/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070709.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, July 9, 2007, Vol. 8, No. 134 Headlines A U S T R I A BADER AUTOHAUS: Eisenstadt Court Orders Business Shutdown CITY CENTER: Claims Registration Period Ends July 10 GASTHOF BLAUE: Claims Registration Period Ends July 9 HANNELORE FRITZSCHE: Claims Registration Period Ends July 23 KERSCHBAUM LLC: Eisenstadt Court Orders Business Shutdown MD ALPHA: Vienna Court Orders Business Shutdown RESA LLC: Claims Registration Period Ends July 10 RZT BAUMANAGEMENT: Claims Registration Period Ends August 7 B E L G I U M COMPAGNIE EUROPEENNE: Seeks Chapter 15 Relief in New York F I N L A N D METSO CORP: Subsidiary Expands Production Capacity at Lapua METSO CORP: Division to Provide Power Boiler to Scotland’s UPM METSO CORP: Unit to Supply Materials Handling Solution to CBA F R A N C E HILTON HOTELS: Shares Up 37% to US$45.71 on Merger News HILTON HOTELS: Blackstone Pact Cues Moody’s to Review Ratings HILTON HOTELS: Blackstone Merger Cues S&P to Lower Rating to BB- HILTON HOTELS: Blackstone Deal Cues Fitch's to Downgrade Rating G E R M A N Y ADVANCED MEDICAL: Offers US$4.3 Billion for Bausch & Lomb ADVANCED MEDICAL: Moody's Retains Review on Low-B Ratings ARINC INC: Six Airlines to Sell Over 90% of Shares to Carlyle DAIMLERCHRYSLER AG: Chrysler’s June 2007 U.S. Sales Dips 1.4% DAIMLERCHRYSLER AG: U.S. Sales Drop 2% to 202,936 for June 2007 DAIMLERCHRYSLER AG: Chery and Chrysler Finalize Cooperative Pact DUERR AG: Expands Location in Bietigheim-Bissingen S-CORE 2007-1: Fitch Rates EUR19.7 Million Class E Notes at BB WHITE HOUSE: Claims Registration Period Ends September 4 I R E L A N D RITCHIE (IRELAND): Case Summary & 10 Largest Unsecured Creditors RITCHIE (IRELAND): Section 341(a) Meeting Set for August 3 I T A L Y DANA CORPORATION: Reaches Agreement with USW and UAW DANA CORPORATION: Closes Sale of Fluid Products Biz to Orhan WIND TELECOMUNICAZIONI: S&P Affirms B+ Corp. Credit Rating K A Z A K H S T A N BASTAU & CO: Proof of Claim Deadline Slated for August 8 ELEVATOR-MELSNAB LLP: Creditors Must File Claims August 8 INTERMEDIARY SERVICE: Claims Filing Period Ends August 10 KAGANAT-T LLP: Creditors' Claims Due on August 8 NEFTECK PLUS: Claims Registration Ends August 10 NURBANK JSC: Raises Charter Capital to KZT24 Billion OIL PLUS: Proof of Claim Deadline Slated for August 8 PIPE OIL SERVICE: Creditors Must File Claims August 10 PK-COMMERCE LLP: Claims Filing Period Ends August 10 UNIVER-GROUP LLP: Creditors' Claims Due on August 10 UTASI LLP: Claims Registration Ends August 8 K Y R G Y Z S T A N SECURITY SERVICE: Creditors Must File Claims by August 22 N E T H E R L A N D S BAUSCH & LOMB: Receives Merger Proposal from Advanced Medical HEXION SPECIALTY: To Acquire Huntsman for US$10.4 Billion HEXION SPECIALTY: Huntsman Buy Prompts Moody's to Review Ratings HEXION SPECIALTY: Huntsman Offer Cues S&P’s Negative Watch R U S S I A APATIT-STROY-SERVICE: Names P. Tarasov as Insolvency Manager CHEBARKULSKAYA OJSC: Bankruptcy Hearing Slated for October 18 DOROZHNIK OJSC: Court Names A. Elypin as Insolvency Manager FLORA CJSC: Court Names A. Pasechnik as Insolvency Manager GALKINO LLC: Creditors Must File Claims by August 9 KAZANSKOYE CJSC: Omsk Bankruptcy Hearing Slated for Oct. 16 KHANTY-AVIA CJSC: Court Names S. Vinnik as Insolvency Manager LYSKOVSKOYE CJSC: Bankruptcy Hearing Slated for November 7 MARGARITA CJSC: Court Names A. Chingaev as Insolvency Manager OKTYABRSKIY CREAMERY: Names N. Volkov as Insolvency Manager SABLE LLC: Court Names L. Abalakova as Insolvency Manager TEMP OJSC: Omsk Bankruptcy Hearing Slated for October 16 TRANSNEFT OAO: Wants CPC to Issue US$5 Bln Eurobond to Pay Debt TRANSPORT BUILDING: Creditors Must File Claims by August 9 VICTORY OJSC: Names O. Khvoshnyanskiy as Insolvency Manager YUZHANKA LLC: Creditors Must File Claims by August 9 S P A I N TDA 28: S&P Assigns B- Ratings to EUR1.5 Million Class F Notes S W I T Z E R L A N D ALINPA JSC: Creditors' Liquidation Claims Due August 15 ELITE HOLDING: Creditors' Liquidation Claims Due July 30 LEMASUD JSC: Creditors' Liquidation Claims Due July 20 LES PLANCHES: Creditors' Liquidation Claims Due August 20 HILTI-HOLDING JSC: Creditors' Liquidation Claims Due August 20 M K + D JSC: Solothurn Court Starts Bankruptcy Proceedings MIMAP.CH LLC: Creditors' Liquidation Claims Due August 1 MIS TOURS: Solothurn Court Starts Bankruptcy Proceedings NEOS CONSULTING: Creditors' Liquidation Claims Due July 20 OSSI BAU: Zug Court Starts Bankruptcy Proceedings PCI INFORMATIK: Schaffhausen Court Starts Bankruptcy Proceedings REWEFA JSC: Waldenburg Court Starts Bankruptcy Proceedings ROM-EL JSC: Creditors' Liquidation Claims Due July 20 SIRI-VISION JSC: Zug Court Starts Bankruptcy Proceedings SONANINE JSC: Creditors' Liquidation Claims Due July 20 T U R K E Y GLOBAL YATIRIM: Fitch Rates US$100 Mln International Bond at B U K R A I N E ANDRIYASHOVKA LLC: Proofs of Claim Deadline Set July 11 COMMUNE ECONOMY: Proofs of Claim Deadline Set July 11 GOLUBECHEYE LLC: Proofs of Claim Deadline Set July 11 HI-TECH LLC: Creditors Must File Claims by July 11 MINERAL LLC: Proofs of Claim Deadline Set July 11 MIR CJSC: Creditors Must File Claims by July 11 OLSHANSKOE LLC: Proofs of Claim Deadline Set July 11 PIVDENNYI BANK: Fitch Assigns B- Ratings to Upcoming Loan STIKS 3000: Creditors Must File Claims by July 11 TECHNOPROMISE LLC: Creditors Must File Claims by July 11 TOKMAK AGRICULTURAL: Creditors Must File Claims by July 11 TRI VAD PLUS: Creditors Must File Claims by July 11 ZLATA TAVRIDA: Creditors Must File Claims by July 11 U N I T E D K I N G D O M BAXI HOLDINGS: Market Conditions Cue S&P to Watch B+ Ratings BLACKPOOL D.I.Y.: Claims Filing Period Ends August 22 BOMFORDS PREPARED: Taps Administrators from Deloitte & Touche CARDTRONICS INC: Plans to Offer US$125 Million of Senior Notes CARDTRONICS INC: Acquisition Cues S&P to Affirm B+ Credit Rating D.B. INC: Alan H. Tomlinson Leads Liquidation Procedure EXPERT TECHNOLOGIES: Taps Liquidator from Stones & Co. GGS HOLDING: Brings In Liquidators from Kroll HEATING FINANCE: Moody's Cuts Rating to B2 on Weak Performance IMS LEGAL: Appoints Joint Administrators from KPMG MILES THOMPSON: Calls In Liquidators from Begbies Traynor MISKIN PLANT: Joint Liquidators Take Over Operations MUSIC ZONE: Names William Kenneth Dawson Liquidator NICHOLLS AND WILSON: Appoints Tony Mitchell as Liquidator NOTTINGHAM CONTRACT: Taps Liquidators from Blades Insolvency OBPC FRANCHISING: Claims Filing Period Ends September 5 PENN PROPERTIES: Appoints Gerald Irwin as Liquidator PROMINENT CMBS 2: S&P Assigns BB Ratings to GBP17 Mln F Notes SANDWELL NEW: Taps Christopher Farrington to Liquidate Assets SRBS REALISATIONS: Joint Liquidators Take Over Operations TOPAM ENGINEERING: Calls In Liquidators from The P&A Partnership TOTTEN INTERIORS: Claims Filing Period Ends July 30 UNITED VEHICLE: Hires Liquidator from Fisher Partners ZOO ABS 4: Fitch Assigns BB- Ratings to EUR8.5 Million E Notes * BOND PRICING: For the Week July 3 to July 7, 2007 ********* ============= A U S T R I A ============= BADER AUTOHAUS: Eisenstadt Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Eisenstadt entered June 13 an order shutting down the business of LLC Bader Autohaus (FN 118736m). Court-appointed estate administrator Wolfgang Steflitsch recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Wolfgang Steflitsch Hauptplatz 14 7400 Oberwart Austria Tel: 03352/32634-0 Fax: 03352/33719 E-mail: office@ra-steflitsch.at Headquartered in Oberwart, Austria, the Debtor declared bankruptcy on June 5 (Bankr. Case No 26 S 73/07y). CITY CENTER: Claims Registration Period Ends July 10 ---------------------------------------------------- Creditors owed money by LLC City Center (FN 187864x) have until July 10 to file written proofs of claim to court-appointed estate administrator Werner Seifried at: Mag. Werner Seifried Burggasse 40 8750 Judenburg Tel: 03572/82 1 27 Fax: 03572/82127-4 E-mail: mag.seifried@derAnwalt.or.at Creditors and other interested parties are encouraged to attend the first creditors' meeting at 11:50 a.m. on July 10. The Court will also examine the claims at 10:30 a.m. on Aug. 8, at the same venue. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Schladming, Austria, the Debtor declared bankruptcy on June 13 (Bankr. Case No. 17 S 51/07d). GASTHOF BLAUE: Claims Registration Period Ends July 9 ----------------------------------------------------- Creditors owed money by LLC Gasthof Blaue Traube (FN 131133v) have until July 9 to file written proofs of claim to court- appointed estate administrator Edith Wieder at: Dr. Edith Wieder Schutzenbichl 4 4820 Bad Ischl Austria Tel: 06132/28226 Fax: 06132/28226-6 E-mail: kzl-wieder@ihr-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:20 a.m. on July 19 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia St. 12 Wels Austria Headquartered in Mondsee, Austria, the Debtor declared bankruptcy on June 11 (Bankr. Case No. 20 S 73/07x). HANNELORE FRITZSCHE: Claims Registration Period Ends July 23 ------------------------------------------------------------ Creditors owed money by LLC Hannelore Fritzsche & Co.KG (FN 138008d) have until July 23 to file written proofs of claim to court-appointed estate administrator Gernot Goetz at: Mag. Gernot Goetz Tirolerstrasse 18 9800 Spittal/Drau Austria Tel: 04762/53 52, 24 75 Fax: 04762/2766 E-mail: rechtsanwaelte@hammerschmidt-goetz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 30 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Hall 225 Second Floor Klagenfurt Austria Headquartered in Spittal an der Drau, Austria, the Debtor declared bankruptcy on June 6 (Bankr. Case No. 41 S 54/07z). KERSCHBAUM LLC: Eisenstadt Court Orders Business Shutdown --------------------------------------------------------- The Land Court of Eisenstadt entered June 11 an order shutting down the business of LLC Kerschbaum (FN 235601y). Court-appointed estate administrator Elisabeth Hrastnik recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Elisabeth Hrastnik Hauptplatz 11 Atrium Top 16 A 7400 Oberwart Austria Tel: 03352/31375 Fax: 03352/31375-16 E-mail: dr.hrastnik@utanet.at Headquartered in Rotenturm an der Pinka, Austria, the Debtor declared bankruptcy on June 4 (Bankr. Case No 26 S 72/07a). MD ALPHA: Vienna Court Orders Business Shutdown ----------------------------------------------- The Trade Court of Vienna entered June 12 an order shutting down the business of LLC MD ALPHA (FN 276363t). Court-appointed estate administrator Horst Winkelmayr recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. 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 Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16 (Bankr. Case No 3 S 72/07v). RESA LLC: Claims Registration Period Ends July 10 ------------------------------------------------- Creditors owed money by LLC Resa (FN 260776w) have until July 10 to file written proofs of claim to court-appointed estate administrator Wolfgang Dlaska at: Mag. Wolfgang Dlaska Joanneumring 11/4 8010 Graz Austria Tel: 0316/825580-0 Fax: 0316/825580-10 E-mail: office@dlaska.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:20 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 12 (Bankr. Case No. 25 S 61/07v). RZT BAUMANAGEMENT: Claims Registration Period Ends August 7 ----------------------------------------------------------- Creditors owed money by LLC RZT Baumanagement (FN 222825i) have until Aug. 7 to file written proofs of claim to court-appointed estate administrator Gerhard Bauer at: Mag. Gerhard Bauer Mahlerstrasse 7 1010 Vienna Austria Tel: 512 97 06 Fax: 512 97 06 20 E-mail: ra-g.bauer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:15 p.m. on Aug. 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 6 (Bankr. Case No. 6 S 68/07b). ============= B E L G I U M ============= COMPAGNIE EUROPEENNE: Seeks Chapter 15 Relief in New York --------------------------------------------------------- Compagnie Europeenne d'Assurances Industrielles S.A., through its court-appointed foreign representative Clive Paul Thomas, filed a chapter 15 petition in the United States Bankruptcy Court for the Southern District of New York, Manhattan division, on June 29, 2007. The petition seeks recognition as a "foreign main proceeding" the Debtor's Scheme of Arrangement pending in the High Court of Justice in England and Wales. The petition also seeks permanent injunctive relief to ensure the effective implementation of the Debtor's Arrangement proceedings. Scheme of Arrangement The Debtor is subject to a proceeding currently pending before the English High Court, in accordance with a Solvent Scheme of Arrangement pursuant to Section 425 of the Companies Act 1985 between the company and its scheme creditors. Under the Companies Act, a scheme of arrangement is a compromise or arrangement between a company and its creditors or any class of creditors to restructure their contractual rights to permit an orderly wind-up of the company's business. Majority of the Debtor's creditors voted in favor of the Arrangement at a creditors' meeting on May 11, 2007. Accordingly, Mr. Thomas has submitted the Arrangement to the High Court for sanction, which, if approved, would become binding on all creditors wherever located. On Dec. 31, 1994, the company ceased all underwriting activities and went into run-off. When insurance companies enter into run- off, they cease underwiting new business and seek to determine, settle and pay all liquidated claims of their insureds as they arise. Castlewood Limited is the company's run-off manager. To shorten the run-off period, which could take decades to complete, and to reduce administrative costs, the company proposed a scheme of arrangement pursuant to Section 425 of the Companies Act 1985 of England and Wales under English law. At Dec. 31, 2006, the Debtor estimated EUR50.1 million in total assets and EUR32.09 million in total liabilities. The High Court will convene a hearing on July 12 to consider sanction of the Arrangement. Headquartered in Brussels, Belgium and Surrey, England, Compagnie Europeenne d'Assurances Industrielles S.A. was an insurance company underwriting a wide array of insurance and reinsurance business, including marine, transport and aviation, industrial risks, fire and allied perils, liability, casualty, private lines and commercial insurance between 1974 and 1994. ============= F I N L A N D ============= METSO CORP: Subsidiary Expands Production Capacity at Lapua ----------------------------------------------------------- Metso Power, which is part of Metso Corp.’s Metso Paper business area, is increasing its production capacity at the Lapua factory in Finland. The goal is to be able to better meet the growing demand for power plants fueled by renewable energy sources as well as the needs for modernization and maintenance services at pulp and paper mills. The expansion will increase the production facilities by about one third and will be ready for use at the beginning of 2008. In the same conjunction, Metso Power is buying the entire production hall, which is currently leased, to ensure flexible development of the premises also in the future. The total value of the investments is nearly EUR8 million. The current Lapua factory was built in 1990 and the first expansion was completed in 1993. Metso Power has four production units serving business globally. Metso Power manufactures the key components for its main products, which are fluidized bed boilers and recovery boilers, oil and gas boilers and evaporators. The production of new boilers is centralized to the Tampere factory in Finland. The Lapua factory and two factories located in Sweden specialize in manufacturing and installing parts needed for boiler rebuilds and maintenance. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of around EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom, and the United States. * * * As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+' long-term and 'B' short-term corporate credit ratings and 'BB' senior unsecured debt rating. METSO CORP: Division to Provide Power Boiler to Scotland’s UPM -------------------------------------------------------------- Metso Power, a part of Metso Corp.’s Metso Paper business area, will supply UPM's Caledonian paper mill with a biomass-fired power boiler to the mill's new power plant in Irvine, Scotland. Start-up for the plant is scheduled for the first half of 2009. The value of the order is approximately EUR40 million. The order is included in Metso's second quarter order backlog. The power boiler will utilize bubbling fluidized bed technology. The delivery will also include a dry flue gas cleaning system, which improves mill's environmental performance. The boiler will burn CO2 (carbon dioxide) neutral biomass utilizing a combination of wood fuel and site-derived residues as its primary fuel. With this new power plant UPM will continue to reduce carbon emissions by 75,000 tons annually. The company has reduced its production related fossil CO2 emissions by 25 percent during the last ten years by investing in biomass-based energy generation and in energy efficiency. The new power plant at the Caledonian mill will also significantly assist Scotland in achieving its 2010 national renewables generation target of 18 percent. UPM's sales in 2006 were EUR10 billion, and it has about 28,000 employees. UPM's main products include printing papers, self- adhesive label materials and wood products. The production capacity of the Caledonian mill is 280,000 tons of LWC magazine paper and it employs 360 people. