/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070524.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, May 24, 2007, Vol. 8, No. 102 Headlines A U S T R I A BILIR KEG: Vienna Court Orders Business Closure FRANZ AIGNER: Estate Administrator Declares Insufficient Assets JOSEF PROKOPETZ: Eisenstadt Court Orders Business Closure RS-FINANZMANAGEMENT: Steyr Court Orders Business Shutdown B E L G I U M DELHAIZE GROUP: S&P Puts Corporate Credit Rating at BB+ B U L G A R I A FIRST INVESTMENT: Eyes BGN107 Million Capital Increase From IPO F R A N C E BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings ENERGY XXI: S&P Junks Rating on Proposed US$700 Mil. Note Offer EUGENE PERMA: Difficulties Confined to Holding Firm, CEO Says EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings REXEL DISTRIBUTION: S&P Withdraw BB+ Credit Rating RHODIA SA: Completes Sale of 50% Stake in Nylstar G E R M A N Y AUCH & SZYMANSKI: Claims Registration Period Ends June 30 ABD DACHTECHNIK: Claims Registration Period Ends June 10 ARG AUTOREPARATUR: Claims Registration Period Ends June 20 ARNOLD LIEDTKE: Claims Registration Period Ends June 11 BAU & REKO: Claims Registration Period Ends June 8 BAVARIA-BROTZEIT: Claims Registration Period Ends June 22 BBG RUEGEN: Claims Registration Period Ends June 15 BLOWMOTION GMBH: Claims Registration Period Ends June 28 DEUTSCHE HYPOTHEKENBANK: Fitch Outlines Reasons for Junk Ratings DIAVOLO - OBJEKTTEAM: Claims Registration Period Ends May 29 ELBE-AUTOMATEN: Claims Registration Period Ends June 27 ELRO INDUSTRIEELEKTRIK: Claims Registration Ends June 22 ELT LADESYSTEM: Claims Registration Ends June 21 GERRESHEIMER ALPHA: Planned IPO Cues S&P's Positive Watch HACA SCHREINEREI: Claims Registration Ends June 20 HAFNER SERVICES: Claims Registration Ends June 29 HAMBURGER BAUTRAGER: Claims Registration Ends June 12 JAFRA COSMETICS: S&P Withdraws Low-B Ratings JENO BAU: Claims Registration Ends June 28 JUERGEN WARNHOLZ: Claims Registration Ends June 28 KUEPPER & MUELLER: Claims Registration Ends May 29 M & M LOGISTICS: Claims Registration Ends June 15 MONREAL SCHMITZ: Claims Registration Ends June 21 NATUR&GUT GMBH: Creditors Must Register Claims by June 27 NOVEMBER AG: Resolves Financial Restructuring Resolutions PANTERA LEDERMODE: Creditors Must Register Claims by June 22 PETOTRANS SPEDITIONS: Creditors Must Register Claims by June 14 R & H RAUM: Creditors Must Register Claims by June 5 R & R MOTOBOX: Creditors Must Register Claims by June 12 REMA MALER: Claims Registration Period Ends June 25 RHEINLAND GASTRONOMIE: Claims Registration Period Ends July 9 RODA BAU: Claims Registration Period Ends June 18 STABILITY CMBS: Moody's Rates EUR28.2 Mln Class E Notes at Ba3 STEELWAYS GMBH: Claims Registration Period Ends June 25 TIEDT TISCHLEREI: Claims Registration Period Ends June 11 TIES-M GMBH: Claims Registration Period Ends June 21 VERUCON- PRODUCTION: Claims Registration Period Ends June 14 W & V ZAHNTECHNIK: Claims Registration Period Ends June 15 WEIHER & WAESCH: Claims Registration Period Ends June 20 WEST FINANZDIENSTLEISTUNGS: Claims Registration Ends June 11 G R E E C E YIOULA GLASSWORKS: Liquidity Concerns Prompt S&P's NegativeWatch I T A L Y ALITALIA SPA: Cancels 394 Flights Due to Cabin Crew Strike MAGISTE SPA: Settles EUR202 Million Debt with Popolare Italiana MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes PARMALAT SPA: Sells Spanish Units for EUR188 Million PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets POPOLARE ITALIANA: New Deal to Help Magiste Pay EUR202 Mln Debt TISCALI SPA: May Bid For Pipex' Broadband & Voice Service Unit K A Z A K H S T A N ASOL LLP: Creditors Must File Claims by June 8 ASTANA-SERVICE LLP: Creditors' Claims Due June 22 CLASS-I LLP: Claims Registration Ends June 22 COMSERVICE LTD: Claims Filing Period Ends June 22 KAISAR JSC: Proof of Claim Deadline Slated for July 3 KOSTANAI ZERNO: Creditors Must File Claims by June 22 STANI LLP: Claims Registration Ends June 19 TEPLOCOMMUNENERGO LLP: Claims Registration Ends June 19 N E T H E R L A N D S NXP B.V.: High Leverage Prompts S&P's Negative Outlook P O R T U G A L PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets R U S S I A EAR-S LLC: Chelyabinsk Bankruptcy Hearing Slated for Aug. 28 GRAIN-PRODUCT CJSC: Bankruptcy Hearing Slated for Aug. 14 ISTOK OJSC: Court Starts External Management Bankruptcy ISTRINSKAYA CJSC: Creditors Must File Claims by June 5 MIASSKIY MEAT-PACKING: Court Names K. Zvonkov to Manage Assets NOMOS-BANK: Defers IPO to Create Banking Firm with PPF Group OGK-5 JSC: Enel S.p.A. Wants Blocking Stake in Energy Firm PETUSHKI-INTER-WOOD: Creditors Must File Claims by June 5 ROOF RUSSIA: Moody's Assigns Low-B Ratings to Class C & D Notes ROSNEFT OIL: Court Overturns Yukos Capital Claim Ruling RUSSIAN COMMERCIAL: S&P Puts Long-Term Credit Rating at B- RUSSIAN HOME: S&P Holds B+ Long-Term Counterparty Credit Rating SBERBANK ROSSII: Board Recommends PwC as 2007 Auditor VNESHTORGBANK JSC: Foreign Investors Own 12% Stake After IPO VOLGOGRAD OBLAST: S&P Rates US$38.9 Million Bond Issue at B+ YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer ZARYA OF MANTUROVSKIY: Creditors Must File Claims by June 5 * S&P Revises Bashkortostan's Outlook to Positive from Stable S E R B I A & M O N T E N E G R O * 150 Firms Complete Bankruptcy Process Under New Serbian Law S L O V A K R E P U B L I C YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer S P A I N FONCAIXA HIPOTECARIO: S&P Junks Rating on Class D Notes MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings PARMALAT SPA: Sells Spanish Units for EUR188 Million S W I T Z E R L A N D BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings T U R K E Y FINANSBANK AS: Targets 550 Branches & 8,957 Total Staff by 2009 FORTIS BANK: Moody's Withdraws B1 Currency Deposit Rating U K R A I N E AZOV BUSINESS: Claims Filing Bar Date Set May 27 EXTERNAL TRADE: Creditors Must File Claims by May 27 KYIVSTAR GSM: Investor Deal Allows Firm to Escape Bond Default LOKHVITSA ALCOHOL: Claims Filing Bar Date Set May 27 MRIYA-2003 LLC: Creditors Must File Claims by May 27 PIONEER LLC: Creditors Must File Claims by May 27 PROFESSIONAL DESINFECTION: Claims Filing Bar Date Set May 27 PROLIV OJSC: Claims Filing Bar Date Set May 27 RADIVILOV DRYING: Creditors Must File Claims by May 27 VELIKOBUDKOVSKOE LLC: Creditors Must File Claims by May 27 VOSKHOD LLC: Creditors Must File Claims by May 27 U N I T E D K I N G D O M ANCHOR CONTRACT: Joint Liquidators Take Over Operations ARDAGH GLASS: S&P Lifts Corporate Credit Rating to B from B- ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch AKIBARE LTD: S&P Rates US$120 Million Notes at BB+ AMF BOWLING: S&P Junks Rating on US$105 Million Second-Lien Loan BOMBARDIER INC: S&P Revises Outlook to Stable from Negative BRIAN JOHNSON: M. C. Bowker Leads Liquidation Procedure CALDA MARKETING: Brings In Liquidators from Vantis CONTINENTAL ALLOYS: S&P Rates Proposed US$180 Million Loan at B CORDATUS CLO: S&P Class E EUR16.2 Million Notes at BB- ENERSYS: S&P Keeps All Ratings & Revises Outlook to Stable EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Million Sr Loan EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap FORD MOTOR: Europe Unit Eyes 5.4 Percent Sales Growth in 2007 FUSION PROPERTY: Calls In Liquidators from Jacksons Jolliffe GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings GOODYEAR TIRE: S&P Puts B- Certs. Ratings under Positive Watch INEOS GROUP: Investors to Vote on Lower Loan Interest Today INTERPLAN LTD: Administrators Offer Business & Assets for Sale MYLAN LABORATORIES: S&P Cuts Ratings on Merck KGaA Purchase POWER PRESS: Claims Filing Period Ends August 10 SCOTTISH RE: Hugh McCormick Resigns as Vice President SPIRIT AEROSYSTEMS: Prices Secondary Offering of Class A Shares STADEX INDUSTRIES: Creditors' Meeting Slated for May 29 WILD TECHNIK: Taps Michael Young to Liquidate Assets * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= BILIR KEG: Vienna Court Orders Business Closure ----------------------------------------------- The Trade Court of Vienna entered April 26 an order closing the business of KEG Bilir (FN 218577m). Court-appointed estate administrator Martin Honemann recommended the business closure after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Martin Honemann c/o Dr. Stefan Langer Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02 Fax: 713 61 92 22 E-mail: martin.honemann@kosesnik-langer.at kanzlei@kosesnik-langer.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 17 (Bankr. Case No 6 S 48/07m). Stefan Langer represents Mag. Honemann in the bankruptcy proceedings. FRANZ AIGNER: Estate Administrator Declares Insufficient Assets --------------------------------------------------------------- Dr. Alois Nussbaumer, the court-appointed estate administrator for LLC Franz Aigner (FN 107355a), declared April 26 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of Wels is yet to rule on the estate administrator's claim. Headquartered in Schwanenstadt, Austria, the Debtor declared bankruptcy on April 3 (Bankr. Case No. 20 S 44/07g). The estate administrator can be reached at: Dr. Alois Nussbaumer Stadtplatz 19 4840 Voecklabruck Austria Tel: 07672/72607 Fax: 07672/75567 E-mail: rae.nuss-hoff-herz@aon.at JOSEF PROKOPETZ: Eisenstadt Court Orders Business Closure --------------------------------------------------------- The Land Court of Eisenstadt entered April 25 an order closing the business of LLC Josef Prokopetz (FN 110173w). Court-appointed estate administrator Christian Supper recommended the business closure after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Christian Supper Hauptplatz 1 7350 Oberpullendorf Austria Tel: 02612/43543 Fax: 02612/43543-10 E-mail: op@rss.at Headquartered in Lackenbach, Austria, the Debtor declared bankruptcy on April 24 (Bankr. Case No 26 S 43/07m). RS-FINANZMANAGEMENT: Steyr Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Steyr entered April 26 an order shutting down the business of LLC RS-Finanzmanagement (FN 246504g). Court-appointed estate administrator Christoph Rogler 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. Christoph Rogler Stelzhamerstrasse 9 4400 Steyr Austria Tel: 07252/54768-0 E-mail: dr.rogler@aon.at Headquartered in Steyr - Gleink, Austria, the Debtor declared bankruptcy on April 13 (Bankr. Case No 14 S 10/07d). ============= B E L G I U M ============= DELHAIZE GROUP: S&P Puts Corporate Credit Rating at BB+ ------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB+' long-term corporate credit rating to Belgium-based retail group Delhaize Group S.A. The outlook is positive. All the group's senior unsecured bonds, including those issued by Delhaize America Inc. (BB+/Positive/NR), are rated 'BB+'. The ratings on Delhaize reflect its participation in the highly competitive U.S. supermarket industry (72% of sales); the diversified formats it operates in Belgium (22% of sales); higher operating margins but smaller scale relative to major operators; and somewhat aggressive debt protection measures. These factors are mitigated by solid regional positions, notably through the U.S.-based Food Lion banner (43% of the store base), which enjoys leading positions in Mid-Atlantic and southeastern U.S. markets and has a good track record of profitability. Delhaize reported total debt of EUR3.1 billion at year-end 2006. "Given its good market position and efficient operations, we expect Delhaize to be able to maintain adequate credit ratios despite the challenging climate for supermarkets in the U.S.," said Standard & Poor's credit analyst Nicolas Baudouin. The group is expected to use some of its internal cash flow for growth --primarily through store development -- but free cash flows are expected to remain positive after dividends and debt leverage is consequently expected to gradually decrease. "An upgrade to 'BBB-' would be contemplated if the group maintains its solid local positions and improves free cash flow generation," said Mr. Baudouin. In particular, it would need to reach and maintain an adjusted FFO-to-debt ratio above 25%, and debt to EBITDA of about 2.5x, which was almost achieved at year- end 2006. An outlook revision to stable would be considered if market conditions deteriorate. An outlook change to negative is not expected, based on the company's steady performance and current financial policy, but a significant debt-financed acquisition could put ratings under pressure. Delhaize Group -- http://www.delhaizegroup.com/-- is a Belgian food retailer present in eight countries on three continents. Delhaize Group is listed on Euronext Brussels (DELB) and the New York Stock Exchange (DEG). The company's U.S. subsidiary, Delhaize America, is a supermarket operator with over 1,500 stores in 16 states in the eastern United States. Delhaize America operates under the banners Food Lion, Bloom, Bottom Dollar, Harveys, Hannaford Bros., Kash n' Karry and Sweetbay, each of which has a distinct strategy and a well-established brand image. Delhaize America employs approximately 109,000 full-time and part-time associates up and down the East Coast. Delhaize Group also owns 51% of Super Indo, an operator of 11 stores in Indonesia. =============== B U L G A R I A =============== FIRST INVESTMENT: Eyes BGN107 Million Capital Increase From IPO --------------------------------------------------------------- First Investment Bank AD is expected to raise about BGN107 million in what appears to be Bulgaria's biggest IPO ever, Dnevnik reports. New shares will be issued to investors at BGN10.70 each. At this issue price, the offering is 5.97 times oversubscribed with bids exceeding BGN1.3 billion, First Financial Brokerage House, which managed the placement, said in a statement posted on the bank's Web site. The capital of the lender is raised from BGN100 million to BGN101 million with the issue of BGN10 million new shares. The IPO costs were reported at BGN2.44 million, Dnevnik states. The subscription period lasted from May 7 to May 18, 2007, and investors are expected to pay in the subscribed shares by May 28, 2007. The shares should start trading on the local bourse in late June or early July. The TCR-Europe reported on May 10, 2007, that First Financial, a 13.89% shareholder in FIBank, would sell 5 million shares and an additional 1.5 million shares to boost the free float and comply with legislative requirements for the size of the equity from a public corporation that an investment intermediary is allowed to control. First Financial is expected to gain between BGN55.25 million and BGN71.5 million from the disposal of First Investment Bank shares. About First Investment Bank First Investment Bank AD -- http://www.fibank.bg/-- is the largest Bulgarian-owned bank. At end-2006, it reported BGN28.9 million in net profits compared with BGN21 million net profits in 2005. Ultimate control lies in the hands of two individuals, its founding shareholders, who have significant interests in the tourism and real estate sectors. Historically a corporate bank, FIB is also actively expanding retail lending. * * * In a TCR-Europe report on Oct. 3, 2006, Fitch Ratings affirmed FIB's ratings at Issuer Default BB-, Short-term B, Individual D, and Support 5. Fitch changed the Outlook on Bulgaria-based First Investment Bank's Issuer Default rating to Positive from Stable. Moody's Investors Service rates the bank's Local and Foreign Long-term Bank Deposits at Ba1 and assigned a D rating to FIB's Bank Financial Strength. =========== F R A N C E =========== BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Bio- Rad Laboratories (BB+/Stable/--) following the company's agreement to purchase a majority of DiaMed Holding AG for US$392 million. A subsequent tender for the remaining shares could bring the total price to more than US$450 million. DiaMed develops, manufactures, and markets reagents and instruments used in blood typing and screening. The transaction is expected to close later this year and is subject to certain closing conditions, including regulatory approvals. "Although financial terms of the agreement were not disclosed, S&P believe there will be minimal impact on Bio-Rad's credit protection measures given the relatively small size of the acquisition," explained Standard & Poor's credit analyst David Lugg. "With almost US$470 million in cash and investments and its strong cash flow protection measures, the company has adequate capacity to complete this transaction without an impact to the ratings." The high-speculative-grade rating on Hercules, California-based Bio-Rad reflects the company's defensible, but niche, positions in the life science and clinical laboratory markets, and its history of using significant debt-financed acquisitions to supplement growth. Notwithstanding Bio-Rad's defensible positions in the in vitro diagnostics and life sciences markets, it remains a relatively small player in each, competing with significantly larger companies that are more diversified and have greater financial resources. Moreover, Bio-Rad's substantial international operations, which account for about 65% of sales, subject its revenues to swings in exchange rates and ongoing changes in global economic conditions. The company's life science business is also vulnerable to reductions in government funding for life science research and changes in biopharmaceutical companies' R&D spending. Bio-Rad maintains an intermediate financial risk posture, having steadily reduced its borrowings to fund a series of acquisitions in the diagnostic market. Currently, lease-adjusted total debt to capital is 37% and total debt to EBITDA is about 2.5x, while the ratio of funds from operations to debt is about 25%. The company has no defined benefit pension plan. Bio-Rad Laboratories Inc. -- http://www.bio-rad.com/-- (AMEX: BIO and BIOb), manufactures and distributes a broad range of products for the life science research and clinical diagnostics markets. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs over 5,000 people globally and had revenues of nearly US$1.3 billion in 2006. The company has entered into an agreement to acquire DiaMed. Diamed -- http://www.diamed.ch/-- develops and manufactures test systems aimed at providing laboratories with ease of use, safety, and reliability. The company is situated in Cressier sur Morat, Switzerland, near Fribourg, between Bern and Lausanne. DiaMed has local manufacturing facilities in Brazil, Tunisia and France. ENERGY XXI: S&P Junks Rating on Proposed US$700 Mil. Note Offer --------------------------------------------------------------- Standard & Poor's Rating Services assigned its 'CCC+' corporate credit rating to oil and gas exploration and production company Energy XXI Ltd. At the same time, Standard & Poor's assigned its 'CCC' senior unsecured rating to subsidiary Energy XXI Gulf Coast Inc.'s proposed US$700 million note offering. The outlook is stable. Pro forma the proposed US$700 million note offering, Hamilton, Bermuda-based Energy XXI will have approximately US$1 billion debt outstanding as of June 30, 2007. "The ratings on Energy XXI reflect its very limited operating history, high debt leverage, elevated cost structure, aggressive growth strategy, and small reserve base concentrated in the capital-intensive Gulf of Mexico region," said Standard & Poor's credit analyst Paul Harvey. "Mitigating factors include an experienced management team, a substantial hedging program to protect cash flows, and improving operating results." The stable outlook assumes liquidity remains adequate while Energy XXI successfully integrates the Pogo acquisition. If debt leverage increases beyond current levels and/or if liquidity were to weaken significantly, ratings would face considerable negative pressure. On the other hand, ratings could be raised over the medium term if Energy XXI can achieve a track record of successfully integrating its acquisitions while organically increasing production and reserves and materially reducing debt leverage. Energy XXI Gulf Coast Inc. is an independent exploration and production company based in Houston, Texas and is an indirect wholly owned subsidiary of Energy XXI (Bermuda) Ltd. Energy XXI (Bermuda) (LSE:EGY) is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are primarily located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Energy XXI is listed on the NASDAQ system under the symbol 'EXXI' EUGENE PERMA: Difficulties Confined to Holding Firm, CEO Says ------------------------------------------------------------- Didier Martin, CEO of Eugene Perma, is trying to reassure employees, customers and suppliers that the company "is well and safe from any attack" saying the problem is confined to its holding firm, which was placed under safeguard procedure by the commercial court in Paris for four months, The Financial Times reports citing Mathilde Visseyrias of Le Figaro. According to Mr. Martin, Eugene Perma is seeking to refinance EUR15 million of loans. On May 11, 2007, Bear Stearns, Eugene Pemas's principal creditor, demanded full repayment of its claims. However, the hair care company only repaid EUR3 million on May 20, 2007. The remaining debt is now under temporary protection, FT relates. Mr. Martin claimed Bear Stearns is eyeing to take control of the hair care company. He revealed the creditor intends to break and sell it. Headquartered in Paris, France, Eugene Perma -- http://www.eugeneperma.com/-- offers a full range of hair care products, including Petrole Hahn, Artiste, Keranove and Cycle Vital. EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap ---------------------------------------------------------------- Goldman, Sachs & Co., Macquarie Bank Ltd. and Babcock & Brown Ltd. are ready to bid for Eurotunnel Group if shareholders approve a debt-for-equity swap that would cut its GBP6.2 billion debt in half, Tracy Alloway writes for Bloomberg News citing The Sunday Telegraph as its source. "The true value of Eurotunnel to an outside investor is in the length of its franchise agreement, which runs into 2085," Alex Moss, a senior credit analyst at Insight Investment Management in London who helps oversee US$94 billion of fixed-income assets, told Bloomberg News. "There aren't that many infrastructure assets with that kind of time horizon." The debt-to-equity swap, where shareholders exchange their existing shares in Eurotunnel for shares in a new entity known as Groupe Eurotunnel, closed on May 21, 2007. According to a report carried in the Lloyds List, the result of the share swap will not be known before the official announcement of the French financial markets regulator AMF on June 4, 2007. According to the report, if the acceptance of the offer falls short of 50%, the company will declare itself insolvent to the Paris Court of Commerce. The French and British governments could either put the company out to tender or its creditors could exercise their right to take control of the company. If the share swap is successful, the exchange will trigger a debt restructuring which will reduce the company's debt by more than half but reduce shareholders' interests in the company to as little as 13%, Lloyds List relates. As reported in the TCR-Europe on May 16, 2007, the company reduced the acceptance condition for the tender offer to 50% from 60%, following the extension of the acceptance period of the offer to May 21 from May 15, 2007. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B-' corporate credit rating and its stable outlook on Alpharetta, Georgia- based Infor Global Solutions Holdings Ltd. At the same time, Standard & Poor's affirmed its 'B-' bank loan and '2' recovery ratings on Infor's approximately US$2.85 billion first-lien senior secured bank facility (including the proposed US$55 million term loan add-on). Standard & Poor's also affirmed its 'CCC' bank loan and '5' recovery ratings on Infor's nearly US$1.6 billion second-lien senior secured term loan (including the proposed US$170 million add-on). The ratings affirmations follow recent announcements that Infor will acquire Workbrain Corporation, a leading global provider of workforce management software, and Hansen Information Technologies, a leading supplier of software applications to manage government operations. The proposed add-on term loans will partially fund the acquisitions. "While these acquisitions introduce additional integration risk following recent very aggressive acquisition activity (and a US$500 million, debt-financed dividend to shareholders), Infor's financial profile, including operating lease-adjusted total debt to EBITDA estimated to be in the mid-8x area, on a GAAP basis, is only modestly affected by this transaction," said Standard & Poor's credit analyst Ben Bubeck. "Furthermore, our expectation for positive free operating cash flow generation in future periods, along with potential strategic benefits from a strengthened human capital management product extension and an expanded vertical end market, support our 'B-' corporate credit rating," he continued. The ratings reflect Infor's limited track record following a very aggressive acquisition strategy, its high debt leverage, and an aggressive financial policy. These factors are only partially offset by the company's leading presence in its selected mid-market niche, a largely recurring revenue base, and a broad and diverse customer base. About Infor Global Headquartered in Alpharetta, Georgia and a Cayman Islands exempted company, Infor Global Solutions Holdings Ltd., -- http://www.infor.com/-, is a global provider of financial and enterprise applications software. The company has locations in Japan, Australia, Austria, China, France, India, Mexico, Singapore, and Spain, among others. MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Montreal, Quebec-based MEGA Brands Inc., including the long-term corporate credit rating on the company, to 'B+' from 'BB-'. The ratings remain on CreditWatch with negative implications, where they were placed April 20, 2007. "The downgrade and CreditWatch listing reflect ongoing concerns that earnings and credit measures at MEGA Brands are much weaker than expected because of significant problems the company is facing with its Magnetix product," said Standard & Poor's credit analyst Lori Harris. These challenges include product recalls, product replacement, and product liability settlement expenses. "Although MEGA Brands could be reimbursed for certain Magnetix- related expenses, the magnitude of the charges related to the litigation in first quarter 2007 and the resulting negative impact on the company's debt levels and credit ratios were not expected," Ms Harris added. MEGA Brands has chosen to be self-insured for Magnetix products manufactured before May 1, 2006, and for incidents occurring after Dec. 1, 2006, because the cost of insurance is viewed as prohibitive. Management's decision to be self-insured raises uncertainty surrounding the company's potential exposure to liability claims and MEGA Brands' ability to financially support these claims without excessively jeopardizing the financial strength of the business. In addition, the company is involved in litigation with the former shareholders of Rose Art Industries Inc., concerning contingent payments related to MEGA Brands' acquisition of the business in 2005. An additional US$51 million in accrued consideration has yet to be paid because MEGA Brands is disputing the claim. To resolve the CreditWatch listing, Standard & Poor's will meet with management and review MEGA Brands' operating and financial strategies, including the company's plans to deal with the litigation risk that it faces. MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a distributor of construction toys, games & puzzles, arts & crafts and stationery. The company is headquartered in Montreal, Canada and has offices in Belgium, United Kingdom, Germany, France, Spain, Mexico, and Australia. REXEL DISTRIBUTION: S&P Withdraw BB+ Credit Rating -------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'BB+' corporate credit ratings on France-based business-to-business electrical parts distributor Rexel Distribution S.A., and Ray Acquisition SCA, at the companies' request following completion of the refinancing of Ray Acquisition's debt after the successful partial IPO of about 24% of group equity on April 4, 2007. On April 16, 2007, 35% of the outstanding bonds issued by Ray Acquisition were redeemed through IPO proceeds. Ray Acquisition's EUR2.1 billion senior secured facilities were refinanced on April 18, 2007, through Rexel's new EUR2.1 billion senior credit facility, which redeemed the remaining 65% of the outstanding bond. Therefore, Ray Acquisition itself no longer has any outstanding debt or public reporting requirements. RHODIA SA: Completes Sale of 50% Stake in Nylstar ------------------------------------------------- Rhodia S.A. completed the sale of its 50% stake in Nylstar to a third party agent acting on behalf of a consortium of Nylstar's credit banks on May 14, 2007. SNIA, Rhodia's partner in this joint venture, has also completed the sale of its 50% stake. As reported in the TCR-Europe on March 12, 2007, the agreement forms part of the financial restructuring of Nylstar through a debt/equity swap to give the company a restructured balance sheet and significantly reduced level of debt. Rhodia will remain a raw material supplier to Nylstar. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. Rhodia employs around 19,500 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As reported in the TCR-Europe on April 26, 2007, Fitch Ratings affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised the Outlook to Positive from Stable. Fitch has assigned Rhodia SA's proposed issue of up to EUR595.125 million bonds convertible and/or exchangeable for new and/or existing shares an expected 'BB-' rating. As reported in the TCR-Europe on April 23, 2007, Moody's InvestorsService upgraded Rhodia S.A. corporate family rating to Ba3 and assigned Probability-of-Default rating for the group at Ba3; Moody's also upgraded senior secured notes at Rhodia S.A. to B1 and assigned LGD assessment at LGD4 (69%). The proposed convertible notes are rated (P)B1, LGD4 (69%). These ratings are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability-of-Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. At the same time, Standard & Poor's assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. ============= G E R M A N Y ============= AUCH & SZYMANSKI: Claims Registration Period Ends June 30 --------------------------------------------------------- Creditors of A + S Auch & Szymanski Bau GmbH have until June 30 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 24, 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 Cottbus Hall 210 First Floor Gerichtsplatz 2 03046 Cottbus 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: Justus Schneidewind Eisenhartstrasse 1 14469 Potsdam Germany The District Court of Cottbus opened bankruptcy proceedings against A + S Auch & Szymanski Bau GmbH on May 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A + S Auch & Szymanski Bau GmbH Wilhelm-K�lz-Strasse 32 03046 Cottbus Germany ABD DACHTECHNIK: Claims Registration Period Ends June 10 -------------------------------------------------------- Creditors of ABD Dachtechnik GmbH have until June 10 to register their claims with court-appointed insolvency manager Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 4, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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. Ruediger Werres Friesenplatz 17 a 50672 Cologne Germany Tel: 0221/95 14 46 - 20 Fax: +4922195144690 The District Court of Cologne opened bankruptcy proceedings against ABD Dachtechnik GmbH on May 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ABD Dachtechnik GmbH Attn: Petrus Antonius Jonker, Manager Lindenallee 43 50968 Cologne Germany ARG AUTOREPARATUR: Claims Registration Period Ends June 20 ---------------------------------------------------------- Creditors of ARG Autoreparatur Gruppe Verwaltungsgesellschaft mbH have until June 20 to register their claims with court- appointed insolvency manager Klaus Wrede. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on July 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 Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 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: Klaus Wrede Lennestrasse 10 39112 Magdeburg Germany Tel: 0391/5973315 Fax: 0391/5973333 E-mail: k.wrede@kwp-magdeburg.com The District Court of __ opened bankruptcy proceedings against ARG Autoreparatur Gruppe Verwaltungsgesellschaft mbH on __. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARG Autoreparatur Gruppe Verwaltungsgesellschaft mbH Attn: Thomas Mueller, Manager Kreuzberg 3 39167 Irxleben Germany ARNOLD LIEDTKE: Claims Registration Period Ends June 11 ------------------------------------------------------- Creditors of Arnold Liedtke GmbH have until June 11 to register their claims with court-appointed insolvency manager Max-Reinhard Winter. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 2, 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 Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg 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. Max-Reinhard Winter Dockenhudener Strasse 20 22587 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Arnold Liedtke GmbH on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Arnold Liedtke GmbH Attn: Arnold Liedtke and Tobias Drave, Managers Heidehofweg 22 25499 Tangstedt Germany BAU & REKO: Claims Registration Period Ends June 8 -------------------------------------------------- Creditors of Bau & Reko GmbH have until June 8 to register their claims with court-appointed insolvency manager Christian Langhoff. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on July 18, 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 reached at: Christian Langhoff Carl-Heydemann-Ring 55 18437 Stralsund Germany The District Court of Stralsund opened bankruptcy proceedings against Bau & Reko GmbH on May 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bau & Reko GmbH Thomas Bumann, Manager Bergener Strasse 17 c 18574 Garz Germany BAVARIA-BROTZEIT: Claims Registration Period Ends June 22 --------------------------------------------------------- Creditors of Bavaria-Brotzeit-Service GmbH have until June 22 to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 17, 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 reached at: Christina Siegert Oskar-von-Miller-Ring 34-36 80333 Munich Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of Munich opened bankruptcy proceedings against Bavaria-Brotzeit-Service GmbH on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bavaria-Brotzeit-Service GmbH Ruhpoldinger Strasse 11 81825 Munich Germany BBG RUEGEN: Claims Registration Period Ends June 15 --------------------------------------------------- Creditors of BBG Ruegen GmbH & Co.KG have until June 15 to register their claims with court-appointed insolvency manager Christian Langhoff. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on July 18, 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 reached at: Christian Langhoff Carl-Heydemann-Ring 55 18437 Stralsund Germany The District Court of Stralsund opened bankruptcy proceedings against BBG Ruegen GmbH & Co.KG on May 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BBG Ruegen GmbH & Co.KG Attn: H. J. Albrecht, Manager Tilzower Weg 32 19528 Bergen auf Ruegen Germany BLOWMOTION GMBH: Claims Registration Period Ends June 28 -------------------------------------------------------- Creditors of Blowmotion GmbH & Co. KG have until June 28 to register their claims with court-appointed insolvency manager Ulrich Kaiser. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 26, 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 Aschaffenburg Meeting Hall 5.103 First Floor Schlossplatz 5 63739 Aschaffenburg 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: Ulrich Kaiser Theresienstr. 3 63741 Aschaffenburg Germany Tel: 06021/428221 Fax: 06021/428210 The District Court of Aschaffenburg opened bankruptcy proceedings against Blowmotion GmbH & Co. KG on June 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Blowmotion GmbH & Co. KG Industrie Center Obernburg 63784 Obernburg Germany DEUTSCHE HYPOTHEKENBANK: Fitch Outlines Reasons for Junk Ratings ---------------------------------------------------------------- Fitch Ratings published that deteriorating loan-to-value ratios and rising delinquencies supported its recent downgrade of Deutsche Hypothekenbank (Actiengesellschaft), Hannover 1999-1. In a performance update, Fitch outlines the deterioration of LTV ratios across the pool and the rising delinquency rates as percentage of the current balance (despite minor improvements in absolute delinquencies). A breakdown of the EUR2 million loss allocations to date is provided (LTV, region, property type). It also features the development of other performance indicators since closing in 1999, e.g. low prepayment rates and increasing foreclosures. The report also explains in detail the analysis for the downgrade of the junior notes (including the Recovery Rating for Class B-2). Expected losses are projected for different rating scenarios, based on current arrears and historical performance. DHH is the most seasoned European CMBS rated by Fitch. Its unique features, the high arrears levels and the expected loss on the rated notes (an event that has yet to happen) are described in the report. On May 8, 2007, Fitch downgraded Classes B-1 and B-2 to 'BB' and 'CCC' respectively from 'BBB-' and 'B'. It also assigned a Recovery Rating 'DR3'- the second in a European commercial mortgage-backed securities transaction - to Class B-2. DIAVOLO - OBJEKTTEAM: Claims Registration Period Ends May 29 ------------------------------------------------------------ Creditors of DIAVOLO - Objektteam GmbH have until May 29 to register their claims with court-appointed insolvency manager Ulrich Pfeifer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 18, 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 Bayreuth Meeting Hall 520 Ground Floor Friedrichstr. 18 Bayreuth 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: Ulrich Pfeifer Feuerwache 5 95445 Bayreuth Germany Tel: 0921/7877806 Fax: 0921/78778077 The District Court of Bayreuth opened bankruptcy proceedings against DIAVOLO - Objektteam GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DIAVOLO - Objektteam GmbH Attn: Marco Doerfler, Manager Klosterplatz 18-19 02826 Goerlitz Germany ELBE-AUTOMATEN: Claims Registration Period Ends June 27 ------------------------------------------------------- Creditors of Elbe-Automaten-Handels-GmbH have until June 27 to register their claims with court-appointed insolvency manager Ralf Sinz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 27, 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 Cologne Meeting Hall 1240 12th Floor Luxemburger Strasse 101 50939 Cologne 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. Ralf Sinz Zeughausstrasse 28-38 50667 Cologne Germany Tel: 9 21 22 23 Fax: +492219212221 The District Court of Cologne opened bankruptcy proceedings against Elbe-Automaten-Handels-GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elbe-Automaten-Handels-GmbH Attn: Alfred Josef Neu, Manager Emil-Hoffmann-Str. 55 50996 Cologne Germany ELRO INDUSTRIEELEKTRIK: Claims Registration Ends June 22 -------------------------------------------------------- Creditors of ELRO Industrieelektrik GmbH have until June 22 to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 17, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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 Nerlich Aachener Str. 563-565 50933 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against ELRO Industrieelektrik GmbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELRO Industrieelektrik GmbH Gartenstr. 3 51379 Leverkusen Germany ELT LADESYSTEM: Claims Registration Ends June 21 ------------------------------------------------ Creditors of ELT Ladesystem Technik GmbH have until June 21 to register their claims with court-appointed insolvency manager Hans-Peter Valentiner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 19, 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 Gifhorn Hall 118 Palace Garden 4 38518 Gifhorn 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: Hans-Peter Valentiner Bahnhofstrasse 30 A 29221 Celle Germany Tel: 05141/28011 Fax: 05141/24722 The District Court of Gifhorn opened bankruptcy proceedings against ELT Ladesystem Technik GmbH on May 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELT Ladesystem Technik GmbH Attn: Hans-Werner Wohlert, Manager Sanddornweg 3 31311 Uetze Germany GERRESHEIMER ALPHA: Planned IPO Cues S&P's Positive Watch --------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit ratings on Germany-based specialty packaging supplier Gerresheimer Alpha GmbH and its fully owned subsidiary Gerresheimer Holdings GmbH on CreditWatch with positive implications. This follows the group's announcement that it is considering an IPO. "A successful IPO could improve Gerresheimer's financial profile if the proceeds are used for debt repayments, although it should be noted that the group's current credit measures are weak for the existing ratings," said Standard & Poor's credit analyst Izabela Listowska. Standard & Poor's will follow the developments of Gerresheimer's IPO plans. Any potential upgrade will depend on a successful completion of an IPO, and its impact on the group's financial profile. In addition, Standard & Poor's will review the group's business and financial strategies before resolving the CreditWatch placement. "The current ratings on Gerresheimer primarily reflect Gerresheimer's highly leveraged financial profile, including weak cash-flow-coverage ratios and high debt levels. These factors are mitigated by the group's leading positions in largely consolidated and growing pharmaceuticals and life science end markets, and good geographic diversification," added Ms. Listowska. The pharmaceuticals and life science market is characterized by strong relationships and cooperation between suppliers and customers that provide high barriers to entry -- a situation that has positive implications for the ratings on Gerresheimer. HACA SCHREINEREI: Claims Registration Ends June 20 -------------------------------------------------- Creditors of HaCa Schreinerei GmbH have until June 20 to register their claims with court-appointed insolvency manager Reinhard Buchholz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 15, 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 Ludwigshafen/Rhein Room XIII Wittelsbachstr. 10 67061 Ludwigshafen/Rhein 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: Reinhard Buchholz Herzog-Otto-Str. 104 D 67105 Schifferstadt Germany The District Court of Ludwigshafen/Rhein opened bankruptcy proceedings against HaCa Schreinerei GmbH on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HaCa Schreinerei GmbH Speyerer Str. 54 67105 Schifferstadt Germany HAFNER SERVICES: Claims Registration Ends June 29 ------------------------------------------------- Creditors of Hafner Services GmbH have until June 29 to register their claims with court-appointed insolvency manager Frank Wiedemann. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Aug. 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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: Frank Wiedemann Eupener Str. 181 52066 Aachen Germany Tel: 0241/6052800 Fax: 0241/6052799 The District Court of Aachen opened bankruptcy proceedings against Hafner Services GmbH on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hafner Services GmbH Charlottenburger Allee 41 52068 Aachen Germany HAMBURGER BAUTRAGER: Claims Registration Ends June 12 ----------------------------------------------------- Creditors of Hamburger Bautrager und Immobilien GmbH have until June 12 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 24, 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 Reinbek Parkallee 6 21465 Reinbek 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. Gideon Boehm Bachstr. 85 a 22083 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against Hamburger Bautrager und Immobilien GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hamburger Bautrager und Immobilien GmbH GF Olaf Dietzsch Hauptstrasse 92 a 23619 Zarpen Germany JAFRA COSMETICS: S&P Withdraws Low-B Ratings -------------------------------------------- Standard & Poor's Ratings Services withdrew its ratings on Westlake Village, California-based Jafra Cosmetics International Inc., including the 'B+' corporate credit rating, following the repayment of its 10.75% senior subordinated public notes. Ratings List Jafra Cosmetics International Inc. To From -- ---- Corporate Credit Rating NR B+/Positive/-- Senior Subordinated Local Currency NR B- Jafra Cosmetics International -- http://www.jafra.com/-- is a multilevel marketing and direct-selling company, in the skin care and beauty industry, since 1956, and with an international network of nearly 400,000 independent consultants worldwide. The company is a subsidiary of Vorwerk & Co. KG. The company is headquartered in Westlake Village, California, and has offices in Mexico, Brazil, Columbia, Curacao, Austria, Russia, Greece, and Germany, among others. JENO BAU: Claims Registration Ends June 28 ------------------------------------------ Creditors of JeNo Bau-Betreuungs-Gesellschaft mbH have until June 28 to register their claims with court-appointed insolvency manager Dr. Juergen D. Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 26, 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 Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven 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. Juergen D. Spliedt Im kleinen Sande 1 21640 Horneburg Germany Tel: 04163 811211 Fax: 04163 811213 The District Court of Cuxhaven opened bankruptcy proceedings against JeNo Bau-Betreuungs-Gesellschaft mbH on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JeNo Bau-Betreuungs-Gesellschaft mbH Attn: Norbert Finke, Manager Schmidtkuhlsweg 9 27607 Langen Germany JUERGEN WARNHOLZ: Claims Registration Ends June 28 -------------------------------------------------- Creditors of Juergen Warnholz Bauunternehmung GmbH & Co. KG have until June 28 to register their claims with court-appointed insolvency manager Helmut Gattermann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 26, 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 Neumuenster Area B 031 Law Courts Boostedter Strasse 26 Neumuenster 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: Helmut Gattermann Lehmweg 17 20251 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Juergen Warnholz Bauunternehmung GmbH & Co. KG on April 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Juergen Warnholz Bauunternehmung GmbH & Co. KG Attn: Juergen Warnholz, Manager Landweg 29 25557 Hanerau-Hademarschen Germany KUEPPER & MUELLER: Claims Registration Ends May 29 -------------------------------------------------- Creditors of Kuepper & Mueller Ingenieurgesellschaft mbH have until May 29 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 10:42 a.m. on June 28, 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 Cologne Meeting Hall 14 Ground Floor Luxemburger Strasse 101 50939 Cologne 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. Sabine Feuerborn Else-Lang-Str. 1 50858 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Kuepper & Mueller Ingenieurgesellschaft mbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuepper & Mueller Ingenieurgesellschaft mbH Attn: Wolfram Feldmann and Dirk Mueller, Managers Rathausplatz 3 51766 Engelskirchen Germany M & M LOGISTICS: Claims Registration Ends June 15 ------------------------------------------------- Creditors of M & M Logistics GmbH have until June 15 to register their claims with court-appointed insolvency manager Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 9, 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 Cottbus Hall 210 Gerichtsplatz 2 Cottbus 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: Udo Feser Uhlandstrasse 165/166 10719 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against M & M Logistics GmbH on May 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M & M Logistics GmbH Spremberger Str. 141 03119 Welzow Germany MONREAL SCHMITZ: Claims Registration Ends June 21 ------------------------------------------------- Creditors of Monreal, Schmitz GmbH & Co. KG have until June 21 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on July 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf 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: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Monreal, Schmitz GmbH & Co. KG on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Monreal, Schmitz GmbH & Co. KG Schneisbroich 19 40468 Duesseldorf Germany Attn: Hartmut Schubert, Manager Giessereistrasse 8 39517 Tangerhuette Germany NATUR&GUT GMBH: Creditors Must Register Claims by June 27 --------------------------------------------------------- Creditors of Natur&Gut GmbH & Co. KG have until June 27 to register their claims with court-appointed insolvency manager Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on July 27, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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: Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Natur&Gut GmbH & Co. KG on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Natur&Gut GmbH & Co. KG Alfred-Nobel-Str. 9 50259 Pulheim Germany Attn: Michael Golz, Manager Ostring 60 50259 Pulheim Germany NOVEMBER AG: Resolves Financial Restructuring Resolutions --------------------------------------------------------- November AG has resolved at its annual shareholders' meeting on May 22, 2007, all resolutions relating to its financial restructuring. As previously disclosed, in order to continue the financial restructuring of november AG i.I., the annual shareholder's meeting shall decide on the capital reduction in a simplified procedure as compensation for losses and depreciations in assets from EUR7,508,320 by EUR3,754,160 to EUR3,754,160 (at the rate of two to one). Furthermore, the shareholder's meeting shall for the necessary financial restructuring decide on a capital increase against contribution in kind with the exclusion of the shareholders' subscription rights in return for the contribution of the companies IBL Gesellschaft fuer Immunchemie und Immunbiologie mbH and PROGEN Biotechnik GmbH into november AG i.I. by the company Biomed Beteiligungsgesellschaft mbH and Dr. Claus Mueller. The contribution of both companies will presumably - among other conditions - be subject to a final, legally binding resolution of the shareholder's meeting on the said corporate action, the exemption from the obligation to publish and make a mandatory offer by the German Federal Financial Supervisory Authority (Bundesanstalt fuer Finanzdienstleistungsaufsicht) according to 37 Takeover Act (WpUEG) and the successful termination of the insolvency proceedings on the assets of november AG. For this purpose, it is intended to enter into a contribution contract with Biomed Beteiligungsgesellschaft mbH and Dr. Claus Mueller prior to the shareholder's meeting. For purposes of the capital increase against contribution in kind with the exclusion of the shareholders' subscription rights and in consideration of the capital reduction, 10,287,356 new notional non-par-value shares shall be issued at an issue price of EUR1.74 per notional non-par-value share (arithmetically EUR0.87 per share prior to the capital reduction). Moreover, the shareholder's meeting shall in consideration of the capital reduction and the capital increase against contribution in kind decide on a capital increase for cash by up to EUR7,020,758.00 with subscription rights for the shareholders. Along with the exemption from the obligation to publish and make a mandatory offer by the German Federal Financial Supervisory Authority (Bundesanstalt fuer Finanzdienstleistungsaufsicht) according to 37 Takeover Act (WpUEG), for which the presentation of a final restructuring concept, approved by an independent auditor is necessary, the further conditions precedent of the contribution contract with Biomed Beteiligungsgesellschaft mbH and Dr. Claus Mueller need to be fulfilled, to legally binding proceed all measures. The resolutions become legally binding, when raised objections will be withdrawn and no legal actions will have been taken or theses actions will not be successful. Headquartered in Erlangen, Germany, november AG -- http://www.november.de/-- specializes in bio- and nanotechnology. It is engaged in the market and customer- orientated transfer of product developments, as well as an expansion of existing product and technology portfolios, through cooperation agreements and financial stakes in other companies, which return a high yield. * * * november AG filed for insolvency in September 2006. The local court of Fuerth opened insolvency proceedings against the company in December 2006. Volker Boehm was appointed insolvency administrator. PANTERA LEDERMODE: Creditors Must Register Claims by June 22 ------------------------------------------------------------ Creditors of Pantera Ledermode GmbH have until June 22 to register their claims with court-appointed insolvency manager Wolfgang Hohenadl. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg 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: Wolfgang Hohenadl Froelichstr. 14 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Pantera Ledermode GmbH on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pantera Ledermode GmbH Aindlinger Str. 3 86167 Augsburg Germany PETOTRANS SPEDITIONS: Creditors Must Register Claims by June 14 --------------------------------------------------------------- Creditors of Petotrans Speditions GmbH & Co. KG have until June 14 to register their claims with court-appointed insolvency manager Karsten Foerster. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on July 16, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Karsten Foerster Otto von Guerike Strasse 5 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Petotrans Speditions GmbH & Co. KG on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Petotrans Speditions GmbH & Co. KG Rowaer Weg 11 17094 Bargensdorf Germany R & H RAUM: Creditors Must Register Claims by June 5 ---------------------------------------------------- Creditors of R & H Raum- & Hausservice GmbH have until June 5 to register their claims with court-appointed insolvency manager Harald Busshardt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 17, 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: Harald Busshardt Boltenhagener Platz 9 01109 Dresden Germany Web site: http://www.schubra.de/ The District Court of Dresden opened bankruptcy proceedings against R & H Raum- & Hausservice GmbH on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & H Raum- & Hausservice GmbH Heimkehr 22 01169 Dresden Germany R & R MOTOBOX: Creditors Must Register Claims by June 12 -------------------------------------------------------- Creditors of R & R Motobox GmbH Zweiradtechnik have until June 12 to register their claims with court-appointed insolvency manager Olaf Boerner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Olaf Boerner Brueder-Grimm-Platz 4 D 34117 Kassel Germany Tel: 0561/71200-25 Fax: 0561/71200-69 E-mail: boerner@branomo.de The District Court of Kassel opened bankruptcy proceedings against R & R Motobox GmbH Zweiradtechnik on April 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & R Motobox GmbH Zweiradtechnik Leipziger Str. 349 - 351 34123 Kassel Germany REMA MALER: Claims Registration Period Ends June 25 --------------------------------------------------- Creditors of REMA Maler GmbH have until June 25 to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 24, 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Germany The District Court of Bochum opened bankruptcy proceedings against REMA Maler GmbH on May 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: REMA Maler GmbH Attn: Detlef Nentwich, Manager Bochumer Str. 219 45661 Recklinghausen Germany RHEINLAND GASTRONOMIE: Claims Registration Period Ends July 9 ------------------------------------------------------------- Creditors of Rheinland Gastronomie GmbH have until July 9 to register their claims with court-appointed insolvency manager Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 1, 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 Room W 1.25 Ground Floor William-Strasse 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: Karl-Dieter Sommerfeld Hammerweg 3 51766 Engelskirchen-R�nderoth Germany Tel: 02263/9039-0 Fax: 02263/9039-10 The District Court of Bonn opened bankruptcy proceedings against Rheinland Gastronomie GmbH on May 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rheinland Gastronomie GmbH Attn: Irmgard Abu-Naaj, Manager Hauptstr. 383 53639 Koenigswinter Germany RODA BAU: Claims Registration Period Ends June 18 ------------------------------------------------- Creditors of roda bau GmbH have until June 18 to register their claims with court-appointed insolvency manager Joerg Riedemann. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on July 17, 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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: Joerg Riedemann Muehlweg 47 D 06114 Halle Germany Tel: 0345/293900 Fax: 0345/2939029 The District Court of Halle-Saalkreis opened bankruptcy proceedings against roda bau GmbH on May 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: roda bau GmbH Attn: Hartmut Sassowsky, Manager Memlebener Str. 14 06642 Wohlmirstedt Germany STABILITY CMBS: Moody's Rates EUR28.2 Mln Class E Notes at Ba3 -------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the Notes issued by Stability CMBS 2007-1 GmbH: -- Aaa to the EUR500,000 Class A+ Floating Rate Credit Linked Notes due May 2022; -- Aaa to the EUR31.8 million Class A Floating Rate Credit Linked Notes due May 2022; -- Aa2 to the EUR46.4 million Class B Floating Rate Credit Linked Notes due May 2022; -- A2 to the EUR30.5 million Class C Floating Rate Credit Linked Notes due May 2022; -- Baa2 to the EUR30.4 million Class D Floating Rate Credit Linked Notes due May 2022; and -- Ba3 to the EUR28.2 million Class E Floating Rate Credit Linked Notes due May 2022. In addition, Moody's has assigned a definitive rating of Aaa to the EUR726.8 million senior credit default swap between Kreditanstalt fuer Wiederaufbau and the senior credit default swap counterparty in connection with the Notes issued by Stability 2007-1. Moody's assigned provisional ratings to the Notes and the senior credit default swap on March 19, 2007. Moody's has not assigned a rating to the Class F Floating Rate Credit Linked Notes of Stability 2007-1. In this transaction, IKB Deutsche Industriebank Aktiengesellschaft transfers the credit risk on 218 commercial mortgage loans, which were granted to 91 borrower groups and are secured on aggregate by 119 properties located in Europe. The reference portfolio has a total volume of EUR909 million. The top borrower group exposure accounts for 11 percent and the top three borrower groups for 23 percent. Based on borrower groups, the loan herfindal index is 32. Based on loan amounts the major property types are office buildings (53 percent) followed by mixed used properties (20 percent) and retail properties (14 percent). 90 percent of the properties are located in Germany with the remaining 10 percent being equally distributed across Austria, UK, Luxembourg, the Netherlands and Switzerland. The property regional distribution within Germany is dominated by the federal states of North Rhine-Westphalia (28 percent), Hesse (24 percent) and Berlin (10 percent). The structure is sponsored by KfW, which provides credit protection for the reference portfolio. KfW in turn hedges its exposure through a senior credit default swap and the issuance of certificates of indebtedness to Stability 2007-1. Stability 2007-1 in return finances the acquisition of the certificates through the issuance of credit-linked Notes to investors. The loans were originated by IKB in the course of its ordinary commercial mortgage loan activity. The loans are serviced by IKB. Based on originator's data, the portfolio has a weighted average loan-to-value of about 66 percent and an average seasoning of about four years. Further favorable portfolio characteristics include the good diversification of the reference pool in respect of location, property type and borrowers, the relatively small portion of third party prior and equal ranking claims and the high ratio of third-party valuations available. Less favorable aspects include, compared to other CMBS transactions, the limited information available on the historical performance of IKB's commercial real estate portfolio in particular, the limited information available on the granular portion of the portfolio in general, the borrower concentration with respect to the largest exposures and the foreign exchange risk in combination with an unfavorable reset mechanism. Moody's visited approximately 14 percent of all properties by underwriter value. On average Moody's has assigned a property attractiveness grade of 2.6 to the properties. In this transaction, the credit definition includes bankruptcy and failure to pay. The loss definition includes principal, accrued interest and external enforcement costs. Losses will be allocated in a reverse sequential order: first to the Class F Notes, second to the Class E Notes and last pro rata and pari passu to the Class A+ Notes and the senior credit default swap. The Notes will amortize sequentially, starting with the Class A+ Notes which rank pro-rata with the senior credit default swap. The portfolio is replenishable up to a maximum amount of EUR300 million and provides IKB as originator some flexibility in terms of assigning new reference claims to the transaction in accordance with the replenishment criteria. The legal final maturity of the transaction is in 2022. The ratings address the expected loss posed to investors by the legal final maturity of the Notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. STEELWAYS GMBH: Claims Registration Period Ends June 25 ------------------------------------------------------- Creditors of STEELWAYS GmbH have until June 25 to register their claims with court-appointed insolvency manager Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 26, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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. Ruediger Werres Friesenplatz 17 a 50672 Cologne Germany Tel: 0221/95 14 46 - 20 Fax: +4922195144690 The District Court of Cologne opened bankruptcy proceedings against STEELWAYS GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STEELWAYS GmbH Herrenhoehe 8 51515 Kuerten Germany Attn: Axel Richelshagen, Manager Peter Str. 11 51688 Wipperfuerth Germany TIEDT TISCHLEREI: Claims Registration Period Ends June 11 --------------------------------------------------------- Creditors of Tiedt Tischlerei GmbH have until June 11 to register their claims with court-appointed insolvency manager Torsten Goettlich. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on July 9, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Torsten Goettlich Suedbahnstrasse 1 17033 Neubrandenburg Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Tiedt Tischlerei GmbH on May 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tiedt Tischlerei GmbH Weidenweg 6 17235 Neustrelitz Germany TIES-M GMBH: Claims Registration Period Ends June 21 ---------------------------------------------------- Creditors of TIES-M GmbH have until June 21 to register their claims with court-appointed insolvency manager R�diger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 17, 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 Leipzig Hall 035 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig 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: Ruediger Wienberg Wasastr. 15 01219 Dresden Germany Tel: 0351340850 Fax: 0351340855 The District Court of Leipzig opened bankruptcy proceedings against TIES-M GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TIES-M GmbH Attn: Cornelis Benadus Johannes Pauwel, Manager Reudnitzer Str. 13 04103 Leipzig Germany VERUCON- PRODUCTION: Claims Registration Period Ends June 14 ------------------------------------------------------------ Creditors of VERUCON- Production-Systems GmbH have until June 14 to register their claims with court-appointed insolvency manager Bernward Widera. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on July 26, 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 Chemnitz Hall 28 Fuerstenstrasse 21 Chemnitz 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: Bernward Widera Buettenstrasse 4 08058 Zwickau Germany Tel: (03 75) 81 89 20 Fax: (03 75) 818 92 14 E-mail: widera@zwickau-net.de The District Court of Chemnitz opened bankruptcy proceedings against VERUCON- Production-Systems GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VERUCON- Production-Systems GmbH Attn: Lutz Kuechler, Manager Fabrikgelaende 5 a 08427 Fraureuth Germany W & V ZAHNTECHNIK: Claims Registration Period Ends June 15 ---------------------------------------------------------- Creditors of W & V Zahntechnik GmbH have until June 15 to register their claims with court-appointed insolvency manager Arne Brumm. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 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 Magdeburg Breiter Weg 203 - 206 39110 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: Arne Brumm Koenigstrasse 17 39116 Magdeburg Germany Tel: 0391/ 5971240 Fax: 0391/ 5971241 The District Court of Magdeburg opened bankruptcy proceedings against W & V Zahntechnik GmbH on May 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W & V Zahntechnik GmbH Halberstaedter Strasse 39 06484 Quedlinburg Attn: Holger Wultschnig, Manager Wehlstr. 17 29221 Celle Germany WEIHER & WAESCH: Claims Registration Period Ends June 20 -------------------------------------------------------- Creditors of Autohaus Weiher & Waesch GmbH have until June 20 to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Autohaus Weiher & Waesch GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Weiher & Waesch GmbH Krokusstr. 14 16321 Bernau Germany WEST FINANZDIENSTLEISTUNGS: Claims Registration Ends June 11 ------------------------------------------------------------ Creditors of WeSt Finanzdienstleistungs- und Immobilien GmbH have until June 11 to register their claims with court-appointed insolvency manager Dr. Klaus Reischl. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on July 9, 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 Passau Meeting Room 12a Schustergasse 4 Passau 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. Klaus Reischl Residenzpl. 10 94032 Passau Germany Tel: 0851/9890589 Fax: 0851/9890599 The District Court of Passau opened bankruptcy proceedings against WeSt Finanzdienstleistungs- und Immobilien GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WeSt Finanzdienstleistungs- und Immobilien GmbH Dr.-Ernst-Derra-Str. 6 94036 Passau Germany =========== G R E E C E =========== YIOULA GLASSWORKS: Liquidity Concerns Prompt S&P's NegativeWatch ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings, including the 'B+' long-term corporate credit rating, on Greece-based glass container manufacturer Yioula Glassworks S.A. on CreditWatch with negative implications. "The CreditWatch placement reflects our concerns about Yioula's diminishing liquidity and the group's continuously weak credit measures," said Standard & Poor's credit analyst Izabela Listowska. "We expect liquidity to be negatively affected by weaker-than-anticipated cash flow generation and the forthcoming modest debt amortization requirements." Yioula's earnings and cash flows have been adversely affected by high natural gas prices that could not be recovered, restructuring costs, and delays in the earnings contribution from the Ukrainian companies Biomedsklo and Bucha, acquired in December 2005 and March 2006, respectively. These factors, together with high capital expenditure requirements inherent in the glass container market, have materially reduced the group's cash flows and absorbed a greater-than-expected level of available liquidity. Furthermore, the group's high capital expenditures over the next quarters, in particular related to restructuring in the Ukrainian operations, will put pressure on cash flows, delaying the improvement in free operating cash flow. Following the debt-financed acquisitions of Biomedsklo and Bucha, as well as restructuring capital expenditures, only partially covered by operating cash flows, Yioula's capital structure is highly leveraged, with adjusted debt of about EUR250 million at Dec. 31, 2006. Funds from operations to adjusted debt deteriorated to 8.9%, and adjusted debt to EBITDA to 5.5x in 2006, compared with 13.8% and 5.2x, respectively, in 2005. "Resolution of the CreditWatch will depend on the company's ability to build liquidity to meet the forthcoming obligations, as well as to achieve credit measures in line with the ratings," said Ms. Listowska. "Failure to improve its liquidity position or credit measures will likely result in a downgrade." ========= I T A L Y ========= ALITALIA SPA: Cancels 394 Flights Due to Cabin Crew Strike ---------------------------------------------------------- Alitalia S.p.A. cancelled 394 local and international flights from 10:00 a.m. to 6:00 p.m. on May 22, 2007, due to an industrial action launched by its air-traffic controllers and flight attendants, The Associated Press reports. According to AP, the flight attendants launched the strike to keep the pressure on Alitalia over contract negotiations. The flight attendants have been demanding that Alitalia follow the rules regulating the number of crew members and hours of rest between flights. The strike also affected other carriers including Deutsche Lufthansa AG and OAO Aeroflot, AP relates. Thousands of passengers were stranded due to the strike. Alitalia executives met with Civil Aviation Authority officials to discuss the strikes. The authority, however, ruled that the strikes didn't violate flight-safety rules. Alitalia, 39.9% of which is being sold by the Italian government, had been loss-making for the past years and had attributed its near-demise to strikes, competition from low-cost carriers and high fuel costs. 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. MAGISTE SPA: Settles EUR202 Million Debt with Popolare Italiana --------------------------------------------------------------- A new deal with Italian cooperative bank Banca Popolare Italiana S.c.r.l. will allow bankrupt real estate group Magiste S.p.A. to settle around EUR202 million in debts, The Financial Times reports, citing La Stampa as its source. The TCR-Europe previously reported that Magiste S.p.A. filed for protection from its creditors at the Bankruptcy Court of Rome on June 15, 2006. Prosecutors are pursuing over EUR95 million in unpaid taxes from Magiste and believe that the company has around EUR200 million in financial deficit. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana S.c.r.l. -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. About Magiste Headquartered in Rome, Italy, Magiste S.p.A. -- http://www.magiste.re.it/-- is a real estate group owning a 15% stake in RCS MediaGroup S.p.A. The group pledged the stake as collateral for a EUR700 million loan from Banca Popolare Italiana S.p.A. Magiste's inability to repay the loan forced it to present a debt arrangement proposal to Popolare Italiana. BPI had decided to enforce the pledges through the sale of the RCS shares. MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its BB-/Stable/-- corporate credit rating on Boise, Idaho-based Micron Technology Inc. At the same time, Standard & Poor's assigned its 'BB-' rating to the company's US$1.1 billion convertible senior notes due 2014. "Our ratings on Micron reflect the challenges of supplying capital- and technology-intensive products in an environment of severe price pressures and aggressive competition, tempered by the company's moderate financial policies, good industry position, and improving business diversity," said Standard & Poor's credit analyst Bruce Hyman. Micron has diversified its business away from the commodity dynamic random access memory industry, used in PCs. Micron also supplies specialty DRAMs for servers, networking, and wireless applications; NAND flash memories for music players through a joint venture with Intel Corp.; and is the leading supplier of complementary metal-oxide semiconductor image sensors for phones. Micron is the No. 5 DRAM supplier, having substantially reduced its exposure to the commodity market. About 20%-25% of wafers entering production are for imaging, a similar amount are specialty DRAM, 15%-20% NAND, and about 40% commodity PC DRAM; the percentages vary seasonally. PC DRAMs had been 75% of wafer starts in the November 2004 quarter. Micron's 51%-owned joint venture with Intel Corp., IM Flash Technologies LLC, will supply a significant portion of Apple Computer Corp.'s iPod memory needs, in addition to merchant market sales. NAND output is rising sharply as a Utah plant comes on line this year, followed by a Singapore plant in 2008. Micron has the leading 38% share of CMOS-based image sensors for phones, cameras, webcams, and other consumer, security, and automotive applications. Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU) provides advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND Flash memory, CMOS image sensors, other semiconductor components and memory modules for use in leading-edge computing, consumer, networking and mobile products. The company is headquartered in Boise, Idaho, and has manufacturing facilities in Italy, Scotland, Japan, Puerto Rico and Singapore. PARMALAT SPA: Sells Spanish Units for EUR188 Million ---------------------------------------------------- Parmalat S.p.A. has agreed to sell its Spanish units to Grupo Nueva Rumasa's Lacteos Siglo XXI for EUR188 million, various reports say. According to Thomson Financial, Parmalat is disposing its Parmalat Espana and Compania Agricola y Forestal units, which generated over EUR185 million in revenues for the food concern. The deal will become final once approved by Spain's antitrust regulator, The Associated Press reports. The approval could take up to three months. Mediobanca acted as financial advisor while Studio Gilberti Pappalettera Trisccornia e Associati served as legal advisor for the sale. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets ------------------------------------------------------- Parmalat S.p.A. disclosed that on May 10, 2007, its Boschi Luigi & Figli S.p.A. unit, acting pursuant to existing agreements, completed the sale of its Portuguese units Industria da Transforma�ao de Productos Alimentares S.A. and Fomento da Industria do Tomate S.A. to Holding de Industria Transformadora do Tomate, Sgps SA. Concurrently with the sale, Boschi Luigi & Figli S.p.A. collected the first installment of the sales price, amounting to EUR4,936,850. Net consolidated revenues in 2006 for Italagro amount approximately to EUR19,000,000, while the net consolidated revenues in 2006 for FIT amount approximately to EUR15,000,000. The two companies operate in the production, transformation and manufacturing of tomato-based products. Italagro and Fit are not consolidated in the financial statements of Parmalat because the investments in these companies are classified as available-for-sale assets. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. (Parmalat Bankruptcy News, Issue No. 88; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/) POPOLARE ITALIANA: New Deal to Help Magiste Pay EUR202 Mln Debt --------------------------------------------------------------- A new deal with Italian cooperative bank Banca Popolare Italiana S.c.r.l. will allow bankrupt real estate group Magiste S.p.A. to settle around EUR202 million in debts, The Financial Times reports, citing La Stampa as its source. The TCR-Europe previously reported that Magiste S.p.A. filed for protection from its creditors at the Bankruptcy Court of Rome on June 15, 2006. Prosecutors are pursuing over EUR95 million in unpaid taxes from Magiste and believe that the company has around EUR200 million in financial deficit. About Magiste Headquartered in Rome, Italy, Magiste S.p.A. -- http://www.magiste.re.it/-- is real estate group owning 15% stake in RCS MediaGroup S.p.A. The group pledged the stake as collateral for a EUR700 million loan from Banca Popolare Italiana S.p.A. Magiste's inability to repay the loan forced it to present a debt arrangement proposal to Popolare Italiana. BPI had decided to enforce the pledges through the sale of the RCS shares. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana S.c.r.l. -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As of Feb. 23, 2007, BPI carries Moody's Investors Service's D financial strength rating, Ba2 junior subordinated debt rating, and Ba2 preferred stock and Tier III debt ratings. At the same time, BPI also carries Fitch's C financial strength rating, BB+ junior subordinated debt rating, and BB+ preferred stock rating. TISCALI SPA: May Bid For Pipex' Broadband & Voice Service Unit -------------------------------------------------------------- Tiscali S.p.A. clarified on May 18, 2007, that its current interest in Pipex Communications Plc is only in the broadband and voice services division. Tiscali also stated that discussions are at a preliminary stage and may or may not lead to a transaction for the division. The company's clarification follows Bloomberg News' report citing Tiscali's CFO Massimo Cristofori's statement that Tiscali is considering a bid for Pipex. According to Chiara Remondini and Elena Distaso of Bloomberg, London-based Pipex put itself up for sale in March after 2006 losses widened to GBP17.7 million. The company had 570,000 high-speed Internet customers at the end of 2006. Tiscali on May 11, 2007, disclosed that it targets 2.5 million broadband customers by the end of 2007. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. Former chairman and founder Renato Soru owns almost 30% of the company. As reported in the TCR-Europe on March 22, 2007, the company registered EUR136.16 million in net losses on EUR678.48 million in net revenues for the full year ended Dec. 31, 2006, compared with EUR12.81 million net losses on EUR530.85 billion in revenues for full year 2005. As of Dec. 31, 2006, Tiscali had EUR1.23 billion in total assets, EUR960 million in total liabilities and EUR270 million in total shareholders' equity. As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board of Directors approved a three-year plan for 2007-2010, which calls for the concentration of its core business in Italy and in the United Kingdom. * * * In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on Rating Watch Positive. Upon receipt of EUR255 million in proceeds from the sale of its Tiscali Netherlands subsidiary, the agency anticipates that the Rating watch will be resolved and the IDR will be upgraded to B- from CCC. At the same time, the agency has affirmed the Short- term rating at C and simultaneously withdrawn it. =================== K A Z A K H S T A N =================== ASOL LLP: Creditors Must File Claims by June 8 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Asol insolvent. Creditors have until June 8 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office Four Kassin Str. 2/1 Mamyr 050052, Almaty Kazakhstan Tel: 8 (3272) 93-19-22 8 777 559 68-31 8 777 258 50-41 ASTANA-SERVICE LLP: Creditors' Claims Due June 22 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Astana-Service insolvent. Creditors have until June 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Kataev Str. 24-8 Pavlodar Kazakhstan Tel: 8 (3182) 54-37-22 8 701 228 47-28 CLASS-I LLP: Claims Registration Ends June 22 --------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Class-I insolvent. Creditors have until June 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Borodin Str. 144-88 Kostanai Kazakhstan Tel: 8 (3142) 54-60-83 COMSERVICE LTD: Claims Filing Period Ends June 22 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Company Comservice Ltd insolvent March 26. Creditors have until June 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Kataev Str. 24-8 Pavlodar Kazakhstan Tel: 8 (3182) 54-37-22 8 701 228 47-28 KAISAR JSC: Proof of Claim Deadline Slated for July 3 ----------------------------------------------------- JSC Kaisar Asset Management has declared insolvency. Creditors have until July 3 to submit written proofs of claim to: JSC Kaisar Asset Management Karasai batyr Str. 69-59 Maulenov Str. 85 Almaty Kazakhstan Tel: 8 (3272) 72-94-35 8 701 740 92-40 KOSTANAI ZERNO: Creditors Must File Claims by June 22 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kostanai Zerno 2004 insolvent. Creditors have until June 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Borodin Str. 144-88 Kostanai Kazakhstan Tel: 8 (3142) 54-60-83 STANI LLP: Claims Registration Ends June 19 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Trade House Stani insolvent. Creditors have until June 19 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Frunze Str. 52-52 Zyryanovsk East Kazakhstan Kazakhstan Tel: 8 (235) 4-01-07 6-03-83 TEPLOCOMMUNENERGO LLP: Claims Registration Ends June 19 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Heat Communal Energo Teplocommunenergo insolvent. Creditors have until June 19 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Frunze Str. 52-52 Zyryanovsk East Kazakhstan Kazakhstan Tel: 8 (235) 4-01-07 6-03-83 ===================== N E T H E R L A N D S ===================== NXP B.V.: High Leverage Prompts S&P's Negative Outlook ------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Netherland-based semiconductor manufacturer NXP B.V. to negative from stable. At the same time, the 'BB' long-term corporate credit rating, 'BB+' senior secured and 'BBB-' secured bank loan ratings, and the '1' recovery ratings were affirmed. The '1' recovery rating indicates S&P's expectation of full recovery of principal for senior secured lenders in the case of payment default. The 'B+' senior unsecured rating was also affirmed. At March 31, 2007, NXP had debt of EUR4.4 billion. "The outlook revision reflects NXP's high financial leverage, as the company's weaker-than-expected operating performance has affected profitability," said Standard & Poor's credit analyst Patrice Cochelin. NXP's EBITDA in first quarter 2007 was EUR85 million, down from EUR173 million in first quarter 2006; revenues declined by 2.7% (on a comparable basis, at constant currencies, and year-on- year) in first quarter 2007, and restructuring costs increased by EUR19 million. As a result, debt represented about 5x EBITDA in the 12 months ended March 31, 2007, after adjusting for operating leases (EUR65 million) and postretirement benefit obligations (EUR165 million). S&P is concerned that the company's leverage may exceed its maximum 4x three-year average target for a 'BB' rating, although S&P expects EBITDA to benefit from reduced disentanglement and restructuring costs in the coming quarters. "The negative outlook recognizes the possibility of a one-notch rating downgrade if the company's financial performance does not show gradual improvements in the balance of 2007, as that would question our assumption that the company can maintain leverage at or below 4x over a three-year cycle," said Mr. Cochelin. While small-sized acquisitions are likely to be accommodated in the current rating, medium-sized ones, if executed in the near term, could reduce the company's liquidity or increase its leverage, which could add to ratings pressure. On the other hand, the outlook could return to stable after several quarters of demonstrated profitability improvements. =============== P O R T U G A L =============== PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets ------------------------------------------------------- Parmalat S.p.A. disclosed that on May 10, 2007, its Boschi Luigi & Figli S.p.A. unit, acting pursuant to existing agreements, completed the sale of its Portuguese units Industria da Transforma�ao de Productos Alimentares S.A. and Fomento da Industria do Tomate S.A. to Holding de Industria Transformadora do Tomate, Sgps SA. Concurrently with the sale, Boschi Luigi & Figli S.p.A. collected the first installment of the sales price, amounting to EUR4,936,850. Net consolidated revenues in 2006 for Italagro amount approximately to EUR19,000,000, while the net consolidated revenues in 2006 for FIT amount approximately to EUR15,000,000. The two companies operate in the production, transformation and manufacturing of tomato-based products. Italagro and Fit are not consolidated in the financial statements of Parmalat because the investments in these companies are classified as available-for-sale assets. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. (Parmalat Bankruptcy News, Issue No. 88; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/) =========== R U S S I A =========== EAR-S LLC: Chelyabinsk Bankruptcy Hearing Slated for Aug. 28 ------------------------------------------------------------ The Arbitration Court of Chelyabinsk will convene on Aug. 28 to hear the bankruptcy supervision procedure on LLC Ear-S. The case is docketed under Case No. A76-2066/2007-34-45. The Temporary Insolvency Manager is: A. Alekseev Lenina Pr. 19-45 454007 Chelyabinsk Russia The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC Ear-S Pochtovyj Per. 3 Snezhnyj Kartalinskiy 457384 Chelyabinsk Russia GRAIN-PRODUCT CJSC: Bankruptcy Hearing Slated for Aug. 14 --------------------------------------------------------- The Arbitration Court of Tula will convene at 10:00 a.m. on Aug. 14 to hear the bankruptcy supervision procedure on CJSC Grain-Product. The case is docketed under Case No. A68-1287/07- 52B. The Insolvency Manager is: N. Kazenova Moskovskaya Zastava Str. 1 Efremov 301840 Tula Russia The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: CJSC Grain-Product Moskovskaya Zastava Str. 1 Efremov 301840 Tula Russia ISTOK OJSC: Court Starts External Management Bankruptcy ------------------------------------------------------- The Arbitration Court of Novgorod commenced external management bankruptcy procedure on OJSC Istok. The case is docketed under Case No. A 44-2554/2006-15k. The External Insolvency Manager is: A. Kulikov 3rd Floor Novinskiy Avenue 11 121099 Moscow Russia The Court is located at: The Arbitration Court of Novgorod Mikhaylova Str. 25 Velikiy Novgorod Russia The Debtor can be reached at: OJSC Istok B. Sankt-Peterburgskaya Str. 107 173008 Velikiy Novgorod Russia ISTRINSKAYA CJSC: Creditors Must File Claims by June 5 ------------------------------------------------------ Creditors of CJSC Agricultural Company Istrinskaya have until June 5 to submit proofs of claim to: I. Gorn Insolvency Manager Post User Box 183 127018 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-18726/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Agricultural Company Istrinskaya Krivtsovo Dolnechnogorskiy Moscow Russia MIASSKIY MEAT-PACKING: Court Names K. Zvonkov to Manage Assets -------------------------------------------------------------- The Arbitration Court of Chelyabinsk appointed K. Zvonkov as Insolvency Manager for OJSC Miasskiy Meat-Packing Factory. He can be reached at: K. Zvonkov Post User Box 31 Chebarkul 456440 Chelyabinsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-16698/2005-60-105. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Miasskiy Meat-Packing Factory Gorkogo Str. 27 Orel Chelyabinsk Russia NOMOS-BANK: Defers IPO to Create Banking Firm with PPF Group ------------------------------------------------------------ Nomos-Bank postponed its planned initial public offering, initially scheduled before 2008, to set up a banking group with PPF Group N.V., RIA Novosti reports. Nomos and PPF have signed a memorandum of understanding aimed at creating one of Russia's largest banking groups, RIA Novosti relates. The firms will create a holding group jointly owned by Nomos-Bank and PPF unit Home Credit & Finance Bank. The firms are expected to sign a strategic partnership agreement in the fourth quarter of 2007 after receiving approval from relevant authorities. About PPF Group Headquartered in Prague, Czech Republic, PPF Group N.V. provides retail financial services, primarily insurance, and consumer loans. PPF manages assets worth more than CZK220 billion. In addition to the Czech Republic, the group is also active in Slovakia, the Russian Federation, Kazakhstan and a number of other countries through its member companies. About Nomos-Bank Headquartered in Moscow, Russia, Nomos-Bank -- http://ib.nomos.ru/-- provides a range of corporate and retail banking services and engages in securities and foreign exchange trading, trade and export credit agency finance, precious metals operations, investment banking and leasing. As at July 31, 2006, Nomos-Bank had RUR87.91 billion in total assets, RUR80.45 billion in total liabilities and RUR7.46 billion in shareholder equity. * * * In a TCR-Europe report on Jan. 24, 2007, Fitch Ratings has affirmed Russia's Nomos Bank's ratings at Issuer Default 'B+', Short-term 'B', Individual 'D', Support '5' and National Long- term 'A-'. The Outlooks for the Issuer Default and National Long-term ratings are Stable. Also Fitch has assigned expected ratings of Recovery 'RR4' and Long-term 'B+' to Nomos' upcoming eurobond. Nomos carries a Ba3 Corporate Family Rating and D- Bank Financial Strength Rating from Moody's. Nomos-Bank's US$150- million 10-year subordinated eurobonds also carry a Ba1 rating from Moody's. OGK-5 JSC: Enel S.p.A. Wants Blocking Stake in Energy Firm ---------------------------------------------------------- Italy's Enel S.p.A. reiterated its interest in JSC OGK-5 and JSC OGK-4, Interfax News reports citing Enel Business Development Unit Director Andrea Brentan. In a TCR-Europe report on May 2, 2007, Ms. Brentan confirmed possible investments in the wholesale generating firms. Enel CEO Fulvio Conti told Interfax in September 2006 that the Italian firm is interested in acquiring a blocking stake in OGK-5. The TCR-Europe reported on April 27 that Enel would participate in the June 6 auction of RAO UES' 25.03% stake in OGK-5 JSC. Gazprom and KES Holding are also interested in the OGK-5 auction. RAO will keep a controlling stake in OGK-5 with its 50% holding. Interested parties have until May 28, 2007, to submit their bids. Mr. Conti told Interfax that Enel has allotted a EUR4 billion investment in Russia -- part of which was spent in acquiring a 20% stake in Gazprom Neft and 21 of OAO Yukos Oil Co.'s bankruptcy assets including OAO Arcticgaz and ZAO Urengoil. "This lot was of interest to us from the point of view of gas production assets," Ms. Brentan told Interfax News. "Their presence is a major advantage for any company, including generating companies." About Enel SpA Enel S.p.A. is Italy's largest power company, and Europe's third largest listed utility by market capitalization. Listed on the Milan and New York stock exchanges since 1999, Enel has the largest number of shareholders of any European company, at some 2.3 million. It has a market capitalization of about EUR50 billion at current prices. About OGK-5 Headquartered in Ekaterinburg, Russia, OAO OGK-5 -- http://www.ogk-5.com/-- generates electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya GRES. * * * 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 Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, the rating agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5. Moody's also assigned a Ba3 Probability-of-Default rating to the company. PETUSHKI-INTER-WOOD: Creditors Must File Claims by June 5 --------------------------------------------------------- Creditors of OJSC Petushki-Inter-Wood have until June 5 to submit proofs of claim to: L. Nikitina Temporary Insolvency Manager Office 98 Baturina Str. 28 600017 Vladimir Russia The Arbitration Court of Vladimir commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A11-1828/2007-K1-60B. The Court is located at: The Arbitration Court of Vladimir Oktyabrskiy Pr. 14 600025 Vladimir Russia The Debtor can be reached at: OJSC Petushki-Inter-Wood Porkovskiy Proezd 17-a Petushki Vladimir Russia ROOF RUSSIA: Moody's Assigns Low-B Ratings to Class C & D Notes --------------------------------------------------------------- Moody's Investors Service assigned definitive ratings to these four classes of asset-backed notes issued by Roof Russia S.A. -- A3 to the US$130 million Class A Asset Backed Secured Floating Rate Notes due 2017; -- Baa2 to the US$13.8 million Class B Asset Backed Secured Floating Rate Notes due 2017; -- Ba2 to the US$17.9 million Class C Asset Backed Secured Floating Rate Notes due 2017; and -- B2 to the US$3.5 million Class D Asset Backed Secured Floating Rate Notes due 2017. In addition to the above listed notes, are US$227.2 Senior Variable Funding Certificate notes that rank pari-passu with the Class A notes, and subordinated notes that have been initially sized at US$7.6 million. Roof Russia is the first public securitization transaction from ZAO Raiffeisenbank Austria, and the third securitization from Raiffeisen International Group after closing Roof Poland 2006 and Roof CEE 2006-1 last year. This transaction is the first Russian Auto ABS transaction that Moody's has rated in the single A range. Achieving this rating level is partly due to the relatively high rating of the Originator (FCR Baa2), which materially reduces the likelihood of a challenge to the true sale. In addition, the asset pool exhibits much better default and recovery characteristics to those seen in other Russian transactions. The Notes are backed by a portfolio of fixed rate, U.S. dollar denominated auto loans. These loans are fully amortizing, fixed installment loans extended to well educated middle-class professionals for the purpose of purchasing new, non-Russian brand vehicles. Although the initial average yield on the assets is 9.3% this could reduce as higher yielding assets pre-pay or default and lower yielding assets are substituted. T he subordinated note is dynamically sized to protect the structure from such spread compression and eligibility criteria are in place to ensure that any individual asset has a yield of at least 7.0% and the weighted average portfolio yield is above 8.5%. The Russian legal and operating environment presents certain risks, primarily relating to potential challenges to the true sale under Russian Law. Moody's notes that, due to the high credit rating of the Originator (FCR Baa2), there is substantially less likelihood of an originator insolvency than seen in many other Russian securitizations. Moody's has reviewed Russian legal opinions in connection with this transaction and are satisfied that these risks are commensurate with the rating levels assigned to the notes. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. ROSNEFT OIL: Court Overturns Yukos Capital Claim Ruling ------------------------------------------------------- The Moscow Arbitration Court quashed a ruling by an arbitrage court ordering Yuganskneftegaz, a unit of OAO Rosneft Oil Co., to pay RUR13 billion to Yukos Capital S.a.r.l., RIA Novosti reports. In 2006, Yukos Capital filed a claim with an international commercial arbitrage at Russia's industry and commerce chamber alleging that Yuganskneftegaz had failed to repay a RUR11.2 billion loan and its interest, RIA Novosti reports. In September 2006, the arbitrage court ordered Yuganskneftegaz to pay the principal, plus RUR1.7 billion in interest and US$850,000 in arbitration fees. Rosneft, which acquired Yuganskneftegaz shortly after the former Yukos unit was bought by Baikalfinansgroup in December 2004, deemed the arbitrage court's ruling as illegitimate and filed a petition with the Moscow Arbitration Court. Aside from quashing the arbitrage court's decision, the Moscow Arbitration Court also accepted claims filed by Rosneft. 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, 2007, 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, 2007, 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. RUSSIAN COMMERCIAL: S&P Puts Long-Term Credit Rating at B- ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B-' long-term and 'C' short-term counterparty credit ratings to Russian Commercial Bank Renaissance Capital. The outlook is stable. At the same time, an 'ruBBB' Russia national scale rating was assigned. "The ratings reflect CBRC's high credit risk, heavy reliance on confidence-sensitive external funding as a wholesale bank that is operationally yet to break even, and short track record in the Russian consumer finance market," said Standard & Poor's credit analyst Elena Romanova. "Positive rating factors include strong growth potential, an experienced management team, and ongoing shareholder support." "We expect CBRC to continue to develop its business in line with its strategy for rapid growth, and to consequently improve its profitability," said Ms. Romanova. Nevertheless, S&P also expect the negative rating factors to persist. The owner is likely to continue to provide capital, funding, and operating support to the bank. An upgrade would depend on CBRC's ability to develop its business and start generating profits, while maintaining adequate asset quality and capitalization. A negative rating action could follow if asset quality indicators deteriorated to the extent that they could not be absorbed by the high-risk premiums and led to an excessive drop in capitalization. RUSSIAN HOME: S&P Holds B+ Long-Term Counterparty Credit Rating --------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+' long-term and 'B' short-term counterparty credit ratings on Russian Home Credit and Finance Bank LLC. The outlook is stable. "The affirmation follows the announcement that the owner of HCFB, the PPF Group N.V., has entered into a preliminary agreement with the shareholders of midsize Russian Nomos Bank to establish a mutually owned holding company that will, in turn, become the new owner of HCFB and Nomos Bank," said Standard & Poor's credit analyst Eugene Tarzimanov. Through this holding, PPF and the shareholders of Nomos Bank aim to create a universal banking group in Russia, combining HCFB's consumer finance activities and Nomos Bank's corporate banking activities. The two entities will continue to hold separate banking licenses, but will act operationally as sister banks. The amount of the stakes in the new holding company has yet to be determined. S&P view PPF as a committed owner with a history of providing support to HCFB, and consequently factor a one- notch uplift into the final ratings on HCFB above its stand- alone rating to reflect such support. S&P expect HCFB to improve its profitability while keeping its high risk-reward strategy. S&P expect PPF to continue providing capital, funding, and operating support to HCFB. An upgrade would be contingent on the bank's generating higher profitability while maintaining adequate asset quality and good capitalization. A negative rating action could result if asset quality indicators deteriorated to the extent that they could not be absorbed by the high-risk premiums and led to an excessive drop in capitalization that would not be covered by HCFB's owner. "While the ratings and outlook on HCFB are currently unaffected by the announcement of the agreement, we will closely monitor the deal to see how it might affect HCFB's credit and financial profile in the medium term," said Mr. Tarzimanov. A successful completion of this deal may create positive synergy for HCFB in terms of diversification. Alternatively, if PPF was to dilute its ownership to a minority stake and support weakens, then S&P would likely remove the one-notch uplift in the rating on HCFB. SBERBANK ROSSII: Board Recommends PwC as 2007 Auditor ----------------------------------------------------- The supervisory board of OAO Sberbank Rossii recommended to shareholders the approval of ZAO PricewaterhouseCoopers Audit as its auditor for 2007, RIA Novosti reports citing a source close to the board. Andrei Kazmin, Sberbank chief executive, said PwC would service the bank despite facing tax claims from Russian tax authorities, RIA Novsoti relates. Mr. Kazmin noted that Sberbank has been working with PwC since 1996, though some of the bank's annual report were audited by other firms. Sberbank's shareholders will vote on the board's recommendation on Nov. 29 during its annual meeting. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage, and retail banking, and a complete range of travel, lending, and credit services. The Bank operates through 17 territorial banks, 921 divisions, and 19,390 subdivisions across Russia. * * * As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's D financial strength rating with stable outlook. At the same time, the bank also carries Fitch's C Individual Rating. VNESHTORGBANK JSC: Foreign Investors Own 12% Stake After IPO ------------------------------------------------------------ Foreign shareholders now owns 12% of JSC Vneshtorgbank following the company's recent initial public offering, RIA Novosti reports citing Alexei Ulyukayev, First Deputy Chairman of the Central Bank of Russia. As reported in the TCR-Europe on May 15, 2007, VTB floated 1.513 trillion new shares through open subscription to local and foreign markets. VTB floated 65% of the new shares in London and 35% in Russia. The new shares, equivalent to 22.5% of VTB's equity, is expected to raise over US$6 billion in fresh funds, RIA Novosti relates. VTB has accepted over 131,000 individual applications worth US$1.6 billion. The bank's supervisory board set the offering price at RUR0.136 each, RIA Novosti adds. Russian stock market regulators approved a US$10.56 offering price for the bank's Global Depositary Receipts in London. VTB plans to use the IPO proceeds to finance the ongoing expansion of its business, including the expansion of its retail banking operations in Russia, RIA Novosti relates. After the IPO, the Russian government's stake in VTB will drop from 99.9% to 77%. 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. The Group operates 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. VOLGOGRAD OBLAST: S&P Rates US$38.9 Million Bond Issue at B+ ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B+' long-term debt rating and 'ruA+' Russia national scale rating to the proposed five-year senior unsecured Russian RUR1 billion (US$38.9 million) amortizing, fixed-coupon bond issue to be placed on May 22, 2007, by the Volgograd Oblast (B+/Stable/--; Russia national scale rating 'ruA+'). Interest will be paid semiannually. The bond will be used both to reduce direct debt and for deficit financing. "The ratings on the bond are the same as those on the oblast, which reflect the region's lack of budget flexibility and predictability; low wealth level relative to Russian peers; and need for longer term and correlated economic, investment, and financial planning," said Standard & Poor's credit analyst Irina Pilman. "The ratings are supported, however, by good budgetary performance; a continued increase in revenues, underpinned by a growing economy; and moderate debt, with an improving debt profile." In 2007-2009, S&P expects budgetary performance to remain sound, with an operating surplus representing slightly less than 10% of operating revenues and a deficit after capital expenditures of about 5%-10% of total revenues. S&P also expect the debt burden to remain manageable in the next few years, with direct debt at less than 25% of operating revenues. The debt profile has been improving over the past four years, and the maturity profile is likely to be extended further. Liquidity remains low, however. S&P estimates short- term debt, which covers cash shortages during the year, to have represented 30.4% of direct debt as of May 1, 2007. YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer -------------------------------------------------------------- The Slovak government will not veto the sale of OAO Yukos Oil Co.'s 49% stake in Transpetrol a.s. if the buyer is a Russian firm, The Slovak Spectator reports citing Slovak Prime Minister Robert Fico. In a TCR-Europe report on March 20, 2007, the Economy Ministry of Slovakia sought to extend its veto power against any possible sale of Yukos' minority stake. The Slovakian government sold the Transpetrol shares to Yukos Finance B.V., Yukos' Dutch unit, in 2002. Under terms of the deal, Slovakia retains the right to block the sale of these shares until April 2007. Slovakia, which holds the remaining 51% in Transpetrol, indicated last year that it is trying to reinforce its position over the company by repurchasing the 49% stake it sold to Yukos. As reported in the TCR-Europe on May 9, 2007, Mr. Fico asked Russia for "comprehensive support in the elimination of all barriers in the transfer of Yukos property and shares to Transpetrol," St. Petersburg Times reports citing Itar-Tass as its source. Transpetrol operates the Slovak portion of the Druzhba oil pipeline that runs from Russia to the Czech Republic. OAO Transneft, Russia's state-owned pipeline operator, manages the Russian part of the Druzhba pipeline. Failed Stake Repurchase Slovak Economy Minister Ubomir Jahnatek agreed with Yukos Finance's former management -- which includes Bruce Misamor and David Godfrey -- on Aug. 9, 2006, to repurchase the Trasnpetrol stake sold to the oil concern, Slovak Spectator relates. Eduard Rebgun, Yukos' bankruptcy receiver, however, dismissed the managers on Aug. 13 for allegedly acting against shareholder interests while negotiating the sale of Yukos foreign assets, Slovak Spectator adds. Mr. Rebgun secured a Dutch court ruling giving him the right to claim part of its foreign assets controlled by Yukos Finance. Gazprom Role Meanwhile, Alexander Temerko, former vice-president of the Yukos board of directors, told Russian weekly Vedomosti that the bankrupt oil concern's stake in Transpetrol will be sold to Russia-owned gas producer OAO Gazprom. "Transpetrol shares owned by Yukos could be sold to the Slovak government, which would subsequently sell them to the Gazprom group," Mr. Temerko said. Claire Davidson, Yukos Finance spokeswoman, denied Mr. Termerko's claim, adding that the unit plans to auction the Transpetrol stake, SITA Newswire reports. A source privy to Yukos Finance management, however, confirmed the Gazprom plan to Vedomosti. About Transpetrol Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the Slovak part of the Druzhba oil pipeline through which about 10 million tons of Russian oil flow to western Europe annually. 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. ZARYA OF MANTUROVSKIY: Creditors Must File Claims by June 5 ----------------------------------------------------------- Creditors of CJSC Zarya of Manturovskiy Region have until June 5 to submit proofs of claim to: S. Bulgakov Temporary Insolvency Manager Litovskaya Str. 12A 305023 Kursk Russia The Arbitration Court of Kursk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A35-1288/07 g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: S. Bulgakov Temporary Insolvency Manager Litovskaya Str. 12A 305023 Kursk Russia * S&P Revises Bashkortostan's Outlook to Positive from Stable ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Russia's Republic of Bashkortostan to positive from stable on expectations of more visibility on the region's financial position in the medium term, following the introduction of three-year financial planning, and expectations of continued sound finances. At the same time the 'BB' issuer credit rating was affirmed. "The rating is constrained by Bashkortostan's low budget predictability and flexibility, a concentration of major taxpayers in the oil processing and extraction industries, long- term expenditure pressure, and still-low wealth in the international context," said Standard & Poor's credit analyst Boris Kopeykin. "These constraints are mitigated by the republic's low debt, strong liquidity, and growing economy." Tax-supported debt is currently less than 5% of total revenues. We expect Bashkortostan's prudent financial management and gradual economic growth to help the republic maintain sound financial indicators, despite expenditure pressures. "An upgrade could be driven by increased visibility in the republic's medium-term financial position, including the adoption of the three-year financial plan and a clearer cash reserve management strategy, confirming the expectations of prudent financial policies," said Mr. Kopeykin. In contrast, a more aggressive financial policy, with rapid depletion of cash reserves and a deterioration in financial performance to weaker-than-expected levels, could lead us to revise the outlook back to stable. Any significant negative economic or intergovernmental developments resulting in a major reduction in revenues and changes in financial policy, although not likely now, could also result in a revision of the outlook back to stable. ===================================== S E R B I A & M O N T E N E G R O ===================================== * 150 Firms Complete Bankruptcy Process Under New Serbian Law ------------------------------------------------------------- The Serbian Bankruptcy Supervision Agency recorded 400 firms that underwent bankruptcy process under the new law on bankruptcy procedures signed in 2005 and implemented in 2006, Economy reports citing agency director Jovan Jovanovic. According to the report, Mr. Jovanovic said the new law considerably cut the time to complete a bankruptcy procedure. Mr. Jovanovic noted that within two years, around 150 bankruptcy procedures had been completed. Serbian Minister of Justice Zoran Stojkovic, Economy relates, noted that the new law reduced the number and length of bankruptcy procedures. Mr. Stojkovic cited the situation at the Leskovac Commercial Court, where 118 bankruptcy procedures were commenced over the ten years and 90 of them were completed under the new law. Mr. Jovanovic, however, said that bankruptcy procedures commenced under the old law have to be completed under the provisions of the old law, Economy says. Mr. Jovanovic also revealed that there are currently 14 private firms and seven state-owned enterprises undergoing reorganization procedures in Serbia. ============================= S L O V A K R E P U B L I C ============================= YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer -------------------------------------------------------------- The Slovak government will not veto the sale of OAO Yukos Oil Co.'s 49% stake in Transpetrol a.s. if the buyer is a Russian firm, The Slovak Spectator reports citing Slovak Prime Minister Robert Fico. In a TCR-Europe report on March 20, 2007, the Economy Ministry of Slovakia sought to extend its veto power against any possible sale of Yukos' minority stake. The Slovakian government sold the Transpetrol shares to Yukos Finance B.V., Yukos' Dutch unit, in 2002. Under terms of the deal, Slovakia retains the right to block the sale of these shares until April 2007. Slovakia, which holds the remaining 51% in Transpetrol, indicated last year that it is trying to reinforce its position over the company by repurchasing the 49% stake it sold to Yukos. As reported in the TCR-Europe on May 9, 2007, Mr. Fico asked Russia for "comprehensive support in the elimination of all barriers in the transfer of Yukos property and shares to Transpetrol," St. Petersburg Times reports citing Itar-Tass as its source. Transpetrol operates the Slovak portion of the Druzhba oil pipeline that runs from Russia to the Czech Republic. OAO Transneft, Russia's state-owned pipeline operator, manages the Russian part of the Druzhba pipeline. Failed Stake Repurchase Slovak Economy Minister Ubomir Jahnatek agreed with Yukos Finance's former management -- which includes Bruce Misamor and David Godfrey -- on Aug. 9, 2006, to repurchase the Trasnpetrol stake sold to the oil concern, Slovak Spectator relates. Eduard Rebgun, Yukos' bankruptcy receiver, however, dismissed the managers on Aug. 13 for allegedly acting against shareholder interests while negotiating the sale of Yukos foreign assets, Slovak Spectator adds. Mr. Rebgun secured a Dutch court ruling giving him the right to claim part of its foreign assets controlled by Yukos Finance. Gazprom Role Meanwhile, Alexander Temerko, former vice-president of the Yukos board of directors, told Russian weekly Vedomosti that the bankrupt oil concern's stake in Transpetrol will be sold to Russia-owned gas producer OAO Gazprom. "Transpetrol shares owned by Yukos could be sold to the Slovak government, which would subsequently sell them to the Gazprom group," Mr. Temerko said. Claire Davidson, Yukos Finance spokeswoman, denied Mr. Termerko's claim, adding that the unit plans to auction the Transpetrol stake, SITA Newswire reports. A source privy to Yukos Finance management, however, confirmed the Gazprom plan to Vedomosti. About Transpetrol Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the Slovak part of the Druzhba oil pipeline through which about 10 million tons of Russian oil flow to western Europe annually. 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 P A I N ========= FONCAIXA HIPOTECARIO: S&P Junks Rating on Class D Notes ------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR1.512 billion mortgage-backed floating- rate notes to be issued by FonCaixa Hipotecario 10, Fondo de Titulizacion de Activos. This will be the 10th RMBS transaction originated by Caja de Ahorros y Pensiones de Barcelona, and its fifth to be rated by Standard & Poor's. La Caixa is the third-largest Spanish financial institution. At closing, La Caixa will issue mortgage participations that will be purchased by GestiCaixa S.G.F.T., S.A., the "sociedad gestora" (trustee equivalent), on behalf of the issuer. Each mortgage participation will represent, in an equal amount, the initial drawdown of each securitized mortgage loan originated by La Caixa. The mortgage participations will entitle FonCaixa 10 to any rights and proceeds due under the securitized portion of the mortgage loans. This transaction is very similar to the recent mortgage securitizations undertaken by La Caixa in terms of structure and the type of product being securitized, a type of mortgage called "Credito Abierto." The main differences are that in this transaction, instead of being first drawdowns, they are going to be second ones. These are any drawdown that is not the first one. It is possible to have more than one-second drawdown in the same Credito Abierto and these drawdowns do not have to be consecutive. All the drawdowns rank pari passu. The purpose of the credit is not the purchase of the property. Ratings List FonCaixa Hipotecario 10, Fondo de Titulizaci�n de Activos EUR1.512 Billion Mortgage-Backed Floating-Rate Notes Class Preliminary rating Preliminary amount ----- ------------------ ------------------ A AAA EUR1.458 billion B AA- EUR30 million C BBB EUR12 million D(1) CCC- EUR12 million (1) The class D notes will fully fund the cash reserve account at closing. MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Montreal, Quebec-based MEGA Brands Inc., including the long-term corporate credit rating on the company, to 'B+' from 'BB-'. The ratings remain on CreditWatch with negative implications, where they were placed April 20, 2007. "The downgrade and CreditWatch listing reflect ongoing concerns that earnings and credit measures at MEGA Brands are much weaker than expected because of significant problems the company is facing with its Magnetix product," said Standard & Poor's credit analyst Lori Harris. These challenges include product recalls, product replacement, and product liability settlement expenses. "Although MEGA Brands could be reimbursed for certain Magnetix- related expenses, the magnitude of the charges related to the litigation in first quarter 2007 and the resulting negative impact on the company's debt levels and credit ratios were not expected," Ms Harris added. MEGA Brands has chosen to be self-insured for Magnetix products manufactured before May 1, 2006, and for incidents occurring after Dec. 1, 2006, because the cost of insurance is viewed as prohibitive. Management's decision to be self-insured raises uncertainty surrounding the company's potential exposure to liability claims and MEGA Brands' ability to financially support these claims without excessively jeopardizing the financial strength of the business. In addition, the company is involved in litigation with the former shareholders of Rose Art Industries Inc., concerning contingent payments related to MEGA Brands' acquisition of the business in 2005. An additional US$51 million in accrued consideration has yet to be paid because MEGA Brands is disputing the claim. To resolve the CreditWatch listing, Standard & Poor's will meet with management and review MEGA Brands' operating and financial strategies, including the company's plans to deal with the litigation risk that it faces. MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a distributor of construction toys, games & puzzles, arts & crafts and stationery. The company is headquartered in Montreal, Canada and has offices in Belgium, United Kingdom, Germany, France, Spain, Mexico, and Australia. PARMALAT SPA: Sells Spanish Units for EUR188 Million ---------------------------------------------------- Parmalat S.p.A. has agreed to sell its Spanish units to Grupo Nueva Rumasa's Lacteos Siglo XXI for EUR188 million, various reports say. According to Thomson Financial, Parmalat is disposing its Parmalat Espana and Compania Agricola y Forestal units, which generated over EUR185 million in revenues for the food concern. The deal will become final once approved by Spain's antitrust regulator, The Associated Press reports. The approval could take up to three months. Mediobanca acted as financial advisor while Studio Gilberti Pappalettera Trisccornia e Associati served as legal advisor for the sale. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. ===================== S W I T Z E R L A N D ===================== BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on Bio- Rad Laboratories (BB+/Stable/--) following the company's agreement to purchase a majority of DiaMed Holding AG for US$392 million. A subsequent tender for the remaining shares could bring the total price to more than US$450 million. DiaMed develops, manufactures, and markets reagents and instruments used in blood typing and screening. The transaction is expected to close later this year and is subject to certain closing conditions, including regulatory approvals. "Although financial terms of the agreement were not disclosed, S&P believe there will be minimal impact on Bio-Rad's credit protection measures given the relatively small size of the acquisition," explained Standard & Poor's credit analyst David Lugg. "With almost US$470 million in cash and investments and its strong cash flow protection measures, the company has adequate capacity to complete this transaction without an impact to the ratings." The high-speculative-grade rating on Hercules, California-based Bio-Rad reflects the company's defensible, but niche, positions in the life science and clinical laboratory markets, and its history of using significant debt-financed acquisitions to supplement growth. Notwithstanding Bio-Rad's defensible positions in the in vitro diagnostics and life sciences markets, it remains a relatively small player in each, competing with significantly larger companies that are more diversified and have greater financial resources. Moreover, Bio-Rad's substantial international operations, which account for about 65% of sales, subject its revenues to swings in exchange rates and ongoing changes in global economic conditions. The company's life science business is also vulnerable to reductions in government funding for life science research and changes in biopharmaceutical companies' R&D spending. Bio-Rad maintains an intermediate financial risk posture, having steadily reduced its borrowings to fund a series of acquisitions in the diagnostic market. Currently, lease-adjusted total debt to capital is 37% and total debt to EBITDA is about 2.5x, while the ratio of funds from operations to debt is about 25%. The company has no defined benefit pension plan. Bio-Rad Laboratories Inc. -- http://www.bio-rad.com/-- (AMEX: BIO and BIOb), manufactures and distributes a broad range of products for the life science research and clinical diagnostics markets. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs over 5,000 people globally and had revenues of nearly US$1.3 billion in 2006. The company has entered into an agreement to acquire DiaMed. Diamed -- http://www.diamed.ch/-- develops and manufactures test systems aimed at providing laboratories with ease of use, safety, and reliability. The company is situated in Cressier sur Morat, Switzerland, near Fribourg, between Bern and Lausanne. DiaMed has local manufacturing facilities in Brazil, Tunisia and France. =========== T U R K E Y =========== FINANSBANK AS: Targets 550 Branches & 8,957 Total Staff by 2009 --------------------------------------------------------------- Turkey's Finansbank A.S. aims to have 550 branches all over Turkey by 2009 and increase the number of employees from about 8,450 to 8,957 in the same period, Reporternet relates, citing Referans Daily as its source. The bank, which had a mere five outlets in 1995, is presently opening a new branch every other day and hiring 15 new employees everyday to meet its goal, the report says. About Finansbank A.S. Headquartered in Istanbul, Turkey, Finansbank A.S. -- http://www.finansbank.com.tr/-- operates an extensive network of 330 branches around Turkey. It had assets of TRY17.075 billion (EUR8.4 billion and US$10.6 billion, respectively) on an unconsolidated basis as at June 30, 2006. National Bank of Greece S.A. acquired 46% of the bank's ordinary shares (nominal value of ordinary shares is YTL575,000,000) and 100% of its founders' shares within the context of the share purchase agreement signed on April 3. As part of the agreement, Finansbank had also completed the sale of its international participations, Finans International Holding N.V. (100% directly owned by Finansbank) and Finansbank Romania S.A. (28.05% directly owned by Finansbank) to Fiba Holding A.S. for US$600 million and bought back 99.99% of the shares of Finansbank Malta Ltd. for US$48 million, from Finans International Holding N.V. From this sale, Finansbank recorded YTL546.2 million in participation sale profit. * * * On Aug. 22, 2006, Fitch assigned a BB rating to the company's long-term foreign currency deposit and a BB+ rating to its long- term local currency deposit. FORTIS BANK: Moody's Withdraws B1 Currency Deposit Rating --------------------------------------------------------- Moody's Investors Service has withdrawn the ratings of Fortis Bank A.S. of Turkey. This action has been taken for business reasons and does not reflect a change in the bank's creditworthiness. These ratings were withdrawn: -- Financial Strength Rating: D+ -- Long-term local currency deposit rating: A3 -- Short-term local currency deposit rating: Prime-2 -- Long-term foreign currency deposit rating: B1 -- Short-term foreign currency deposit rating: Not-Prime Fortis Bank A.S. is based in Istanbul, Turkey, and had total assets of YTL 8.644 billion (US$ 6.066 billion) as at Dec. 31, 2006. ============= U K R A I N E ============= AZOV BUSINESS: Claims Filing Bar Date Set May 27 ------------------------------------------------ Creditors of LLC Azov Business Company (code EDRPOU 24808089) have until May 27 to submit written proofs of claim to: Inessa Kiriachok Temporary Insolvency Manager Pervomayskaya Str. 12 83086 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/261B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Azov Business Company Avtotransportnaya Str. 1 Makeevka 86152 Donetsk Ukraine EXTERNAL TRADE: Creditors Must File Claims by May 27 ---------------------------------------------------- Creditors of LLC External Trade Reserve (code EDRPOU 33692335) have until May 27 to submit written proofs of claim to: Michael Novikov Liquidator P.O. Box 200 Dovzhenko Str. 01025 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 43/169. 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 External Trade Reserve Izium Str. 7 03039 Kiev Ukraine KYIVSTAR GSM: Investor Deal Allows Firm to Escape Bond Default -------------------------------------------------------------- CJSC Kyivstar GSM avoided a default on its US$400 million Eurobond issue after its foreign bondholders accepted the company's offer to produce financial reporting requirements with a delay, Lena Plekhanova writes for the Kyiv Post. Technical Default Kyivstar, Kyiv Post's Ms. Plekhanova relates, fell into technical default on the Eurobonds on April 30 after failing to publish complete and audited financial reports -- one of the technical obligations under the Eurobond issues. According to Ms. Plekhanova, the reporting failure was due to the current dispute between major shareholders Alfa Group (43.5%) and Telenor ASA (56.5%). The dispute has foiled adoption of major decisions, including the selection of Kyivstar's auditor, during the company's shareholder meeting. Alfa Group, through its Altimo unit, has also filed lawsuits that prevented Kyivstar from publishing audited financial results. Bondholder Agreement Under the bondholder agreement, Kyivstar will publish its financial results in delay, Ms. Plekhanova writes. The company will also pay an additional US$1.1 million on top of the US$400 million face value of the bonds. In return, bondholders will not demand Eurobond repayments for a year pending conclusion of the shareholder conflict. "The relations with [shareholders] are first of all based on trust, but if the financial information is not provided, it would be very difficult for Kyivstar to assure them that the situation in the company is stable," Trend Moe, Telenor's representative in Ukraine, told Kyiv Post. "The situation caused by Alfa Group and Altimo rather threatens their own reputation," Mr. Moe added. "On the world's financial market, [investors] understand the situation and whose fault it is." Ready to Negotiate Altimo vice president Kirill Babaev, however, downplayed the damage caused to Kyivstar in connection with the potential default, Ms. Plekhanova relates. Mr. Babaev said Altimo is ready to hold talks with Telenor to settle the conflict at Kyivstar. About Alfa Group Headquartered in Moscow, Russia, Alfa Group -- http://www.alfagroup.org/-- holds interests in banking, asset management, private equity, real estate, insurance, and telecommunications. Other investments include supermarkets, vodka, and energy. Founded in 1989 as Alfa-Eco, the company is known for its aggressive tactics in buying and selling firms. About Telenor Headquartered in Fornebu, Norway, Telenor ASA -- http://www.telenor.com/-- provides telecommunications services in Norway, and has substantial international operations. In 2004, Telenor registered record-high customer growth in several markets. About Kyivstar Headquartered in Kiev, Ukraine, CJSC Kyivstar GSM -- http://www.kyivstar.net/-- provides mobile communication services in Ukraine. * * * As reported in the TCR-Europe on April 2, 2007, Moody's Investors Service put Kyivstar's rating ("Ba3" corporate family rating, Positive Outlook) on review for possible downgrade following the public disclosure of the injunction issued by the Kyiv City Commercial Court, prohibiting the company from making any of its financial or other reports and information relating to the financial or business activities available to any third parties. In March, Standard & Poor's Ratings Services said that its ratings and outlook on Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM (BB-/Stable/--) remain unchanged despite the ongoing possibility that the company might breach an information covenant of its Eurobonds. LOKHVITSA ALCOHOL: Claims Filing Bar Date Set May 27 ---------------------------------------------------- Creditors of State Enterprise Lokhvitsa Alcohol Enterprise (code EDRPOU 00374806) have until May 27 to submit written proofs of claim to: S. Klimenko Temporary Insolvency Manager Gorky Str.140 Kiev Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 18/311. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: State Enterprise Lokhvitsa Alcohol Enterprise Krasnoarmeyskaya Str. 10 Chervonozavodskoe Lokhvitsa District 37240 Poltava Ukraine MRIYA-2003 LLC: Creditors Must File Claims by May 27 ---------------------------------------------------- Creditors of LLC Mriya-2003 (code EDRPOU 32783693) have until May 27 to submit written proofs of claim to: Svetlana Kovina Liquidator Quarter Olkhovsky 14 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 20/21b. The Court is located at: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Debtor can be reached at: LLC Mriya-2003 Nizhniaya Str. 1-a Chervony Prapor Perevalsky District Lugansk Ukraine PIONEER LLC: Creditors Must File Claims by May 27 ------------------------------------------------- Creditors of LLC Pioneer (code EDRPOU 30902511) have until May 27 to submit written proofs of claim to: Liquidator Petropavlovskaya Str. 74 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/165-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: LLC Pioneer Uzditsa Glukhov District 41000 Sumy Ukraine PROFESSIONAL DESINFECTION: Claims Filing Bar Date Set May 27 ------------------------------------------------------------ Creditors of LLC Professional Desinfection (code EDRPOU 24468073) have until May 27 to submit written proofs of claim to: Liudmila Nesvit Temporary Insolvency Manager Mametovaya Str. 8/2 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 27/70B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Professional Desinfection Partizanskaya Str. 99-a Enakievo 86400 Donetsk Ukraine PROLIV OJSC: Claims Filing Bar Date Set May 27 ---------------------------------------------- Creditors of CJSC Kerch Fish Cannery Proliv (code EDRPOU 05773155) have until May 27 to submit written proofs of claim to: Igor Klets Temporary Insolvency Manager Fedko Str. 28 Feodosiya AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 2-6/4214-2007. 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: CJSC Kerch Fish Cannery Proliv Kirov Str. 41 Kerch 98300 AR Krym Ukraine RADIVILOV DRYING: Creditors Must File Claims by May 27 ------------------------------------------------------ Creditors of OJSC Radivilov Drying Vegetables Cannery (code EDRPOU 00374433) have until May 27 to submit written proofs of claim to: I. Dragun Liquidator Sobornaya Str. 34/14 33028 Rivne Ukraine The Economic Court of Rivne commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/29. The Court is located at: The Economic Court of Rivne Yavornitski Str. 59 33001 Rivne Ukraine The Debtor can be reached at: OJSC Radivilov Drying Vegetables Cannery Volkovenko Str. 1 Radivilov 35500 Rivne Ukraine VELIKOBUDKOVSKOE LLC: Creditors Must File Claims by May 27 ---------------------------------------------------------- Creditors of LLC Velikobudkovskoe (code EDRPOU 30864492) have until May 27 to submit written proofs of claim to: Aleksey Sysoev Liquidator Petropavlovskaya Str. 74 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/577-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: LLC Velikobudkovskoe 8th March Str. Velikie Budki Nedrygailovsky District 42100 Sumy Ukraine VOSKHOD LLC: Creditors Must File Claims by May 27 ------------------------------------------------- Creditors of LLC Voskhod (code EDRPOU 30902553) have until May 27 to submit written proofs of claim to: Sergey Soldatkin Liquidator P.O. Box 30 40014 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/625-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: LLC Voskhod Ulanovoe Glukhov District 41400 Sumy Ukraine =========================== U N I T E D K I N G D O M =========================== ANCHOR CONTRACT: Joint Liquidators Take Over Operations ------------------------------------------------------- Jeffrey Mark Brenner and Filippa Connor of B & C Associates were appointed joint liquidators of Anchor Contract Hire Ltd. on May 8 for the creditors' voluntary winding-up procedure. The company can be reached at: Anchor Contract Hire Ltd. Estate House Pool Close West Molesey KT8 2RN England Tel: 020 8979 7797 Fax: 020 8941 9030 ARDAGH GLASS: S&P Lifts Corporate Credit Rating to B from B- ------------------------------------------------------------ Standard & Poor's Ratings Services raised its long-term corporate credit rating on Ireland-based glass-container manufacturer Ardagh Glass Group PLC and related entities to 'B' from 'B-', owing to the near completion of its acquisition of Rexam PLC's (BBB/Negative/A-3) glass container manufacturing division for EUR660 million, subject to approval from the antitrust authorities in Poland. The outlook is positive. In addition, the ratings on the group's payment-in-kind notes and related entity Ardagh Glass B.V.'s subordinated bond were raised to 'CCC+' from 'CCC'. At the same time, the ratings were removed from CreditWatch, where they were originally placed on March 13, 2007. "Ardagh's business risk profile will strengthen following the acquisition, as the group will gain a stronger market position as one of the largest glass packaging providers in Europe, a wider range of products, and a more diverse geographic presence," said Standard & Poor's credit analyst Izabela Listowska. With pro forma combined sales of EUR1.3 billion, the group will have leading market shares in its core markets of Germany, the U.K., the Nordic region, Benelux countries, and Poland. This will be underpinned by the relatively recession-resistant nature of its products, advanced production technology, and well-invested asset base. In addition, Ardagh's profitability will benefit from Rexam's higher margin glass operations, which reported an EBITDA margin of about 19% in 2006 compared with Ardagh's 9% on a stand-alone basis. Expected integration- related synergies and improved operating efficiencies should support Ardagh's operating margins over the medium term. Ardagh's stand-alone operating margins have been declining in recent years, to 9% in 2006 from 18% in 2004, owing to: -- the difficult operating environment in the U.K., where the group's cost base has been affected by unprecedented high and volatile natural gas prices, which could not be recouped from customers given the fixed-price contracts; and -- the market demand and supply imbalance following capacity additions by competitor Quinn Glass Ltd. Although the U.K. market remains challenging, with natural gas prices at high levels, the outlook for 2007 has improved following recent capacity closures and improving pricing discipline. Furthermore, Ardagh is focusing on improving its product mix by continuing to replace lower margin with higher margin contracts. "The acquisition will result in material additional leverage for Ardagh. Nevertheless, this is more than offset by improved earnings from the acquisition, resulting in improved credit measures," said Ms. Listowska. "Ardagh's pro forma adjusted debt to EBITDA was about 6x for the 12 months to March 31, 2007, compared with about 8x for the same period on a stand-alone basis. S&P expect a growth in earnings to drive an improvement in the credit measures over the near to medium term." "The positive outlook reflects our expectation that the ratings on Ardagh could be raised by one notch in the medium term if the group's profitability and subsequently its credit measures improve," said Ms. Listowska. To secure an upgrade S&P would expect adjusted debt to EBITDA to improve to less than 5.0x and FFO to debt to about 15%. If the group is not successful in improving profitability, or if the trading environment deteriorates, the outlook could be revised to stable. ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch ------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB' corporate credit rating on Little Rock, Arkansas-based Acxiom Corp. on CreditWatch with negative implications. "The CreditWatch placement follows the announcement that Acxiom has entered into a definitive agreement to be acquired by Silver Lake and ValueAct Capital, in an all-cash transaction valued at US$3.0 billion, including approximately US$756 million of outstanding debt," said Standard & Poor's credit analyst Philip Schrank. The merger agreement provides that Acxiom may solicit and entertain proposals from other companies during the next 60 days. The ratings on Acxiom's existing senior secured bank facility were not placed on CreditWatch, as the term loans and any amounts outstanding under the revolving credit facility is expected to be refinanced as part of the transaction. S&P will review the financial terms of the acquisition and their assessment of management's business strategy in order to resolve the CreditWatch listing. Acxiom Corporation -- http://www.acxiom.com/-- (Nasdaq: ACXM) integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data products, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas. The company also has locations in Europe (UK, France, Germany, Spain, among others), Australia, China and Canada. The company also has a presence in Latin America and has strategic alliances with certain companies in Argentina, Brazil and Mexico. AKIBARE LTD: S&P Rates US$120 Million Notes at BB+ ------------------------------------------------ Standard & Poor's Ratings Services assigned its 'BB+' senior secured debt rating to the US$90 million series 1 class A principal at-risk variable-rate notes and the US$30 million series 1 class B principal at-risk variable-rate notes issued under the newly established shelf program, AKIBARE Ltd., sponsored by Mitsui Sumitomo Insurance Co. Ltd. This is the first series of notes issued under this program. Through this transaction, Swiss Reinsurance Co., as the counterparty, has bought fully collateralized retrocession protection against high severity losses incurred from typhoons in Japan, in connection with a reinsurance contract it entered into with MSI. The issuer is a special-purpose Cayman Islands-exempted company, whose ordinary shares are held in a charitable trust. Under the program, Swiss Re is able to issue class A and B notes with a maximum notional amount of US$500 million. When issued, the class A notes will have the same trigger and exhaustion point as the class B notes for the first event. The special feature is that the class B notes can drop down to a lower trigger and exhaustion point following a prior event. The class A and B notes issued on May 14, 2007, are due on May 22, 2012. Standard & Poor's has not assigned ratings to the shelf program and will not necessarily assign ratings to any further issuance of notes through the program. Notes' Structure AKIBARE invested the US$120 million issuance proceeds in high- quality assets, which were placed in two separate collateral accounts. AKIBARE swaps the total return of the assets with Swiss Re Financial Products in exchange for quarterly LIBOR- based payments. Simultaneous to the issuance of the notes, AKIBARE entered into an ISDA-based counterparty contract with Swiss Re, comparable to a retrocession contract. This provides Swiss Re with fully collateralized protection against high severity, per occurrence losses from Japanese typhoons, which mirrors the reinsurance contract Swiss Re entered into with MSI. The periodic payments received from Swiss Re under the counterparty contract and the proceeds from the total return swaps for each class with SRFP are used to make the scheduled interest payments to the holders of the class A and B notes. The class A and B notes pay an annual coupon of LIBOR plus 295 bps and 315 bps respectively, quarterly in arrears. Furthermore, Swiss Re pays the issuer's up-front and ongoing expenses in connection with the security issuance. Loss Definition The repayment of principal under the notes is tied to an index calculated by Risk Management Solutions Inc., derived from wind speeds reported by the Japan Meteorological Agency following the occurrence of a typhoon in Japan and pre-defined weights for the calculation locations. The index is used to determine whether or not a principal loss to the noteholders has occurred, and the amount of the loss. If a loss occurs, assets in the collateral account are sold to fund the loss payment to Swiss Re, and the principal amount of the notes is reduced. Holders of the class A and B notes suffer a scaled loss of investment if the index value exceeds a pre- agreed trigger level, until it reaches a pre-agreed exhaustion point. In addition, the class B notes' trigger level and exhaustion levels can drop down to lower levels following a typhoon event if a certain index threshold has been exceeded and the outstanding principal of the notes is greater than zero. Any loss payment to Swiss Re does not necessarily bear any direct or indirect correlation to actual losses incurred by Swiss Re or MSI. A significant part of the rating analysis took account of an assessment of the occurrence probabilities of the Japan typhoons as modeled by RMS. Furthermore, the ratings on the notes are based upon the creditworthiness of Swiss Re (AA-/Stable/A-1+) as payer of its obligations under the counterparty contract and as guarantor of SRFP, the counterparty for both TRS. RMS' proprietary Japanese typhoon model version 4.3 was used to determine the probability of a first-dollar loss for both classes of notes. The estimated first-year attachment probabilities for the class A and B notes are 113 bps each. The first-year probability of exceeding the threshold is 400 bps. Following the drop-down event, the attachment, the class B attachment probability will be 216 bps and Standard & Poor's expects the rating of the class B notes to be downgraded. Each year, between Jan. 15 and Feb. 15, Swiss Re has the option