/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070705.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, July 5, 2007, Vol. 8, No. 132 Headlines A U S T R I A F.A.M.T. FRISEUR: Wiener Neustadt Court Orders Business Shutdown FRIOLA LLC: Claims Registration Period Ends July 10 GRIECHISCHE TAVERNE: Claims Registration Period Ends July 18 MD ALPHA: Estate Administrator Declares Insufficient Assets B E L G I U M GENERAL MOTORS: U.S. Car Sales Decline 24% in June 2007 D E N M A R K TDC A/S: Appoints New Executive Committee Member for Fixnet F R A N C E LBC HOLDING: Moody's Withdraws Low-B Ratings G E R M A N Y ESCENA ENTWICKLUNGSGES: Claims Registration Period Ends Aug. 22 GEMEINNUETZIGE GESELLSCHAFT: Claims Registration Ends Aug. 10 GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT: Claims Filing Ends Sept. 14 PROSIEBENSAT.1: Moody's To Withdraw Ba1 Sr. Unsec. Debt Rating S-CORE 2007-1: S&P Assigns B Ratings on EUR4.3 Million E Notes SEMPER FINANCE: Fitch Places BB Ratings on EUR20.3 Mln E Notes UWE DUNKEL: Creditors' Meeting Slated for August 10 G R E E C E M.J. MAILLIS: Undergoes Restructuring to Improve Profitability I T A L Y WIND TELECOMUNICAZIONI: Solicits Consents for EUR950MM Sr. Notes WIND TELECOMUNICAZIONI: Fitch Places BB- IDR on Watch Negative K A Z A K H S T A N ADLET & P LLP: Proofs of Claim Must be Filed by August 8 ALTAY B LLP: Creditors Must File Claims by August 8 ALTYN-MIRAS OJSC: Claims Filing Period Ends August 10 ATF BANK: Moody's May Lift Low B Ratings After Review DIAS-NS LLP: Claims Registration Ends August 3 INTERCOM MK: Claims Registration Ends August 10 MUNAYSHY LLP: Creditors' Claims Due on August 8 NARODNAYA STRAHOVAYA: Claims Filing Period Ends August 10 NVV LLP: Creditors Must File Claims August 10 K Y R G Y Z S T A N SHAHTOSTROY JSC: Batken Court Declares Business Insolvent N E T H E R L A N D S EUROSAIL-NL: Fitch Puts BB Ratings on EUR13.65-Million Notes GETRONICS N.V.: In Talks with U.S. Firm Over Possible Takeover WOOD STREET: Fitch Rates EUR20-Million Floating Notes at BB R U S S I A AGRO CJSC: Creditors Must File Claims by July 9 AGRO-LUCH CJSC: Creditors Must File Claims by July 9 ATOM-SERVICE CJSC: Rostov Bankruptcy Hearing Slated for July 23 BASBOR CJSC: Creditors Must File Claims by Aug. 9 ELECTRO-TEXTILE: Creditors Must File Claims by Aug. 9 GLAZOV-AGRO-SNAB: Creditors Must File Claims by Aug. 9 KORVET CJSC: Creditors Must File Claims by July 9 MOS-BAL-INVEST: Creditors Must File Claims by Aug. 9 OAO ROSNEFT: Acquires Yukos' Assets from Prana LLC PROMSVYAZBANK JSCB: Changes Status to Open Joint Stock Company RANINSKIY TIMBER: Creditors Must File Claims by Aug. 9 ROSNEFT OIL: Inks Memorandum of Understanding with SIBUR ROSNEFT OJSC: Fitch Upgrades IDR to BBB- & Removes from Watch STERLING GROUP: Creditors Must File Claims by Aug. 9 STRAZH BALTIKI: Creditors Must File Claims by July 9 TARTALEYSKOYE: Creditors Must File Claims by July 9 URZHUMSKIY AGRO-SNAB: Names O. Kuvshinskaya to Manage Assets ZERNOGRADSKIY PIG: Creditors Must File Claims by July 9 S P A I N IM GRUPO: Moody's Junks Rating on EUR39 Million Series E Notes S W I T Z E R L A N D ARG FINANCE: Zug Court Starts Bankruptcy Proceedings AUGSTBURGER PRINTLINE: Creditors' Liquidation Claims Due July 16 BABAT TRADING: Zug Court Starts Bankruptcy Proceedings CF COMMERCIAL: Zug Court Starts Bankruptcy Proceedings CONTEC LLC: Zug Court Starts Bankruptcy Proceedings DIGICOMP JSC: Zurich Court Closes Bankruptcy Proceedings ECO-VERLAGS JSC: Creditors' Liquidation Claims Due July 16 EDALTEC LLC: Creditors' Liquidation Claims Due July 16 EFAM LLC: Creditors' Liquidation Claims Due July 16 HAUSER + GUBLER JSC: Creditors' Liquidation Claims Due July 19 JOSEF MACHLER: Creditors' Liquidation Claims Due August 2 MODE FIGURA: Aargau Court Closes Bankruptcy Proceedings NEUSATZ-IMMOBILIEN JSC: Liquidation Claims Due July 19 SACOFINT JSC: Creditors' Liquidation Claims Due July 19 SWAYY LLC: Creditors' Liquidation Claims Due July 18 VERLI JSC: Creditors' Liquidation Claims Due July 20 T U R K E Y EREGLI DEMIR: S&P Affirms BB- Rating with Stable Outlook U K R A I N E ALKION LLC: Creditors Must File Claims by July 6 AMARANT LLC: Proofs of Claim Deadline Set for July 6 ELADA PLUS: Proofs of Claim Deadline Set for July 6 METALIST OJSC: Creditors Must File Claims by July 6 PARTNER LLC: Creditors Must File Claims by July 6 SEZAM-AGRO: Proofs of Claim Deadline Set for July 6 SU LTD: Creditors Must File Claims by July 6 UNION OF DONBASS: Fitch Assigns B+ IDR with Stable Outlook VERKHOVINA CJSC: Creditors Must File Claims by July 6 VIGOR LLC: Creditors Must File Claims by July 6 VILLAGE COMMUNE: Proofs of Claim Deadline Set for July 6 WEST METAL-ROLL: Proofs of Claim Deadline Set for July 6 YUSTAS LLC: Proofs of Claim Deadline Set for July 6 U N I T E D K I N G D O M A.M. EXPRESS: Appoints Martin C. Armstrong as Liquidator A1 SOLO: Proof of Claim Deadline Slated for July 27 ASTRATIME LTD: Jonathan Lord Leads Liquidation Procedure BEECHACRE LTD: Brings In Liquidators from Abbott Fielding BRAKE BROS: Moody's May Cut Low B Ratings After Review CAMERON NORTHERN: Taps A. Poxon to Liquidate Assets CLASSIC COMMUNITY: Claims Filing Period Ends July 18 CONIFERS LEISURE: Calls In Liquidator from Begbies Traynor CORUS GROUP: Tata Steel Acquisition Cues Fitch's BB Upgrade DECO 16: S&P Rates GBP29.8 Billion Class G Notes at BB DONBOX LTD: Appoints Joint Administrators from KPMG DREAMMAKER BATH: Joint Liquidators Take Over Operations EMPOWER INTERACTIVE: Claims Filing Period Ends July 27 FLEET STREET: S&P Puts BB Rated Class E Notes on Watch Positive FOPP LTD: Administrators Cut 700 Jobs Across the U.K. JJ BARKER: Brings In Administrators from KPMG LLP MED CLEAN: Hires Liquidator from Begbies Traynor MIKKIS MOUSE: Appoints Lloyd Biscoe as Liquidator SALOPIAN MECHANICAL: Taps Liquidators from Mazars SAPPHIRE WINDOWS: Claims Filing Period Ends September 5 UP & RUNNING: Names Peter James Yeldon Liquidator VIRGIN MEDIA: Fitch Affirms B+ IDR & Changes Outlook to Positive WHITEFIELD FABRICATIONS: Appoints Liquidator from Tenon Recovery * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= F.A.M.T. FRISEUR: Wiener Neustadt Court Orders Business Shutdown ---------------------------------------------------------------- The Land Court of Wiener Neustadt entered June 6 an order shutting down the business of LLC F.A.M.T. Friseur (FN 250698z). Court-appointed estate administrator Michael Troethandl recommended the business shutdown after determining that the continuing operations would reduce the estate's value. The estate administrator can be reached at: Dr. Michael Troethandl Hauptplatz 9-13 2500 Baden Austria Tel: 02252/86 580 Fax: 02252/86580-3 E-mail: troethandl@lexacta.com Headquartered in Traiskirchen, Austria, the Debtor declared bankruptcy on May 21 (Bankr. Case No. 11 S 57/07d). FRIOLA LLC: Claims Registration Period Ends July 10 --------------------------------------------------- Creditors owed money by LLC Friola (FN 141641x) have until July 10 to file written proofs of claim to court-appointed estate administrator Franz Krainer at: Dr. Franz Krainer Herrengasse 19/I Second Floor 8010 Graz Austria Tel: 0316/822082 Fax: 0316/822082-75 E-mail: office@dr-krainer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:40 p.m. on July 26 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on June 6 (Bankr. Case No. 25 S 59/07z). GRIECHISCHE TAVERNE: Claims Registration Period Ends July 18 ------------------------------------------------------------ Creditors owed money by LLC Griechische Taverne (FN 259866g) have until July 18 to file written proofs of claim to court- appointed estate administrator Kurt Bernegger at: Dr. Kurt Bernegger c/o Mag. Waltraud Kohlfuerst Jacquingasse 21 1030 Vienna Austria Tel: 799 15 80/0 Fax: 796 59 14 E-mail: kanzlei@bernegger-wt.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Aug. 1 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 1 (Bankr. Case No. 4 S 62/07f). Waltraud Kohlfuerst represents Dr. Bernergger in the bankruptcy proceedings. MD ALPHA: Estate Administrator Declares Insufficient Assets ----------------------------------------------------------- Mag. Horst Winkelmayr, the court-appointed estate administrator for LLC MD ALPHA (FN 276363t), declared June 6 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the estate administrator's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16 (Bankr. Case No. 3 S 72/07v). The estate administrator can be reached at: Mag. Horst Winkelmayr Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77-50 E-mail: rae@kniwi.at ============= B E L G I U M ============= GENERAL MOTORS: U.S. Car Sales Decline 24% in June 2007 ------------------------------------------------------- General Motors dealers in the United States sold 326,300 vehicles in June, down 24 percent, compared with year-ago monthly sales. The decline was partly attributed to a planned reduction of an additional 13,487 daily rental sale vehicles in the month. GM now has taken more than 92,000 daily rental vehicles out of the sales totals in 2007. "Given the planned reduction in daily rental sales, we expected June would be a tough comparison to a year ago. Our retail performance for the month was also below the solid running rate we've experienced for the first half of the year, which we attribute to a soft industry and lower incentive spending than our competitors. However, we continue to believe that maintaining a disciplined approach to both incentives and daily rental car sales is key to making our marketing strategy work in the long run," said Mark LaNeve, vice president, GM North American Sales, Service and Marketing. "We continue our focus on the retail side of the equation and first-half results were solid," Mr. LaNeve added. "We are delighted with the continuing success of new products, especially the GMC Acadia, Saturn OUTLOOK and Buick Enclave. As with many of our vehicles, these all-new crossovers offer great fuel economy, terrific performance and outstanding value. For example, a year ago we were selling only about 3,000 mid-utility crossover vehicles. This June we blew the doors off the segment with deliveries in excess of 15,000." Increased sales of the Saturn AURA, as well as the new mid-size crossovers GMC Acadia, Saturn OUTLOOK and Buick Enclave, demonstrate GM's strong positioning in the marketplace for fuel- efficient vehicles. The GMC Acadia, Saturn OUTLOOK and Buick Enclave had retail sales of more than 12,000 vehicles, pushing a significant retail increase in GM's mid-crossover segment. GM's total sales of more than 15,000 vehicles in this segment pushed monthly performance up more than 377 percent, compared with the same month last year. The all-new Chevrolet Silverado and GMC Sierra full-size pickup trucks -- fuel efficiency leaders in their class -- helped the GM full-size pickup segment post a first half 2007 sales increase, compared with the same period a year ago, in a challenging industry environment. The Silverado and Sierra also offer the best warranty coverage and residual values in segment, a winning combination for these products. "We're seeing increased residual values for our products as a result of staying aligned and disciplined to our North American turnaround and market growth plans. For customers, this means providing industry-leading products in terms of design, segment fuel economy, warranty coverage and performance," Mr. LaNeve added. "This translates to a beneficial cost of ownership experience. With new products such as the Cadillac CTS and Chevrolet Malibu coming to dealer showrooms later this year, we expect to build on this customer enthusiasm." Certified Used Vehicles June 2007 sales for all certified GM brands, including GM Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles, Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 45,876 units, up 6 percent from last June. Total year-to-date certified GM sales are 273,241 units, up 4 percent from the same period last year. GM Certified Used Vehicles, the industry's top-selling manufacturer-certified used brand, posted 40,423 sales, up 9 percent from last June. Year-to-date sales for GM Certified Used Vehicles are 240,138 units, up 5 percent from the same period in 2006. Cadillac Certified Pre-Owned Vehicles posted June sales of 3,108 units, down 14 percent from last June. Saturn Certified Pre- Owned Vehicles sold 1,484 units in June, down 9 percent. Saab Certified Pre-Owned Vehicles sold 764 units, down 11 percent from last June, and HUMMER Certified Pre-Owned Vehicles sold 97 units, up nearly 7 percent. "GM Certified Used Vehicles, the industry's top-selling manufacturer-certified brand, posted a strong performance in June, leading the segment with sales of 40,423 units, up 9 percent from last June," said Mr. LaNeve. "GM Certified is on track to build on this momentum toward another record performance for the category for 2007." GM North America In June, GM North America produced 404,000 vehicles (142,000 cars and 262,000 trucks). This is down 56,000 units or 12 percent compared to June 2006 when the region produced 460,000 vehicles (173,000 cars and 287,000 trucks). (Production totals include joint venture production of 21,000 vehicles in June 2007 and 27,000 vehicles in June 2006.) GM North America built 1.141 million vehicles (401,000 cars and 740,000 trucks) in the second-quarter of 2007. This is down 96,000 vehicles or 8 percent compared to second-quarter of 2006 when the region produced 1.237 million vehicles (462,000 cars and 775,000 trucks). The region's 2007 third-quarter production forecast is unchanged at 1.075 million vehicles (377,000 cars and 698,000 trucks). GM also announced revised 2007 second-quarter and third-quarter production forecasts for its international regions. GM Europe The region's 2007 second-quarter production forecast is revised at 463,000 vehicles, down 5,000 units from last month's guidance. In the second-quarter of 2006 the region built 495,000 vehicles. The region's 2007 third-quarter production forecast remains unchanged at 389,000 vehicles. In the third- quarter of 2006 the region built 374,000 vehicles. GM Asia Pacific GM Asia Pacific's 2007 second-quarter production forecast is revised at 569,000 vehicles, up 1,000 units from last month's guidance. In the second-quarter of 2006 the region built 482,000 vehicles. The region's 2007 third-quarter production forecast is revised at 518,000 vehicles, down 6,000 units from last month's guidance. In the third-quarter of 2006 the region built 433,000 vehicles. GM Latin America, Africa and the Middle East The region's 2007 second-quarter production forecast is revised at 234,000 vehicles, up 1,000 units from last month's guidance. In the second-quarter of 2006 the region built 206,000 vehicles. The region's 2007 third-quarter production forecast is unchanged at 258,000 vehicles. In the third-quarter of 2006 the region built 215,000 vehicles. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM employs about 317,000 people around the world. It has manufacturing operations in 32 countries. General Motors has Asia-Pacific operations in India, China, Indonesia, Japan, the Philippines, among others. It has locations in European countries including Belgium, Austria, and France. In Latin-America, the company maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay and Uruguay. * * * Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed $1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed $1.5 Billion secured term loan of General Motors Corporation. The term loan is expected to be secured by a first priority perfected security interest in all of the US machinery and equipment, and special tools of GM and Saturn Corporation. ============= D E N M A R K ============= TDC A/S: Appoints New Executive Committee Member for Fixnet ----------------------------------------------------------- TDC A/S's Board of Directors has appointed Carsten Dilling as a new member of the Executive Committee with responsibility for Fixnet Nordic effective Aug. 1, 2007. Carsten Dilling, who holds a degree in Business Economics and has a Graduate Diploma in Business Administration from Copenhagen Business School, has been with IBM from 1984 to 2001; was chief executive officer in Columbus IT Partner from 2001 to 2005; and served as managing director at Ementor A/S as well as deputy CEO at Ementor ASA between 2005 and 2007. Henriette Fenger Ellekrog, managing director for HR and Group Staff functions leaves her post with TDC at the latest by the end of September 2007, as she will take up the post as executive vice president, Group HR and member of the Group Corporate Management of the SAS Group on Oct. 1, 2007. A successor for Henriette Fenger Ellekrog has not yet been appointed. When these changes have been implemented, the Executive Committee of TDC A/S will consist of these six members: -- CEO and President Jens Alder; -- CFO Hans Munk Nielsen; -- Managing Director, Fixnet Nordic, Carsten Dilling; -- Managing Director, Mobile Nordic, Mads Middelboe; -- Managing Director, Business Nordic, Klaus Pedersen; and -- Group Strategy Officer Eva Berneke. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * In April 2007, in connection with the 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, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for TDC A/S. Moody's also assigned a Ba3 Probability-Of-Default-rating to the company. * Issuer: TDC A/S Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$6-billion Sr. Unsecured Medium-Term Note Program Ba3 B1 LGD5 81% DEM500-billion 5% Sr. Unsecured Ba3 B1 LGD5 81% Regular Bond/ Debenture Due 2008 JPY3-billion 1.28% Sr. Unsecured Regular Bond/ Debenture Due 2008 Ba3 B1 LGD5 81% EUR350-million 5.625% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba3 B1 LGD5 81% EUR750-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2012 Ba3 B1 LGD5 81% Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 34% * Issuer: Nordic Telephone Company Holdings ApS Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Unsecured Floating Rate Notes 2016 B2 B2 LGD6 92% 8.875%/8.25% Senior Unsecured Regular Bond/ Debenture Due 2016 B2 B2 LGD6 92% As reported in the TCR-Europe on April 27, 2007, Fitch Ratings placed TDC A/S's Issuer Default rating of 'BB-' on Rating Watch Negative, following the company's disclosure of anticipated additional tax charges from July 1. The ratings of TDC's and NTC Holdings' debt are also put on RWN. At the same time, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. S&P said the outlook is stable. =========== F R A N C E =========== LBC HOLDING: Moody's Withdraws Low-B Ratings -------------------------------------------- Moody's Investors Service withdraws all ratings of LBC Holding LLC at the request of the issuer following acquisition and subsequent restructuring of the issuer by Challenger Financial Services Group in first quarter 2007 and full redemption of its senior subordinated notes (issued through LBC Luxembourg Holding SCA) in June 2007. Ratings affected by the press release are: * LBC Holding LLC -- Corporate Family Rating and PD Rating -- B2/Stable * LBC Luxembourg Holding SCA -- Senior subordinated second lien guaranteed notes -- B3/LGD5 (73). LBC Holdings LLC is one of the world's leading providers of chemical storage capacity. It operates ten terminals in Europe including Bayonne, Le Havre, Marseilles and Nantes in France, Antwerp and Rotterdam in the Benelux region, Cartegena and Santander in Spain and Lisbon in Portugal. In the U.S., LBC owns storage facilities at Baton Rouge, Louisiana and Bayport, Texas. ============= G E R M A N Y ============= ESCENA ENTWICKLUNGSGES: Claims Registration Period Ends Aug. 22 --------------------------------------------------------------- Creditors of ESCENA Entwicklungsges. fuer Elektronik, Hard- und Software mbH have until Aug. 22 to register their claims with court-appointed insolvency manager Henning Bosse. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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: Henning Bosse Am Hafen 2 38112 Braunschweig Germany Tel: 0531/8891942 Fax: 0531/8891944 E-mail: braunschweig@brf-partner.de The District Court of Braunschweig opened bankruptcy proceedings against ESCENA Entwicklungsges. fuer Elektronik, Hard- und Software mbH on June 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ESCENA Entwicklungsges. fuer Elektronik, Hard- und Software mbH Attn: Martin Schueler, Manager Steinriedendamm 15 38108 Braunschweig Germany GEMEINNUETZIGE GESELLSCHAFT: Claims Registration Ends Aug. 10 ------------------------------------------------------------- Creditors of Gemeinnuetzige Gesellschaft Pflege, Integration, Arbeit, Foerderung mbH in Bottrop - PIAF have until Aug. 10 to register their claims with court-appointed insolvency manager Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Aug. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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. Johannes Graute III. Hagen 30 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against Gemeinnuetzige Gesellschaft Pflege, Integration, Arbeit, Foerderung mbH in Bottrop - PIAF on July 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gemeinnuetzige Gesellschaft Pflege, Integration, Arbeit, Foerderung mbH in Bottrop - PIAF Otto-Joschko-Str. 8-10 46236 Bottrop Germany Attn: Ines Grunewald, Manager Kriemhildenweg 16 46240 Bottrop Germany GRUNDSTUECKSVERWALTUNGSGESELLSCHAFT: Claims Filing Ends Sept. 14 ---------------------------------------------------------------- Creditors of Grundstuecksverwaltungsgesellschaft Etzenbachermuehle mbH have until Sept. 14 to register their claims with court-appointed insolvency manager Paul Wieschemann. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Oct. 16, 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 Zweibruecken Room 100 Zweibruecken 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: Paul Wieschemann Flickerstal 2 67657 Kaiserslautern Germany Tel: 0631/341950 Fax: 0631/470269 The District Court of Zweibruecken opened bankruptcy proceedings against Grundstuecksverwaltungsgesellschaft Etzenbachermuehle mbH on July 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstuecksverwaltungsgesellschaft Etzenbachermuehle mbH Attn: Volker Bellaire, Manager Etzenbacher Muehle 66894 Wiesbach Germany PROSIEBENSAT.1: Moody's To Withdraw Ba1 Sr. Unsec. Debt Rating -------------------------------------------------------------- Moody's Investors Service intends to withdraw the Ba1 senior unsecured and corporate family ratings of ProsiebenSat.1 Media AG, which are on review for possible downgrade, upon the planned early redemption in August of the Notes due May 2009. This announcement followed the completion on July 3, 2007 of the share purchase agreement whereby ProSiebenSat.1 acquired the SBS Broadcasting Group in a transaction totaling EUR3.3 billion. Moody's said that the acquisition of SBS by ProSiebenSat.1 has been financed entirely with new syndicated facilities, and that ProSiebenSat.1 had served irrevocable notice of its intention to redeem the EUR150 million notes at a redemption price of 101.858% prior to their maturity in May 2009 by exercising the make-whole provision in August 2007. Following the planned redemption of the Notes, ProSIebenSat.1 will have no public debt outstanding, and the senior unsecured debt rating will be withdrawn. At that time, Moody's therefore intends to withdraw ProSIebenSat.1's corporate family rating for business reasons. ProSiebenSat.1 Media AG is based in Munich, Germany. The company's main activity is the broadcasting and production of television programs through four German language television channels as well as a range of ancillary activities. S-CORE 2007-1: S&P Assigns B Ratings on EUR4.3 Million E Notes -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR505.35 million asset-backed floating- rate notes and the class F EUR4.3 million floating-rate notes to be issued by S-CORE 2007-1 GmbH. S-CORE will be the first transaction securitizing payment obligations under Schuldschein loan agreements underwritten by Deutsche Bank AG for companies belonging to its German mid-cap client base. This transaction forms part of Deutsche Bank's newly established db-Schuldschein program, which has been established to provide SMEs access to funding via indirect capital market participation. S-CORE will issue six classes of rated notes. The notes will constitute direct, unconditional, unsubordinated limited- recourse obligations of the issuer. The notes may redeem on a modified-sequential basis, subject to compliance with certain modified-sequential payment conditions. Each class of notes ranks pari passu among themselves. The issuer will use the issuance proceeds to purchase the Schuldschein loans that the originator has underwritten to provide funding to the portfolio companies. The portfolio of German SMEs shows a reasonable industry diversification and geographical concentration. Final approval and decision on the inclusion of certain SME obligors in the securitized pool was conducted in accordance with Deutsche Bank's current credit policy and underwriting standards. Ratings List S-CORE 2007-1 GmbH EUR505.35 Million Asset-Backed Floating-Rate Notes and EUR4.3 Million Class F Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mln. EUR) ----- ------ -------- A AAA 454.80 B AA 8.85 C A- 9.60 D BBB 12.40 E BB- 19.70 F B 4.30 SEMPER FINANCE: Fitch Places BB Ratings on EUR20.3 Mln E Notes -------------------------------------------------------------- Fitch Ratings has assigned final ratings to Semper Finance 2007-1 GmbH's commercial mortgage-backed floating-rate notes due 2043: -- EUR790.7 million Class A1 (ISIN: XS0305670308): 'AAA'; Outlook Stable; -- EUR500,000 Class A1+ (ISIN: XS0305670647): 'AAA'; Outlook Stable; -- EUR10 million Class A2 (ISIN: XS0305670993): 'AAA'; Outlook Stable; -- EUR51.8 million Class B (ISIN: XS0305671298): 'AA'; Outlook Stable; -- EUR51.7 million Class C (ISIN: XS0305671454): 'A'; Outlook Stable; -- EUR49.1 million Class D (ISIN: XS0305672262): 'BBB'; Outlook Stable; and -- EUR20.3 million Class E (ISIN: XS0305672692): 'BB'; Outlook Stable. The ratings reflect the characteristics of the reference portfolio and the integrity of the legal and financial structures. The ratings also address the timely payment of interest on the notes and the ultimate repayment of principal by final legal maturity in September 2046. This transaction is a fully funded synthetic securitisation of commercial mortgage loans originated by Eurohypo AG (rated 'A'/Outlook Stable/'F1') and secured by German properties. It is the second transaction issued through Eurohypo's synthetic commercial mortgage-backed securities platform 'Semper'. As at the cut-off date on 2 May 2007, the reference portfolio consisted of 480 EUR- and 12 CHF-denominated mortgage loans with an aggregate current balance of EUR1,001.9m. The loans were granted to 348 mostly operating companies or private individuals and are secured by one or more commercial real estate assets located in Germany. The reference claims are secured either by senior- or subordinate-ranking mortgages and the weighted- average loan-to-value ratio is 72.2%. The vast majority of the loans in the portfolio are seasoned fixed-rate loans, fully amortizing over 30 year terms. The portfolio is collateralized by 411 commercial real estate properties with a most recent appraisal value of approximately EUR1.713 billion. The collateral is located in Germany and distributed across the country with some concentrations in the federal states of North Rhine-Westphalia (21.7% by market value), Baden-Wuerttemberg (13.5%) and Berlin (10.5%). The collateral comprises predominantly retail (32.5% by market value), residential (16.4%), office (14.7%) and mixed-use properties (15.4%) but there are also operating assets such as hotels (4.9%) and nursing homes (5.4%) in the portfolio. UWE DUNKEL: Creditors' Meeting Slated for August 10 --------------------------------------------------- The court-appointed insolvency manager for Uwe Dunkel v d w - Vertriebsges. mbH, Dirk Rueffert will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:20 a.m. on Aug. 10. The meeting of creditors and other interested parties will be held at: The District Court of Cloppenburg Hall 6 Hauptgebaude Burgstrasse 9 49661 Cloppenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on Oct. 5 at the same venue. Creditors have until Sept. 21 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Dirk Rueffert Donnerschweer Strasse 398 26123 Oldenburg Germany Tel: 0441 340 770 Fax: 0441 340 77 340 The District Court of Cloppenburg opened bankruptcy proceedings against Uwe Dunkel v d w - Vertriebsges. mbH on July 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Uwe Dunkel v d w - Vertriebsges. mbH Gartenstr. 