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of around EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom, and the United States. * * * As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+' long-term and 'B' short-term corporate credit ratings and 'BB' senior unsecured debt rating. METSO CORP: Unit to Supply Materials Handling Solution to CBA ------------------------------------------------------------- Metso Minerals, one Metso Corp.’s three business areas, will supply a bulk materials handling solution to CBA (Companhia Brasileira de Aluminio). The delivery will be completed within the first quarter of 2009. The value of the order is approximately EUR12 million. The order is included in Metso's second quarter order backlog. The order comprises two bridge reclaimers, one stacker and six belt conveyors. Additionally, the order includes electrical services, engineering, erection supervision, operator training, and start-up and commissioning services. Metso's solution is for the expansion of the bauxite yard located in Aluminio, State of Sao Paulo. With the expansion, CBA targets to increase its production from some 400,000 to 475,000 tons of aluminum per year. CBA is a part of the Votorantim Group, which is one of the largest private industrial conglomerates in Latin America. It operates in the areas of hydroelectric power stations, cement factories, steel industries, aluminum refineries, and pulp and paper. CBA employs some 6,500 people. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of around EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom, and the United States. * * * As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+' long-term and 'B' short-term corporate credit ratings and 'BB' senior unsecured debt rating. =========== F R A N C E =========== HILTON HOTELS: Shares Up 37% to US$45.71 on Merger News ------------------------------------------------------- Hilton Hotels Corporation's shares closed at US$45.71 Friday, marking a 37% increase and the company's highest since July 1980, Michael Patterson of Bloomberg reports. As reported in the Troubled Company Reporter on July 5, 2007, the company entered into a definitive merger agreement with The Blackstone Group in an all-cash transaction valued at approzimately US$26 billion. Under the agreement, Blackstone will purchase all of Hilton's outstanding common stock at US$47.50 per share. Rating Actions As reported in the Troubled Company Reporter on July 6, 2007, as a result of its transaction with Blackstone, Fitch Ratings downgraded Hilton Hotels' issuer default rating to B from BB+. Fitch says that although the terms of the transaction and prospective capital structure have yet to be finalized, it believes that the deal will likely result in a substantial increase in leverage more consistent with ratings in the 'B' category. Fitch also placed all of Hilton Hotel's ratings under Rating Watch Negative. At the same time, Standard & Poor's Ratings Services also lowered its corporate credit rating on Hilton Hotels to BB- from BB+. According to S&P credit analyst Emile Courtney, the BB- rating reflects S&P's expectation the deal will be completed and represents the highest outcome that S&P deems appropriate given its review on preliminary information available. S&P also placed Hilton Hotels' ratings on CrediWatch with negative implications. About Hilton Hotels Corporation Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, France, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. HILTON HOTELS: Blackstone Pact Cues Moody’s to Review Ratings ------------------------------------------------------------- Moody's Investors Service placed the ratings of Hilton Hotels Corporation on review for downgrade following its announcement that it entered into a definitive merger agreement with The Blackstone Group's real estate and corporate private equity funds in an all-cash transaction. A Blackstone affiliate will acquire all of Hilton's outstanding common for US$47.50 per share, a 40% premium over its closing stock price on July 2, 2007, and Hilton Hotels Corporation will be the surviving entity. The LGD assessments are also subject to change. The total transaction value is US$26 billion including the assumption of about US$6 billion of debt. Blackstone received financing commitments from a group of financial institution, but details were not disclosed. The merger is subject to shareholder approval and is expected to close in the fourth quarter of 2007. Pursuant to the Agreement and Plan of Merger, Hilton is expected to tender for all its outstanding senior notes. The indentures governing the company's existing public debt include a limitation on liens of 15% of Consolidated Net Tangible Assets, as defined. The review for downgrade will focus on Hilton's capital structure post closing. Ratings placed on review for downgrade: -- Corporate Family rating at Ba1 -- Probability of default at Ba1 -- Senior notes at Ba1, LGD 4 -- Senior bank credit facilities at Ba1, LGD 4 -- Senior, subordinated and preferred shelf at (P) Ba1, LGD 4, (P) Ba2, LGD 6, (P) Ba2,LGD 6 respectively Ratings withdrawn: -- Commercial paper at Not Prime. Hilton Hotels Corporation owns, manages or franchises a hotel portfolio including Hilton(R), Conrad(R) Hotels & Resorts, Doubletree(R), Embassy Suites Hotels(R), Hampton Inn(R), Hampton Inn & Suites(R), Hilton Garden Inn(R), Hilton Grand Vacations(TM), Homewood Suites by Hilton(R) and The Waldorf=Astoria Collection(R). The company's portfolio includes more than 2,800 hotels and 480,000 rooms in 76 countries and territories. Revenues, net of cost reimbursements, for the last twelve months ended March 31, 2007 was about US$6.4 billion. The Blackstone Group is a global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. HILTON HOTELS: Blackstone Merger Cues S&P to Lower Rating to BB- ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Hilton Hotels Corp to 'BB-' from 'BB+'. In addition, all existing ratings on the company were placed on CreditWatch with negative implications. The corporate credit rating downgrade and CreditWatch listings follow Hilton's announcement that it entered into an agreement and plan of merger with affiliates of Blackstone Real Estate Partners VI L.P. and Blackstone Capital Partners V L.P., each an affiliate of the Blackstone Group. Hilton's board of directors has approved the merger agreement. Blackstone will pay Hilton's shareholders US$47.50 in cash for each share of Hilton's common stock -- a 40% premium over the pre-announcement stock price, valuing the company at about US$26 billion, including the assumption of Hilton's debt. Blackstone has provided Hilton with equity and debt financing commitments in the amount of US$26.5 billion. In addition, the company, if so instructed by Blackstone, has agreed to use its commercially reasonable efforts to commence tender offers and/or consent solicitations with respect to some or all series of notes issued under the indenture dated as of April 15, 1997 and the indenture dated as of April 22, 2003. "The new corporate credit rating of 'BB-' reflects our expectation that a transaction will be completed, and represents the highest outcome that we deem appropriate given our review of the preliminary information that is available regarding the Blackstone deal," said Standard & Poor's credit analyst Emile Courtney. "The CreditWatch listing for the corporate credit rating suggests that there remains a high probability that this rating could still go lower. We will resolve the CreditWatch listing once we have had an opportunity to fully evaluate the transaction, including details of the proposed debt and equity financings and the new owner's strategies with respect to managing Hilton, such as how, if at all, Hilton's assets can be integrated with Blackstone's existing lodging portfolio." S&P have not lowered our rating on Hilton's senior unsecured notes because they believe that there is a reasonable likelihood that holders will be fully repaid through tender offers and/or consent solicitations. Still, the CreditWatch listing for these issues reflects that the rating could be lowered if it becomes probable that the notes will remain in Hilton's future capital structure. HILTON HOTELS: Blackstone Deal Cues Fitch's to Downgrade Rating --------------------------------------------------------------- Fitch Ratings has downgraded the issuer default rating of Hilton Hotels Corp. to 'B' from 'BB+' following the announcement that it agreed to be acquired by The Blackstone Group. Issue ratings on Hilton's senior credit facility and senior notes are unaffected pending the finalization of a financing structure for the transaction. In addition, all of Hilton's ratings have been placed on Rating Watch Negative. These ratings have been affected: -- Issuer Default Rating downgraded to 'B' from 'BB+'; Rating Watch Negative; -- Senior credit facility 'BB+'; Rating Watch Negative; -- Senior notes 'BB+'; Rating Watch Negative. The ratings apply to approximately US$5 billion of outstanding debt. On July 3, 2007, Hilton announced that it agreed to be acquired by affiliates of The Blackstone Group for US$47.50 per share, or more than a 40% premium over Monday's closing stock price. The US$26 billion all-cash transaction is expected to close during the fourth quarter 2007. Hilton's Board of Directors approved the transaction and a shareholder vote will be scheduled at a later date. Financing commitments have been provided by Bear Stearns, Bank of America, Deutsche Bank, Morgan Stanley and Goldman Sachs. The terms of the transaction and the prospective capital structure have yet to be finalized, but Fitch believes that the transaction is likely to result in a substantial increase in leverage more consistent with ratings in the 'B' category. If instructed by Blackstone, the merger agreement calls for Hilton to pursue debt tender offers and/or consent solicitations with respect to some or all of the senior notes issued under both the April 1997 and April 2003 bond indentures. Fitch expects the existing Hilton senior credit facility to be refinanced. Until financing details are provided, existing Hilton issue ratings are unaffected. However, the Rating Watch Negative reflects the potential for a downgrade to 'B' or below once tender offer and capital structure plans have been finalized. The company's bond indentures do not contain material financial covenants or change of control provisions of the type that are included in the credit facility. The bonds were secured by a pledge of the capital stock of certain wholly owned subsidiaries, but were released from that pledge after the first quarter of 2007. ============= G E R M A N Y ============= ADVANCED MEDICAL: Offers US$4.3 Billion for Bausch & Lomb --------------------------------------------------------- Advanced Medical Optics Inc. has submitted a proposal to acquire Bausch & Lomb for US$75 per share in cash and AMO stock. AMO was designated as a party that B&L can continue to negotiate with despite the end of the "go shop" period. The proposal values Bausch & Lomb at approximately US$4.3 billion in equity value. Under the terms of the AMO proposal, each Bausch & Lomb share would be exchanged for US$45 in cash and a fixed number of shares of AMO common stock having a value of US$30 at the time of signing a definitive agreement. AMO expects the transaction to be marginally dilutive on a cash basis in year one and significantly accretive on a cash basis in year two. "We are pleased that B&L’s board has determined that our offer is bona fide and is reasonably likely to result in a superior offer," said AMO chairman, president and CEO Jim Mazzo. "We look forward to working with them to reach a definitive agreement as soon as possible and believe our bid represents a strategically and financially superior proposal to B&L’s existing merger agreement." A combination of Advance Medical and Bausch & Lomb would: a) Significantly expand AMO’s global scale and scope. With sales in over 100 countries and operations in over 50, B&L’s global reach would more than double AMO’s direct presence and would greatly enhance its ability to expand market opportunities and margins. b) Broaden and deepen AMO’s product portfolio. B&L’s strengths are in contact lenses and lens care, eye drops for dry eye, allergies and inflammation, vitamins for ocular health, vitreoretinal surgical products and post- operative prescription products. Combining these with AMO’s eye care, cataract and refractive products and technologies would create a broad-based product offering for physicians, which is consistent with AMO’s strategy of providing the complete refractive solution. c) Enhance ability to generate efficiencies and innovation. The combined global platform would provide significant opportunities to enhance efficiencies and create productivity improvements. Economies of scale would allow both companies to build on their unique and complementary heritages of product leadership and innovation within ophthalmology through increased investment in R&D. "This is a truly unique opportunity that would enable AMO to accelerate our strategic goal of providing a full range of advanced technologies to address the vision needs of patients of all ages, " Mr. Mazzo said. " I am confident that delivering on this strategy will allow us to generate significant value for shareholders and create new opportunities for our combined employee base. " "The AMO and B&L businesses complement each other and together would provide increased scale, scope and the enhanced ability to generate productivity and efficiency improvements. Through a focus on integrating the best of both businesses, well as the sale of some non-core assets, our goal is to create a stronger, more competitive combined company with a platform for sustained, profitable growth." "AMO’s successful acquisition strategy, combined with strong organic growth, has enabled the company to grow its enterprise value from US$410 million in 2002 to US$3.8 billion today," Mr. Mazzo added. "This strong track record makes us confident that we can deliver significant value through a transaction with B&L. We have already identified sufficient cost-saving opportunities that would make the transaction accretive on a cash basis in year two. We are also confident in our ability to continue to effectively manage our existing businesses and deliver on our current and future financial commitments." "A team of outside advisors will work in conjunction with the management teams to complete a rapid and successful integration. B&L has played an historic role in our industry and we have enormous respect for its proud heritage and skilled employees. Together, I believe we have a unique opportunity to create a company that is capable of changing the face of our industry and will bring benefits to our patients, customers, employees and shareholders." AMO has conducted a thorough review of the potential antitrust issues in connection with the proposed transaction, and it is confident it will be able to address these issues in a timely manner. The cash consideration has been fully committed by Goldman Sachs and will be financed using a combination of bank and public debt. AMO expects that the combined company’s leverage at the time of closing will be in line with AMO’s pro forma leverage at the time of the closing of the IntraLase transaction. AMO expects to continue its due diligence. There can be no assurance that the proposal will result in any transaction. The company does not anticipate providing additional information about the proposed transaction unless and until it deems further public comment to be required. Goldman Sachs is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as a legal advisor to AMO About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). In Latin America, the company has operations in Brazil and Mexico. About Advanced Medical Optics Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures and markets ophthalmic surgical and contact lens care products. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. ADVANCED MEDICAL: Moody's Retains Review on Low-B Ratings --------------------------------------------------------- Moody's Investors Service maintains Advanced Medical Optics, Inc. ratings on review for possible downgrade following AMO's announcement of its offer for Bausch & Lomb, Inc. for US$75 per common share in a combination of US$45 in cash and US$30 in AMO common stock. The proposed transaction is valued at approximately US$5 billion, including approximately US$830 million of debt. AMO's offer is subject to termination of BOL's previously announced merger agreement with affiliates of Warburg Pincus LLC and the execution of a definitive merger agreement with BOL The AMO offer is conditioned upon, among other things: (1) approval from both AMO and BOL shareholders; (2) regulatory approvals and (3) certain additional due diligence by AMO. Additionally, the AMO offer contains a US$130 million termination fee in the event the transaction does not close due to the failure to obtain requisite financing or antitrust clearance. Moody's understands that the BOL Board of Directors, following the recommendation of a Special Committee, favors the AMO offer. Further, Moody's understands that the BOL Special Committee and its advisors will engage in further discussions with AMO regarding its offer. "The review for possible downgrade is based, in part, on the belief that if the business combination is completed, the pro forma leverage of the combined entity would be considerably higher than AMO's leverage on a standalone basis," said Sidney Matti, Analyst. Given the expectation that the merger will be financed with a significant amount of debt, a multi-notch downgrade could occur, although it should be noted that AMO's financing plan has not yet been made known. Additionally, the review will focus on the financial impact of the recall of the company's Complete MoisturePlus contact lens solution product. AMO's ratings were originally placed on review for possible downgrade on May 29, 2007 following AMO's announcement that it voluntarily withdrew its Complete MoisturePlus contact lens solution based on information received from the U.S. Centers for Disease Control and Prevention regarding Acanthamoeba keratitis infections from the Acanthamoeba microorganism. These ratings remain on review for possible downgrade: -- B1 Corporate Family Rating; -- B1 Probability of Default Rating; -- Ba1 (LGD2/14%) rating on US$300 million senior secured revolver due 2013; -- Ba1 (LGD2/14%) rating on US$450 million senior secured term loan B due 2014; -- B1 (LGD4/50%) rating on US$250 million senior subordinated notes due 2017; and -- B3 (LGD5/81%) rating on US$251 million convertible senior subordinated notes due 2024. Bausch & Lomb, Inc., headquartered in Rochester, New York, is a leading worldwide provider of eye care products, including contact lens, lens care, ophthalmic pharmaceuticals and surgical products. For the twelve months ended March 31, 2007, BOL reported approximately US$2.3 billion in revenues. Currently, BOL's senior unsecured debt rating is Ba1 and is under review for possible downgrade. Advanced Medical Optics, Inc., headquartered in Santa Ana, California, is a global leader in the development, manufacturing and marketing of ophthalmic surgical and contact lens care products. For the twelve months ended March 31, 2007, AMO reported approximately US$1 billion in revenues. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. ARINC INC: Six Airlines to Sell Over 90% of Shares to Carlyle ------------------------------------------------------------- Six U.S. airlines, holding more than 90% of Arinc Inc., have agreed to sell their respective stakes to an affiliates of The Carlyle Group, The Wall Street Journal reported Friday. The airlines include: * AMR Corp.'s American Airlines, * UAL Corp.'s United Airlines Inc., * Continental Airlines Inc., * Delta Air Lines Inc., * Northwest Airlines Corp. and * US Airways Group Inc. Under the agreement, which is expected to close before Oct. 31, 2007, the airlines will sell their stake to Radio Acquisition Corp., a Carlyle affiliate. WSJ relates that the deal is expected to generate as much as US$1 billion. The report adds that financial details of the agreement wasn't disclosed, citing an Arinc spokeswoman. About Carlyle Founded in 1987, The Carlyle Group -- http://www.carlyle.com/-- is an equity firm with US$46.9 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, technology & business services and telecommunications & media. The firm has invested US$24 billion of equity in 576 transactions for a total purchase price of US$101.8 billion. Carlyle portfolio companies have more than US$68 billion in revenue and employ more than 200,000 people around the world. About ARINC Inc. ARINC Inc. –- http://www.arinc.com/-- provides communications and IT services to the global aviation industry and the U.S. military and other government agencies. The company has locations in Germany, Spain, China, Japan, Taiwan, Thailand and Singapore, among others. * * * As reported in the Troubled Company Reporter on July 6, 2007, Standard & Poor's Ratings Services revised its CreditWatch implications on the 'BB' corporate credit rating and other ratings on ARINC Inc. to negative from developing. According to S&P, "[t]he revision follows the announcement that ARINC will be sold to the Carlyle Group." DAIMLERCHRYSLER AG: Chrysler’s June 2007 U.S. Sales Dips 1.4% ------------------------------------------------------------- Chrysler Group reported sales for June 2007 of 183,347 units; down 1 percent compared to June 2006 with 185,946 units. All sales figures are reported unadjusted. "In a challenging market, Chrysler Group had softer sales in June than a year ago. We saw strong customer interest in our newly launched, fuel-efficient models," said Darryl Jackson, vice president for U.S. Sales. "Supported by the fuel economy message of our 'Maximize Your Miles' program, Chrysler continued to show strong car sales with an increase of 55 percent over the previous year." Chrysler brand car sales in June were up 104 percent year-over- year, while Dodge brand car sales increased 30 percent. Chrysler Group's offerings in the car segment include the Chrysler Sebring Sedan and Sebring Convertible, the Chrysler 300, the Dodge Avenger, Dodge Caliber and Dodge Charger. Jeep brand sales continued to increase in June and posted a gain of 19 percent over the previous year. This result was again driven by the continuously strong Jeep Wrangler and Jeep Patriot. Jeep Wrangler and Wrangler Unlimited posted sales of 10,952 units, up 93 percent compared to June 2006 with 5,674 units. The Jeep Patriot also kept its momentum and finished June with sales of 4,633 units, up 3 percent from May 2007. The vehicle is one of Chrysler Group's recently introduced models that achieve 30 miles per gallon or better in highway driving. In addition, the Jeep Grand Cherokee also posted a gain of 3 percent year-over-year. The Chrysler Sebring Convertible finished the month with sales of 3,759 units, which is 22 percent over May 2007. The recently launched redesigned model offers what no other convertible has offered before -- three automatically latching convertible top options: vinyl, cloth and a body-color painted steel retractable hard top, all of which can be retracted with a push of a button on the key fob. Sales of the Dodge Charger increased in June by 19 percent with 11,529 units compared to 9,710 units in the previous year. "As our strong car sales in May and June demonstrate, our 'Maximize Your Miles' program resonated well with customers," said Michael Keegan, vice president - Volume Planning and Sales Operations. "Moving forward, Chrysler Group will extend its low-rate financing plus additional bonus cash in July, with a 0% APR offering for 60 months on select models. These great value packages were successful in the recent months as well." Chrysler Group finished the month with 485,429 units of inventory, or a 71-day supply. Inventory is down by 25 percent compared to June 2006 when it was at 647,695 units. Posting its highest month ever of sales outside of North America and sustaining 25 consecutive months of year-over-year sales gains; Chrysler Group's International monthly sales increased 21 percent to 22,901 units in June 2007 compared to 18,971 units in June 2006. "The strength of our new product portfolio coupled with the support of our dealer network outside North America is driving the growth we have seen so far this year," said Thomas Hausch - vice president of International Sales. "We expect to maintain the double digit growth this year, including record export numbers, and continue to strategically grow production volumes and sales outlets outside North America for all three brands." About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER AG: U.S. Sales Drop 2% to 202,936 for June 2007 --------------------------------------------------------------- DaimlerChrysler AG reported total group sales of 202,936 passenger vehicles in the U.S. for June 2007, a 2 percent decrease compared to June 2006. All sales figures in this release are on an unadjusted basis unless otherwise noted. Chrysler Group, consisting of the Chrysler, Jeep and Dodge brands, posted sales of 183,347 vehicles in the U.S., a 1 percent decline in June 2007. Spurred by the "Maximize Your Miles" ad campaign which highlights the fuel efficiency of its new cars and small SUVs; Chrysler Group combined car sales increased 55 percent for the month. In addition, led by the sales momentum of the Jeep Wrangler, total Jeep brand sales rose 19 percent in June. Following its most aggressive product launch in company history of 10 all-new vehicles in 2006, Chrysler Group continues its product offensive with the launch of eight all-new vehicles in 2007. MBUSA's sales highlights for the month include gains from the entry-level of the Mercedes portfolio, the C-Class, to its high- end CL-Class. Compared to June of last year, C-Class sedans posted a 12 percent increase (4,776 vs. 4,250 units), and CL- Class coupes recorded a 322 percent jump (266 vs. 63 units). Year-to-date, MBUSA recorded its best first-half of the year ever with 118,240 units sold in the first six months of the year, a 3 percent increase over the same period last year. June 2007 had 27 selling days and June 2006 had 26 selling days. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER AG: Chery and Chrysler Finalize Cooperative Pact ---------------------------------------------------------------- DaimlerChrysler AG’s Chrysler Group and Chery Automobile Co. have finalized the highly anticipated cooperative agreement between the two automakers. Chinese governmental authorities from the State Development and Reform Commission officially approved the agreement and marked the occasion by hosting a first-of-its-kind signing event. The ceremony was held at Beijing’s Diaoyutai State Guesthouse. Under the agreement, Chery and Chrysler will work together to develop, manufacture and distribute Chery-made small and sub- compact cars in North America, Europe and other major automotive markets under the Chrysler brands. “This is a win-win for both of our companies, and I am confident this will be a successful relationship,” said Chery Automobile Co. Chairman and President Yin Tongyue. “Chrysler brands are very well known in the U.S. and Europe. We're prepared to work with Chrysler to expand their small-vehicle lineup with competitive products and accelerate both our companies' international competitiveness." Chrysler will identify several small-car models now being developed by Chery in China and work collaboratively to make any necessary branding and regulatory modifications prior to their entry into other markets. Both companies also will jointly develop new globally competitive products based on future Chery small-car platforms. Strategic growth in international markets -– while defending market share in North America -– is an important part of Chrysler’s Recovery and Transformation Plan. "This is the start of a very long relationship between Chrysler and Chery," said Chrysler Group President and CEO Tom LaSorda. "Chery’s participation in this agreement and their focus on small and sub-compact cars will have a nearly immediate effect on Chrysler's offerings in the small-vehicle segments. This strategic partnership is part of a new business model that is allowing us to introduce all-new products more quickly, with less capital spending." This is not the first milestone for Chrysler in China. Chrysler's relationship with China began 25 years ago when it formed Beijing Jeep Corp., the first international automotive joint venture in the country. The DaimlerChrysler Supervisory Board approved the framework for the agreement earlier this year. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DUERR AG: Expands Location in Bietigheim-Bissingen -------------------------------------------------- Duerr AG will be expanding its location in Bietigheim-Bissingen on a large scale and by the year 2009 will create a technology and office complex providing workplaces for approximately 1,500 employees. The company will concentrate its pain, final assembly and environmental systems activities at the new 'Duerr campus' and build a customer center that will make for efficient internal processes and improve the communication between the individual units. Some 900 employees will be relocated to Bietigheim-Bissingen from the Stuttgart location. This is expected to take place in mid-2009. Duerr AG's legal domicile will continue to be situated in Stuttgart. Porsche will be taking over Duerr's site and buildings in Stuttgart-Zuffenhausen. Duerr and Porsche signed a corresponding agreement on July 5, 2007. In Bietigheim-Bissingen, where 616 people are employed at present, Duerr expects to invest around EUR50 million, especially in the construction of new buildings and alterations to the existing facilities. Construction work is planned to start in spring 2008. "By concentrating Duerr's business units at the one location our customers will perceive us even more strongly as one enterprise with competence to provide complete solutions. Moreover, no other competitor has an integrated customer and technology center of this scale for paint and final assembly systems, which is a clear competitive advantage," commented Ralf W. Dieter, Duerr CEO. Mr. Dieter added, "A special priority for us, is that we create a new working environment for our employees and can therefore work more efficiently." Duerr employs 616 employees and trainees in Bietigheim- Bissingen. The location is the Group's center of expertise for paint application technology. This covers all products relating to paint spraying such as painting robots, paint atomizers, paint delivery systems and software. In addition to offices and production facilities for fabrication, assembly and pre- commissioning, the location also boasts the world's largest technology center for the development of new painting processes and products. Duerr's paint systems activities are located in Stuttgart- Zuffenhausen. This unit designs and builds complete paint shops for the automobile industry and is responsible for the engineering for most of the process stations such as the driers, spray booths and dip-painting tanks. The environmental systems, final assembly systems and factory design activities are also located in Stuttgart. The Duerr Group's corporate center with 44 employees is based in Stuttgart, too. Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * As reported in the TCR-Europe on June 22, 2007, Moody's upgraded the outlook for Duerr AG's corporate credit rating from negative to stable. Duerr AG's corporate credit rating continues to stand at B2. As of April 10, 2007, Duerr AG carries Moody's Long-term Corporate Family rating of B2, Senior Subordinated Debt rating of Caa1. Moody's also assigned Loss-Given-Default Rating of LGD5 for Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due 2011. Standard & Poor's assigned Long-Term Foreign Issuer Credit rating of B to Duerr, its Long-term Local Issuer Credit is at B with Outlook Stable. S-CORE 2007-1: Fitch Rates EUR19.7 Million Class E Notes at BB -------------------------------------------------------------- Fitch has assigned expected ratings to S-CORE 2007-1 GmbH 's issue of EUR509.65 million of floating-rate notes: -- EUR454.8 million Class A: 'AAA' -- EUR8.8 million Class B: 'AA' -- EUR9.6 million Class C: 'A' -- EUR12.4 million Class D: 'BBB' -- EUR19.7 million Class E: 'BB' The Class F notes totaling EUR4.3 million are not rated. The final ratings are contingent upon the receipt of final documents conforming to information already received. This transaction is a cash securitization of loans certified by certificates of indebtedness (Schuldscheindarlehen) to German small-and medium-size enterprises. The Class A to E notes will be issued by S-CORE 2007-1 GmbH, which is incorporated as a special-purpose vehicle in Germany, through the true sale initiative platform. The expected ratings are based on the quality of the collateral, the available credit enhancement, the priority of payments (which incorporate an excess cash trapping mechanism), and the sound legal and financial structure of the transaction. Credit enhancement for the Class A to E notes is provided by subordination, a reserve account and available excess spread. The issuer will issue EUR509.65 million of floating-rate notes and use the proceeds of the Class A to E notes to invest in a portfolio of SME loans for an amount of EUR505.35 million. This portfolio will remain static after closing with a weighted average life of around 5.5 years. The proceeds of Class F will fund the reserve account with an initial amount of EUR4.3 million. The portfolio companies were selected by Deutsche Bank AG, the originator and servicer. The scheduled maturity of all Classes of notes is April 25, 2014, and the legal maturity is April 25, 2016. The expected ratings of the Class A to E notes address the timely payment of interest and the ultimate repayment of principal. The portfolio comprises senior unsecured loan instruments that have bullet maturity at one of three possible maturity dates, the earliest in March 2012. Once certain conditions are met, the notes will be allowed pro-rata payment and amortize until a new pre-defined capital structure has been reached. This is because approximately 60% of the initial pool volume is due for repayment in year five. To assess the credit quality of the portfolio, Fitch used a mapping approach to DB's internal rating system. Based on the mapping, the agency deems the average credit quality of the SME portfolio to be equivalent to a rating of 'BBB-'/'BB+'. WHITE HOUSE: Claims Registration Period Ends September 4 -------------------------------------------------------- Creditors of WHITE HOUSE Dance + Event Marketing Company mbH have until Sept. 4 to register their claims with court-appointed insolvency manager Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Oct. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against WHITE HOUSE Dance + Event Marketing Company mbH on July 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WHITE HOUSE Dance + Event Marketing Company mbH Feldstrasse 66 20359 Hamburg Germany Attn: Heinz-Joachim Ernst Schroeder, Manager Watjenstrasse 44 28213 Bremen Germany ============= I R E L A N D ============= RITCHIE (IRELAND): Case Summary & 10 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. 4th Floor, 25-28 Adelaide Road Dublin, Ireland Bankruptcy Case No.: 07-11906 Type of Business: The Debtors are Dublin-based funds of hedge fund group Ritchie Capital Management. See http://www.ritchiecapital.com/ Debtor affiliate filing separate Chapter 11 petitions: Entity Case No. ------ -------- Ritchie Risk-Linked Strategies Trading 07-11907 (Ireland) II, Ltd. Chapter 11 Petition Date: June 20, 2007 Court: Southern District of New York (Manhattan) Judge: Burton R. Lifland Debtors' Counsel: Allison H. Weiss, Esq. Peter A. Ivanick, Esq. LeBoeuf, Lamb, Greene & MacRae, L.L.P. 125 West 55th Street New York, NY 10019 Tel: (212) 424-8069 Fax: (212) 424-8500 Estimated Assets Estimated Debts ---------------- --------------- Ritchie Risk-Linked More than More than Strategies Trading US$100 Million US$100 Million (Ireland), Ltd. Ritchie Risk-Linked More than More than Strategies Trading US$100 Million US$100Million (Ireland) II, Ltd. A. Ritchie Risk-Linked Strategies Trading (Ireland), Ltd 's Five Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Ritchie Life Strategies junior notes; US$130,127,349 Master Trust value of interest: c/o Walkers S.P.V., Ltd. US$37,211,048 P.O. Box 908GT Mary Street, George Town Grand Cayman, Cayman Islands Tel: (345) 949-0010 Fax: (345) 814-8259 Ritchie Risk-Linked subordinated US$39,779,582 Life Strategies Trust I securities c/o Walkers S.P.V., Ltd. P.O. Box 908GT Mary Street, George Town Grand Cayman, Cayman Islands Tel: (345) 949-0010 Fax: (345) 814-8259 Ritchie Life Strategies subordinated US$26,969,208 Master Trust securities c/o Walkers S.P.V., Ltd. P.O. Box 908GT Mary Street, George Town Grand Cayman, Cayman Islands Tel: (345) 949-0010 Fax: (345) 814-8259 Sandy Run, Ltd. subordinated US$20,227,452 Coventry Corporate Center securities 7111 Valley Green Road Fort Washington, PA 19034 Tel: (345) 949-0010 Fax: (215) 233-3201 Montgomery, Ltd. Bermuda servicer US$8,261,161 c/o Appleby Corporate and administration Services fee Canon's Court 22 Victoria Street P.O. BoxH.M. 1179 Hamilton H.M. C.X., Bermuda Tel: (441) 298-3276 Fax: (441) 298-3355 B. Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd 's Five Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Ritchie Life Strategies junior notes; US$58,545,454 Master Trust value of interest: c/o Walkers S.P.V., Ltd. US$8,475,851 P.O. Box 908GT Mary Street, George Town Grand Cayman, Cayman Islands Tel: (345) 949-0010 Fax: (345) 814-8259 Ritchie Risk-Linked subordinated US$17,897,369 Life Strategies Trust I securities c/o Walkers S.P.V., Ltd. P.O. Box 908GT Mary Street, George Town Grand Cayman, Cayman Islands Tel: (345) 949-0010 Fax: (345) 814-8259 Ritchie Life Strategies subordinated US$12,133,809 Master Trust securities c/o Walkers S.P.V., Ltd. P.O. Box 908GT Mary Street, George Town Grand Cayman, Cayman Islands Tel: (345) 949-0010 Fax: (345) 814-8259 Sandy Run, Ltd. subordinated US$9,100,289 Coventry Corporate Center securities 7111 Valley Green Road Fort Washington, PA 19034 Tel: (345) 949-0010 Fax: (215) 233-3201 Montgomery, Ltd. Bermuda servicer US$1,997,749 c/o Appleby Corporate and administration Services fee Canon's Court 22 Victoria Street P.O. BoxH.M. 1179 Hamilton H.M. C.X., Bermuda Tel: (441) 298-3276 Fax: (441) 298-3355 RITCHIE (IRELAND): Section 341(a) Meeting Set for August 3 ---------------------------------------------------------- The United States Trustee for Region 2 will convene a meeting of Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd.'s creditors on Aug. 3, 2007, at 2:30 p.m. at the Office of the United States Trustee at 80 Broad Street, Fourth Floor in New York City. This is the first meeting of creditors required under Section 341(a) of the Bankruptcy Code in all bankruptcy cases. All creditors are invited, but not required, to attend. This Meeting of Creditors offers the one opportunity in a bankruptcy proceeding for creditors to question a responsible office of the Debtor under oath about the company's financial affairs and operations that would be of interest to the general body of creditors. About Ritchie Risk-Linked Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. are Dublin-based funds of hedge fund group Ritchie Capital Management -- http://www.ritchiecapital.com/-- The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07-11907). Allison H. Weiss, Esq., Peter A. Ivanick, Esq., at LeBoeuf, Lamb, Greene & MacRae LLP, represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Oct. 18, 2007. ========= I T A L Y ========= DANA CORPORATION: Reaches Agreement with USW and UAW ---------------------------------------------------- Dana Corporation on Friday disclosed a series of interrelated agreements that will substantially reduce the company's operating costs and provide important momentum toward its emergence from bankruptcy as a competitive, sustainable business. The agreements consist of: -- A settlement agreement with each of the United Steel Workers and the United Auto Workers, which will lower Dana's labor costs and replace the company's health care and long-term disability obligations for retirees and employees represented by these unions with Voluntary Employees' Beneficiary Association trusts to which Dana will contribute in aggregate approximately US$700 million in cash, less certain benefit payments made prior to the effective date of the company's plan of reorganization, and approximately US$80 million in common stock of the reorganized Dana; -- An agreement with Centerbridge Capital Partners, L.P., and its affiliates on the terms under which the firm will invest up to US$500 million in cash for convertible preferred stock in the reorganized Dana and facilitate an additional investment by other investors of up to US$250 million in convertible preferred stock; and -- A plan support agreement with the USW, the UAW, and Centerbridge, under which these parties will support a plan of reorganization filed by Dana that includes both the labor settlements and the Centerbridge investment agreement. These agreements are subject to approval by the Bankruptcy Court for the Southern District of New York, where the company's Chapter 11 bankruptcy proceeding is pending. The union settlement agreements are also subject to ratification by Dana's USW and UAW employees, which the unions will seek in the near term. "Through our negotiations with the USW and the UAW, and negotiations with Centerbridge for the investment that will contribute to our ability to fund the VEBAs, we have reached what we believe are fair and constructive agreements," said Mike Burns, Dana's chairman and chief executive officer. "I am particularly pleased that these agreements were reached as a result of a shared commitment - from all of the involved parties -- to the long-term success and viability of Dana Corporation." "We welcome the investment by Centerbridge, a private equity investor with considerable expertise in the automotive industry and complex restructurings. Centerbridge brings a long-term perspective and a strong commitment to assisting us in building a solid future for Dana," Mr. Burns added. "While there is a good deal of work yet to be done, we are on track to file a reorganization plan by the beginning of September and to emerge from bankruptcy by year end." Settlements with USW and UAW Encompassed in the settlements with the USW and UAW are four- year extensions of Dana's collective bargaining agreements with all of its USW- and UAW-organized facilities in the United States and new agreements with several recently organized facilities. Among other items, the extended and new bargaining agreements will provide for the establishment of a two-tier wage structure at certain affected U.S. operations, changes in disability benefits, and a freeze on credited service and benefit accruals under the pension plans for active employees represented by the USW and UAW. "These agreements will resolve significant ongoing cost issues when implemented and they provide important momentum toward our completion of a reorganization plan that will position us to operate as a competitive, sustainable business after emergence," Mr. Burns said. Each of the union settlement agreements also calls for the establishment of a VEBA to replace the company's current retiree health care plans and long- term disability obligations for employees covered by USW and UAW collective bargaining agreements. A VEBA is a special, tax-deductible trust that can be used to provide certain benefits, such as medical reimbursement, to participants and their beneficiaries. The settlement agreements provide that upon Dana's emergence from bankruptcy, the company will contribute, in aggregate, approximately US$700 million in cash (less certain benefit payments made prior to the effective date of the company's plan of reorganization) and approximately US$80 million in common stock of reorganized Dana to the VEBAs in exchange for the termination of Dana's obligation to provide non-pension retiree welfare benefits for USW- and UAW-represented retirees and long- term disability benefits to USW- and UAW-represented employees. The company will continue to provide benefits for these retirees and employees under its existing plans until emergence. Dana currently has an aggregate of approximately US$1.1 billion in unfunded non- pension benefit and long-term disability obligations under its U.S. post-retirement health care plans for USW- and UAW-represented retirees and employees. Dana estimates that the modifications to the USW and UAW collective bargaining agreements and other provisions of the union settlement agreements will collectively result in annual savings of more than US$100 million. Agreement for Issuance of New Equity Under terms of the investment agreement, Centerbridge will purchase up to US$500 million of convertible preferred stock of the reorganized Dana and facilitate an additional investment of up to US$250 million in convertible preferred stock. The conversion price will be based on trading prices of common stock of the reorganized Dana during a short period after emergence. Using preliminary forecasts and a preliminary valuation as an estimate of future market trading prices for the reorganized Dana's common stock, the company estimates that the US$500 million of convertible preferred shares would represent less than 25% of the fully diluted common stock of the reorganized Dana on an as- converted basis. Proceeds from the investment will be deployed in part to fund the VEBA trusts that will be established under the settlement agreements with the USW and UAW. The closing of the Centerbridge investment will be subject to Dana's filing of a plan of reorganization and a disclosure statement by September 3, 2007, as well as other customary conditions, but will not be subject to further due diligence. Dana will be able to terminate its arrangements with Centerbridge to accept an alternative transaction or plan under certain circumstances, with the reasonable consent of the USW and UAW. Initiatives "Last November, to address the harsh reality that Dana had generated more than US$2 billion in losses over the past five years, we announced a series of interdependent restructuring initiatives," Mr. Burns added. "These initiatives, affecting all of the company's constituencies - our customers, suppliers, both union and non-union employees and retirees - were designed to result in an aggregate pre-tax annual income improvement of US$405 million to US$540 million." The Dana initiatives call for savings in five interrelated areas: 1. Achieving substantial price recovery from customers; 2. Optimizing Dana's U.S. manufacturing footprint, including the moving of certain operations to lower-cost sites; 3. Reducing labor costs by creating a more industry- competitive cost structure; 4. Eliminating retiree health and welfare costs; and 5. Reducing administrative costs. "Without the settlements with the USW and UAW, essential savings in other areas could be jeopardized," Mr. Burns said. "With these settlements, we will be solidly within the range of savings we need to move forward with our plan of reorganization and emerge as a competitive, sustainable business." About Centerbridge Capital Partners L.P. Centerbridge is a US$3.2 billion multi-strategy private investment firm. The firm is dedicated to partnering with world-class management teams in a range of industry verticals. Centerbridge's investment style provides the flexibility to employ various strategies to help companies achieve their operating and financial objectives. The limited partners of Centerbridge include many of the world's most prominent financial institutions, university endowments, pension funds, and charitable trusts. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC Bulletin Board: DCNAQ) designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Sept. 3, 2007. They have until Nov. 2, 2007, to solicit acceptances of that plan. DANA CORPORATION: Closes Sale of Fluid Products Biz to Orhan ------------------------------------------------------------ Dana Corporation has closed the previously announced sale of its European fluid products hose and tubing operations to Orhan Holding, A.S., receiving cash proceeds of US$66.9 million, and expects to receive US$18.1 million of cash proceeds upon closing the sale of the remainder of the hose and tubing business - in North America - to Orhan later in the third quarter. Dana expects to record an after-tax gain of approximately US$34 million in the third quarter of 2007 in connection with the completion of the entire divestiture. The assets sold to Orhan thus far include: * A facility in Birmingham, United Kingdom; * Stock in three companies in Vitry, France; Dolny Kubin, Slovakia; and Barcelona, Spain; * Interests in three joint ventures with Orhan, including one operation in France and two in Turkey; and * Intellectual property relating to the global hose and tubing business. The remaining fluid products hose and tubing assets are located in Archbold, Ohio; Paris, Tenn.; Rochester Hills, Mich., U.S.A.; and San Luis Potosi, Mexico. The global fluid products hose and tubing business reported aggregate revenues of US$266 million in 2006 and employs approximately 1,750 people. Its operations manufacture fuel lines; power-assisted steering products; heating, ventilation, and air conditioning under-body products; engine and transmission cooling lines; exhaust gas recirculation tubes; and airbag fill tubes. Dana Chairman and CEO Mike Burns said, "The divestiture of our fluid products hose and tubing business is an important step in implementing Dana's reorganization initiatives and sharpening our focus on our core axle, driveshaft, structural, sealing, and thermal products businesses for the automotive, commercial vehicle, and off-highway markets." About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC Bulletin Board: DCNAQ) designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Sept. 3, 2007. They have until Nov. 2, 2007, to solicit acceptances of that plan. WIND TELECOMUNICAZIONI: S&P Affirms B+ Corp. Credit Rating ---------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its 'B+' long- term corporate credit rating on Italian telecommunications services provider Wind Telecomunicazioni SpA. The outlook is stable. The affirmation follows Wind's solicitation on June 29, 2007, to the holders of EUR1.482 billion in notes outstanding to obtain their consent for a possible refinancing. The refinancing request concerns the EUR5.022 billion and US$150 million existing senior secured credit facilities located at Wind Telecomunicazioni SpA, the current EUR400 million committed secured revolving credit facility, and the EUR551 million and US$180 million second-lien facilities located at Wind Finance SL S.A. The refinancing would also allow the company to make a distribution of up to EUR1.95 billion from the share premium reserve to Wind Acquisition Holdings, Wind's parent company, to repay the existing EUR1.776 billion payment-in-kind debt instrument. The new senior secured credit facility would amount to about EUR7.9 billion. "The affirmation reflects the fact that we already included the PIK debt in its calculations of Wind's leverage, anticipating a future likely refinancing or consolidation of this liability," said Standard & Poor's credit analyst Leandro de Torres Zabala. Standard & Poor's would view the substitution of the expensive PIK instrument with a cheaper, cash-pay debt instrument as positive from a credit standpoint. The servicing of the cash- pay new debt would be manageable in the context of the group's solid free cash flow generation profile. "Given the material increase in the amount of senior-secured- ranking debt, the contemplated new credit facility, if implemented, would likely be rated one notch lower than the existing senior secured credit facilities, assuming similar conditions and security package," said Mr. de Torres. The rating continues to be constrained by the company's still- high financial leverage, which is broadly the same before and after the proposed refinancing, at about 5.4x on a Standard & Poor's-adjusted basis (including operating leases and employee benefit obligations). The rating is also constrained by the Weather group's complex financing structure and the low visibility on its financial and strategic plans. The enforcement of the Bersani Decree since March 5, 2007, eliminating the recharge fee on prepaid account top-ups, is a further constraint. These negatives are mitigated by Wind's established position as the third-largest operator in the attractive Italian mobile market, solid operating performance over the past three years, healthy operating margins, and strong free operating cash flow generation. "Despite the company's healthy performance, rating upside currently suffers from the limited visibility resulting from the complex financing and ownership structures of both Wind and the wider Weather group," said Mr. de Torres. =================== K A Z A K H S T A N =================== BASTAU & CO: Proof of Claim Deadline Slated for August 8 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Bastau & Co 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 ELEVATOR-MELSNAB LLP: Creditors Must File Claims August 8 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Elevator-Melsnab insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 INTERMEDIARY SERVICE: Claims Filing Period Ends August 10 --------------------------------------------------------- LLP Intermediary Service has declared insolvency. Creditors have until Aug. 10 to submit written proofs of claims to: LLP Intermediary Service Rayimbek ave. 206/7-14 Almaty Kazakhstan KAGANAT-T LLP: Creditors' Claims Due on August 8 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Astana has declared LLP Kaganat-T 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 NEFTECK PLUS: Claims Registration Ends August 10 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Nefteck Plus Atyrau insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Floor 3 Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 NURBANK JSC: Raises Charter Capital to KZT24 Billion ---------------------------------------------------- JSC Nurbank raised its charter capital by KZT8.6 billion or 56% to KZT24 billion and plans on adding more, Interfax News reports. According to the report, the bank aims to add another KZT3 billion to increase its capital. Nurbank's charter capital at the beginning of May 2007 is KZT15.4 billion and its equity capital totaled KZT25.8 billion. Nurbank's net profit for 2006 of KZT2.06 billion and its profit for the first quarter of 2007 of KZT1.2 billion will be used for development, Interfax relates, citing the bank's press release. Interfax relates that the bank is focusing on successful and regular development and all rumors on its financial insolvency were unfounded. According to Nurbank's press release, the Financial Regulatory Agency, which audited the bank, reported that all prudential and other regulations are met in full and no violations have been revealed. Nurbank decided to increase its charter capital by KZT30 billion at a shareholders meeting on Feb. 27, 2007. The bank plans to increase its charter capital to KZT45 billion by the end of the year. Headquartered in Almaty, Kazakhstan, JSC Nurbank -- http://www.nurbank.kz/en/news/index.html-- was the 60th on the Interfax-1000 ranking of CIS banks by assets for 2006 and seventh among Kazakh banks. It had total IFRS-consolidated assets of KZT142 billion (US$1.2 billion) as of June 30, 2006. The bank was controlled by the son-in-law of Kazakh president Rakhat Aliyev. The Financial Regulatory Agency allowed Darig Nazarbyev, Mr. Aliyev's daughter, to become a large shareholder of Nurbank. * * * As of July 6, 2007, JSC Nurbank carries Standard & Poor's Long- Term Foreign and Local Issuer Credit ratings at B and Short-term Foreign and Local Issuer Credit ratings at C. The Outlook is Stable. OIL PLUS: Proof of Claim Deadline Slated for August 8 ----------------------------------------------------- LLP Firm Oil Plus has declared insolvency. Creditors have until Aug. 8 to submit written proofs of claims to: LLP Firm Oil Plus Masanchy Str. 56-8 Almalinsky District 050012, Almaty Kazakhstan Tel: 8 (3272) 59-61-47 PIPE OIL SERVICE: Creditors Must File Claims August 10 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Pipe Oil Service insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Floor 3 Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 PK-COMMERCE LLP: Claims Filing Period Ends August 10 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Pk-Commerce insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 427 Maulenov Str. 92 Almaty Kazakhstan Tel: 8 (3272) 67-63-55 8 701 733 36-24 UNIVER-GROUP LLP: Creditors' Claims Due on August 10 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Univer-Group insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 427 Maulenov Str. 92 Almaty Kazakhstan Tel: 8 (3272) 67-63-55 8 701 733 36-24 UTASI LLP: Claims Registration Ends August 8 -------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Utasi insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 =================== K Y R G Y Z S T A N =================== SECURITY SERVICE: Creditors Must File Claims by August 22 --------------------------------------------------------- LLC Security Service Transportation has declared insolvency. Creditors have until Aug. 22 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 68-00-52, (0-517) 78- 00-66. ===================== N E T H E R L A N D S ===================== BAUSCH & LOMB: Receives Merger Proposal from Advanced Medical ------------------------------------------------------------- Bausch & Lomb has received from Advanced Medical Optics a proposal to acquire 100% of the outstanding shares of Bausch & Lomb in a merger in which Bausch & Lomb’s shareholders would receive, per share of Bausch & Lomb stock, US$45 in cash and US$30 in AMO stock, valued based on the average closing price of the AMO common stock for five trading days prior to the date on which a definitive agreement is signed. The AMO Proposal is subject to termination of Bausch & Lomb’s merger agreement with affiliates of Warburg Pincus LLC and the execution of a definitive merger agreement with AMO. The AMO Proposal’s terms include that AMO will have up to 12 months to close the transaction and that interest would be paid in cash with respect to the purchase price by AMO at the rate of 7.2% per annum beginning six months after a definitive merger agreement is executed. The proposal is not subject to a financing condition. AMO has submitted a financing commitment letter in connection with the proposal. The AMO Proposal is conditioned upon: (1) approval by AMO’s shareholders and Bausch & Lomb’s shareholders; (2) regulatory approvals; and (3) certain additional due diligence by AMO. The AMO Proposal includes: (1) a proposed US$130 million reverse termination fee payable by AMO to Bausch & Lomb in the event the transaction does not close due to the failure to obtain requisite financing or antitrust clearance; and (2) proposed reimbursement by AMO of Bausch & Lomb’s expenses up to US$35 million if AMO fails to obtain the approval of its shareholders. The AMO Proposal provides for: (1) a proposed US$130 million termination fee payable under certain circumstances by Bausch & Lomb to AMO in the event of termination of an agreement with AMO in connection with the exercise by the Bausch & Lomb Board of Directors of its fiduciary duties; and (2) a proposed reimbursement of AMO’s expenses up to US$35 million under the same circumstances in which such expenses are reimbursable under the Warburg Pincus Agreement. The Bausch & Lomb board of directors, after the recommendation of a Special Committee composed entirely of independent directors, has determined that the AMO Proposal is bona fide and is reasonably likely to result in a superior proposal, as defined in the Warburg Pincus Agreement. AMO has therefore been designated an "excluded party" as defined in the Warburg Pincus Agreement. By designating AMO an excluded party, Bausch & Lomb is permitted, subject to certain conditions, to continue negotiating with AMO with respect to the AMO Proposal despite the end of the "go shop" period. The Special Committee and its advisors intend to engage in further discussions with AMO regarding the AMO Proposal. Bausch & Lomb cautioned that the AMO Proposal is subject to a number of contingencies which the Special Committee is continuing to evaluate, including the requirement of approval by AMO’s shareholders as well as antitrust clearances, and that there could be no assurance that the Special Committee would ultimately find the proposal to be a superior proposal under the merger agreement. Bausch & Lomb cautioned that the discussions with AMO may be terminated at any time and that there can be no assurances as to whether the AMO Proposal will ultimately result in a transaction with Bausch & Lomb. AMO is the only "excluded party" designated by the Special Committee. Warburg Pincus Agreement As disclosed on May 16, 2007, Bausch & Lomb entered into the Warburg Pincus Agreement, pursuant to which Warburg Pincus agreed to acquire 100% of the outstanding shares of Bausch & Lomb for US$65 per share in cash. The Warburg Pincus Agreement may be terminated under certain circumstances, including if Bausch & Lomb receives and enters into a definitive agreement with respect to a superior proposal and provides advance notice to Warburg Pincus. If the Warburg Pincus Agreement is terminated under these circumstances with respect to an excluded party such as AMO, Warburg Pincus will be entitled to a US$40 million payment from Bausch & Lomb. Pending further discussions with AMO, Bausch & Lomb’s board, after the recommendation of the Special Committee of the board, has not changed, and has reaffirmed, its recommendation of Bausch & Lomb’s pending merger with affiliates of Warburg Pincus pursuant to the Warburg Pincus Agreement. About Advanced Medical Optics Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures and markets ophthalmic surgical and contact lens care products. The company has operations in Germany, Japan, Ireland, Puerto Rico and Brazil. About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). In Latin America, the company has operations in Brazil and Mexico. In Europe, the company maintains operations in Austria, Germany, the Netherlands, Spain, and the United Kingdom. * * * As reported in the Troubled Company Reporter on May 28, 2007, the Warburg Pincus Deal prompted Standard & Poor's Ratings Services to lower its ratings on Bausch & Lomb and placed them on CreditWatch with negative implications. Among others, S&P lowered the company's corporate credit rating to 'BB+' from 'BBB'. Additionally, Moody's Investors Service said it will continue its review of Bausch & Lomb's ratings for possible downgrade, including the company's Ba1 Corporate Family rating. Furthermore, Fitch maintained its Negative Rating Watch on Bausch & Lomb emphasizing that the transaction would significantly increase leverage and likely result in a multiple- notch downgrade. Fitch also warns that the transaction would result in an Issuer Default Rating of no higher than 'BB-'. HEXION SPECIALTY: To Acquire Huntsman for US$10.4 Billion --------------------------------------------------------- Hexion Specialty Chemicals Inc. made a definitive proposal to the transaction committee of the board of directors of Huntsman Corporation to acquire Huntsman for US$10.4 billion, including refinanced debt, or US$27.25 per share, in cash. The offer represents a premium of about 8% over Basell's previously announced agreement to acquire Huntsman for US$25.25 per share and includes an 8% per annum increase, net of Huntsman dividends, in the event that the transaction requires more than nine months to complete. Hexion's proposal is subject to a customary merger agreement, which has been submitted to Huntsman's transaction committee together with Hexion's offer. The transaction would be subject to regulatory approvals and the affirmative vote of Huntsman shareholders. The proposal is fully financed pursuant to commitments from Credit Suisse and Deutsche Bank. Hexion's proposal is currently under review by the Huntsman Transaction Committee. About Huntsman Corp. Huntsman Corporation (NYSE: HUN) -- http://www.huntsman.com- Huntsman Corporation engages in the manufacture and marketing of differentiated, inorganic, and commodity chemical products. About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexion.com/-- serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in China, Australia, Netherlands, and Brazil. It is an Apollo Management L.P. portfolio company. Hexion had 2006 sales of US$5.2 billion and employs more than 7,000 associates. HEXION SPECIALTY: Huntsman Buy Prompts Moody's to Review Ratings ---------------------------------------------------------------- Moody's Investors Service placed the ratings of Hexion Specialty Chemicals, Inc. under review for possible downgrade following the company's announcement that it has made a definitive offer to acquire Huntsman Corporation for US$10.4 billion (or US$27.25 per share plus net debt). The Hexion Proposal is subject to termination of Huntsman's previously announced merger agreement with Basell AF. Huntsman stated that its Board and the Transaction Committee concluded that the Hexion offer "could reasonably be expected to lead to a superior proposal". Hexion stated that it committed financing for the transaction but did not disclose the specifics of its financing package. Huntsman's ratings were placed under review for possible downgrade on June 26, 2007. Hexion's speculative grade liquidity rating was affirmed at SGL-2, but could change depending on the outcome of this transaction and the company's financing strategy. Ratings On Review for Possible Downgrade: Issuer: Hexion Specialty Chemicals Inc. -- Corporate Family Rating, currently B2 -- Probability of Default Rating, currently B2 -- Senior Secured Bank Credit Facility, currently Ba3, LGD2 -- Senior Secured Regular Bond/Debenture, currently B3, LGD5 -- Senior Unsecured Regular Bond/Debenture, currently Caa1, LGD6 -- Senior Unsecured Revenue Bonds, currently B3, LGD5 Ratings Affirmed: Issuer: Hexion Specialty Chemicals Inc. -- Speculative Grade Liquidity Rating, SGL-2 Moody's review is contingent on Hexion's ability to negotiate a definitive contract for the purchase of Huntsman Corporation and would seek to determine the specifics of the proposed financing for the transaction, i. potential synergies form a combination of these unrelated businesses, and ii. the financial and operational strategies for the combined company. Moody's noted that Hexion's offer would be a merger and may not trigger the change of control language in the rated unsecured and subordinated notes of Huntsman International LLC, the merged company could potentially assume Huntsman outstanding debt. Hexion Specialty Chemicals, Inc., headquartered in Columbus, Ohio is a leading producer of commodities such as formaldehyde, bisphenol A and epichlorhydrin, as well as formaldehyde-based thermoset resins, epoxy resins, and versatic acid and its derivatives. The company is also a supplier of specialty resins for inks and specialty coatings sold to a very diverse customer base. The company reported sales of US$5. HEXION SPECIALTY: Huntsman Offer Cues S&P’s Negative Watch ---------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' corporate credit rating and other ratings on Columbus, Ohio-based Hexion Specialty Chemicals Inc. on CreditWatch with negative implications. The ratings on related entities were also placed on CreditWatch. "The rating action follows Hexion's announcement that it has made a definitive proposal to acquire Huntsman Corp. for US$10.14 billion, including debt," said Standard & Poor's credit analyst Paul Kurias. In addition, there is a provision for an 8% increase in the offer should the transaction, which is subject to shareholder and regulatory approval, take more than nine months to complete. At March 31, 2007, Hexion had approximately US$3.7 billion in adjusted debt and about US$5.3 billion in revenues. The proposed acquisition is large relative to Hexion's existing operations, and will result in a global and highly diversified chemicals producer with over US$15 billion in annual revenue. If completed, the transaction could elevate Hexion's business profile given the improved product mix, better diversification, and less dependency on Hexion's core resins product. However, the financing of the transaction is likely to result in a highly aggressive capital structure, more than offsetting the expected benefits to the business profile. S&P’s note that Hexion is already highly leveraged with total debt to EBITDA above 5x, and that a debt-financed transaction could further stretch the financial profile, even beyond a level appropriate for the existing 'B' corporate credit rating. S&P ratings on Salt Lake City, Utah-based Huntsman Corp. and all related entities remain on CreditWatch with negative implications, where they were placed on June 26, 2007. The initial CreditWatch listing reflected concerns following the announcement that Luxembourg-based Basell AF S.C.A. and Huntsman had entered into a definitive agreement under which Basell plans to acquire Huntsman for US$9.6 billion. The transaction, which is subject to shareholder and regulatory approval, has been approved by Huntsman's board of directors and has the support of MatlinPatterson and the Huntsman family, who collectively own 57% of Huntsman's common stock. It is now unclear which transaction will be successful, although both have the strong potential to result in downgrades. S&P will resolve the CreditWatch on Hexion after meeting with management to evaluate in detail the financing plans, financial policies and strategy for the combined company, and the impact of such a combination on the business and financial risk profiles. Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. - http://www.hexion.com/-- serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in Singapore, China, Australia, Netherlands, and Brazil. Hexion had 2006 sales of US$5.2 billion and employs more than 7,000 associates. =========== R U S S I A =========== APATIT-STROY-SERVICE: Names P. Tarasov as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Murmansk appointed P. Tarasov as Insolvency Manager for OJSC Apatit-Stroy-Service. He can be reached at: P. Tarasov Post User Box 19 OPS-100 170100 Tver Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42-468/2007. The Court is located at: The Arbitration Court of Murmansk Knipovicha Str. 20 Murmansk Russia The Debtor can be reached at: OJSC Apatit-Stroy-Service Stroitelej 8 Apatity Murmansk Russia CHEBARKULSKAYA OJSC: Bankruptcy Hearing Slated for October 18 ------------------------------------------------------------- The Arbitration Court of Chelyabinsk will convene at 3:00 p.m. on Oct. 18 to hear the bankruptcy supervision procedure on OJSC Chebarkulskaya Factory of Confectionery. The case is docketed under Case No. A76-4691/2007-60-55. The Temporary Insolvency Manager is: V. Yusov Post User Box 6426 454071 Chelyabinsk Russia The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: OJSC Chebarkulskaya Factory of Confectionery Kujbysheva Str. 109 Chebarkul 456440 Chelyabinsk Russia DOROZHNIK OJSC: Court Names A. Elypin as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Krasnodar appointed A. Elypin as Insolvency Manager for OJSC Dorozhnik. He can be reached at: A. Elypin Room 230 Severnaya Str. 279 350020 Krasnodar Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-4265/2007-27/155-B. The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: OJSC Dorozhnik Neftepromyslovaya Str. 1 Abinsk Krasnodar Russia FLORA CJSC: Court Names A. Pasechnik as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Bryansk appointed A. Pasechnik as Insolvency Manager for CJSC Flora. He can be reached at: A. Pasechnik 14 Office 35 Ulyanova Str. 241035 Bryansk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A09-1764/07-26. The Court is located at: The Arbitration Court of Bryansk Room 602 Trudovoy Per. 5 Bryansk Region Russia The Debtor can be reached at: CJSC Flora Bryanskaya Str. Pochep Bryansk Russia GALKINO LLC: Creditors Must File Claims by August 9 --------------------------------------------------- Creditors of LLC Galkino (TIN 4524006078) have until Aug. 9 to submit proofs of claim to: S. Yurov Insolvency Manager Post User Box 5887 644058 Russia The Arbitration Court of Kurgan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A34-7640/2006. The Debtor can be reached at: LLC Galkino Gogolya Str. 141 Shumikha 641100 Kurgan Russia KAZANSKOYE CJSC: Omsk Bankruptcy Hearing Slated for Oct. 16 ----------------------------------------------------------- The Arbitration Court of Omsk will convene on Oct. 16 to hear the bankruptcy supervision procedure on CJSC Kazanskoye (TIN 5519000040). The case is docketed under Case No. A46-3411/2007. The Temporary Insolvency Manager is: N. Utochenko Apartment 312 Mira Pr. 106A Omsk Russia The Debtor can be reached at: CJSC Kazanskoye Lenina Str. 49 Kazanka Lyubinskiy Omsk Russia KHANTY-AVIA CJSC: Court Names S. Vinnik as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy appointed S. Vinnik as Insolvency Manager for CJSC Khanty-Avia. He can be reached at: S. Vinnik Post User Box 2699 Central Post Office 644099 Omsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A75-3675/2006. The Court is located at: The Arbitration Court of Khanty-Mansiyskiy Lenina Str. 54/1 Khanty-Mansiysk Autonomous Region Russia The Debtor can be reached at: CJSC Khanty-Avia Mira Str. 115 Khanty-Mansiysk Khanty-Mansiyskiy Russia LYSKOVSKOYE CJSC: Bankruptcy Hearing Slated for November 7 ---------------------------------------------------------- The Arbitration Court of Chelyabinsk will convene on Nov. 7 to hear the bankruptcy supervision procedure on CJSC Lyskovskoye. The case is docketed under Case No. A76-3674/2007-36-57. N. Volkov Temporary Insolvency Manager Korabelnaya Str. 8-136 454045 Chelyabinsk Russia The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: CJSC Lyskovskoye Oktyabrskiy Chelyabinsk Russia MARGARITA CJSC: Court Names A. Chingaev as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Omsk appointed A. Chingaev as Insolvency Manager for CJSC Margarita (TIN 5525009690). He can be reached at: A. Chingaev 18 km Moskovskoye Shosse 443013 Samara Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-2262/2007. The Debtor can be reached at: CJSC Margarita Transsibirskaya Str. 2 644103 Omsk Russia OKTYABRSKIY CREAMERY: Names N. Volkov as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Chelyabinsk appointed N. Volkov as Insolvency Manager for OJSC Oktyabrskiy Creamery. He can be reached at: N. Volkov Korabelnaya Str. 8-136 454045 Chelyabinsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-29332/2006-265. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: OJSC Oktyabrskiy Creamery Oktyabrskoe Oktyabrskij Chelyabinsk Russia SABLE LLC: Court Names L. Abalakova as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Chelyabinsk appointed L. Abalakova as Insolvency Manager for LLC Hunting Salon Sable. She can be reached at: L. Abalakova Apartment 24 Sovetskaya Str. 205/1 Magnitogorsk 455051 Chelyabinsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-2269/2007-36-50. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: LLC Hunting Salon Sable Sovetskaya Str. 160 Magnitogorsk Chelyabinsk Russia TEMP OJSC: Omsk Bankruptcy Hearing Slated for October 16 -------------------------------------------------------- The Arbitration Court of Omsk will convene at 10:20 a.m. on Oct. 16 to hear the bankruptcy supervision procedure on OJSC Temp. The case is docketed under Case No. A 46-3447/2007. The Temporary Insolvency Manager is: A. Vaysberg Sibirskaya Str. 47 644082 Omsk Russia The Debtor can be reached at: OJSC Temp 22 Partsyezda Str. 98 644105 Omsk Russia TRANSNEFT OAO: Wants CPC to Issue US$5 Bln Eurobond to Pay Debt --------------------------------------------------------------- OAO Transneft has asked shareholders of Caspian Pipeline Consortium to issue US$5 billion in Eurobonds to service its debts, RIA Novosti reports, citing company Vice-President Sergei Grigoryev. Mr. Grigoryev said the proposal was aimed at restructuring CPC's US$5 billion debt, adding that the consortium's shareholders will review and decide on the proposal within 10-14 days. CPC's shareholders include: -- Russia via Transneft (24%), -- Kazakhstan (19%), -- Sultanate of Oman (7%), -- Chevron Caspian Pipeline Consortium Company (15%), -- LUKARCO B.V. (12.5%), -- Rosneft-Shell Caspian Ventures Ltd. (7.5%), -- Mobil Caspian Pipeline Co. (7.5%), -- BG Overseas Holding Ltd. (2.0%), -- Agip International (N.A.) N.V. (2.0%), -- Kazakstan Pipeline Ventures LLC (1.75%), and -- Oryx Caspian Pipeline LLC (1.75%). Transneft also proposed to raise oil transit rates from US$24.6 to US$38 per metric ton, but shareholders voted against it. Transneft CEO Semyon Vainshtok said in March that CPC was sustaining losses and called for higher oil transit tariffs to overturn the situation. About Transneft Headquartered in Moscow, Russia, OAO Transneft -- http://www.transneft.ru/-- operates one of the largest networks of oil pipelines in the world. The company moves crude oil through more than 30,000 miles of pipeline stretching across Eastern Europe and Asia. Transneft operates a transportation network consisting of more than 30,000 miles of pipeline, about 330 pump stations, and 934 tankers capable of storing more than 13 million cu. meters of petroleum product. The company transports about 93% of the oil produced in Russia. * * * OAO Transneft carries Fitch's 'BB' rating. TRANSPORT BUILDING: Creditors Must File Claims by August 9 ---------------------------------------------------------- Creditors of OJSC Transport Building have until Aug. 9 to submit proofs of claim to: N. Semashko Insolvency Manager Post User Box 26 GUPS Labytnangi 629400 Yamalo-Nenetskiy Russia The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A81-170/2007. The Court is located at: The Arbitration Court of Yamalo-Nenetskiy Chubynina Str. 37A Salekhard Yamalo-Nenetskiy Russia The Debtor can be reached at: OJSC Transport Building SMP-700 Zaozernyj Novyj Urengoj 629300 Yamalo-Nenetskiy Russia VICTORY OJSC: Names O. Khvoshnyanskiy as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Chelyabinsk appointed O. Khvoshnyanskiy as Insolvency Manager for OJSC Victory. He can be reached at: O. Khvoshnyanskiy Room 5 Kirova Str. 118 454000 Chelyabinsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-6365/03-48-207. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: O. Khvoshnyanskiy Room 5 Kirova Str. 118 454000 Chelyabinsk Russia YUZHANKA LLC: Creditors Must File Claims by August 9 ---------------------------------------------------- Creditors of LLC Yuzhanka have until Aug. 9 to submit proofs of claim to: A. Budelev Temporary Insolvency Manager Bratskaya Str. 11/1 644020 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A46-1516/2007. The Debtor can be reached at: LLC Yuzhanka Proletarskiy Per. 61 Russkaya–Polyana 646780 Omsk Russia ========= S P A I N ========= TDA 28: S&P Assigns B- Ratings to EUR1.5 Million Class F Notes -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the floating-rate notes to be issued by TDA 28, Fondo de Titulizacion de Activos, a special purpose entity. The originators of this transaction are two Spanish financial entities: -- Caixa d'Estalvis de Terrassa; and -- Union de Credito para la Financiacion Mobiliaria e Inmobiliaria, Credifimo, E.F.C., S.A.U. In this transaction, the originators will securitize part of their growing residential mortgage-lending books. The loans, mainly originated in, Catalonia, Andalusia, and Madrid are secured by first-ranking liens, with a small percentage of loans secured by second-ranking liens (4.1%). As in other Spanish transactions, interest and principal will be combined into a single priority of payments, with triggers in the payment of interest to protect senior noteholders. Ratings List TDA 28, Fondo de Titulizacion de Activos EUR450 Million Mortgage-Backed Floating-Rate Notes, EUR1.35 Million Floating-Rate Notes, And EUR3.30-EUR3.60 Million NAS- IO Notes Prelim. Prelim. Amount Class Rating (Mil. EUR) ----- ------ -------- A AAA 414.00 NAS-IO (1) AAA 3.30 - 3.60 B AA 11.70 C A 9.00 D BBB 7.20 E BB 8.10 F B- 1.35 (1) At closing, a tranche of non-accelerated, senior interest- only (NAS-IO) bonds will be segregated out of the class A notes. For the NAS-IO series, the amount represents a notional balance. ===================== S W I T Z E R L A N D ===================== ALINPA JSC: Creditors' Liquidation Claims Due August 15 ------------------------------------------------------- Creditors of JSC Alinpa have until Aug. 15 to submit their claims to: Dr. Christoph Balsiger Liquidator Bahnhofstrasse 13 8001 ZH Switzerland The Debtor can be reached at: JSC Alinpa Wollerau Hofe SZ Switzerland ELITE HOLDING: Creditors' Liquidation Claims Due July 30 -------------------------------------------------------- Creditors of JSC ELITE Holding + Finanz have until July 30 to submit their claims to: Kurt Zurrer Liquidator Brunnerstrasse 6 8405 Winterthur ZH Switzerland The Debtor can be reached at: JSC ELITE Holding + Finanz Winterthur ZH Switzerland LEMASUD JSC: Creditors' Liquidation Claims Due July 20 ------------------------------------------------------ Creditors of JSC Lemasud have until July 20 to submit their claims to: Heinz Marti Liquidator Munstergasse 49 P.O. Box 565 3000 Bern 8 Switzerland The Debtor can be reached at: JSC Lemasud Bern Switzerland LES PLANCHES: Creditors' Liquidation Claims Due August 20 --------------------------------------------------------- Creditors of JSC Les Planches have until Aug. 20 to submit their claims to: Marc Renggli Liquidator Nidaugasse 28 2500 Biel 3 BE Switzerland The Debtor can be reached at: JSC Les Planches Biel/Bienne BE Switzerland HILTI-HOLDING JSC: Creditors' Liquidation Claims Due August 20 -------------------------------------------------------------- Creditors of JSC Hilti-Holding have until Aug. 20 to submit their claims to: Armin Hilti Liquidator Segantinistrasse 29 8049 Zurich Switzerland The Debtor can be reached at: JSC Hilti-Holding Glarus Switzerland M K + D JSC: Solothurn Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of Solothurn commenced bankruptcy proceedings against JSC m k+d on May 31. The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: JSC m k+d Hauptgasse 12 4624 Harkingen Gau SO Switzerland MIMAP.CH LLC: Creditors' Liquidation Claims Due August 1 -------------------------------------------------------- Creditors of LLC Mimap.ch have until Aug. 1 to submit their claims to: Mario Laubli Liquidator Rheinsagestrasse 17 8253 Diessenhofen TG Switzerland The Debtor can be reached at: LLC Mimap.ch Lohningen SH Switzerland MIS TOURS: Solothurn Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Solothurn commenced bankruptcy proceedings against LLC MIS Tours on Feb. 13. The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4702 Oensingen Gau SO Switzerland The Debtor can be reached at: LLC MIS Tours Langendorfstrasse 20 4500 Solothurn Switzerland NEOS CONSULTING: Creditors' Liquidation Claims Due July 20 ---------------------------------------------------------- Creditors of JSC Neos Consulting have until July 20 to submit their claims to: Zuzgerstrasse 8 4463 Buus Sissach BL Switzerland The Debtor can be reached at: JSC Neos Consulting Buus Sissach BL Switzerland OSSI BAU: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Ossi Bau on May 15. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Ossi Bau Alte Steinhauserstrasse 19 6330 Cham ZG Switzerland PCI INFORMATIK: Schaffhausen Court Starts Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Court of Schaffhausen commenced bankruptcy proceedings against JSC PCI Informatik on June 8. The Bankruptcy Service of Schaffhausen can be reached at: Bankruptcy Service of Schaffhausen 8201 Schaffhausen Switzerland The Debtor can be reached at: JSC PCI Informatik Tobelackerstrasse 4 8212 Neuhausen am Rheinfall SH Switzerland REWEFA JSC: Waldenburg Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of Waldenburg commenced bankruptcy proceedings against JSC Rewefa on May 30. The Bankruptcy Service of Waldenburg can be reached at: Bankruptcy Service of Waldenburg 4437 Waldenburg BL Switzerland The Debtor can be reached at: JSC Rewefa Baselweg 4 4418 Reigoldswil Waldenburg BL Switzerland ROM-EL JSC: Creditors' Liquidation Claims Due July 20 ----------------------------------------------------- Creditors of JSC Rom-el have until July 20 to submit their claims to: JSC PANOTRUST Treuhand & Beratung Liquidator Kappelergasse 14 8001 Zurich Switzerland The Debtor can be reached at: JSC Rom-el Baar ZG Switzerland SIRI-VISION JSC: Zug Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Siri-Vision on May 25. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Siri-Vision Lattichstrasse 1 6340 Baar ZG Switzerland SONANINE JSC: Creditors' Liquidation Claims Due July 20 ------------------------------------------------------- Creditors of JSC Sonanine have until July 20 to submit their claims to: Reiffergassli 6 P.O. Box 4754 6304 Zug Switzerland The Debtor can be reached at: JSC Sonanine Zug Switzerland =========== T U R K E Y =========== GLOBAL YATIRIM: Fitch Rates US$100 Mln International Bond at B -------------------------------------------------------------- Fitch Ratings has assigned Global Yatirim Holding A.S Long-term local and foreign currency Issuer Default ratings of 'B' with a Stable Outlook. Fitch has also assigned Global's fixed-rate guaranteed loan participation notes of up to US$100 million with a five-year maturity an expected foreign currency senior unsecured rating of 'B' and an expected Recovery Rating of 'RR4'. The senior unsecured rating of the notes is in line with that of Global's Long-term foreign currency IDR. The final ratings on the bond are contingent on the receipt of final documents conforming to information already received and satisfactory legal opinions. The ratings reflect Global's recent venture into the Turkish infrastructure and energy sectors and the partial disposal of its financial service assets. Fitch notes that the group is in transition and has a limited track record in energy and ports businesses. However, the agency notes that the group has teamed up with strong partners to provide operating support and technical know-how. The ratings also factor in Global's planned expansion into power generation and the high capital expenditure requirements and construction risks related to these projects. The Stable Outlook incorporates the sound long-term growth prospects as well as stable cash flows expected from Energaz, a distributor of natural gas in nine cities, and the port businesses -- Kusadasi and Antalya ports -- in the next three years. With large infrastructure and energy projects in the pipeline, Fitch expects US$100 million –US$150 million average capital spend per annum for 2007-2009, which will impact consolidated free cash flows. Expected dividend flows from the operating subsidiaries to Global will therefore be tight during this period. Global will also depend on cash-inflows from its real- estate projects and asset sales to fund new investments. Fitch understands that management would like to sell minority and controlling stakes in some of their non-core businesses to foreign partners in the next few years. At year-end 2006 gross debt (including borrowing for margin lending) increased to TRY75 million from TRY59.8 million at Fiscal-Year 2005 due to new investments. Net debt/EBITDA was reasonable at 2x at Fiscal-Year 2006. Aided by a rights issue of US$85 million, the company recorded a net cash position of TRY46 million at end of first quarter of 2007. Global has yet to embark on large-scale projects and Fitch notes that leverage may head to a maximum 4x-5x, which is still within the limits of the rating. Fitch will continue to monitor the transformation of Global in the next two to three years, especially in relation to its planned power generation investments and their impact on the group's cash flow and leverage. Proceeds of the notes will be used to refinance the Izmir port acquisition and for general corporate purposes. The notes will constitute direct, unsecured and unconditional obligations of Global and will rank at least equally with all its other present and future unsecured and unsubordinated creditors. The terms and conditions of the notes include a limitation on Global's debt and a maximum ratio of financial expenses-to- consolidated EBITDA of 1:1.2. Fitch notes that there are also restrictions on asset sales by Global, as well as covenants relating to transactions with affiliates, mergers and disposals. The governing law of the documentation, including the guarantees in place and the notes, is English law. Financial services had been Global's core business until 2004 when it was converted into a holding company. In Fiscal-Year 2006, the group generated US$22 million operating EBITDAR. Only a third of total EBITDA originated from the energy & infrastructure segments in 2006 but this is expected to rise to 70% in 2008. ============= U K R A I N E ============= ANDRIYASHOVKA LLC: Proofs of Claim Deadline Set July 11 ------------------------------------------------------- Creditors of Agricultural LLC Andriyashovka (code EDRPOU 30896372) have until July 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/112-07. The Debtor can be reached at: Agricultural LLC Andriyashovka Andriyashovka Kryzhopol District Vinnica Ukraine COMMUNE ECONOMY: Proofs of Claim Deadline Set July 11 ----------------------------------------------------- Creditors of LLC Regional Agricultural Commune Economy- Builder (code EDRPOU 20103400) have until July 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/115-07. The Debtor can be reached at: LLC Regional Agricultural Commune Economy- Builder Kalinin Str. 1-a Kryzhopol Vinnica Ukraine GOLUBECHEYE LLC: Proofs of Claim Deadline Set July 11 ----------------------------------------------------- Creditors of Agricultural LLC Golubecheye (code EDRPOU 30803450) have until July 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/97-07. The Debtor can be reached at: Agricultural LLC Golubecheye Golubecheye Kryzhopol District Vinnica Ukraine HI-TECH LLC: Creditors Must File Claims by July 11 -------------------------------------------------- Creditors of LLC Hi-Tech (code EDRPOU 14331574) have until July 11 to submit written proofs of claim to: Vladimir Yatsyk Liquidator Pobeda Str. 40/29 Kamianka-Buzskaya 80400 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/2-7/1. The Court is located at: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Debtor can be reached at: LLC Hi-Tech Ogiyenko Str. 12/1 79000 Lvov Ukraine MINERAL LLC: Proofs of Claim Deadline Set July 11 ------------------------------------------------- Creditors of LLC Mineral (code EDRPOU 31769788) have until July 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/98-07. The Debtor can be reached at: LLC Mineral Kalinin Str. 1-a Kryzhopol Vinnica Ukraine MIR CJSC: Creditors Must File Claims by July 11 ----------------------------------------------- Creditors of CJSC Mir (code EDRPOU 00414463) have until July 11 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 42/148b. The Debtor can be reached at: CJSC Mir Poddubnoe Velikonovoselkovsky District 85512 Donetsk Ukraine OLSHANSKOE LLC: Proofs of Claim Deadline Set July 11 ---------------------------------------------------- Creditors of Agricultural LLC Olshanskoe (code EDRPOU 30803492) have until July 11 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/114-07. The Debtor can be reached at: Agricultural LLC Olshanskoe Olshanskoe Kryzhopol District Vinnica Ukraine PIVDENNYI BANK: Fitch Assigns B- Ratings to Upcoming Loan --------------------------------------------------------- Fitch Ratings has assigned Standard Bank Plc's upcoming issue of limited recourse loan participation notes an expected Long-term 'B-' rating and an expected Recovery Rating 'RR4'. The limited recourse notes are to be used solely for financing a loan to Ukraine-based Pivdennyi Bank. PB is rated Long-term Issuer Default 'B-', Short-term IDR 'B', Individual 'D/E' and Support '5'. The Outlook on the Long-term IDR is Stable. PB's Support Rating Floor is 'No Floor'. The final ratings on the bond are contingent upon the receipt of final documentation conforming materially to information already received. Standard Bank Plc, incorporated under the laws of England, will only pay noteholders principal and interest received from PB. The issuer will charge certain of its rights and interests under the loan agreement to Deutsche Trustee Company Limited, for the benefit of noteholders under a trust deed. The claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of PB, apart from those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Under Ukrainian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end of first quarter of 2007, retail deposits and accounts represented a high 35% of total liabilities, according to the bank's reviewed interim financial statements drafted as per IFRS. The loan agreement contains covenants restricting mergers and disposals by PB and its subsidiaries ("the group"), as well as transactions between the bank and its affiliates and certain payments and distributions by the bank and its subsidiaries. It also contains a cross default clause and a negative pledge clause, which allows for the creation of a lien (including securitization) on up to 15% of the group's total assets. PB commits to maintaining a minimum ratio of capital-to-risk weighted assets at 12%, as defined in accordance with Basel I guidelines. Noteholders will receive a put option upon a change of control event, which is deemed to have occurred if the bank's principal shareholders (Yuriy O. Rodin, Mark I. Bekker, Vadim V. Morokhovskiy, their respective family members and any entities, organizations, trusts or similar arrangements (directly or indirectly) controlled by them) cease to control PB (less than 50% of voting shares), and if such an event results in a rating being put on either watch negative list or downgraded or withdrawn. At end of first quarter of 2007, PB was the 18th-largest bank in Ukraine, holding over 1% of system assets according to the National Bank of Ukraine, with 16 branches and 83 other outlets. At March 31, 2007, PB's principal shareholders (as listed above) beneficially owned an aggregate of 97% stake (including 10% held by the family of the bank's president Vadim V. Morokhovskiy). STIKS 3000: Creditors Must File Claims by July 11 ------------------------------------------------- Creditors of LLC Stiks 3000 (code EDRPOU 33204744) have until July 11 to submit written proofs of claims by the address Sergey Korchan Liquidator Apartment 8 Pravda Avenue 7 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-24/123-06. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Stiks 3000 Apartment 118 Ac. Pavlov Str. 313-B Kharkov Ukraine TECHNOPROMISE LLC: Creditors Must File Claims by July 11 -------------------------------------------------------- Creditors of LLC Technopromise (code EDRPOU 32911093) have until July 11 to submit written proofs of claim to: Taras Popovchenko Insolvency Manager 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 11/180-07. 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 Technopromise Belaya Tserkov District Avtozavodskaya Str. 3 Uzin 09161 Kiev Ukraine TOKMAK AGRICULTURAL: Creditors Must File Claims by July 11 ---------------------------------------------------------- Creditors of OJSC Tokmak Agricultural Industrial Delivery (code EDRPOU 00904121) have until July 11 to submit written proofs of claim to: The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/187/06. The Debtor can be reached at: OJSC Tokmak Agricultural Industrial Delivery Kuybishev Str. 4 Tokmak 71700 Zaporozhje Ukraine TRI VAD PLUS: Creditors Must File Claims by July 11 --------------------------------------------------- Creditors of LLC Tri Vad Plus (code EDRPOU 33396308) have until July 11 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 Debtor can be reached at: LLC Tri Vad Plus Artem Str. 21 04053 Kiev Ukraine ZLATA TAVRIDA: Creditors Must File Claims by July 11 ---------------------------------------------------- Creditors of LLC Engineering-Commerce Center Zlata Tavrida (code EDRPOU 24512383) have until July 11 to submit written proofs of claim to: Viacheslav Rabushko Liquidator Fuchik Str. 14 Melitopol 72319 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/111/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Engineering-Commerce Center Zlata Tavrida Melitopol Zaporozhje Ukraine =========================== U N I T E D K I N G D O M =========================== BAXI HOLDINGS: Market Conditions Cue S&P to Watch B+ Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services placed its 'B+' corporate credit ratings on U.K.-based heating products manufacturer Baxi Holdings Ltd. on CreditWatch with negative implications, reflecting concerns that the company's near-term credit metrics could be negatively affected by challenging market conditions in some of its key markets. At the same time, the 'B-' senior secured debt rating on the GBP100 million mezzanine notes issued by related entity Heating Finance PLC and guaranteed by Baxi was also placed on CreditWatch negative. "Baxi is witnessing slower demand in some of its key markets, including France, Italy, Germany, Spain, and Denmark, which we expect will have a negative impact on profitability and cash generation for reported results for the first half of 2007," said Standard & Poor's credit analyst Louise Newey. Pressure on Baxi's profitability is further exacerbated by higher raw material and component prices. Lower margin products are also accounting for a higher proportion of the sales mix in the company's key markets. Although Baxi's market share is reportedly unchanged, its financial performance, including cash generation, is expected to be negatively affected. It is uncertain at this stage to what extent restructuring measures implemented in 2006 will mitigate this. The company has initiated discussions with its lenders under the senior credit facilities with the view to modify their terms, which we expect will result in higher financing costs than the existing structure. Resolution of the CreditWatch status will follow a detailed review of Baxi's current performance, restructuring measures, and medium-term market prospects. This is likely to occur within the next six weeks. The review could lead to a lowering of all ratings. BLACKPOOL D.I.Y.: Claims Filing Period Ends August 22 ----------------------------------------------------- Creditors of Blackpool D.I.Y. & Trade Centre Ltd. have until Aug. 22 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: Gordon Craig Liquidator Cresswall Associates Ltd. 168 Hesketh Lane Tarleton Preston Lancashire PR4 6AT England Gordon Craig of Cresswall Associates Ltd. was appointed liquidator of the company on May 22 by a resolution of members and creditors. BOMFORDS PREPARED: Taps Administrators from Deloitte & Touche ------------------------------------------------------------- Dominic Lee Zoong Wong, Andrew Philip Peters and David John Langton of Deloitte & Touche LLP were appointed joint administrators of Bomfords Prepared Ltd. (t/a B Prepared) (Company Number 05334190) on June 27. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting, and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Birmingham, England, Bomfords Prepared Ltd. prepares ready to eat fruit and vegetables. CARDTRONICS INC: Plans to Offer US$125 Million of Senior Notes -------------------------------------------------------------- Cardtronics, Inc., plans to offer US$125 million aggregate principal amount of 9-1/4% Senior Subordinated Notes due 2013, subject to market and other customary conditions. The notes are an additional issuance of Cardtronics' 9-1/4% Senior Subordinated Notes due 2013, US$200 million of which were originally issued in August 2005. The company intends to use the net proceeds from this offering, together with available cash and borrowings under its revolving credit facility, to fund its previously announced acquisition of substantially all of the assets of the financial services business of 7-Eleven, Inc., which is expected to close early in the third quarter of 2007. The notes will be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended and outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements. About Cardtronics Headquartered in Houston, Texas, Cardtronics Inc. -- http://www.cardtronics.com/-- is a non-bank owner/operator of ATMs with more than 25,750 locations. The company operates in every major U.S. market, at approximately 1,700 locations throughout the U.K., and at over 700 locations in Mexico. CARDTRONICS INC: Acquisition Cues S&P to Affirm B+ Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its B+/Stable/-- corporate credit rating on Houston, Texas-based Cardtronics Inc., after the company's announced acquisition of the U.S. ATM operations of 7-Eleven, Inc. The outlook remains stable. "The ratings on Cardtronics reflect its high leverage and aggressive capital spending in a mature and consolidating industry," said Standard & Poor's credit analyst David Tsui. These factors partly are offset by Cardtronics' leading position in the U.S. as an independent ATM provider and recurring revenue streams. Pro forma for the acquisition of 5,500 ATMs from 7-Eleven, Inc., Cardtronics owns about 60% of its network of approximately 31,000 ATMs and provides services for the balance. Cardtronics' ATMs are located in nonbanking sites, typically located in convenience stores, grocery stores, drugstores and retailers. Contracts with merchants are on average five to seven years, providing stable and recurring revenue streams. The company's top 15 customers account for approximately 40% of revenues. Cardtronics has grown rapidly since 2001, tripling the number of ATMs in its network, primarily through acquisitions. However, the U.S. ATM industry is mature, and characterized by sharp competition for high traffic, high volume sites. Organic growth opportunities, including the increased revenues associated with bank and network branding initiatives and a growing presence in the U.K. and Mexico provided some relief. D.B. INC: Alan H. Tomlinson Leads Liquidation Procedure ------------------------------------------------------- Alan H. Tomlinson of Tomlinsons was appointed liquidator of D.B. Inc. (U.K.) Ltd. on June 4 for the creditors’ voluntary winding-up procedure. Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all types of business recovery and insolvency procedures, as well as offering advice to companies and individuals who believe they may be heading towards, or are already in, financial difficulty. The company can be reached at: D.B. Inc. (U.K.) Ltd. 25-27 Heath Street Camden London NW3 6TR England Fax: 020 7431 4497 EXPERT TECHNOLOGIES: Taps Liquidator from Stones & Co. ------------------------------------------------------ Gary Stones of Stones & Co. was appointed liquidator of Expert Technologies Ltd. on June 8 for the creditors’ voluntary winding-up procedure. The company can be reached at: Expert Technologies Ltd. Clarion Close Swansea Enterprise Park Swansea SA6 8QZ Wales Tel: 01792 795 111 Fax: 01792 795 444 GGS HOLDING: Brings In Liquidators from Kroll --------------------------------------------- A. P. Beveridge and P. M. Saville of Kroll were appointed joint liquidators of GGS Holding Ltd. on June 21 for the creditors’ voluntary winding-up procedure. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: GGS Holding Ltd. Thames House 18 Park Street Southwark London SE1 9EL England Tel: 020 7407 4433 HEATING FINANCE: Moody's Cuts Rating to B2 on Weak Performance -------------------------------------------------------------- Moody's Investors Service downgraded Heating Finance plc's corporate family rating to B2 from Ba3, downgraded the rating on GBP574 million of senior secured credit facilities to B2/LGD3/45% from Ba3/LGD3/44% and downgraded the rating on the GBP100 million mezzanine notes due 2014 to Caa1/LGD6/94% from B2/LGD6/94%. The negative outlook on all ratings was maintained. These rating actions follow the company's profit warning and announcement that a downturn in certain markets for heating products will continue beyond the first quarter of 2007. As a result of this downturn the company reported that it has commenced discussions with its senior debt lenders with a view to modifying terms of its credit facilities. The downgrade reflected Moody's concerns stemming from: (i) the company's disclosure of continued weaker operating performance; (ii) possible impacts on the core business and future cash flows from the market downturn; (iii) Moody's view of execution risk from possible business restructuring; and (iv) uncertainty surrounding the outcome of discussions with lenders and modification of lending terms. Moody's previously reported that the company was weakly positioned within the Ba3 corporate family rating, with a negative outlook reflecting downward ratings pressure should the company be unable to improve its financial metrics from 2005 year end levels. Lower expected credit metrics combined with an extended softening in certain markets, a further decline in the French business and uncertainty over the impact and outcome of negotiations with senior lenders has warranted the downgrade to B2. The French business has performed particularly negatively in 2007 due to generally weak markets for heating products and the trend to electrical heating, heat pumps and solar products and away from floor standing gas and oil fired boilers. Weaker performance in certain markets other than France are a result primarily of lower levels of heating market activity, but other factors include: (i) margin pressure from rising input prices (particularly copper, stainless steel and energy); (ii) environmental and energy related legislation changes; and (iii) consumer buying trends influenced by elements such as macroeconomic and political conditions, availability and price movements of different fuel types and taxation or tax incentive changes. The negative outlook for ratings reflects the uncertainty surrounding the timing and effort needed to address the French business and the outcome of negotiations to amend senior credit facilities, together with the current downward trend in certain other markets experienced in 2007 to date and a tighter liquidity position expected. Moody's expect credit metrics to weaken in 2007. Stabilization of the rating will depend on the company demonstrating a sustainable reversal of the downward trend and acceptable liquidity position. The ratings affected by today's rating actions are: -- Corporate Family rating downgraded to B2 from Ba3; -- Rating on GBP574 million of senior secured credit facilities downgraded to B2, LGD3, LGD assessment of 45% from Ba3, LGD3, LGD assessment of 44%; -- Rating on GBP100 million mezzanine notes due 2014 downgraded to Caa1, LGD6, LGD assessment of 94% from B2, LGD6, LGD assessment of 94%; and -- Outlook on all ratings maintained as Negative. Headquartered in Derby, England, Heating Finance plc is the direct holding company of Baxi Group Limited. Baxi Group Limited is a European leading designer and manufacturer of residential heating and hot water systems. For the financial year ended Dec. 31, 2006, Baxi reported around GBP919 million in revenues. IMS LEGAL: Appoints Joint Administrators from KPMG -------------------------------------------------- Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were appointed joint administrators of IMS Legal Indemnity Ltd. (Company Number 4094477) on June 13. 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 Richmond, England, IMS Legal Indemnity Ltd. is engaged in human health activities. MILES THOMPSON: Calls In Liquidators from Begbies Traynor --------------------------------------------------------- Michael E. G. Saville and Rob Sadler of Begbies Traynor were appointed joint liquidators of Miles Thompson & Co. Ltd. on June 4 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: Miles Thompson & Co. Ltd. Unit 33 Half Acres Welton Road Brough HU15 1LZ England Tel: 01482 669 484 Fax: 01482 669 549 MISKIN PLANT: Joint Liquidators Take Over Operations ---------------------------------------------------- A. P. Beveridge and P. M. Saville of Kroll were appointed joint liquidators of Miskin Plant & Tool Hire Co. Ltd. on June 21 for the creditors’ voluntary winding-up proceeding. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: Miskin Plant & Tool Hire Co. Ltd. Alban House Brownfields Welwyn Garden City AL7 1BE England Tel: 01707 371 858 Fax: 01707 373 073 MUSIC ZONE: Names William Kenneth Dawson Liquidator --------------------------------------------------- William Kenneth Dawson of Deloitte & Touche LLP was appointed liquidator of Music Zone Services Ltd. on June 21 for the creditors’ voluntary winding-up procedure. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting, and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: Music Zone Services Ltd. St. Georges Shopping Centre Preston PR1 2TU England Tel: 01772 200 220 Fax: 01772 200 220 Web site: http://www.musiczone.co.uk/ NICHOLLS AND WILSON: Appoints Tony Mitchell as Liquidator --------------------------------------------------------- Tony Mitchell of Cranfield Recovery Ltd. was appointed liquidator of Nicholls and Wilson Property Services Ltd. on June 22 for the creditors’ voluntary winding-up procedure. The company can be reached at: Nicholls & Wilson Property Services Ltd. Alston Drive Bradwell Abbey Milton Keynes MK13 9HB England Tel: 01908 321 123 Fax: 01908 568 703 NOTTINGHAM CONTRACT: Taps Liquidators from Blades Insolvency ------------------------------------------------------------ Philip Anthony Brooks and Julie Willetts of Blades Insolvency Services were appointed joint liquidators of Nottingham Contract Flooring Ltd. on June 22 for the creditors’ voluntary winding-up procedure. The company can be reached at: Nottingham Contract Flooring Ltd. Unit 4a Eagle Road Quarry Hill Industrial Estate Ilkeston DE7 4RB England Tel: 0115 944 2555 OBPC FRANCHISING: Claims Filing Period Ends September 5 ------------------------------------------------------- Creditors of OBPC (Franchising) Ltd. (t/a The Original Beauty Portrait Co.) have until Sept. 5 to send in their names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Mark Levy Liquidator Berley 76 New Cavendish Street London W1G 9TB England Mark Levy of Berley was appointed liquidator of the company on June 5 by resolutions of members and creditors. PENN PROPERTIES: Appoints Gerald Irwin as Liquidator ---------------------------------------------------- Gerald Irwin of Irwin & Co. was appointed liquidator of Penn Properties (Midlands) Ltd. on June 8 for the creditors’ voluntary winding-up proceeding. The company can be reached at: Penn Properties (Midlands) Ltd. Upper Villiers Street Wolverhampton WV2 4NU England Tel: 01902 345 124 Fax: 01902 330 843 PROMINENT CMBS 2: S&P Assigns BB Ratings to GBP17 Mln F Notes ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP451 million commercial mortgage-backed floating-rate notes to be issued by Prominent CMBS Conduit No. 2 Ltd., a special purpose entity incorporated in Jersey. At the same time, Prominent CMBS Conduit No. 2 will issue GBP3.3 million unrated notes. In this transaction, loss allocation to the noteholders will be synthetically linked to the performance of a reference pool of five commercial property loans. Losses occurring in the loan pool are allocated to each class of notes in reverse sequential order, starting with the class F notes. The class X notes will not absorb losses allocated to the notes. All of the reference loans were originated and are serviced by Bank of Scotland (AA/Stable/A-1+) or Bank of Scotland (Ireland) Ltd. Bank of Scotland or Bank of Scotland Ireland will continue to own and service the loans, and the loans will therefore not be used as security for the notes. Instead, at closing, GBP451 million of the proceeds of the issuance will be deposited in a bank account or will be invested by the issuer in eligible securities that are subject to a repurchase agreement with HBOS Treasury Services PLC. The cash and securities will provide the security for the rated notes. Prominent CMBS Conduit No. 2 is the first synthetic CMBS transaction to be structured by HBOS Treasury Services PLC. It is the second CMBS transaction under Bank of Scotland's "Prominent" program. Ratings List Prominent CMBS Conduit No. 2 Ltd. GBP454.3 Million Commercial Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mil. GBP) ----- ------ -------- A AAA 365.0 B AA 19.0 C A 19.0 D BBB 20.0 E BBB- 11.0 F BB 17.0 X (1) NR 3.3 (1) This note will cover issuance costs and will not absorb losses allocated to the notes. NR - Not rated. SANDWELL NEW: Taps Christopher Farrington to Liquidate Assets ------------------------------------------------------------- Christopher Farrington was appointed liquidator of Sandwell New Horizons Ltd. on June 11 for the creditors’ voluntary winding-up procedure. The company can be reached at: Sandwell New Horizons Ltd. Kelvin Way West Bromwich B70 7JW England Tel: 0121 553 7847 Fax: 0121 553 0102 SRBS REALISATIONS: Joint Liquidators Take Over Operations --------------------------------------------------------- Robert Andrew Henry Maxwell and Stuart Charles Edward Mackellar of Kroll Ltd. were appointed joint liquidators of SRBS Realisations Ltd. (formerly Sanderson’s Removals (Boston Spa) Ltd. on June 1 for the creditors’ voluntary winding-up procedure. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: SRBS Realisations Ltd. Unit 85b Centre Park Marston Moor Business Park Tockwith York YO26 7QF England Tel: 01423 560 796 Fax: 01937 844 831 TOPAM ENGINEERING: Calls In Liquidators from The P&A Partnership ---------------------------------------------------------------- John Russell and Andrew Philip Wood of The P&A Partnership were appointed joint liquidators of Topam Engineering Co. Ltd. on June 20 for the creditors’ voluntary winding-up proceeding. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Topam Engineering Co. Ltd. Old Lane Halfway Sheffield S20 3GZ England Tel: 0114 251 0847 Fax: 0114 251 0847 TOTTEN INTERIORS: Claims Filing Period Ends July 30 --------------------------------------------------- Creditors of Totten Interiors Ltd. have until July 30 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: Vincent John Green Joint Liquidator Vantis Business Recovery Services Judd House 16 East Street Tonbridge TN9 1HG England Vincent John Green and Mark Newman of Vantis Business Recovery Services were appointed joint liquidators of the company on June 22 by the members and creditors. UNITED VEHICLE: Hires Liquidator from Fisher Partners ----------------------------------------------------- Stephen Katz of Fisher Partners was appointed liquidator of United Vehicle Leasing Ltd. (formerly Inlaw Two Hundred and Eighteen Ltd.) on June 8 for the creditors’ voluntary winding-up proceeding. The company can be reached at: United Vehicle Leasing Ltd. 17 Priory Terrace Camden London NW6 4DG England Tel: 020 7372 7474 ZOO ABS 4: Fitch Assigns BB- Ratings to EUR8.5 Million E Notes -------------------------------------------------------------- Fitch has assigned final ratings to ZOO ABS 4 PLC's issue of EUR514.2m floating rate notes. The transaction is a securitization of structured finance assets including primarily residential and commercial mortgage-backed securities. -- EUR100 million Class A-1R floating rate notes due 2096: 'AAA' -- EUR150 million Class A-1A floating rate notes due 2096: 'AAA' -- EUR115.7 million Class A-1B floating rate notes due 2096: 'AAA' -- EUR27 million Class A-2 floating rate notes due 2096: 'AAA' -- EUR30 million Class B floating rate notes due 2096: 'AA' -- EUR35 million Class C deferrable floating rate notes due 2096: 'A' -- EUR28 million Class D deferrable floating rate notes due 2096: 'BBB-' -- EUR8.5 million Class E deferrable floating rate notes due 2096: 'BB-' -- EUR8 million Class P combination notes due 2096: 'BBB' The final ratings of the Class A-1R, A-1A, A-1B, 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, D and E notes, which can defer interest, the final ratings address the ultimate payment of principal and interest, including deferred interest, at maturity. The rating on the Class P combination notes addresses the ultimate receipt of the rated balance (as defined in the prospectus) from funds received on their components by the legal final maturity date, according to the conditions of the notes. The ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, P&G SGR S.p.A., 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. P&G will actively manage the collateral over the five-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 Class A-1R, A-1A and A-1B notes totals 26.9%, of which 5.4% is provided by the A-2 notes, 6.0% by the B notes, 7.0% by the C notes, 5.6% by the D notes, 1.7% by the E notes and 1.2% by the EUR20 million unrated subordinated notes. ZOO ABS 4 PLC is a public limited company incorporated under the laws of Ireland. On the closing date, the issuer had purchased 98% of the target portfolio, and has until the earlier of the first payment date occurring in November 2007 or the effective date for the manager to fully invest the portfolio. * BOND PRICING: For the Week July 3 to July 7, 2007 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 60.64 0.250 10/14/26 CDN 37.90 Republic of Austria 4.000 06/22/22 EUR 72.33 7.000 08/04/25 EUR 66.17 5.000 10/10/25 EUR 69.77 FINLAND ------- Muni Finance PLC 1.000 03/19/13 AUD 72.96 0.500 04/26/13 AUD 70.20 1.000 11/21/16 NZD 55.78 0.500 09/24/20 CDN 55.41 0.250 06/28/40 CDN 19.77 FRANCE ------ Accor S.A. 1.750 01/01/08 EUR 71.31 Alcatel S.A. 4.750 01/01/11 EUR 17.13 Altran Technologies S.A. 3.750 01/01/09 EUR 12.46 BNP Paribas 0.250 12/20/14 US$ 66.89 CAP Gemini S.A. 2.500 01/01/10 EUR 59.82 1.000 01/01/12 EUR 58.78 Club Mediterranee S.A. 3.000 11/01/08 EUR 67.16 4.375 11/01/10 EUR 56.56 FCC Rome Alliance Funding 2.256 01/08/21 EUR 71.32 France Telecom S.A. 5.625 01/23/34 GBP 91.00 Havas S.A. 4.000 01/01/09 EUR 10.79 Infogrames Entertainment S.A. 4.000 01/01/09 EUR 0.50 1.500 07/01/11 EUR 23.49 Ingenico 2.750 01/01/12 EUR 23.56 Maurel & Prom 3.500 01/01/10 EUR 22.40 Publicis Group 0.750 07/17/08 EUR 34.46 1.000 01/18/18 EUR 43.63 Rallye 3.750 01/01/08 EUR 52.68 Rhodia S.A. 0.500 01/01/14 EUR 46.68 Scor S.A. 4.125 01/01/10 EUR 2.38 Soc Air France 2.750 04/01/20 EUR 36.01 Soitec 4.625 12/20/09 EUR 13.55 Thomson (EX-TMM) 1.000 01/01/08 EUR 39.08 Valeo 2.375 01/01/11 EUR 50.83 Vivendi Universal S.A. 1.750 10/30/08 EUR 33.03 Wendel Invest S.A. 2.000 06/19/09 EUR 53.99 GERMANY ------- KfW Bankengruppe 0.500 10/30/13 AUD 66.93 0.347 05/17/16 EUR 76.60 0.500 12/19/17 EUR 65.33 5.000 05/23/20 EUR 73.53 5.000 07/07/20 EUR 70.40 5.000 07/29/20 EUR 70.40 6.000 07/21/25 EUR 66.30 5.000 09/01/25 EUR 74.41 8.000 08/10/30 EUR 64.30 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 42.11 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 54.87 GREECE ------ Hellenic Republic 5.000 07/13/20 EUR 71.16 Hellenic Republic 6.000 07/07/24 EUR 66.13 Hellenic Republic 6.000 07/06/24 EUR 72.26 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 64.64 IRELAND ------- Depfa ACS Bank 0.500 03/03/25 CDN 47.75 0.250 07/08/33 CDN 26.89 Irish Perm Plc 6.125 02/15/35 EUR 69.31 Magnolia Finance IV Plc 1.050 12/20/45 US$ 25.97 LUXEMBOURG ---------- Carrier1 Int'l S.A. 13.250 02/15/09 US$ 0.88 Teksid Aluminum S.A. 12.375 07/15/11 EUR 33.42 NETHERLANDS ----------- ABN AMRO Bank N.V. 6.250 06/29/35 EUR 69.50 BK Ned Gemeenten 0.500 06/27/18 CDN 60.44 0.500 02/24/25 CDN 45.67 EADS Finance B.V. 4.625 03/03/10 EUR 99.27 EM.TV Finance B.V. 5.250 05/08/13 EUR 6.09 Gerling Global Rentefonds 6.625 08/16/21 EUR 60.78 Lehman Bros TSY B.V. 6.000 02/15/35 EUR 74.67 8.250 03/16/35 EUR 62.83 7.000 05/17/35 EUR 69.84 7.250 10/05/35 EUR 64.28 6.000 11/02/35 EUR 67.48 Ned Waterschapbk 6.000 06/01/35 EUR 71.89 6.500 08/15/35 EUR 65.02 Rabobank Groep N.V. 5.360 07/15/15 EUR 67.63 6.000 04/08/20 EUR 72.25 3.100 11/15/24 US$ 72.07 6.000 02/22/35 EUR 70.88 2.000 02/23/35 EUR 62.73 7.000 02/28/35 EUR 68.84 7.000 03/23/35 EUR 66.15 6.000 05/09/35 EUR 72.72 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 69.93 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 70.50 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 53.23 1.678 07/03/56 GBP 35.18 HBOS Treasury Services Plc 6.000 02/07/35 EUR 74.00 National Grid Gas Plc 1.754 10/17/36 GBP 45.55 1.771 03/30/37 GBP 45.57 Royal BK Scotland Plc 0.250 03/27/14 US$ 70.19 7.000 04/04/25 US$ 67.46 7.000 06/09/25 EUR 65.35 7.000 06/29/30 EUR 60.60 6.500 02/23/45 EUR 62.88 Wessex Water Finance Plc 1.369 07/31/57 GBP 29.97 ********* 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 * * *