to change the index weights for the calculation locations. The trigger and exhaustion levels for the class A and B notes are then reset so that the probability of attachment and the expected loss are equal to or less than at the date of issuance. A reset may also occur if RMS releases a new model for Japanese typhoon risk. Resets will become effective on April 1 each year. RMS' relevant Japanese typhoon model will be held in escrow and used for the annual reset. Extension Events Swiss Re has the option of extending the maturity of the class A or B notes by 120 days if it previously requested RMS to perform certain calculations. The spread above LIBOR during the extension period is 200 bps for both classes of notes. Swiss Re Capital Markets Corp. structured and underwrote the notes. AMF BOWLING: S&P Junks Rating on US$105 Million Second-Lien Loan ---------------------------------------------------------------- Standard & Poor's Rating Services affirmed its 'B' corporate credit rating on AMF Bowling Worldwide Inc. At the same time, S&P assigned a bank loan rating of 'B+', one notch above the corporate credit rating on the company, to AMF's proposed US$270 million first-lien credit facilities. The recovery rating is '1', indicating the expectation for full (100%) recovery of principal in the event of a payment default. The first-lien credit facilities consist of a US$60 million revolving credit facility due 2012 and a US$210 million term loan B due 2013. S&P also assigned a 'CCC+' bank loan rating, two notches below the corporate credit rating on AMF, to the company's proposed US$105 million second-lien term loan due 2013. The recovery rating is '5', indicating the expectation for negligible (0%-25%) recovery of principal in the event of a payment default. Proceeds from the transaction will be used to repay existing debt and fund a special dividend to the company's equity sponsor, Code Hennessy & Simmons LLC. The outlook is negative. The ratings on Mechanicsville, Virginia-based AMF reflect weak bowling industry fundamentals, an aggressive financial policy, and high capital spending over the intermediate term. These are only minimally offset by AMF's scale. AMF is the largest operator of bowling centers in the U.S. with 345 domestic centers. Pro forma for the transaction, the company will have total debt outstanding of US$315 million. "It remains to be seen whether gains in recreational bowling revenue will continue to offset league bowling's secular decline," said Standard & Poor's credit analyst Andy Liu. AMF Bowling Centers Inc. -- http://www.amf.com/-- owns and operates bowling centers. The company has 345 centers in the U.S. Another 13 centers are operating outside the U.S. The company also has an investment in a business that manufactures and sells bowling equipment. AMF Bowling Products U.K. Ltd., the company's subsidiary, is located in the United Kingdom. BOMBARDIER INC: S&P Revises Outlook to Stable from Negative ----------------------------------------------------------- Standard & Poor's Ratings Services revised the outlook on Montreal, Quebec-based Bombardier Inc. to stable from negative. At the same time, the ratings, including the 'BB' long-term corporate credit rating on Bombardier, were affirmed. "The revised outlook reflects the increasing diversity of Bombardier's cash flow generation through favorable market conditions in its business jet and transportation businesses," said Standard & Poor's credit analyst Greg Pau. "The company enjoys a strong market position in these two businesses," Mr. Pau added. The revision also reflects the results of management's effort in the past three years to restore financial stability by significantly reducing excess-over-average production costs, shrinking the company's aircraft financing portfolio, focusing on execution and cost management, and refinancing maturing debt to improve liquidity. The ratings on Bombardier reflect continued high financial leverage following the recent EUR1.9 billion bond issue in fiscal 2007, and the relatively weaker profitability and cash flow from the transportation and commercial aircraft businesses. The bond issue reversed the deleveraging trend in the two preceding years, but the high financial leverage and interest costs, together with the lumpiness of cash flow reflecting the nature of Bombardier's business, have contributed to a weak financial risk profile. The ratings are supported by strong and sustainable competitive positions in business jets and transportation businesses, strengthened liquidity, improving business and geographic diversity, and management's effort to address key legacy problems. The high barriers to entry and strong competitive positions in both transportation and business jets support bombardier's business risk profile. In transportation, Bombardier is a market leader in rolling stock and locomotives among three leading global players, although its market position is relatively weaker in signaling. The company has recently strengthened its position by gaining substantial new orders in the past year. If successfully executed, these contracts should allow Bombardier to showcase its capability and enhance its market leadership. Despite success in cost management in the past two years, Bombardier's overall operating and EBIT margins remain thin compared with those of its peers. Future margin improvement hinges on Bombardier's ability to properly execute the recently acquired contracts in transportation and manage the business jet production process. Given the complexity of transportation projects and the high-quality finishing required for business jets, cost overruns could happen and potentially reverse the improving trend. The stable outlook reflects the progress Bombardier has made in addressing its legacy problems and in improving its cost position in the past three years. This has resulted in a more consistent and diversified free cash flow generation. The ratings or outlook could be revised upward if the company materially improves its financial measures through debt reduction and continues to reduce the future volatility of business cash flow. Conversely, Bombardier could be downgraded if the company's cash flow becomes substantially impaired, possibly because of cost overruns in the new transportation contracts or a material weakening in business jet demand. Any further product development programs involving significant debt financing and exposing the company to significant development risk could also exert downward pressure on the ratings or outlook. Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B) manufactures innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services. Headquartered in Canada, the company also has offices in the U.S., Northern Ireland, United Kingdom, Germany, Switzerland, Sweden, Austria, and Australia. BRIAN JOHNSON: M. C. Bowker Leads Liquidation Procedure ------------------------------------------------------- M. C. Bowker of Unity Business Services LLP was appointed liquidator of Brian Johnson (Building Contractors) Ltd. on May 14 for the creditors' voluntary winding-up procedure. The company can be reached at: Brian Johnson (Building Contractors) Ltd. 282 Leigh Road Atherton Manchester M46 0PN England Tel: 01942 874 723 Fax: 01942 874 723 CALDA MARKETING: Brings In Liquidators from Vantis -------------------------------------------------- Colin Ian Vickers and Christopher David Stevens of Vantis plc were appointed joint liquidators of Calda Marketing Ltd. (formerly Rhombos Technology Ltd.) on May 10 for the creditors' voluntary winding-up proceeding. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services. The company can be reached at: Calda Marketing Ltd. Unit 8 Jayes Park Courtyard Sheep Green Ockley Dorking RH5 5RR England Tel: 01306 621 400 Fax: 01306 621 525 CONTINENTAL ALLOYS: S&P Rates Proposed US$180 Million Loan at B ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' rating and '3' recovery rating (indicating an expectation of meaningful (50%-80%) recovery in the event of a payment default) to the proposed US$180 million senior secured credit facilities of Continental Alloys & Services Inc., a distributor and value- added service provider of pipe, tube, bar, and other metals products for use in the oilfield services sector. At the same time, S&P affirmed the corporate credit rating of 'B'. The outlook is stable. Continental will use proceeds to refinance existing bank debt. Pro forma for the bank debt issuance, S&P expect Houston, Texas- based Continental to have US$141 million in debt outstanding. "The ratings reflect Continental's vulnerable business position as a niche supplier of metal products; the highly volatile and cyclical end-markets into which it sells large working-capital requirements; exposure to steel prices; and a leveraged financial profile," said Standard & Poor's credit analyst David Lundberg. "These weaknesses are only partially offset by the company's recent satisfactory financial performance, long- standing customer relationships, and limited capital expenditure requirements." The outlook is stable. The outlook for the oilfield service equipment sector remains favorable in the near term, which could allow Continental to post results in line with or superior to its 2006 performance. At the same time, the company will continue to face the challenges inherent in operating in a highly cyclical, low-margin, and competitive niche market. Poorer-than-expected operating performance or mismanagement of the liquidity requirements related to Continental's high working capital needs could result in a negative rating action. A positive rating action would require meaningful improvement in size and product offerings. Continental Alloys & Services, fka Continental Casing Ltd. -- http://www.contalloy.com/-- is a materials management company focused in the distribution of pipe, tube, bar and the manufacturing of various tools designed for global energy service groups' well-completion programs. It has facilities in the U.S., United Kingdom and Canada and offers a variety of metal products across various high-quality base metal grades along with semi-finished and finished products and tools. The company also provides value-added services such as machining, threading, heat treatment and custom pipe coatings. In early May 2007, the company acquired Alloy & Oilfield Ptd. Ltd. and Oilfield Machining Services Pte. Ltd., of Singapore. CORDATUS CLO: S&P Class E EUR16.2 Million Notes at BB- ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR409.55 million secured floating-rate notes to be issued by Cordatus CLO II PLC. At the same time, Cordatus II will issue EUR40.5 million of subordinated unrated notes. Cordatus II will be the second CLO managed by CVC Cordatus Group Ltd., the collateral manager. At closing, Cordatus II will issue EUR315.00 million of euro- denominated notes and EUR33.75 million of British pound sterling-denominated notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a portfolio of predominantly senior secured loans. At the same time, the issuer will enter into a variable funding note purchase agreement, under which it may draw up to EUR101.3 million in euros, sterling, and U.S. dollars. Drawings in euros will fund only euro-denominated collateral and drawings in VFN non-euro currencies will fund only VFN non-euro-denominated collateral. The issuer may, from time-to-time, refinance all or a portion of the VFN, and issue euro class A or sterling class A refinancing notes. These will be consolidated and form a single series and rank pari passu with the class A notes then-outstanding. Issuance of the class A refinancing notes will be subject to Standard & Poor's confirmation that the additional issue will not adversely affect the then-current ratings on the notes. Ratings List Cordatus CLO II PLC EUR409.55 Million (Equivalent) Secured Floating-Rate Notes And EUR40.50 Million Subordinated Notes Class Prelim. Prelim. amount rating (EUR in Mln.) ----- ------- --------- Variable funding notes AAA 101.3 Euro A1 delayed draw notes(1) AAA 45 Euro A1 term Notes(1) AAA 117 Sterling A(1) AAA 33.75 B AA 34.2 C A 28.35 D BBB- 27 E BB- 16.2 F B 6.75 G1/G2 NR 40.5 (1) Referred to together as the class A notes. (2) To be split between the class G1 and G2 notes. * NR-Not rated. ENERSYS: S&P Keeps All Ratings & Revises Outlook to Stable ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on industrial battery manufacturer EnerSys to stable from negative. At the same time, Standard & Poor's affirmed all its ratings on the company, including its 'BB' corporate credit rating. "The outlook revision reflects the company's demonstrated progress in gradually returning to credit metrics that are in line with expectations for the rating, despite the continued challenging commodity price environment, as well as our expectation that EnerSys' financial policies, while considered aggressive, will remain consistent for the rating," said Standard & Poor's credit analyst Gregoire Buet. EnerSys is challenged by the prices for lead, which represent about 25% of its costs of goods sold; more so than any other material. High lead prices have pressured gross margins. Throughout 2005 and 2006, the company succeeded in implementing price increases to help offset these costs, but lead prices continue to be on an upward trend, which will require further pricing action. Rising volumes, reduction in manufacturing plant costs, and progress with the integration of acquisitions should, however, continue to help Enersys achieve growth in operating earnings, despite gradually eroding margins and weak, though positive, free cash flow. EnerSys -- http://www.enersys.com/-- (NYSE: ENS) manufactures industrial battery through 21 manufacturing and assembly facilities worldwide. Headquartered in Reading, Pennsylvania, the company is uniquely positioned to provide expertise in designing, building, installing and maintaining a comprehensive stored energy solution for industrial applications throughout the world. The company's products and services are focused on two primary markets: Motive Power (North & South America) or (Europe) and Reserve Power (Worldwide), (Aerospace & Defense) or (Speciality Batteries). The company's facilities are located at China, France, Mexico, Germany, and the United Kingdom, among others. EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Million Sr Loan ------------------------------------------------------------- Standard & Poor's Rating Services affirmed its 'BB-' corporate credit rating and stable outlook on Irvine, California-based Epicor Software Corp. At the same time, Standard & Poor's affirmed its 'BB-' bank loan rating on Epicor's US$100 million senior secured revolving credit facility and revised the recovery rating to '2' from '3', reflecting its expectation for substantial (80%-100%) recovery of principal in the event of a payment default. Standard & Poor's also assigned its 'B+' rating to Epicor's recently issued US$230 million senior unsecured convertible notes. Approximately US$94 million of the estimated US$222 million net proceeds from the convertible notes offering was used to repay the remaining balance of Epicor's senior secured term loan. The company has indicated that remaining proceeds will be used for general corporate purposes, including acquisitions or share repurchases. While operating lease-adjusted leverage has increased to nearly 4x following the issuance of the convertible notes, S&P's ratings affirmation reflects its expectation that a substantial portion of the excess proceeds will be invested in the business and drive improvement to Epicor's cash flow and financial profile. S&P's 'BB-' rating also incorporates the expectation that the organic growth trajectory demonstrated over the past several quarters will continue. Epicor Software Corp. -- http://www.epicor.com/-- (Nasdaq: EPIC) provides integrated enterprise resource planning, customer relationship management, supply chain management and professional services automation software solutions to midmarket companies and divisions of the Global 1000. Founded in 1984, Epicor serves over 20,000 customers in more than 140 countries, providing solutions in over 30 languages. Epicor is headquartered in Irvine, California. The company has offices in Mexico, Australia, China, Hong Kong, Indonesia, Japan, Denmark, Germany, Russia, and the United Kingdom, among others. EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap ---------------------------------------------------------------- Goldman, Sachs & Co., Macquarie Bank Ltd. and Babcock & Brown Ltd. are ready to bid for Eurotunnel Group if shareholders approve a debt-for-equity swap that would cut its GBP6.2 billion debt in half, Tracy Alloway writes for Bloomberg News citing The Sunday Telegraph as its source. "The true value of Eurotunnel to an outside investor is in the length of its franchise agreement, which runs into 2085," Alex Moss, a senior credit analyst at Insight Investment Management in London who helps oversee US$94 billion of fixed-income assets, told Bloomberg News. "There aren't that many infrastructure assets with that kind of time horizon." The debt-to-equity swap, where shareholders exchange their existing shares in Eurotunnel for shares in a new entity known as Groupe Eurotunnel, closed on May 21, 2007. According to a report carried in the Lloyds List, the result of the share swap will not be known before the official announcement of the French financial markets regulator AMF on June 4, 2007. According to the report, if the acceptance of the offer falls short of 50%, the company will declare itself insolvent to the Paris Court of Commerce. The French and British governments could either put the company out to tender or its creditors could exercise their right to take control of the company. If the share swap is successful, the exchange will trigger a debt restructuring which will reduce the company's debt by more than half but reduce shareholders' interests in the company to as little as 13%, Lloyds List relates. As reported in the TCR-Europe on May 16, 2007, the company reduced the acceptance condition for the tender offer to 50% from 60%, following the extension of the acceptance period of the offer to May 21 from May 15, 2007. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. FORD MOTOR: Europe Unit Eyes 5.4 Percent Sales Growth in 2007 ------------------------------------------------------------- Ford of Europe, the European division of Ford Motor Co., expects to sell about 100,000 more vehicles in 2007, a 5.4 percent growth, Bloomberg News reports. Ford of Europe this week reported a 7.4 percent increase in its April sales from the same month last year. The company sold 143,700 cars and commercial vehicles across its main 21 markets, with the Focus and Fiesta as the company's best-selling models in April. The sales growth is also supported by the growing popularity of S-MAX, Car of the Year 2007, and Transit, International Van of the Year 2007. "I do believe we can keep a good sales track this year," Ford of Europe CEO John Fleming told Bloomberg News in a telephone interview. "We're looking at having a similar level of sales growth this year." Bloomberg notes Mr. Fleming reiterated expectations of a fourth consecutive year of profit in Europe this year. According to the report, the profit-making division is increasingly important in Ford Motor Co. CEO Alan Mulally's turnaround efforts as it helped Ford Motor narrow its first- quarter worldwide loss to US$282 million from US$1.42 billion amid plunging sales in the North American unit. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company maintains facilities in Argentina, Germany, India, Malaysia, Philippines, Spain, Sweden, and the United Kingdom, among others. * * * In December 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch Ratings downgraded Ford Motor Company's senior unsecured ratings to 'B-/RR5' from 'B/RR4'. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Company's US$3 billion of senior convertible notes due 2036. FUSION PROPERTY: Calls In Liquidators from Jacksons Jolliffe ------------------------------------------------------------ Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork were appointed joint liquidators of Fusion Property Care Ltd. on May 10 for the creditors' voluntary winding-up proceeding. Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages exclusively in business recovery and insolvency work and comprises certified and chartered accountants, licensed insolvency practitioners and business turnaround consultants, many having joined us from senior positions within National firms. The company can be reached at: Fusion Property Care Ltd. 9 Thorne Road Doncaster DN1 2HJ England Tel: 01302 320 007 GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings ------------------------------------------------------ Standard & Poor's Ratings Services raised its corporate credit and senior unsecured debt ratings on Grapevine, Texas-based GameStop Corp., a retailer of video game products and PC entertainment software, to 'BB-' from 'B+'. At the same time, the ratings on the US$475 million fixed-rate and the US$475 million floating-rate notes were also changed to 'BB-'. The rating change is based on the company's successful integration of EB Games, strengthened cash flow protection measures, and continued debt reduction. The outlook is positive. The ratings on GameStop reflect its participation in the highly competitive video game and PC entertainment software industry, the cyclical and seasonal nature of the industry, and the company's aggressive capital structure with fair credit protection measures. "We would consider an upgrade if the company continues to reduce its debt significantly while maintaining its trend of improved operating performance," said Standard & Poor's credit analyst David Kuntz, "which would result in a credit profile more commensurate with a higher rating." Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME) -- http://www.gamestop.com/-- sells video games. The company operates 4,778 retail stores throughout the United States, Austria, Australia, Canada, Denmark, Finland, Germany, Italy, Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden, Switzerland and the United Kingdom. The company also owns commerce-enabled Web properties, GameStop.com and ebgames.com, and Game Informer(R) magazine, a leading video and computer game publication. GameStop sells the most popular new software, hardware and game accessories for the PC and next generation video game systems from Sony, Nintendo, and Microsoft. In addition, the company sells computer and video game magazines and strategy guides, action figures, and other related merchandise. GOODYEAR TIRE: S&P Puts B- Certs. Ratings under Positive Watch -------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B-' ratings on the class A-1 and A-2 certificates from the US$46 million Corporate Backed Trust Certificates Goodyear Tire & Rubber Note- Backed Series 2001-34 Trust on CreditWatch with positive implications. The rating action follows the May 10, 2007, placement of the rating on the underlying securities, the 7% notes due March 15, 2028, issued by Goodyear Tire & Rubber Co., on CreditWatch with positive implications. Corporate Backed Trust Certificates Goodyear Tire & Rubber Note- Backed Series 2001-34 Trust is a pass-through transaction, and its ratings are based solely on the rating assigned to the underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due March 15, 2028. The Goodyear Tire & Rubber Company -- http://www.goodyear.com/ -- (NYSE:GT) is one of the world's largest tire companies. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. Goodyear's locations include, but not limited to, the U.S., Australia, China, Korea, Austria, France, Germany, Italy, Russia, Spain, United Kingdom, Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru. INEOS GROUP: Investors to Vote on Lower Loan Interest Today ----------------------------------------------------------- Barclays plc, the adviser of Ineos Group Holdings plc, has given investors until today, May 24, 2007, to decide whether to accept a lower interest on EUR7.4 billion (US$9.6 billion) of Ineos's loans, Bloomberg News reports citing The International Financing Review as its source. According to the report, the decision came after fund managers in the U.S., who hold the company's dollar-denominated debt, objected to the debt restructuring. The loan amendment requires consent from 90 percent of holders to pass, IFR relates. IFR says Ineos needs EUR300 million to buy back bonds. The company also seeks to cut cost on the loans it used to acquire BP Plc's Innovene unit last year. Headquartered in Lyndhurst, England, Ineos Group Holdings plc -- http://www.ineos.com/-- is a diversified and integrated chemicals group. Following the completion of the Innovene acquisition in December 2005, Ineos reported 2005 revenues of EUR22.3 billion and nine-month 2006 revenues of EUR20.2 billion and EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for nine months of 2006. * * * 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, the rating agency confirmed its Ba3 Corporate Family Rating for Ineos Group Holdings Plc. Moody's also assigned a Ba3 Probability-of-Default Rating to the company. 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: Ineos Group Holdings Plc Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 8.5% Senior Secured Regular Bond/Debenture Due 2016 B2 B2 LGD5 89% 7.875% Senior Secured Regular Bond/Debenture Due 2016 B2 B2 LGD5 89% * Issuer: Ineos Holdings Ltd. Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Secured Bank Credit Facility Ba3 Ba2 LGD3 34% Senior Secured Bank Credit Facility (Second Lien) B1 B1 LGD5 78% * Issuer: INEOS Vinyls Finance Plc. Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 9.125% Senior Unsecured Regular Bond/Debenture Due 2011 B3 B2 LGD6 96% In December 2006, Fitch Ratings assigned U.K.-based chemical producer Ineos Group Holdings Plc an Issuer Default rating of BB- with Positive Outlook. At the same time, Fitch assigned Ineos' EUR1.63 billion 8.875% and US$700 million 8.5% senior unsecured notes due 2016 ratings of B+. The agency also assigned Ineos Holdings Ltd.'s senior secured facilities a BB+ rating and its second lien facilities a BB- rating. INTERPLAN LTD: Administrators Offer Business & Assets for Sale -------------------------------------------------------------- Beverley Marsh and Kim Rayment of BDO Stoy Hayward, in their capacity as joint administrators of Interplan Ltd., offer for sale the company's business and assets. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Interplan Ltd. 7 Craven Street Leicester Leicestershire LE1 4BX England Tel: 0116 251 6969 MYLAN LABORATORIES: S&P Cuts Ratings on Merck KGaA Purchase ----------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its corporate credit and senior unsecured debt ratings on Mylan Laboratories to 'BB+' from 'BBB-' and placed all the ratings on CreditWatch with negative implications. The actions come on the heels of the company's announcement that it is acquiring Merck KGaA's generic business for EUR4.9 billion (US$6.7 billion) in an all-cash transaction. "The acquisition is expected to add a significant amount of debt, and Mylan's financial policies and profile will be clearly inconsistent with an investment-grade rating," explained Standard & Poor's credit analyst Arthur Wong. The company has disclosed plans to issue around US$1.5 billion to US$2 billion of equity and equity-linked securities in the near term to reduce its leverage. However, even assuming US$2 billion of equity, Mylan's pro forma debt to EBITDA and funds from operations to total debt will be much weakened. From a business profile standpoint, while the acquisition will substantially diversify Mylan's geographic base to more than 90 countries, make the company one of the top three players in the growing worldwide generic drug market in terms of sales and give it much needed size and scale, Mylan has a somewhat limited track record in effectively integrating acquisitions. Furthermore, the generics business of Merck KGaA will also be the company's first major move into the much different, and in many ways more challenging, European generic drug market. Given the amount of prospective debt, achieving synergy and revenue growth targets will be key if Mylan is to quickly improve on its credit protection measures. The transaction is expected to close in the second half of 2007. Standard & Poor's will review the financing of the deal with management along with discussing its integration plan, timing of achieving synergies, and prospects of reducing leverage before resolving the CreditWatch. Mylan Laboratories Inc. -- http://www.mylan.com/-- (NYSE:MYL) manufactures prescription medicines specializing in developing, manufacturing and marketing generic pharmaceuticals. Mylan manufactures and markets 160 generic products in nearly 400 product strengths, covering 46 therapeutic categories. Mylan is headquartered just outside of Pittsburgh and operates through its three subsidiaries: Mylan Pharmaceuticals (Morgantown, W.Va.) is primarily focused on solid oral dose generic pharmaceutical products. Mylan Technologies (St. Albans, Vt.) is the market leader in generic transdermal drug delivery technology and is the largest producer of generic transdermal patches for the U.S. market. UDL Laboratories (Rockford, Ill.) is the number one supplier of unit dose pharmaceuticals to hospitals and other institutions across the United States. Mylan also owns a 71.5% stake in Matrix Laboratories Ltd. of India. The company also has a production facility in Puerto Rico. POWER PRESS: Claims Filing Period Ends August 10 ------------------------------------------------ Creditors of Power Press Enterprises Ltd. have until Aug. 10 to send in their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: M. H. Abdulali Liquidator Moore Stephens 6 Ridge House Ridgehouse Drive Festival Park Stoke on Trent Staffordshire ST1 5TL England M. H. Abdulali of Moore Stephens was appointed liquidator of the company on May 10. 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. SCOTTISH RE: Hugh McCormick Resigns as Vice President ----------------------------------------------------- Scottish Re Group Ltd. disclosed that Hugh T. McCormick, Executive Vice President of Corporate Development, will be leaving Scottish Re in June to return to the New York law office of LeBoeuf, Lamb, Greene & MacRae, L.L.P., where he will resume his long-standing role as a legal advisor to Scottish Re. "Since joining Scottish Re in 2005, Hugh has been an important part of the Scottish Re team making significant contributions to the company's capital market initiatives and with regulatory matters," said Paul Goldean, Chief Executive Officer of Scottish Re Group Ltd. "We wish him continued success after his return to public practice." "It has been a pleasure working at Scottish Re and I look forward to maintaining both the personal and professional relationships with my colleagues at Scottish Re," Mr. McCormick said. Prior to joining Scottish Re, Mr. McCormick was a partner in the New York office of LeBoeuf, Lamb, Greene & MacRae L.L.P. where he advised Scottish Re and other domestic and foreign insurance and reinsurance companies on tax, regulatory and corporate matters arising in connection with mergers and acquisitions, demutualizations, reinsurance transactions and insurance products. From 1977 to 1981 he was an attorney-advisor with the Interpretative Division of the Office of Chief Counsel of the Internal Revenue Service. About Scottish Re Scottish Re Group Ltd. -- http://www.scottishre.com/-- provides reinsurance of life insurance, annuities and annuity- type products through its operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and Windsor, England. * * * In a TCR-Europe report on May 11, 2007, Fitch Ratings revised the Rating Watch on these ratings of Scottish Re Group Ltd. (NYSE:SCT) to Positive from Evolving: -- Issuer Default Rating (IDR) 'B+'; -- 7.25% Non-cumulative perpetual preferred stock 'B-/RR6'. Fitch also placed these ratings on Rating Watch Positive from Rating Watch Evolving: Scottish Annuity & Life Insurance Company (Cayman) Ltd. -- Insurer financial strength rating 'BB+'. Scottish Re (U.S.) Inc. -- IFS 'BB+'. Scottish Re Ltd. -- IFS 'BB+'. Stingray Pass Through Trust -- US$325 million 5.902% collateral facility securities due Jan. 12, 2015 'BB+'. Standard & Poor's Ratings Services earlier raised its counterparty credit rating on Scottish Re Group Ltd. to 'B+' from 'B' and removed it from CreditWatch with developing implications, where it was placed on Dec. 6, 2006. (The CreditWatch implications had been revised twice since the ratings were originally placed on CreditWatch on July 31, 2006.) As of Feb. 15, Scottish Re's Senior Unsecured Debt carry Moody's Ba3 rating and its Preferred Stock carry Moody's B2 rating. The company's Long-Term Local Issuer Credit rating carry Standard & Poor's B rating. SPIRIT AEROSYSTEMS: Prices Secondary Offering of Class A Shares --------------------------------------------------------------- Spirit AeroSystems Holdings Inc. reported the pricing of the secondary offering of its Class A Common Stock at US$33.50 per share. The offering will consist of 31,516,802 shares being sold by Onex Partners LP, its affiliates and other existing stockholders. The selling stockholders have granted the underwriters a 30-day option to purchase up to 3,151,682 additional shares at the offering price to cover over-allotments, if any. The offering is expected to close on May 25, 2007. Spirit AeroSystems Holdings will not receive any proceeds from the offering. A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on May 21, 2007. Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated are acting as joint book- running managers for the offering. Copies of the final prospectus relating to the offering, when available, may be obtained from: 1) Credit Suisse Prospectus Department One Madison Avenue New York, NY 10010 Tel: +1-212-325-2580 2) Goldman, Sachs & Co. Attn: Prospectus Dept. 85 Broad Street New York, NY 10004 Fax: 1-212-902- 9316 or e-mail at prospectus-ny@ny.email.gs.com 3) Morgan Stanley Attn: Prospectus Department 180 Varick Street 2/F New York, NY 10014 Tel: 1-866-718-1649 or e-mail at prospectus@morganstanley.com Headquartered in Wichita, Kansas, Spirit AeroSystems Inc. -- http://www.spiritaero.com/-- with facilities in Wichita, Tulsa and McAlester, Oklahoma, and Prestwick, Scotland, designs and manufactures fuselages, struts, nacelles, thrust reversers and other complex components for Boeing and Airbus. STADEX INDUSTRIES: Creditors' Meeting Slated for May 29 ------------------------------------------------------- Creditors of Stadex Industries Ltd. will meet at 11:30 a.m. on May 29 at: Freemasons Hall Bridge Street Manchester England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on May 28 at: P. A. Flint Joint Administrator KPMG Restructuring St. James Square Manchester M2 6DS England 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. WILD TECHNIK: Taps Michael Young to Liquidate Assets ---------------------------------------------------- Michael Young of Vantis was appointed liquidator of Wild Technik Ltd. on May 11 for the creditors' voluntary winding-up procedure. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services. The company can be reached at: Wild Technik Ltd. 40 Anyards Road Cobham KT11 2LA England Tel: 01932 868 609 Fax: 01932 706 531 * * * In November 2006, Standard & Poor's Ratings Services raised its corporate credit rating on Spirit AeroSystems Inc. to 'BB' from 'BB-' and removed it from CreditWatch, where it was placed with positive implications on July 6. S&P said the outlook is positive. As reported in the TCR-Europe on Oct. 23, 2006, Moody's Investors Service, in connection with its implementation of its new Probability-of-Default and Loss-Given-Default rating methodology, assigned a B1 Probability-of-Default Rating for Spirit Aerosystems Inc. Additionally, Moody's assigned loss-given-default ratings on these loans: Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------ ------ ------- Sr. Secured Revolving Credit Facility due 2010 Ba3 LGD3 31% Sr. Secured Term Loan B due 2011 Ba3 LGD3 31% * Upcoming Meetings, Conferences and Seminars --------------------------------------------- May 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA - ANZ Great Debate ANZ Bank, Sydney, Australia Contact: http://www.turnaround.org/ May 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ May 30-31, 2007 FINANCIAL RESEARCH ASSOCIATES Distressed Debt Harvard Club, New York, New York Contact: http://www.frallc.com/ May 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Wine Tasting and Casino Night Mayfair Farms, West Orange, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ May 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series E&Y Tower, Calgary, Alberta Contact: http://www.turnaround.org/ May 31 - June 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual TMA Southeast Regional Conference Marriott Resort at Grande Dunes Myrtle Beach, South Carolina Contact: http://www.turnaround.org/ May 31 - June 2, 2007 AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION Partnerships, LLCs, and LLPs: Uniform Acts, Taxation, Drafting, Securities, and Bankruptcy Baltimore, Maryland Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ June 4, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA NY Golf & Tennis Outing Fresh Meadow Country Club, Lake Success, New York Contact: 646-932-5532 or http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference JW Marriott Spa and Resort, Las Vegas, Nevada Contact: http://http://www.airacira.org/ June 6-8, 2007 TURNAROUND MANAGEMENT ASSOCIATION 5th Annual Mid-Atlantic Regional Symposium Borgata Hotel Casino & Spa Atlantic City, New Jersey Contact: http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Golf Tournament Northview Golf and Country Club, Vancouver, British Columbia Contact: 206-223-5495 or http://www.turnaround.org/ June 7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner Event - Networking University Club, Portland, Oregon Contact: 206-223-5495 or http://www.turnaround.org/ June 7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Looking Over the Edge, Successful Resolutions out of Bankruptcy IDS Center, Minneapolis, Minnesota Contact: http://www.turnaround.org/ June 7-8, 2007 TURNAROUND MANAGEMENT ASSOCIATION Mealey's Asbestos Bankruptcy Conference Intercontinental Hotel, Chicago, Illinois Contact: http://www.turnaround.org/ June 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Association for Corporate Growth Arizona Chapter Meeting Biltmore Hotel, Phoenix, Arizona Contact: http://www.turnaround.org/ June 14, 2007 BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Contact: 240-629-3300; http://www.beardaudioconferences.com/ June 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION ACG/TMA Annual Pacific Northwest Golf Tournament Washington National Golf Club, Auburn, Washington Contact: 206-223-5495 or http://www.turnaround.org/ June 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Economic Update at the 1/2 Year Mark University Club, Portland, Oregon Contact: http://www.turnaround.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ June 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Clarion Hotel, Princeton, New Jersey Contact: 908-575-7333 or www.turnaround.org/ June 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION 7th Annual Charity Golf Outing Harborside International, Chicago, Illinois Contact: 815-469-2935 or http://www.turnaround.org/ June 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Bank Workout Panel Oak Hill Country Club, Rochester, New York Contact: http://www.turnaround.org/ June 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION 7th Annual TMA Toronto Golf Social Board of Trade Country Club, Woodbridge, Ontario Contact: 416-867-2300 or http://www.turnaround.org/ June 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION Valuing Distressed and Troubled Companies Denver Athletic Club, Denver, Colorado Contact: http://www.turnaround.org/ June 21, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Corporate Reorganization Conference (2nd Annual IWIRC Woman of the Year Award) Chicago, Illinois Contact: http://www.iwirc.org/ June 21, 2007 NEW YORK SOCIETY OF SECURITY ANALYSTS Career Chat: Emerging Careers in Distressed Securities New York, New York Contact: http://www.nyssa.org/ June 21-22, 2007 BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES Tenth Annual Conference on Corporate Reorganizations Successful Strategies for Restructuring Troubled Companies The Millennium Knickerbocker Hotel - Chicago Contact: 800-726-2524; http://renaissanceamerican.com/ June 25-26, 2007 STRATEGIC RESEARCH INSTITUTE 10th Annual Distressed Debt Investing Summit Helmsley Hotel, New York, New York Contact: http://www.srinstitute.com/ June 26, 2007 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Contact: 240-629-3300; http://www.beardaudioconferences.com/ June 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ June 26-27, 2007 AMERICAN CONFERENCE INSTITUTE Distressed Condo Projects: Turnaround and Workout Strategies Trump International Sonesta Beach Resort Sunny Isles, Florida Contact: http://www.americanconference.com/ June 28 - July 1, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Jackson Lake Lodge, Jackson Hole, Wyoming Contact: http://www2.nortoninstitutes.org/ July 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION SummerFest Milwaukee's Lake Front, Milwaukee, Wisconsin Contact: 815-469-2935 or http://www.turnaround.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, Rhode Island Contact: 1-703-739-0800; http://www.abiworld.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Billiards Night TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ July 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ July 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Mystic Blue Boat Cruise Navy Pier, Chicago, Illinois Contact: 815-469-2935 or http://www.turnaround.org/ July 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Networking Event Location TBA, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ July 23, 2007 TURNAROUND MANAGEMENT ASSOCIATION Charity Networking Event Loews Hotel, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ July 23-24, 2007 FINANCIAL RESEARCH ASSOCIATES Financial Restructuring 101 & 102 The Flatotel, New York, New York Contact: http://www.frallc.com/ July 25-28, 2007 AMERICAN BANKRUPTCY INSTITUTE 12th Annual Southeast Bankruptcy Workshop The Sanctuary, Kiawah Island, South Carolina Contact: http://www.abiworld.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Golf Social Event Crystal Lake Golf Club, Lakeville, Minnesota Contact: 612-708-0258 or http://www.turnaround.org/ July 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Golf Tournament Kings Deer Golf Club, Monument, Colorado Contact: 303-847-5026 or http://www.turnaround.org/ July 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Golf Outing Raritan Valley Country Club, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ July 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Enterprise Florida: Improving Florida's Business Climate and Helping Florida Companies Market Overseas Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Aug. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION Women's Spa Event Short Hills Hilton, Livingston, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 9, 2007 BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Contact: 240-629-3300; http://www.beardaudioconferences.com/ Aug. 9-11, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Aug. 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Brew Pub & Pool Social Wynkoop Brewing Company, Denver, Colorado Contact: 303-847-5026 or http://www.turnaround.org/ Aug. 23-26, 2007 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Drake Hotel, Chicago, Illinois Contact: http://www.nabt.com/ Aug. 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Fishing Trip Point Pleasant, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Healthcare Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Aug. 29-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 3rd Annual Northeast Regional Conference Gideon Putnam Resort and Spa, Saratoga Springs, New York Contact: http://www.turnaround.org/ Sept. 6-7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.turnaround.org/ Sept. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Southwest Bankruptcy Conference Four Seasons Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Sept. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Buying and Selling Troubled Companies Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Sept. 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lean Transformation at Current and Other Case Studies Denver Athletic Club, Denver, Colorado Contact: http://www.turnaround.org/ Sept. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Retail Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Educational & Networking Reception TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Sept. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Sept. 27-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 8th Annual Cross Border Business Restructuring & Turnaround Conference Contact: http://www.turnaround.org/ Oct. 2, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Oct. 5, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center Washington, District of Columbia Oct. 9-10, 2007 IWIRC Orlando, Florida IWIRC Annual Fall Conference Contact: http://www.iwirc.org/ Oct. 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES 81st Annual National Conference of Bankruptcy Judges Contact: http://www.ncbj.org/ Oct. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Educational Program at NCBJ Orlando World Marriott, Orlando, Florida Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place Boston, Massachussets Contact: 312-578-6900; http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees,Vendors and Media Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Nov. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference Marriott, Troy, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Mixer McCormick & Schmick's, Las Vegas, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Nov. 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Portland Holiday Party University Club, Portland, Oregon Contact: 206-223-5495 or http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver Contact: 206-223-5495 or www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Nov. 29, 2007 TMA Arizona Chapter Meeting TURNAROUND MANAGEMENT ASSOCIATION Contact: http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495 or http://www.turnaround.org/ Dec. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ April 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ April 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ June 21-24, 2009 INSOL 8th International World Congress TBA Contact: http://www.insol.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency - Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers-the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* 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/booksto 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 * * *