9-11 49624 Loeningen Germany =========== G R E E C E =========== M.J. MAILLIS: Undergoes Restructuring to Improve Profitability -------------------------------------------------------------- M.J. Maillis is undergoing restructuring to cut costs and improve profitability, which has been under pressure due to intensifying competition, AFX News Limited relates. It will consolidate production units in Europe, particularly in the automatic machines sector to achieve economies of scale and productivity improvements. According to the same report, Maillis will also reorganize sales and rationalize its commercial units and associates in Europe to create larger regional units that can serve the market more efficiently and effectively. The company said the measures, which it expects to complete by the end of the first quarter in 2008, are meant to increase competitiveness. About M.J. Maillis Headquartered in Athens, Greece, M.J. Maillis Group -- http://www.maillis.com/-- founded in 1968, is involved in the manufacture and distribution of end of line industrial solutions. This includes strapping, wrapping and taping packaging material, strapping tools and machines, wrapping, shrinking and carton sealing machines and special bands. It offers complete solutions, covering both the heavy-duty and light packaging markets and serves all industrial applications. Maillis Group serves customers in more than 52 countries worldwide, through a network of 31 owned Affiliate companies and more than 350 independent distributors. ========= I T A L Y ========= WIND TELECOMUNICAZIONI: Solicits Consents for EUR950MM Sr. Notes ---------------------------------------------------------------- Wind Acquisition Finance S.A. has solicited the consents from holders of its outstanding EUR950 million 9.75% Senior Notes due 2015, and US$650 million 10.75% Senior Notes due 2015 to certain proposed waivers and amendments to the indenture dated as of Nov. 28, 2005. Proposed Waivers and Amendments A) Wind Telecomunicazioni S.p.A. plans to enter into new senior credit facilities to effect a refinancing transaction, and the Issuer is seeking approval from Holders to certain Proposed Waivers and Amendments to provisions of the Indenture to permit the Company to effect the Refinancing Transaction on or prior to 10:00 p.m. Luxembourg Time on the 90th calendar day following the Effective Time by: * Entering into new senior credit facilities, the borrowings of which will be used to: -- refinance the outstanding EUR5,022,279,287.24 and US$150,000,000.00 aggregate principal amount of the Company's existing senior credit facilities, plus accrued and unpaid interest and related fees and repayment costs through the Refinancing Date; -- replace the EUR400 million committed revolving credit facility under the Existing Senior Facilities; and -- refinance the outstanding EUR551,912,793.09 and US$180,000,000.00 aggregate principal amount of the Company's second lien proceeds loan, plus accrued and unpaid interest and related fees and repayment costs through the Refinancing Date, payable to Wind Finance SL S.A. which in turn will use such proceeds to redeem its Second Lien Notes due 2014 and pay related fees and repayment costs; and -- make a share-premium reserve distribution in an amount up to EUR1,950,000,000 to Wind Acquisition Holdings Finance S.p.A. (the "Parent") so that the Parent can: (i) repay the aggregate principal amount, plus accrued and unpaid interest and related fees and repayment costs through the Refinancing Date, of the PIK proceeds loan payable by the Parent to Wind Acquisition Holdings Finance S.A., which will in turn use such proceeds to repay all of the outstanding loans, accrued and unpaid interest and related fees and repayment costs under its PIK loan facility; and (ii) pay costs and administrative expenses of the Parent; * Authorizing and directing the Trustee to enter into a supplemental indenture to amend the Indenture to reflect the Refinancing Transaction as further described in this Consent Solicitation, including, but not limited to, amending the definition of Consolidated Net Income to exclude potential financial expenses attributable to the write-down of deferred financing costs of the Company and its subsidiaries originally incurred in connection with or related to the incurrence of indebtedness under the Existing Senior Facilities and the Second Lien Notes, which we estimate to be no greater than EUR127,000,000; * To the extent not currently permitted under the Indenture, authorizing and directing the Trustee to enter into a new priority agreement; and * Providing that the existing Collateral securing the Notes and the Company's Existing Senior Facilities and Second Lien Notes secure the New Senior Facilities on a first priority basis; and B) Waive or amend certain covenants in the Indenture to permit the Company to, from time to time sell or evaluate the potential sale of all or part of its existing Tower Business. The Company will use the net proceeds from the sale of the Tower Business to repay senior debt or to reinvest in the Company's business in compliance with the asset sale covenant contained in Section 4.10 of the Indenture. The Proposed Waivers and Amendments shall not become operative, and no Consent Payment will be made, until and unless the Refinancing Transaction is consummated prior to the Refinancing Period Termination Time. The Consent Payment The consideration for each EUR1,000/US$1,000 principal amount of Notes for which a Consent is received and not validly revoked at or prior to the Early Consent Deadline, unless extended or earlier terminated, will be EUR40/US$40. The consideration for each EUR1,000/US$1,000 principal amount of Notes for which a Consent is received and not validly revoked after the Early Consent Deadline and at or prior to the Expiration Time, will be EUR20/US$20. The Consent Payment shall be paid directly to Euroclear, Clearstream or the relevant DTC Participants, as applicable. Series of bonds ISIN Early Late Consent Consent Payment Payment EUR 950,000,000 9.750% XS0236096730/ 4 % 2 % Senior Notes Due 2015 XS0236098272 US$650,000,000 10.750% US97314XAA28/ 4 % 2 % Senior Notes due 2015 USL97437AA25 Required Consents Adoption under the indenture of the Proposed Waivers and Amendments requires the Consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes voting as a single class. The Euro Notes and the Dollar Notes vote as a single class with the Euro Equivalent of the principal amount of the Dollar Notes calculated as of Nov. 28, 2005, at the spot rate as provided in the Financial Times, such calculation being EUR0.8523 per US$1.00. Participating in the Consent Solicitation A holder or beneficial owner wishing to participate in the Solicitation must submit, or arrange to have submitted on its behalf, at or before the Expiration Time a Consent given in accordance with the customary procedures of Euroclear, Clearstream or DTC, as the case may be, before any deadline set by the relevant Clearing System. Only Holders who submit, or arrange to have submitted on their behalf, a Consent on or prior to the Early Consent Deadline will receive the Early Consent Payment. A Holder of Euro Notes may consent by submitting a valid Electronic Consent Instruction to Euroclear or Clearstream as applicable. A holder of Dollar Notes may consent by delivering a properly completed consent letter to the Tabulation Agent at its address, e-mail address or facsimile number set forth in the Consent Solicitation Statement. Holders and beneficial owners should check with the bank, securities broker or any other intermediary through which they hold their Notes whether such intermediary will apply different deadlines for participation to those set out in the Consent Solicitation Statement and, if so, they should follow those deadlines. Transaction timetable Date Time Event July 10, 2007 5:00 p.m. Early Consent Deadline. Luxembourg Latest time and date for delivery of Consents to receive the Early Consent Payment July 17, 2007 5:00 p.m. Expiration Time. Latest Luxembourg time and date for delivery of Consents The time at which Effective Time. Latest the required consents time before which Holders have been received can validly revoke and the supplemental Consents. A valid indenture has been revocation of Consent will executed result in the Holder not being eligible to receive the Consent Payment As soon as practical Announcement of after the Effective Solicitation Results. The Time, if any date on which the result of the Solicitation is announced Promptly following Payment Date. The day on the consummation of which the Issuer makes the the Refinancing Consent Payments Transaction, or such earlier date after the Expiration Time as determined by the Issuer in its sole discretion The 90th calendar 10:00 p.m. Refinancing Period day following the Luxembourg Termination Time. The Effective Time last time for the Refinancing Transaction to be consummated WIND TELECOMUNICAZIONI: Fitch Places BB- IDR on Watch Negative -------------------------------------------------------------- Fitch Ratings has placed Wind Telecomunicazioni SpA's Long-term Issuer Default rating of 'BB-' and senior notes rating of 'BB' on Rating Watch Negative. This action follows the company's solicitation of consent from bondholders for a proposed refinancing of senior debt and upstreaming of cash to Wind Acquisition Holdings Finance SpA. The Short-term IDR is affirmed at 'B'. The ratings of the senior secured and second lien instruments are affirmed at 'BB+'. Wind's proposed refinancing will utilize a new EUR7.5 billion senior secured credit facility to prepay in full the current EUR5.7 billion total senior secured and second lien facilities. The remaining funds are proposed to be upstreamed out of the current restricted group to fully prepay the EUR1.7 billion Holdco PIK notes at WAHF. According to Fitch's methodology, these HoldCo PIK notes were previously excluded from the rated group metrics, as they could not be repaid from within the rated group without first obtaining consents or amendments to the documentation; the agency considered this an event risk. "The proposed bondholder consents would permit the new senior facilities to bring an additional EUR1.7 billion of debt into the Wind rated group, increasing the first quarter of 2007 pro forma net debt-to-EBITDA ratio to 5.2x from 4.1x previously," says Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "Furthermore, this proposed additional debt would rank ahead of the senior notes, further subordinating these debt holders and limiting potential recoveries in a distress or default scenario." If the requested consents are obtained from senior noteholders, and provided there is no significant change to the proposed structure outlined to the agency, Fitch expects a maximum one notch downgrade of the Long-term IDR to 'B+' from 'BB-'. Although Fitch accepts the company's statements that the increase in leverage is a one-off event, aimed at simplifying the capital structure and removing uncertainty over future funding obligations, it is the agency's view that the anticipated higher leverage metrics immediately following the refinancing are more consistent with a 'B+' rating level, and that de-leveraging could continue at a slower pace to that seen in the last two years. At the same time, Fitch would expect the senior notes to achieve more limited recoveries in a default scenario under the proposed new capital structure, resulting in a possible downgrade of up to two notches to 'B+'/'RR4' from 'BB'. =================== K A Z A K H S T A N =================== ADLET & P LLP: Proofs of Claim Must be Filed by August 8 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Adlet & P insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Saryarka Str. 24-77 010000, Astana Kazakhstan Tel: 8 (3172) 23-80-72 8 (3172) 36-09-38 ALTAY B LLP: Creditors Must File Claims by August 8 --------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Altay B insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Krasin Str. 8/1-256 Ust- Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-29-03 8 (3232) 22-19-10 ALTYN-MIRAS OJSC: Claims Filing Period Ends August 10 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared OJSC Altyn-Miras insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 206 Myzy Str. 2/1 Ust- Kamenogorsk East Kazakhstan Kazakhstan ATF BANK: Moody's May Lift Low B Ratings After Review ----------------------------------------------------- Moody's Investors Service placed under review for possible upgrade the Ba1/NP local currency deposit ratings, the Ba1 senior unsecured notes rating, as well as the Ba3 junior subordinated debt rating of Kazakhstan's ATF Bank. The bank's Ba1/NP foreign currency deposit ratings and the D- bank financial strength rating were affirmed and carry stable outlooks. This rating action reflects the announcement made on June 21, 2007 by Bank Austria Creditanstalt AG, that it has signed a share purchase agreement with private shareholders to acquire a majority shareholding in ATF Bank. Since November 2005, BC-CA has been a member of UniCredit Group and is responsible within the Group for commercial banking activities in Central and Eastern Europe. Through the acquisition of ATF, the Group intends to strengthen its network in CEE region through a leading presence in the Republic of Kazakhstan, as well as additional operations in the Republic of Kyrgyzstan, the Republic of Tajikistan and the Russian Federation. BA-CA's objective is to acquire up to 100 per cent of ATF's outstanding share capital through the acquisition of shares from the current majority shareholders and the mandatory tender offer to be launched for the remaining minorities. Following these steps, the level of ownership will be at least equal to 85 per cent of the bank's outstanding share capital. Completion of the transaction is expected during the second half of 2007 and is subject to the satisfaction of a number of conditions including, without limitation, receipt of all necessary regulatory authorizations and consents. Moody's review, which will be concluded when the acquisition is completed, will focus on the support that ATF Bank is likely to receive from BA-CA. In Moody's' view, successful completion of the transaction would probably signify a high degree of such support and could result in an upgrade of ATF-Bank's debt ratings. Based in Almaty, Kazakhstan, ATF Bank reported total assets of KZT1047 billion (US$8.2 billion) at year-end 2006, ranking as third-largest bank in the country. Bank Austria Creditanstalt is based in Vienna, Austria, and is the largest bank in the country with total assets of EUR154.2 billion at year-end 2006. DIAS-NS LLP: Claims Registration Ends August 3 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Dias insolvent. Creditors have until Aug. 3 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Valihanov Str. 71-68 Astana Kazakhstan Tel: 8 (3172) 21-48-16 INTERCOM MK: Claims Registration Ends August 10 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Intercom Mk insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Kozybayev Str. 107-126 Kostanai Kazakhstan MUNAYSHY LLP: Creditors' Claims Due on August 8 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Munayshy insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Saryarka Str. 24-77 010000, Astana Kazakhstan Tel: 8 (3172) 23-80-72 8 (3172) 36-09-38 NARODNAYA STRAHOVAYA: Claims Filing Period Ends August 10 --------------------------------------------------------- CJSC Insurance Company Narodnaya Strahovaya Companiya has declared insolvency. Creditors have until Aug. 10 to submit written proofs of claims to: CJSC Insurance Company Narodnaya Strahovaya Companiya Tole bi Str. 179a/22 Almaty Kazakhstan NVV LLP: Creditors Must File Claims August 10 --------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Nvv insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Kozybayev Str. 107-126 Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== SHAHTOSTROY JSC: Batken Court Declares Business Insolvent --------------------------------------------------------- The Inter-District Court of Batken Region for Economic Issues declared JSC Construction Company Shahtostroy (Case No. ED- 38/2007 MBa) insolvent on May 23. Subsequently, bankruptcy proceedings were introduced at the company. The temporary insolvency manager is: Taalaibek Boronov Toktogul Str. 3. Kyzylkiya Batken Kyrgyzstan ===================== N E T H E R L A N D S ===================== EUROSAIL-NL: Fitch Puts BB Ratings on EUR13.65-Million Notes ------------------------------------------------------------ Fitch Ratings has assigned expected ratings to Eurosail-NL 2007- I B.V.'s EUR350 million floating-rate notes due 2040: -- EUR306.25 million Class A mortgage-backed notes: 'AAA'; -- EUR14.525 million Class B mortgage-backed notes: 'AA'; -- EUR14 million Class C mortgage-backed notes: 'A'; -- EUR12.775 million Class D mortgage-backed notes: 'BBB-'; -- EUR2.45 million Class E1 mortgage-backed notes: 'BB'; and -- EUR11.2 million Class ET non-collateralized notes: 'BB'. Each rated class in this transaction has a Stable Outlook. The final ratings are contingent on the receipt of final documents conforming to information already received. Eurosail is the first securitization of non-conforming residential mortgages loans in the Netherlands. Loans are originated by ELQ Hypotheken N.V. and sold by ELQ Portefeuille I B.V. (the seller), a special purpose entity wholly-owned by ELQ. The primary servicing of the loans will be performed by Stater (rated 'RPS2NL/RSS3+NL'), while special servicing will be retained in-house by ELQ. ELQ is an indirect wholly owned subsidiary of Lehman Brothers International (Europe) (rated 'AA- '/F1+', Outlook Stable). The portfolio consists of first- ranking fixed- and floating-rate residential mortgages to credit-impaired individuals and those who are unable to meet the usual income verification requirements of conforming lenders. The expected ratings are based on the quality of the collateral, available credit enhancement and excess spread, a sound legal structure, the underwriting and servicing of ELQ, the liquidity facility, the guaranteed investment contract in place, as well as the interest rate swap and bullet agreements provided by Lehman Brothers Special Financing Inc. (guaranteed by Lehman Brothers Holding Inc., rated 'AA-'/'F1+', Outlook Stable). At closing, credit enhancement provided by subordination will be 13.5% for the Class A notes, 9.35% for the Class B notes, 5.35% for the Class C notes, 1.7% for the Class D notes and 1% for the Class E1 notes. A reserve fund will be initially funded at 1% of the initial collateralized notes balance with part of the proceeds from the issuance of the Class ET notes. The credit enhancement for each Class of notes is provided by subordination, the reserve fund as well as the available excess spread. GETRONICS N.V.: In Talks with U.S. Firm Over Possible Takeover -------------------------------------------------------------- Getronics N.V. has received a formal expression of interest from a US-based firm to start negotiations with the objective to acquire all of the shares of the company. The Board of Management and the Supervisory Board have decided to explore this option and its strategic implications for the company going forward. The process will be executed by the Board of Management taking into account the interest of all stakeholders, i.e. clients, employees, business partners as well as shareholders. Getronics has retained financial advisors to support it in this process. In order to protect Getronics and the Board of Management against a potential conflict of interest this process will be supervised by a special committee of the Supervisory Board, consisting of its Chairman, Rinus Minderhoud, and its Vice- Chairman, Berend Brix. The exploration may or may not lead to a transaction. The company remains focused on serving its clients, working with its business partners and employees and creating value for shareholders regardless of the outcome of this process. Until there is either the expectation that an agreement can be reached or the Boards have decided to terminate the process or legal or regulatory requirements arise requiring the company to issue a press release, no further information will be disclosed. However, it will provide further information at the moment of publication of our 2007 half-year report. About Getronics Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in the TCR-Europe on April 11, 2007, in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors, the rating agency confirmed its B2 Corporate Family Rating for Getronics N.V. Moody's also assigned a B2 probability-of-default-rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 5.5% Senior Unsecured Conv./Exch. Bond/Debenture Due 2008 Caa1 LGD5 79% WOOD STREET: Fitch Rates EUR20-Million Floating Notes at BB ----------------------------------------------------------- Fitch has assigned Wood Street CLO V B.V.'s issue of EUR454 million fixed- and floating-rate notes due 2023 final ratings. The transaction is a securitization of leveraged loans including primarily senior secured loans, senior unsecured loans, mezzanine obligations and high-yield bonds. -- EUR30 million Class A-T floating-rate notes due 2023: 'AAA'; -- EUR168 million Class A-D floating-rate notes due 2023: 'AAA'; -- EUR100 million Class A-R floating-rate notes due 2023: 'AAA'; -- EUR40 million Class A-2 floating-rate notes due 2023: 'AAA'; -- EUR40 million Class B floating-rate notes due 2023: 'AA'; -- EUR20 million Class C-1 deferrable floating-rate notes due 2023: 'A'; -- EUR10 million Class C-2 deferrable fixed-rate notes due 2023: 'A'; -- EUR26 million Class D deferrable floating-rate notes due 2023: 'BBB'; -- EUR15 million Class E-1 deferrable floating-rate notes due 2023: 'BB'; and -- EUR5 million Class E-2 deferrable fixed-rate notes due 2023: 'BB'. The final ratings of the Class A-T, A-D, A-R, A-2 and B notes address the ultimate repayment of principal at maturity and the timely payment of interest when due, according to the terms of the notes. For the Class C-1, C-2, D, E-1 and E-2 notes, which can defer interest, the final ratings address the ultimate payment of principal and interest, including deferred interest, at maturity. The ratings are based on the information and documents provided to Fitch by the issuer and third parties and on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Alcentra Limited, subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. Alcentra Limited will actively manage the collateral over the six-year reinvestment period. The ratings are also based on the credit enhancement provided to the various Classes of notes in the form of subordination, structural protection and excess spread. Credit enhancement, in the form of subordination, for the A-T, A-D and A-R (together the Class "A1" notes) totals 38.3%, of which 8.28% is provided by the A-2 notes, 8.28% by the B notes, 6.21% by the C notes, 5.38% by the D notes, 4.14% by the E notes and 6% by the EUR46 million unrated subordinated notes. Wood Street CLO V B.V. is a limited liability company incorporated under the laws of the Netherlands. On the closing date, the issuer had purchased approximately 80% of the target portfolio, with a further 365-day period available for the manager to fully invest the portfolio. =========== R U S S I A =========== AGRO CJSC: Creditors Must File Claims by July 9 ----------------------------------------------- Creditors of CJSC Agro have until July 9 to submit proofs of claim to: A. Zharikov Insolvency Manager Betankura Str. 3 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-4924/2007 33-69. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Agro Barentsa Str. 9-190 Nizhniy Novgorod Russia AGRO-LUCH CJSC: Creditors Must File Claims by July 9 ---------------------------------------------------- Creditors of CJSC Agro-Luch (TIN 1814000202, OGRN 1021800860905) have until July 9 to submit proofs of claim to: M. Ambrosimov Temporary Insolvency Manager Poyma Str. 73 Izhevsk 426028 Udmurtiya Russia The Arbitration Court of Udmurtiya commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A71-2131/2007-G21. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: CJSC Agro-Luch Sabanchino Kiyasovskiy 427843 Udmurtiya Russia ATOM-SERVICE CJSC: Rostov Bankruptcy Hearing Slated for July 23 --------------------------------------------------------------- The Arbitration Court of Rostov will convene at 10:00 a.m. on July 23 to hear the bankruptcy supervision procedure on CJSC Atom-Service (TIN 6143059518). The case is docketed under Case No. A 53-16445/2006-S1-51. The Temporary Insolvency Manager is: V. Gaydunkov Office 504 Oborony Str. 24 344082 Rostov-na-Donu Russia The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Atom-Service Volgodonsk-28 Rostov Russia BASBOR CJSC: Creditors Must File Claims by Aug. 9 ------------------------------------------------- Creditors of CJSC Basbor (TIN 7324001871) have until Aug. 9 to submit proofs of claim to: S. Chertanovskiy Insolvency Manager 12th September Str. 101 432063 Ulyanovsk Russia The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-1601/07-22/9. The Debtor can be reached at: CJSC Basbor Novozavodskaya Str. 1 Bazarnyj Syzgan Ulyanovsk Russia ELECTRO-TEXTILE: Creditors Must File Claims by Aug. 9 ----------------------------------------------------- Creditors of CJSC Electro-Textile (TIN 2624025183) have until Aug. 9 to submit proofs of claim to: M. Kotlyarov Insolvency Manager Zakrutkina Pr. 35 Semikarakorsk 346630 Rostov Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-6675/06-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: CJSC Electro-Textile Promyshlennaya Str. 3 Budennovsk 356801 Stavropol Russia GLAZOV-AGRO-SNAB: Creditors Must File Claims by Aug. 9 ------------------------------------------------------ Creditors of CJSC Glazov-Agro-Snab (TIN 1805001023, KPP 1829201001) have until Aug. 9 to submit proofs of claim to: L. Bogdanov Insolvency Manager Post User Box 425 8th Post Office Glazov 427628 Udmurtiya Russia The Arbitration Court of Udmurtiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-7860/2006 G21. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: CJSC Glazov-Agro-Snab Yukamenskaya Str. 33 Glazov Udmurtiya Russia KORVET CJSC: Creditors Must File Claims by July 9 ------------------------------------------------- Creditors of CJSC Korvet have until July 9 to submit proofs of claim to: S. Levchenko Insolvency Manager Mekhanizatorov Str. 1 460027 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-1269/2007-14GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: CJSC Korvet Novonikolaevka Gayskiy Orenburg Russia MOS-BAL-INVEST: Creditors Must File Claims by Aug. 9 ---------------------------------------------------- Creditors of LLC Building Corporation Mos-Bal-Invest have until Aug. 9 to submit proofs of claim to: A. Kasimov Insolvency Manager Post User Box 1006 236036 Kaliningrad Russia The Arbitration Court of Kaliningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A21-7327/2006. The Court is located at: The Arbitration Court of Kaliningrad Rokossovskogo Str. 2 Kaliningrad Russia The Debtor can be reached at: LLC Building Corporation Mos-Bal-Invest Kaliningradskiy Pr. 5A Svetlogorsk 238560 Kaliningrad Russia OAO ROSNEFT: Acquires Yukos' Assets from Prana LLC -------------------------------------------------- OAO Rosneft Oil Co. acquired purchase Prana LLC a series of assets including: -- YUKOS-M Trading House LLC, -- CJSC YUKOS Exploration and Production, -- CJSC YUKOS Refining and Marketing, -- CJSC YUKOS-M, -- YUKOS Finance and Accounting Center LLC, -- YUKOS-Moskva LLC, and -- Dubininskoye LLC. YUKOS-M Trading House owns assets that are an integral part of the operational and management system of the upstream and downstream assets previously acquired by Rosneft. These assets include material working capital balances, inventories, infrastructure, contractual rights, management information systems, staff and related know-how. Assets at the other entities include service stations and other related assets in Moscow and the Moscow region, as well as real estate and various management companies. The acquisition of assets from LLC Prana will in addition facilitate the integration of refining and marketing assets, which Rosneft purchased previously and which have been operating as part of a unified system for considerable time. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- 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. PROMSVYAZBANK JSCB: Changes Status to Open Joint Stock Company -------------------------------------------------------------- Shareholders of JSCB Promsvyazbank has agreed to transform the bank into an open joint stock company, in preparation for its anticipated initial public offering, Kommersant reports. Citing sources, Kommersant relates that Promsvyazbank is in talks with Goldman Sachs, Troika Dialog, Renaissance Capital and Citibank to organize the offering. Kommersant cites market analysts as saying that Promsvyazbank's IPO preparations may be strategic move to push up its price, which may set the bank's capitalization above US$3 billion. In May 2007, Commerzbank AG, bought 15.3% Promsvyazbank. Fitch Ratings said Commerzbank was expected to continue negotiations with PSB's main shareholders to seek control in the medium-term. About Promsvyazbank Headquartered in Moscow, Russia, JSCB Promsvyazbank -- http://www.psbank.ru/eng/-- engages in lending business, project finance, leasing regional projects expanding its presence in the financial markets. Alexey and Dmitry Annaniev are the major shareholders in the Bank. Nova Ljubljanska Banka (Slovenia) holds 3.65% while Rostelecom owns 0.27%. * * * As reported in the TCR-Europe on May 9, Fitch Ratings revised Russia-based Promsvyazbank's Outlook to Stable from Positive. The bank's ratings are affirmed at Issuer Default 'B+', Short- term 'B', Support '5' and Individual 'D'. Promsvyasbank carries Ba3 long-term foreign currency deposit and debt ratings and a D- financial strength rating. Outlook is positive. Promsvyasbank carries Ba3 long-term foreign currency deposit and debt ratings and a D- financial strength rating from Moody's. Outlook is positive. The bank's US$125 million 8.75% senior unsecured loan participation notes also carry a Ba3 long-term foreign currency debt while it US$200 million 9.625% subordinated loan participation notes issued by PSB Finance S.A. carry a B1 long- term foreign currency debt rating. Promsvyazbank also carries 'B/C' long- and short-term counterparty credit ratings from Standard & Poor's. The outlook is positive. RANINSKIY TIMBER: Creditors Must File Claims by Aug. 9 ------------------------------------------------------ Creditors of OJSC Raninskiy Timber Mill have until Aug. 9 to submit proofs of claim to: M. Kuvshinova Insolvency Manager Room 168 Leonova Quay 66 Balakovo 413863 Samara Russia Tel: 8(8453)33-35-06 Fax: 917-301-02-39 The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-40/07-10. The Debtor can be reached at: OJSC Raninskiy Timber Mill Raninskiy timber mill Michurinskiy Samara Russia ROSNEFT OIL: Inks Memorandum of Understanding with SIBUR -------------------------------------------------------- Sergey Bogdanchikov, president of OAO Rosneft Oil Co., and Dmitry Konov, president of SIBUR, signed a Memorandum of Understanding in Moscow concerning the processing, marketing and sales of associated gas. The MoU provides for the establishment of a joint venture on a parity basis at the Yuzhno-Balyksk Gas Processing Plant (GPP), which belongs to SIBUR. The joint venture has been set up with a division of capacity in accordance with the parity stakes of each partner in the new company. The provisions of the MoU state that the two companies intend to increase the processing of associated gas to three billion cubic meters per annum. In the event that gas production rises at Rosneft's fields, a further increase in gas processing at the GPP is possible. The Yuzhno-Balyksk Gas Processing Plant began operating in 1978. It annually processes about 1.5 billion cubic meters of associated petroleum gas produced at the fields of Rosneft's subsidiary Yuganskneftegaz. Since 2006, Rosneft has been implementing an Integrated Gas Program. The program's level of capital investment stands at RUB16.6 billion, which will allow the Company to achieve 95% utilization of gas from all fields by 2010. This figure completely meets all license requirements. Setting up the joint venture at the Yuzhno-Balyksk Gas Processing Plant will enable Rosneft to process all associated petroleum gas produced at the fields of Yuganskneftegaz and to provide additional processing capacity in the event of further increases in associated gas production. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- 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. ROSNEFT OJSC: Fitch Upgrades IDR to BBB- & Removes from Watch ------------------------------------------------------------- Fitch Ratings has upgraded OJSC Rosneft's long-term foreign and local currency Issuer Default Ratings to 'BBB-' from 'BB+', removed them from Rating Watch Positive, and assigned them a Positive Outlook. Fitch also assigned Rosneft Capital S.A.'s planned Eurobond issue an expected 'BBB-' rating. The final rating for the bond issue is contingent upon receipt of final documents conforming to information already received. The upgraded IDR reflects Rosneft's strengthened competitive position, following a series of acquisitions predominantly in the refining and distribution segments, making it one of Russia's leading integrated oil and gas companies. "The acquisition of refining and distribution assets has greatly enhanced the company's business profile and vertical integration," said Valentina Goryunova, a Moscow-based Director in Fitch's Energy & Utilities ratings group. Maintenance of the existing ratings, and any potential upgrade, will depend on the company's ability to demonstrate improved operating efficiencies, especially in the area of acquired assets integration and EBITDA margin improvement. The Positive Outlook foresees a measurable reduction in the company's total debt level over the medium-term as the company refinances its debt, restructures its tax liabilities and favorably resolves any outstanding third-party claims. Management have committed to a policy of de-leveraging and Fitch expects Rosneft to favourably resolve issues concerning its relatively high debt levels, which will positively influence its leverage and coverage ratios, during the course of the next 18 - 24 months. Fitch has also assigned an expected senior unsecured rating of 'BBB-' to the Eurobonds to be issued under the US$15 billion Loan Participation Notes Program by Rosneft Capital S.A. for the purpose of financing loans to OJSC Oil Company Rosneft. STERLING GROUP: Creditors Must File Claims by Aug. 9 ---------------------------------------------------- Creditors of CJSC Sterling Group (TIN 7730078098) have until Aug. 9 to submit proofs of claim to: N. Bychkova Insolvency Manager Post User Box 21 109496 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 40-67344/06-95-1147 B. The Court located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Sterling Group Svobody Str. 24/-9 125362 Moscow Russia STRAZH BALTIKI: Creditors Must File Claims by July 9 ---------------------------------------------------- Creditors of CJSC Strazh Baltiki have until July 9 to submit proofs of claim to: A. Kasimov Temporary Insolvency Manager Post User Box 1006 236036 Kaliningrad Russia The Arbitration Court of Kaliningrad commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A 21-7218/2006. The Court is located at: The Arbitration Court of Kaliningrad Rokossovskogo Str. 2 Kaliningrad Russia The Debtor can be reached at: CJSC Strazh Baltiki Kumachevo Zelenogradskiy 238322 Kaliningrad Russia TARTALEYSKOYE: Creditors Must File Claims by July 9 --------------------------------------------------- Creditors of Municipal Enterprise Tartaleyskoye have until July 9 to submit proofs of claim to: S. Gromoglasov Temporary Insolvency Manager Post User Box 602 603000 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod will convene at 1:30 p.m. on Sept. 18 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A43-4243/ 2007, 33-58. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: Municipal Enterprise Tartaleyskoye Tartalei Sergachskiy 607510 Nizhniy Novgorod Russia URZHUMSKIY AGRO-SNAB: Names O. Kuvshinskaya to Manage Assets ------------------------------------------------------------ The Arbitration Court of Kirov appointed O. Kuvshinskaya as Insolvency Manager for OJSC Urzhumskiy Agro-Snab. She can be reached at: O. Kuvshinskaya Upita Str. 8-26 610050 Kirov Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-38-07-27/6. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: OJSC Urzhumskiy Agro-Snab Urzhum Kirov Russia ZERNOGRADSKIY PIG: Creditors Must File Claims by July 9 ------------------------------------------------------- Creditors of LLC Zernogradskiy Pig Farm (TIN 6111012203) have until July 9 to submit proofs of claim to: A. Nazarenko Temporary Insolvency Manager Post User Box 3825 344022 Rostov-na-Donu Russia The Arbitration Court of Rostov will convene at 11:30 a.m. on Sept. 11 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A53-1645/07-S1-33. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: LLC Zernogradskiy Pig Farm Stepnaya Str. 56 Sorgovyj Zernogradskiy Rostov Russia ========= S P A I N ========= IM GRUPO: Moody's Junks Rating on EUR39 Million Series E Notes -------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to seven series of "Bonos de Titulizacion de Activos" to be issued by IM Grupo Banco Popular FTPYME II Fondo de Titulizacion de Activos, a Spanish asset securitization fund that has been created by Intermoney, S.G.F.T, S.A.: -- Aaa to the EUR1463 million Series A1 notes; -- Aaa to the EUR200.3 million Series A2 notes; -- Aaa to the EUR221.7 million Series A3(G) notes; -- Aa2 to the EUR47 million Series B notes; -- A2 to the EUR23 million Series C notes; -- Baa3 to the EUR45million Series D notes; and -- Caa3 to the EUR39 million Series E notes. IM Grupo Banco Popular FTPYME II FTA, a securitization of loans to small- and medium-sized enterprises carried out by Grupo Banco Popular under the FTPYME program, follows the Spanish Ministry of Economy's allocation of a new guarantee budget for such transactions for the current year. Moody's ratings address the expected loss posed to investors by the legal final maturity. The rating agency believes that the structure of the IM Grupo Popular FTPYME II notes allows for timely payment of interest and ultimate payment of principal at par, on or before the final legal maturity date and not at any other expected maturity date with respect to the Series A1, A2, A3(G), B, C and D notes, and for ultimate payment of interest and principal at par with respect to the Series E notes, on or before the final legal maturity date. The ratings do not address the full redemption of the notes on the expected maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. According to Moody's, this deal benefits from strong features, including: (1) Excess spread-trapping mechanism through a 12-month "artificial write-off"; (2) a reserve fund that is partially funded upfront to cover a potential shortfall in interest and principal; (3) the guarantee of the Kingdom of Spain (Aaa/P-1) as regards the Series A3(G) notes; and (4) strong swap agreement guaranteeing an excess spread of 0.60% guarantee. However, Moody's notes that the deal also has weaknesses, including: (1) the deferral of interest payments on each of Series B, C and D increases the expected loss on these subordinated series; (2) pro-rata amortization of the B, C and D Series of notes leads to reduced credit enhancement of the senior series in absolute terms. These increased risks were reflected in Moody's Credit Enhancement calculation; (3) 12.2% of the provisional pool corresponds to non- amortizing loans and 25.6% of the pool corresponds to loans paying through annual, semiannual installments or through specific amortization schedules; and (4) the high servicing fee used, when compared with most Spanish securitization transactions. The provisional pool of underlying assets comprised, as of May 2007, a portfolio of 11,392 loans granted to 9,232 borrowers, all of which are Spanish SMEs (80% being SMEs and 20% other kinds of enterprises). The loans have been originated between 1993 and February 2007, with a weighted average seasoning of 1.70 years and a weighted average remaining term of 7.1 years. The weighted average interest rate is 4.89%, with 96.5% of the loans linked to floating reference rates, and the weighted average margin over the reference rate is 0.97%. 49% of the outstanding of the portfolio is secured by a first-lien mortgage guarantee over different types of properties (7% being residential properties), with a weighted average loan to value equal to 55%. Geographically the pool is concentrated in Andalusia (16%), Madrid (16%) and Catalonia (14%), a natural consequence of the location of the originators, and is around 37.6% concentrated in the "Buildings & Real Estate" sector according to Moody's industry classification. At closing, there will be no loans more than 30 days in arrears. To hedge the potential mismatch risk derived from the different index reference rates on the assets side and the notes side, or the risk derived from any amendment in the terms of the loans agreements, the "Fondo" will enter into a swap agreement with Banco Popular. Moody's bases its ratings on, inter-alia: (1) an evaluation of the underlying portfolio of loans securing the structure; (2) historical performance information from the Spanish SME loan market; and (3) the transaction's structural protections, which include the subordination, the strength of the cash flows (including the reserve fund) and any excess spread available to cover losses. ===================== S W I T Z E R L A N D ===================== ARG FINANCE: Zug Court Starts Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC ARG Finance & Consulting on May 22. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC ARG Finance & Consulting Aegeristrasse 23 6340 Baar ZG Switzerland AUGSTBURGER PRINTLINE: Creditors' Liquidation Claims Due July 16 ---------------------------------------------------------------- Creditors of JSC Augstburger Printline have until July 16 to submit their claims to: Walter Augstburger Liquidator Brunnenstrasse 62 3018 Bern Switzerland The Debtor can be reached at: JSC Augstburger Printline Bern Switzerland BABAT TRADING: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Babat Trading on May 29. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Babat Trading 6340 Baar ZG Switzerland CF COMMERCIAL: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC CF Commercial Factoring on June 5. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC CF Commercial Factoring Allmendstrasse 11 6312 Steinhausen ZG Switzerland CONTEC LLC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC Contec on April 24. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC Contec Untermuli 6 6300 Zug Switzerland DIGICOMP JSC: Zurich Court Closes Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Service of Zurich entered June 7 an order closing the bankruptcy proceedings of JSC Digicomp. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8952 Schlieren Dietikon ZH Switzerland The Debtor can be reached at: JSC Digicomp Grabenstr. 1 8952 Schlieren Dietikon ZH Switzerland ECO-VERLAGS JSC: Creditors' Liquidation Claims Due July 16 ---------------------------------------------------------- Creditors of JSC Eco-Verlags have until July 16 to submit their claims to: Verena Stettler Liquidator Wasserwerkstr. 108 8037 Zurich Switzerland The Debtor can be reached at: JSC Eco-Verlags Zurich Switzerland EDALTEC LLC: Creditors' Liquidation Claims Due July 16 ------------------------------------------------------ Creditors of LLC Edaltec have until July 16 to submit their claims to: Eric Dalebroux Liquidator Bielweg 5 5107 Schinznach-Dorf Brugg AG Switzerland The Debtor can be reached at: LLC Edaltec Schinznach-Dorf Brugg AG Switzerland EFAM LLC: Creditors' Liquidation Claims Due July 16 --------------------------------------------------- Creditors of LLC EFAM have until July 16 to submit their claims to: Christian Kreuzer Liquidator Furkastrasse 3985 Munster Goms VS Switzerland The Debtor can be reached at: LLC EFAM Munster-Geschinen Goms VS Switzerland HAUSER + GUBLER JSC: Creditors' Liquidation Claims Due July 19 -------------------------------------------------------------- Creditors of JSC Hauser + Gubler have until July 19 to submit their claims to: Ausserdorf 8467 Truttikon Andelfingen ZH Switzerland The Debtor can be reached at: JSC Hauser + Gubler Truttikon Andelfingen ZH Switzerland JOSEF MACHLER: Creditors' Liquidation Claims Due August 2 --------------------------------------------------------- Creditors of JSC Josef Machler have until Aug. 2 to submit their claims to: Obergasse 35 8854 Galgenen March SZ Switzerland The Debtor can be reached at: JSC Josef Machler Galgenen March SZ Switzerland MODE FIGURA: Aargau Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Aargau entered June 6 an order closing the bankruptcy proceedings of JSC Mode Figura. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: JSC Mode Figura Schachen 36 5000 Aarau AG Switzerland NEUSATZ-IMMOBILIEN JSC: Liquidation Claims Due July 19 ------------------------------------------------------ Creditors of JSC Neusatz-Immobilien have until July 19 to submit their claims to: Dr. Alex Fischer Liquidator P.O. Box 632 4010 Basel BS Switzerland The Debtor can be reached at: JSC Neusatz-Immobilien Basel BS Switzerland SACOFINT JSC: Creditors' Liquidation Claims Due July 19 ------------------------------------------------------- Creditors of JSC Sacofint have until July 19 to submit their claims to: Rue de la Pelisserie 18 1204 Geneva Switzerland The Debtor can be reached at: JSC Sacofint Geneva Switzerland SWAYY LLC: Creditors' Liquidation Claims Due July 18 ---------------------------------------------------- Creditors of LLC Swayy have until July 18 to submit their claims to: Frank de Haan Liquidator Pfeffingerstrasse 8 4107 Ettingen Arlesheim BL Switzerland The Debtor can be reached at: LLC Swayy Ettingen Arlesheim BL Switzerland VERLI JSC: Creditors' Liquidation Claims Due July 20 ---------------------------------------------------- Creditors of JSC Verli have until July 20 to submit their claims to: JSC Fidusa Liquidator Landstrasse 44 8750 Glarus Switzerland The Debtor can be reached at: JSC Verli Glarus Switzerland =========== T U R K E Y =========== EREGLI DEMIR: S&P Affirms BB- Rating with Stable Outlook -------------------------------------------------------- Standard & Poor's Ratings Services had revised its outlook on Turkey-based steel producer Eregli Demir ve Celik Fabrikalari T.A.S. to stable from negative. At the same time, the 'BB-' long-term corporate credit rating was affirmed. "The rating action reflects Erdemir's improving cash flow and stronger credit ratios during 2006, despite ongoing negative free operating cash flow caused by substantial capital expenditures," said Standard & Poor's credit analyst Alex Herbert, adding that execution risks have eased and dividend payments have been moderate. Erdemir is continuing with an ambitious plan to increase the group's steelmaking capacity to about 8.5 million metric tons of liquid steel from 5.3 million metric tons and to convert its Isdemir plant from long- to flat-steel production. The total cost of this investment program during 2005-2008 is substantial, at about US$2.7 billion (TRY3.6 billion), of which about half had been spent at Dec. 31, 2006. Erdemir's results for the year to Dec. 31, 2006, showed a strong recovery in cash flow generation, with funds from operations up 85% to TRY1.1 billion compared with 2005. The rating on Erdemir continues to reflect its weak business risk profile due to limited diversity, lack of access to own raw materials and volatile margins in the cyclical, capital- intensive, and competitive steel industry. The group's financial risk profile is constrained due to volatile cash flows, a large ongoing capital expenditure program, and potentially higher future dividends. In addition, Erdemir faces country risks in the Republic of Turkey (foreign currency BB- /Stable/B; local currency BB/Stable/B). The rating is supported, however, by Erdemir's position as the largest steelmaker in Turkey, which continues to have good growth prospects for flat steel consumption. The stable outlook reflects our expectation that Erdemir will succeed with its ambitious plans to expand and convert its steel capacity. While this could lead to higher debt, S&P expects Erdemir will be able to maintain credit ratios consistent with the rating. ============= U K R A I N E ============= ALKION LLC: Creditors Must File Claims by July 6 ------------------------------------------------ Creditors of LLC Alkion (code EDRPOU 32977877) have until July 6 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/201-b. The Debtor can be reached at: LLC Alkion M. Vasilenko Str. 7-A 03124 Kiev Ukraine AMARANT LLC: Proofs of Claim Deadline Set for July 6 ---------------------------------------------------- Creditors of LLC Ukrainian Textile Company Amarant (code EDRPOU 31517846) have until July 6 to submit written proofs of claim to: Taras Popovchenko Liquidator Apartment 52 Dragomanov Str. 1k Kiev Ukraine 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 Ukrainian Textile Company Amarant Kievskaya Str. 132 Obukhov 08702 Kiev Ukraine ELADA PLUS: Proofs of Claim Deadline Set for July 6 --------------------------------------------------- Creditors of LLC Elada Plus SA (code EDRPOU 33096999) have until July 6 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/136-b. The Debtor can be reached at: LLC Elada Plus SA Vozdukhoflotsky Avenue 21/2 03049 Kiev Ukraine METALIST OJSC: Creditors Must File Claims by July 6 --------------------------------------------------- Creditors of OJSC Metalist (code EDRPOU 00908260) have until July 6 to submit written proofs of claim to: Taisiya Melnik Liquidator Apartment 9 Pervomayskaya Str. 6 Derazhnia Hmelnitsky Ukraine The Economic Court of Hmelnitskij commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 4/354-B. The Debtor can be reached at: OJSC Metalist Vovkovintsy Derazhnia District Hmelnitskij Ukraine PARTNER LLC: Creditors Must File Claims by July 6 ------------------------------------------------- Creditors of LLC Financial Group Partner (code EDRPOU 33995635) have until July 6 to submit written proofs of claim to: Taras Popovchenko Liquidator Apartment 52 Dragomanov Str. 1k Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 14/218-07. 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 Financial Group Partner Kievskaya Str. 27 Obukhov 08702 Kiev Ukraine SEZAM-AGRO: Proofs of Claim Deadline Set for July 6 --------------------------------------------------- Creditors of Sezam-Agro (code EDRPOU 31853413) have until July 6 to submit written proofs of claim to: The Economic Court of Volin Volia Avenue 54-a 43010 Lutsk Volin Ukraine The Economic Court of Volin commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 1/64-B. The Debtor can be reached at: Sezam-Agro Kolkhoznaya Str. 17 Morozovichi Ivanichi District 45314 Volin Ukraine SU LTD: Creditors Must File Claims by July 6 -------------------------------------------- Creditors of LLC Su Ltd. (code EDRPOU 13344385) have until July 6 to submit written proofs of claim to: Elena Polischuk Liquidator Apartment 61 Kovel Str. 73 Vladimir-Volinsky Volin Ukraine The Economic Court of Volin commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 1/83-B. The Court is located at: The Economic Court of Volin Volia Avenue 54-a 43010 Lutsk Volin Ukraine The Debtor can be reached at: LLC Su Ltd. V. Veliky Str. 56 44700 Vladimir-Volinsky Ukraine UNION OF DONBASS: Fitch Assigns B+ IDR with Stable Outlook ---------------------------------------------------------- Fitch Ratings has assigned Ukraine-based Corporation Industrial Union of Donbass Long-term Issuer Default 'B+' and Short-term Issuer Default 'B' ratings. The Outlook is Stable. The ratings reflect ISD's position as the leading steel producer in Ukraine, viable strategic approach and relatively good financial profile. As the largest steel producer in Ukraine (including international operations), ISD can take advantage of economies of scale as well as leverage the growth of the Ukrainian steel industry. Furthermore, Fitch notes the group's diversified revenue portfolio across plants, geographic regions and products. The agency believes that such diversification allows ISD to build a viable strategy of creating a value-chain of semi-finished steel production (at its Ukrainian plants) to processed steel (at its Polish and Hungarian facilities) and sales in the European markets without restrictions. Moreover, ISD has a relatively strong profitability compared with its international steel peers, which could provide additional protection against an industry downturn. However, ISD is unfavorably compared with its Russian peers based on its relatively high leverage, although it should be noted that the latter is in line with that of its international steel peers. The company also has relatively low coverage ratios versus both its Russian and international steel competition. Fitch believes that this could limit the company's financial flexibility. In addition, Fitch notes ISD's low self- sufficiency in main raw materials in contrast to a high degree of vertical integration of its Russian steel peers, which could result in higher costs pressures and a margin squeeze of the group. Nonetheless, this risk could be mitigated by the fact that ISD has developed long-term relationships with its raw materials suppliers and is currently working on the conclusion of long-term contracts. Furthermore, although Fitch positively views the group's initiatives to adhere to international corporate governance practices, full credit for such actions could only be given once these initiatives are fully realized and sustained. Fitch also notes the relationship between ISD and Industrial Group, which serves as a management body for ISD even though they are legally separate entities. IG and ISD are owned by the same shareholders. Nevertheless, the agency gains comfort from the fact that IG's assets and revenues are immaterial in relation to ISD's scale of operations and that the management fees paid by ISD to IG are capped at US$7 million per annum. VERKHOVINA CJSC: Creditors Must File Claims by July 6 ----------------------------------------------------- Creditors of CJSC Verkhovina (code EDRPOU 13655783) have until July 6 to submit written proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-12/92. The Debtor can be reached at: CJSC Verkhovina Belvederskaya Str. 2 76019 Ivano-Frankovsk Ukraine VIGOR LLC: Creditors Must File Claims by July 6 ----------------------------------------------- Creditors of LLC Vigor (code EDRPOU 32034418) have until July 6 to submit written proofs of claim to: Taras Popovchenko Liquidator Apartment 52 Dragomanov Str. 1k Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 14/220-07. 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 Vigor Apartment 3 Gaydar Str. 12 Irpen 08200 Kiev Ukraine VILLAGE COMMUNE: Proofs of Claim Deadline Set for July 6 -------------------------------------------------------- Creditors of LLC Village Commune Service (code EDRPOU 32683314) have until July 6 to submit written proofs of claim to: Oleg Bilera Liquidator Apartment 35 Volkov Str. 59 Cherkassy The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 14/1098. The Debtor can be reached at: LLC Village Commune Service Proletarian Str. 92 20200 Cherkassy Ukraine WEST METAL-ROLL: Proofs of Claim Deadline Set for July 6 -------------------------------------------------------- The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/28-8/6. Creditors of LLC Science-Production Enterprise West Metal-Roll have until July 6 to submit written proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Debtor can be reached at: LLC Science-Production Enterprise West Metal-Roll B. Hmelnitsky Str. 27 Pustomitov District Zubra 81135 Lvov Ukraine YUSTAS LLC: Proofs of Claim Deadline Set for July 6 --------------------------------------------------- The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/200-b. Creditors of LLC Yustas (code EDRPOU 23509344) have until July 6 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Yustas Antonov Str. 5 03186 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== A.M. EXPRESS: Appoints Martin C. Armstrong as Liquidator -------------------------------------------------------- Martin C. Armstrong of Turpin Barker Armstrong was appointed liquidator of A.M. Express Ltd. (formerly A M Express Couriers Ltd.) on June 5 for the creditors' voluntary winding-up procedure. Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- provides accounting, tax and business advisory services. The company can be reached at: A.M. Express Ltd. Southall Community Centre 25-27 Merrick Road Southall UB2 4AU England Tel: 020 8813 0292 Fax: 020 8574 0446 A1 SOLO: Proof of Claim Deadline Slated for July 27 --------------------------------------------------- Creditors of A1 Solo Ltd. have until July 27 to send in their names, addresses and the particulars of their debts and claims, to: M. Arkin Liquidator Arkin & Co. Maple House High Street Potters Bar Hertfordshire EN6 5BS England M. Arkin of Arkin & Co. was appointed liquidator of the company on June 6. ASTRATIME LTD: Jonathan Lord Leads Liquidation Procedure -------------------------------------------------------- Jonathan Lord of Bridgestones was appointed liquidator of Astratime Ltd. on June 5 for the creditors' voluntary winding-up procedure. The company can be reached at: Astratime Ltd. Dunston House Sheepbridge Works Dunston Road Chesterfield S41 9QD England Tel: 01246 456 790 BEECHACRE LTD: Brings In Liquidators from Abbott Fielding --------------------------------------------------------- Nedim Ailyan and Andrew Tate of Abbott Fielding were appointed joint liquidators of Beechacre Ltd. on May 31 for the creditors' voluntary winding-up proceeding. The company can be reached at: Beechacre Ltd. 10 Shield Court Fellside Hexham NE46 1RA England Tel: 01434 603 651 BRAKE BROS: Moody's May Cut Low B Ratings After Review ------------------------------------------------------ Moody's Investors Service placed the ratings of Brake Bros Finance Plc under review for a possible downgrade, following the announcement that a company controlled by Bain Capital has signed a definitive agreement to acquire the entirety of Brakes Group. On March 14, 2007, majority shareholder Clayton, Dubilier & Rice announced the beginning of a review of strategic options for Brakes, including its sale. On June 29, 2007, the company announced it had signed a definitive sale agreement with Bain for an undisclosed amount. The rating review of Brakes is related to the uncertainty at this stage with regard to the impact on debt protection measures that the proposed acquisition will have over the short-to-medium term, although Moody's expects the company's total indebtedness to increase. Moody's review will therefore mainly focus on: (i) the financing mix that will be used to fund the acquisition and its impact on Brakes' current metrics and debt in the new capital structure; and (ii) the group's business strategy going forward, which Moody's understands is not expected to change significantly. Affected ratings are: -- B1 Corporate Family Rating and Probability of Default Rating at Brake Bros Finance Plc; -- B3, Loss-Given Default assessment of LGD5 (86%) to the GBP105 million senior notes due 2011 issued by Brake Bros Finance Plc; and -- B3, LGD5 (86%) assessment to the EUR105 million senior notes due 2011 issued by Brake Bros Finance Plc. Headquartered in the U.K., Brakes is the leading wholesale food distributor in the U.K., with sizeable operations in the French market. In 2006 the company reported revenues and EBITDA (before exceptionals) of GBP1.6 billion and GBP108.7 million, respectively. CAMERON NORTHERN: Taps A. Poxon to Liquidate Assets --------------------------------------------------- A. Poxon of DTE Leonard Curtis was appointed liquidator of Cameron (Northern) Ltd. on June 1 for the creditors' voluntary winding-up proceeding. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. The company can be reached at: Cameron (Northern) Ltd. Cockshades Farm Stock Lane Wybunbury Nantwich CW5 7HA England Fax: 01270 815 20 CLASSIC COMMUNITY: Claims Filing Period Ends July 18 ---------------------------------------------------- Creditors of Classic Community Care Ltd. have until July 18 to send in their names and addresses with particulars of the debts or claims, to: David Moore Joint Liquidator Begbies Traynor No 1 Old Hall Street Liverpool L3 9HF England David Moore and Donald Bailey of Begbies Traynor were appointed joint liquidators of the company on June 6. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. CONIFERS LEISURE: Calls In Liquidator from Begbies Traynor ---------------------------------------------------------- Gordon Craig of Begbies Traynor was appointed liquidator of Conifers Leisure Park Ltd. on July 19 for the creditors' voluntary winding-up procedure. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Conifers Leisure Park Ltd. 4 Albyn Place Edinburgh EH2 4NG Scotland Fax: 01671 403 576 CORUS GROUP: Tata Steel Acquisition Cues Fitch's BB Upgrade ----------------------------------------------------------- Fitch Ratings has upgraded Corus Group Plc's Long-term Issuer Default rating to 'BB' from 'BB-'. The company's Short-term IDR has been affirmed at 'B'. Both ratings are removed from Rating Watch Negative. A Stable Outlook is assigned to the Long-term IDR. CS's EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200 million 6.75% guaranteed bonds have also been upgraded to 'BB-' from B+ and removed from RWN. The resolution of the RWN follows a recent management meeting at which Tata Steel provided additional details regarding the future financial performance of CS and post-acquisition synergies and operational benefits. Following this meeting Fitch has also factored into the ratings a higher than previously anticipated level of parental support, despite the CS acquisition debt remaining legally non-recourse to Tata Steel. The agency also has greater confidence regarding the future standalone financial performance and credit metrics of CS, including lower starting financial leverage than previously assumed. While Fitch does not expect that Tata Steel will supply CS with either steel-making raw materials or semi-finished steel products from India over the next one to two years, the ratings factor in a strengthening of CS's business profile over this period through a combination of increased production capacity, ongoing cost reduction measures and a higher value-added product mix. Key risks to CS's future performance remain the potential cyclicality of steel prices, although Fitch expects these to remain at favorable levels over the next 12-18 months, and further raw materials price pressure. CS's EUR800 million senior notes and Corus Finance Plc's GBP200 million guaranteed bonds are rated one notch below the Long-term IDR to reflect their more limited recovery prospects in a distress scenario. The agency expects that Tata Steel will make a tender offer for these and all of CS's other existing debt in the coming months. Fitch anticipates that it will withdraw all of its existing ratings on CS following the completion of this process. CS's ratings were placed on RWN on Oct. 20, 2006 following initial disclosure of the non-recourse nature of a portion of Tata Steel's acquisition financing arrangements. Following the acquisition of CS, Tata Steel is the world's sixth-largest steel producer based on a combined 2006 crude steel output of 25 million tons. About Tata Steel Established in 1907, Tata Steel is Asia's first and India's largest private sector steel company. Tata Steel is among the lowest cost producers of steel in the world and one of the few select steel companies in the world that is EVA+ (Economic Value Added). About Corus Group Corus Group plc, fka British Steel, was formed when the UK privatized its major steelworks in 1988. It then changed its name to Corus Group after acquiring most of Dutch rival oninklijke Hoogovens. Corus makes coated and uncoated strip products, sections and plates, wire rod, engineering steels, and semi-finished carbon steel products. It also manufactures primary aluminum products. Customers include companies in the automotive, construction, engineering, and household-product manufacturing industries. Corus turns over GBP10 billion annually and employs 47,300 in over 40 countries and sales offices and service centers worldwide, including Indonesia and the Philippines. DECO 16: S&P Rates GBP29.8 Billion Class G Notes at BB ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP829.338 million commercial mortgage- backed floating-rate notes to be issued by DECO 16 - UK 5 PLC, a public company with limited liability incorporated in England and Wales. At closing, the issuer will use the note issuance proceeds to purchase a portfolio of four loans secured against 293 commercial properties located throughout the U.K. The two largest loans account for 80.2% of the pool. The transaction is the fifth DECO U.K. CMBS securitization to be undertaken by Deutsche Bank AG and will use a similar structure to previous transactions in the series. Ratings List DECO 16 - UK 5 PLC GBP829.338 Million Commercial Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mln. GBP) ----- ------ -------- A1 AAA 431.400 A2 AAA 139.600 B AA 69.500 C A 69.500 D BBB+ 46.000 E BBB 23.500 F BBB- 20.000 G BB 29.838 DONBOX LTD: Appoints Joint Administrators from KPMG --------------------------------------------------- Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Donbox Ltd. (Company Number 06006514) June 22. 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. Headquartered in Doncaster, England, Donbox Ltd. manufactures corrugated boxes. DREAMMAKER BATH: Joint Liquidators Take Over Operations ------------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss were appointed joint liquidators of Dreammaker Bath & Kitchens Ltd. on May 29 for the creditors' voluntary winding-up procedure. The company can be reached at: Dreammaker Bath & Kitchens Ltd. Commercial House High Street Brockmoor Brierley Hill DY5 3JA England Tel: 01728 685 958 Fax: 01728 685 068 EMPOWER INTERACTIVE: Claims Filing Period Ends July 27 ------------------------------------------------------ Creditors of Empower Interactive Group Ltd. have until July 27 to prove their debts and send their claims to: Nicholas Stewart Wood Joint Liquidator Grant Thornton U.K. LLP Grant Thornton House Melton Street London NW1 2EP England Nicholas Stewart Wood and Daniel Robert Whiteley Smith of Grant Thornton U.K. LLP were appointed joint liquidators of the company on June 1. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. FLEET STREET: S&P Puts BB Rated Class E Notes on Watch Positive --------------------------------------------------------------- Standard & Poor's Ratings Services has placed on CreditWatch with positive implications its credit ratings on the class C, D, and E notes issued by Fleet Street Finance One PLC. The CreditWatch placement follows an initial review of the most recent transaction information received by Standard & Poor's. This analysis showed that the likelihood of a positive rating action has increased due to the prepayment of the Swift loan, (14% of the Day 1 balance) and another hotel sale in the Queens Moat House portfolio, at the January interest payment date. As a consequence of this loan prepayment, the credit enhancement available to the class C, D, and E notes has improved. At this time, there is one loan, the Queens Moat House loan, remaining in the portfolio with an outstanding balance of GBP130.8 million at the most recent IPD in April 2007. It was originally secured by a portfolio of 28 hotels located throughout the U.K. To date, there are 15 hotels in the portfolio with principal repayments from asset sales amounting to GBP91.1 million. Standard & Poor's will now execute a more detailed transactional analysis to investigate whether any or all of these notes can attain a higher rating. The results of this review and any rating changes are expected within a month of this media release. Fleet Street Finance One PLC closed in August 2005. The notes were originally backed by three loans, originated by Goldman Sachs Credit Partners L.P. and GS Mortgage Funding No. 1 Ltd. The loans were secured on 156 predominantly Care Home and Hotel properties and three shopping centers located across the U.K. There are currently 15 properties remaining in the portfolio. Ratings List Fleet Street Finance One PLC GBP659.25 Million Commercial Mortgage-Backed Floating- And Variable-Rate Notes Class Rating To From Ratings Placed On CreditWatch With Positive Implications C AA-/Watch Pos AA- D BBB+/Watch Pos BBB+ E BB/Watch Pos BB FOPP LTD: Administrators Cut 700 Jobs Across the U.K. ----------------------------------------------------- The joint receivers and administrators from Ernst & Young LLP revealed that approximately 700 jobs at Fopp Ltd. and MZ 2007 Ltd. across the U.K. have been lost. "It is unfortunate that we have had to make these redundancies but we are not in a position to re-open the stores until we have the agreement of suppliers who control the licenses to sell stock," Colin Dempster, one of the joint administrators, commented. According to Times Online, Fopp owes about GBP10 million to suppliers, including Universal Music, Sony BMG, EMI, Plastic Head Music Distribution and ESD Wholesale. "We would urge anyone with a genuine interest in taking on stores as going concerns to contact us immediately. In the meantime, we wanted to ensure that employees have the opportunity to claim their statutory entitlements through the Redundancy Fund as soon as possible. A dedicated team from Ernst & Young will be on hand to assist with this process. We are retaining store managers while we assess the prospects for re-opening," Mr. Dempster added. On June 29, 2007, Tom Burton and Colin Dempster from Ernst & Young have been appointed joint receivers of Fopp and joint administrators to MZ 2007. Fopp is a retailer of music, film and books in the United Kingdom that began as a one-man stall in Glasgow, Scotland in 1981. It has undergone significant store expansion over the last two years. Earlier this year it acquired 68 Music Zone stores out of administration, many of these have subsequently been closed. There are now 50 Fopp stores and 31 Music Zone stores across the U.K. with approximately 800 employees. JJ BARKER: Brings In Administrators from KPMG LLP ------------------------------------------------- James Douglas, Ernie Money and Myles Antony Halley of KPMG LLP were appointed joint administrators of JJ Barker Ltd.(Company Number 03091607) on June 22. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: JJ Barker Ltd. Hook Place Farm Southfleet Gravesend DA13 9NH England Tel: 01474 833 556 Fax: 01474 834 193 MED CLEAN: Hires Liquidator from Begbies Traynor ------------------------------------------------ G. W. Rhodes of Begbies Traynor was appointed liquidator of Med Clean Ltd. (formerly 20-20 Distribution Ltd.) on June 5 for the creditors' voluntary winding-up procedure. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Med Clean Ltd. Sheerness Docks Sheerness ME12 1RS England Tel: 01795 585 327 Fax: 01795 580 320 MIKKIS MOUSE: Appoints Lloyd Biscoe as Liquidator ------------------------------------------------- Lloyd Biscoe of Begbies Traynor was appointed liquidator of Mikkis Mouse Mats Ltd. on May 30 for the creditors' voluntary winding-up proceeding. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Mikkis Mouse Mats Ltd. 57 Coppins Road Clacton-on-Sea CO15 3HS England Tel: 0800 731 0301 Fax: 020 8478 2620 SALOPIAN MECHANICAL: Taps Liquidators from Mazars ------------------------------------------------- Alistair Steven Wood and Simon David Chandler of Mazars LLP were appointed joint liquidators of Salopian Mechanical Handling Ltd. on May 25 for the creditors' voluntary winding-up proceeding. Mazars -- http://www.mazars.com/-- provides in audit, accounting, tax, and advisory services. The company can be reached at: Salopian Mechanical Handling Ltd. Unit 11 Redland Industrial Estate Station Hill St Georges Telford TF2 9JX England Tel: 01952 612 223 Fax: 01952 612 226 SAPPHIRE WINDOWS: Claims Filing Period Ends September 5 ------------------------------------------------------- Creditors of Sapphire Windows & Conservatories (NW) Ltd. have until Sept. 5 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Daniel Paul Hennessy Joint Liquidator Cresswall Associates Ltd. Maple View White Moss Business Park Skelmersdale Lancashire WN8 9TG England Gordon Craig and Daniel Paul Hennessy of Cresswall Associates Ltd. were appointed joint liquidators of the company on June 5 by a resolution of creditors. UP & RUNNING: Names Peter James Yeldon Liquidator ------------------------------------------------- Peter James Yeldon of Middleton Partners was appointed liquidator of Up & Running Recruitment Ltd. on May 1 for the creditors' voluntary winding-up procedure. Middleton Partners -- http://www.middletonpartners.co.uk/-- provides business rescue and insolvency services. The company can be reached at: Up & Running Recruitment Ltd. 7 Market Place Melksham SN12 6ES England Tel: 01225 793 555 Fax: 01225 793 666 VIRGIN MEDIA: Fitch Affirms B+ IDR & Changes Outlook to Positive ---------------------------------------------------------------- Fitch Ratings has changed Virgin Media Inc.'s Outlook to Positive from Stable. The agency has also affirmed its Long- term Issuer Default Rating at 'B+' and Short-term IDR at 'B'. At the same time Virgin Media Finance PLC's senior unsecured notes are upgraded to 'B+'/'RR4' from 'B'/'RR5' and Virgin Media Investment Holdings Limited's ('VMIHL') GBP5.3 billion senior secured bank facility is affirmed at 'BB+'/'RR1'. Virgin Media Finance PLC bonds: -- GBP375 million 9.75% senior notes due 2014: 'B+'/'RR4' -- US$425 million 8.75% senior notes due 2014: 'B+'/'RR4' -- EUR225 million 8.75% senior notes due 2014: 'B+'/'RR4' -- US$550 million 9.125% senior notes due 2016: 'B+'/'RR4' "The change in the Outlook reflects our view that a stabilization in the company's customer numbers and modest gains in improving bundle penetration, would likely be sufficient to de-leverage the company's financial profile to 'BB minus' type metrics," said Stuart Reid, a director in Fitch's European TMT team. While the UK multi-service communications market, with participants including BT Group ('BBB+'/Outlook Stable), BSkyB ('BBB'/Outlook Stable) and Carphone warehouse, is one of the most competitive in Europe, Virgin Media holds strong market positions in each of its core products and, with Virgin Mobile, arguably has the most expansive residential offer in the market. More importantly, it exhibits some of the strongest earnings metrics among Fitch-rated UK multi-service peer group. Despite a significant increase in leverage in 2006 due to the Telewest merger and subsequent Virgin Mobile acquisition, which ultimately led to its downgrade to 'B+', Fitch believes Virgin Media as it is now composed exhibits a substantially improved business profile. The Telewest acquisition consolidated the UK cable sector and established a strong competitor to the incumbents in (paid) broadband access and residential telephony. It is the market leader in residential broadband with 3.4 million subscribers (compared with BT Retail's approximate 2.8 million) and the market number two in residential telephony with 4.1 million subscribers. Despite vociferous competition Virgin Media maintains some of the strongest key performance indicators across the European cable sector - including consistently reporting the highest average revenue per user and revenue generating unit/customer metrics across Fitch's peer group. This has been achieved among what are arguably the most competitive conditions in Europe, including the free broadband offers that, in Fitch's view have been somewhat ill-judged and aggressively introduced by some market participants. In pay-TV, while Sky remains the market leader with ownership of the country's most desired premium content and a strong reputation in customer care and brand management, Fitch's analysis of the market's key players' service bundles suggests Virgin Media offers an attractive and comparably priced offer. While the acquisition of Easynet by Sky has somewhat narrowed the technological lead enjoyed by cable, Virgin Media enjoys a stronger broadband offer (given the superior speeds available over cable compared with digital subscriber line) and has a stronger video/TV capability in terms of VOD, personal video recording, high definition, catch-up and time-shifting of programming. Fitch considers, however, the cable operator continues to have room for improvement in the quality of service. In terms of financial metrics, with leverage of 4.6x - 4.7x (net debt-to-last quarter annualized EBITDA) and solid free cash flow (GBP238 million for FY06) Fitch considers Virgin Media resides towards the top of the 'B+' level. A modest degree of traction in subscriber growth, already evident in pay-TV and broadband access, could result in the company de-leveraging towards the 4x metric over the near-medium term. This, combined with sustained free cash flow performance, should be sufficient to raise the Long-term IDR to 'BB-' over the next 18-24 months. Downside risks include the extremely competitive conditions in the UK residential market and the possibility of further disruptive actions in bundled service pricing by one or more of the market's key players. While LBO and / or M&A-related event risk is a concern, Fitch notes the bond indentures include change of control language and a restriction on leverage above 5.5x. The 'B+'/'RR4' ratings of the senior notes reflect Fitch's view of recoveries in the event of distress, which are considered to be average. The upgrade in these ratings denotes a more positive view of the distressed enterprise value of the business, given the attractiveness to a potential buyer of a business with 4.8 million unique cable customers and a national communications network with the second-most dense level of local access, next to BT. WHITEFIELD FABRICATIONS: Appoints Liquidator from Tenon Recovery ---------------------------------------------------------------- Christopher Ratten of Tenon Recovery was appointed liquidator of Whitefield Fabrications Ltd. on June 4 for the creditors' voluntary winding-up proceeding. The company can be reached at: Whitefield Fabrications Ltd. 32 Kirklees Street Tottington Bury BL8 3NJ Tel: 01204 887 700 Fax: 01204 887 792 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION SummerFest Milwaukee's Lake Front, Milwaukee, Wisconsin Contact: 815-469-2935 or http://www.turnaround.org/ July 5, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA-SA Exco Meeting Deloitte Place, Sandton, South Africa Contact: 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, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Billiards Night TBD, New Jersey Contact: 908-575-7333 or 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 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ July 17, 2007 BEARD AUDIO CONFERENCES China's New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ July 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast & TMA Executive Board Meeting Cornell Club, New York, New York Contact: 646-932-5532 or http://www.turnaround.org/ July 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Florida / Secured Lenders Marlins Baseball Game Dolphin Stadium, Florida Contact: 561-882-1331 or 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 5th Annual Night of Excellence Petersen Automotive Museum, Los Angeles, California Contact: 310-458-2081 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, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Event Fundraiser 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, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Brown Bag Lunch Reid & Riege, New Haven, Connecticut Contact: http://www.iwirc.org/ 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 TBA, Arizona 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 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lake Tahoe Cruise: Getting to Know Your Nevada Associations Zephyr Cove, Lake Tahoe, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ July 31, 2007 BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ 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. 2, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA-SA Board Meeting Deloitte Place, Sandton, South Africa 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. 9, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Brown Bag Lunch Blum Shapiro & Co., West Hartford, Connecticut Contact: http://www.iwirc.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Olympics Sportsman's Lunch Sofitel, Brisbane, Queensland, Australia Contact: 1300 303 863 or http://www.turnaround.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. 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Networking Event TBA, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ Aug. 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Fishing Trip Point Pleasant, New Jersey Contact: 908-575-7333 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, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or 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. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Networking at the Yards Oriole Park at Camden Yards, Baltimore, Maryland Contact: 215-657-5551 or http://www.turnaround.org/ Sept. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Sept. 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION 14th Annual Connecticut Children's Medical Center Fundraiser Golf Outing Woodbridge Country Club, Woodbridge, Connecticut Contact: 203-265-2048 or 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. 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. 26-27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Florida Annual Golf Tournament Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Sept. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting TBA, Arizona 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. 4, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 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 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Fall Conference Orlando, Florida 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. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Winn Dixie Bankruptcy University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 12, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Presentation by George F. Will: The Political Argument Today Orlando, Florida Contact: www.ardent-services.com 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. 23, 2007 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy Contact: 240-629- 3300; http://www.beardaudioconferences.com/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Seattle, Washington Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 26, 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Hotel Adlon Kempinski, Berlin, Germany Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331; 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 Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333; 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 Aloha Airlines Story Bankers Club, Miami, Florida Contact: http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia 4th Annual Conference and Gala Dinner Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner TBA, 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; http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver, British Columbia Contact: 206-223-5495; http://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 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Holiday Gala Yale Club, New York, New York Contact: http://www.iwirc.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495; 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. 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; http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 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 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.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. 3-5, 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/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.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/ 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/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com; http://researcharchives.com/t/s?20fa 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 Handling Complex Chapter 11 Restructuring Issues 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 IP Rights In Bankruptcy 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 Partnerships in Bankruptcy: Unwinding The Deal 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 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/ 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/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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 $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 Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small- dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* 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 * * *