries Group EMI (1,264) 2,818 (253)
Euromoney Institutional
Investor Plc ERM.L (50) 448 (67)
European Home Retail Plc EHRL (14) 111 (37)
Galiform Plc GFRM (152) 889 35
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)
HOGG Robinson Gr HRG (258) 791 (5)
Homestyle Group Plc HME (29) 409 (124)
Imperial Chemical
Industries Plc ICI (370) 8,393 2
Invensys PLC (1,031) 3,875 523
IPC Media Ltd. (685) 254 16
Jarvis Plc JRVS.L (49) 307 (53)
Ladbrokes Plc LAD (1,227) 1,669 (267)
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 (72) 129 (4)
Mytravel Group MT.L (380) 1,818 (488)
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 (1,144) 3507 (457)
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 (5,631)
UK Coal Plc UKC (25) 865 (62)
Virgin Mobile
Holdings Plc VMOB.L (490) 155 (80)
Wincanton Plc WIN (66) 1,236 (71)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
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, Kristina A.
Godinez, and Pius Xerxes Tovilla, 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. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *