/raid1/www/Hosts/bankrupt/TCREUR_Public/070808.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
Wednesday, August 8, 2007, Vol. 8, No. 156
Headlines
A U S T R I A
DELTA ENERGIEPROJEKTE: Claims Registration Period Ends Aug. 13
GENERAL BUILDING: Claims Registration Period Ends Sept. 11
GREGOR BAUER: Eisenstadt Court Orders Business Shutdown
ICODEX SOFTWARE: Claims Registration Ends Aug. 13
ITH SYSTEMS: Wiener Neustadt Orders Business Shutdown
MARKETING FOR EVENTS: Linz Court Orders Business Shutdown
TEUSCHL KEG: Claims Registration Period Ends Aug. 14
B E L G I U M
MILACRON INC: Incurs US$100,000 Net Loss in Qtr. Ended June 30
D E N M A R K
BLOCKBUSTER INC: Moody's Cuts Corporate Family Rating to Caa1
F R A N C E
ALCATEL-LUCENT: Court Reverses US$1.5-Bln Microsoft MP3 Ruling
ALCATEL-LUCENT: To Upgrade nTelos’ Wireless Network
BOSTON SCIENTIFIC: Retains Endosurgery Group, IPO Called
G E R M A N Y
ASAT HOLDINGS: April 30 Balance Sheet Upside-Down by US$88.3 Mln
ASAT HOLDINGS: Finance Unit Solicits Consents to Amend Indenture
ASAT HOLDINGS: Taps Peter Tin as Senior VP of Quality Dept.
BUCKEYE TECHNOLOGIES: Earns US$15.9 Mln in Quarter Ended June 30
CHRYSLER AUTOMOTIVE: Sale Closing Cues Moody's to Junk Loan
HUNDT & WEBER: Claims Registration Period Ends Sept. 10
JELS UAB: Creditors' Meeting Slated for Sept. 10
SEAT PAGINE: Buying Wer Liefert Was for EUR115 Million
H U N G A R Y
GRAHAM PACKAGING: June 30 Balance Sheet Upside-Down by US$612.6M
I T A L Y
ALITALIA SPA: Chairman Eyes Shakeup of AZ Servizi Unit
FIAT SPA: To Buy 100,000 Engines Yearly from Chery Automobile
SEAT PAGINE: Buying Wer Liefert Was for EUR115 Million
K A Z A K H S T A N
ALLIANCE LTD: Proof of Claim Deadline Slated for Sept. 18
BOSTOS-GRAIN LLP: Creditors Must File Claims Sept. 12
FORT LLP: Claims Filing Period Ends Sept. 12
NUR-EL LLP: Creditors' Claims Due on Sept. 12
SHARK-TRADING-GROUP LLP: Claims Registration Ends Sept. 12
K Y R G Y Z S T A N
BAU MAYSTER: Proof of Claim Deadline Slated for September 14
FAB AIR: Claims Filing Period Ends September 14
N E T H E R L A N D S
KONINKLIJKE AHOLD: Posts Preliminary Second Quarter 2007 Results
N O R W A Y
DRESSER-RAND: Unable to Agree on Labor Contract with IUE-CWA
R U S S I A
AGRO-INDUSTRIAL INVESTMENT: Court Starts Bankruptcy Proceedings
AVEST-TRADE CJSC: Creditors Must File Claims by Sept. 7
BIO-TON-VOLGA: Court Names A. Medvedev as Insolvency Manager
GRIGORYEVSKOE LLC: Creditors Must File Claims by Sept. 7
LISMA OJSC: Creditors Must File Claims by Sept. 7
MEGA-MARKET LLC: Creditors Must File Claims by Sept. 7
ROS CJSC: Court Names T. Ivanova as Insolvency Manager
RURAL BUILDER: Court Names R. Perepletov as Insolvency Manager
SEVERYANKA-2 CJSC: Court Names A. Gorelkin as Insolvency Manager
SKOPINO-AGRO-KHIM: Creditors Must File Claims by Sept. 7
STROY-OBJECT CJSC: Court Names R. Morgunov as Insolvency Manager
SYSTEM OJSC: Creditors Must File Claims by Sept. 7
UVAROVSKIY MALT: Creditors Must File Claims by Sept. 7
YUKOS OIL: Receiver Gets Three More Months to Liquidate Assets
S L O V E N I A
FLETCHER BUILDING: To Build Regional Center in Hungary
S P A I N
HERTZ GLOBAL: Earns US$83.7 Million in Second Quarter 2007
TOWER AUTOMOTIVE: Appoints Mark Malcolm as CEO & President
S W I T Z E R L A N D
A&D PHARMA: Creditors' Liquidation Claims Due August 17
ALFA DIREKT: Zug Court Starts Bankruptcy Proceedings
ASIA TRADE: Zug Court Starts Bankruptcy Proceedings
CONBEE LLC: Zug Court Starts Bankruptcy Proceedings
ERES JSC: Creditors' Liquidation Claims Due August 15
FREI JSC: Creditors' Liquidation Claims Due August 13
GRAYCLIFF TEX: Creditors' Liquidation Claims Due August 15
H. KEIGEL: Creditors' Liquidation Claims Due August 13
HEMO SYSTEME: Creditors' Liquidation Claims Due August 23
KLINGELE JSC: Creditors' Liquidation Claims Due August 15
OMICRON NANOTECHNOLOGY: Liquidation Claims Due Aug. 13
SAVORELLA JSC: Creditors' Liquidation Claims Due August 20
SAVORINA JSC: Creditors' Liquidation Claims Due August 20
SCHMID JSC: Creditors' Liquidation Claims Due August 13
TAUBER JSC: Zurich Court Starts Bankruptcy Proceedings
U K R A I N E
BLACK METAL: Creditors Must File Claims by August 9
BOLGOV LLC: Creditors Must File Claims by August 9
DOBRODEY AND K: Creditors Must File Claims by August 9
IZIUM MACHINE-TECHNOLOGICAL: Creditors' Claims Due August 9
LAVANDA LLC: Creditors Must File Claims by August 9
LOZOVAYA FATTENING: Creditors Must File Claims by August 9
MOMENT DE JURE: Creditors Must File Claims by August 9
MOTORCAR 16367: Creditors Must File Claims by August 9
STROAGRO LLC: Creditors Must File Claims by August 9
UKRAINIAN MEDIA: Creditors Must File Claims by August 9
U N I T E D K I N G D O M
BALLY TOTAL: Gets Interim OK to Hire Latham & Watkins as Counsel
BALLY TOTAL: Wins Favorable Ruling in Mass. Consumer Lawsuit
BRITISH AIRWAYS: Arraignment in the U.S. Expected Next Week
EMI GROUP: Total Revenue at Constant Currency Down 5.1% in 2007
FORD MOTOR: Wants Tentative Land Rover & Jaguar Deal by Sept. 30
FORD MOTOR: Recalls 3.6 Million Vehicles to Fix Cruise Control
IMPERIAL CHEMICAL: Akzo Teams Up With Henkel in GBP8 Billion Bid
INCO LTD: Builds US$2.5 Billion Nickel Plants in Indonesia
INCO LTD: To Meet Annual Output Target Despite Plant Shutdown
JABIL CIRCUIT: To Set Up Two New Divisions, Appoints Officers
JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on Sept. 4
RECITE LTD: Brings In Liquidators from BDO Stoy Hayward
SKYEPHARMA PLC: FDA Trial Query Delays Flutiform NDA Filing
* Fried Frank Adds Nine New Partners to Firm
*********
=============
A U S T R I A
=============
DELTA ENERGIEPROJEKTE: Claims Registration Period Ends Aug. 13
--------------------------------------------------------------
Creditors owed money by LLC DELTA Energieprojekte (FN 136005h)
have until Aug. 13 to file written proofs of claim to court-
appointed estate administrator Robert Levovnik at:
Mag. Robert Levovnik
Getreidegasse 13/I
9020 Klagenfurt
Austria
Tel: 0463/50 43 43
Fax: 0463/504582
E-mail: levovnik@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Aug. 20 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Klagenfurt
Conference Hall 225
Second Floor
Klagenfurt
Austria
Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on July 11 (Bankr. Case No. 41 S 65/07t).
GENERAL BUILDING: Claims Registration Period Ends Sept. 11
----------------------------------------------------------
Creditors owed money by LLC General Building Solutions (FN
276343m) have until Sept. 11 to file written proofs of claim to
court-appointed estate administrator Herbert Hochegger at:
Dr. Herbert Hochegger
c/o Dr. Bernhard Eder
Brucknerstrasse 4/5
1040 Vienna
Austria
Tel: 505 78 61
Fax: 505 78 619
E-mail: office@hoch.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on Sept. 25 for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1606
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 12 (Bankr. Case No. 4 S 77/07m). Bernhard Eder
represents Dr. Hochegger in the bankruptcy proceedings.
GREGOR BAUER: Eisenstadt Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Eisenstadt entered July 6 an order shutting
down the business of LLC Gregor Bauer (FN 96118a).
Court-appointed estate administrator Gerwald Holper 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. Gerwald Holper
Technologiezentrum, Marktstrasse 3
7000 Eisenstadt
Austria
Tel: 02682/704266-0
Fax: 02682/70426615
E-mail: eisenstadt@kosch-partner.at
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 5 (Bankr. Case No 26 S 92/07t).
ICODEX SOFTWARE: Claims Registration Ends Aug. 13
-------------------------------------------------
Creditors owed money by JSC ICODEX Software (FN 226451t) have
until Aug. 13 to file written proofs of claim to court-appointed
estate administrator Klaus Doernhoefer at:
Dr. Klaus Doernhoefer
Franz Liszt-Gasse 1
7000 Eisenstadt
Austria
Tel: 02682/62468
Fax: 02682/66214
E-mail: office@wirhabenrecht.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Aug. 27 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Eisenstadt
Hall F
Eisenstadt
Austria
Headquartered in Eisenstadt, Austria, the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 26 S 88/07d). LLC Hasch &
Partner represents the Debtor in the bankruptcy proceedings.
ITH SYSTEMS: Wiener Neustadt Orders Business Shutdown
-----------------------------------------------------
The Land Court of Wiener Neustadt entered July 5 an order
shutting down the business of LLC ITH systems (FN 276157p).
Court-appointed estate administrator Georg Schober 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. Georg Schober
Hauptplatz 11
2700 Wiener Neustadt
Austria
Tel: 02622/23228
Fax: 02622/23228-26
E-mail: g.schober@schober.at
Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on July 2 (Bankr. Case No 11 S 78/07t).
MARKETING FOR EVENTS: Linz Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Linz entered July 6 an order shutting down the
business of LLC Marketing for Events (FN 217448b).
Court-appointed estate administrator Martin Hengstschlager
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. Martin Hengstschlager
c/o Mag. Rene Lindner
Fadingerstrasse 9/2
4020 Linz
Austria
Tel: 78 40 80-0
Fax: 78 40 80-4
E-mail: office@hengstschlaeger-lindner.at
Headquartered in Linz, Austria, the Debtor declared bankruptcy
on June 26 (Bankr. Case No 12 S 56/07h). Rene Lindner represents
Mag. Hengstschlager in the bankruptcy proceedings.
TEUSCHL KEG: Claims Registration Period Ends Aug. 14
----------------------------------------------------
Creditors owed money by KEG Teuschl (FN 146564k)have until
Aug. 14 to file written proofs of claim to court-appointed
estate administrator Franz Hofbauer at:
Dr. Franz Hofbauer
Hauptplatz 6
3370 Ybbs/Donau
Austria
Tel: 07412/52731
Fax: 07412/52731-22
E-mail: dr.hofbauer@wibs.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on Sept. 4 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of St. Poelten
Room 216
Second Floor
Old Building
St. Poelten
Austria
Headquartered in Poechlarn, Austria, the Debtor declared
bankruptcy on July 6 (Bankr. Case No. 14 S 122/07t).
=============
B E L G I U M
=============
MILACRON INC: Incurs US$100,000 Net Loss in Qtr. Ended June 30
--------------------------------------------------------------
Milacron Inc. posted a US$100,000 net loss for the second-
quarter ended June 30 against US$197 million in sales. This
compares to a net loss of US$14.3 million on sales of US$211
million in the second quarter of 2006.
Results in the second quarter of 2007 included a US$4.9 million
tax benefit and US$1.5 million in restructuring costs with no
tax benefit, whereas the year-ago quarterly loss included a
US$0.9 million provision for income taxes and US$8.8 million in
restructuring charges also without tax benefit.
"Throughout the world our employees are working hard executing
our strategies and we are seeing positive benefits from these
efforts," said Ronald D. Brown, chairman, president and chief
executive officer. "The previously announced cost-reduction
measures are generating the savings we projected. Moreover, we
continue to achieve positive results from our key sales growth
initiatives: expanding our presence in emerging markets, while
focusing more attention on aftermarket services in our
traditional markets of North America and Western Europe.
Milacron’s orders from emerging markets are up 23% over last
year and now constitute nearly one-quarter of our total
business. And our aftermarket sales have grown another 6% so
far this year," he said.
Sales and earnings growth in overseas markets continued to
offset the ongoing weakness in the automotive and housing
sectors of the North American economy. New orders in the quarter
were US$202 million, compared to US$200 million in the second
quarter last year, with favorable currency translation effects
accounting for the increase. The backlog of unfilled orders
rose to US$132 million, up from US$127 million at the end of the
first quarter and US$107 million a year ago. Manufacturing
margins in the second quarter improved to 19.6% from 19.1% in
the second quarter 2006, primarily as a result of cost-reduction
initiatives.
Cash on hand at the end of the quarter was in excess of US$31
million, and the company had more than US$33 million available
for borrowing under its asset-based revolving credit facility.
Liquidity (cash plus borrowing availability) of US$65 million
was down from US$73 million at the beginning of the quarter.
The change was primarily the result of a semi-annual interest
payment of US$13 million made in May, partially offset by
primary working capital reductions during the quarter.
Outlook
"With our increased backlog, Milacron is poised to show
continued quarterly improvement in sales and operating earnings
in the second half of the year. Outside of North America, we’re
enjoying good growth in virtually all our major markets. And in
North America we are dealing with the current downturn through
cost reductions and other measures, all the while maintaining
the resources needed to take advantage of an eventual recovery.
At this point we are projecting approximately 3% overall sales
growth in 2007, with significantly improved operating profits,"
Mr. Brown said.
Dividends
No dividends were declared on Milacron’s common stock. The
board declared a quarterly dividend of US$10.00 per share on its
4% Series A cumulative preferred stock. The company continues
to accrue dividends on its 6% Series B convertible preferred
stock. Milacron currently has outstanding: 6,000 shares of 4%
cumulative preferred stock, 500,000 shares of 6% Series B
convertible preferred stock, and approximately 5.5 million
shares of common stock.
Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/ -- is a global manufacturer
and supplier of plastics-processing equipment and related
supplies. Milacron is also one of the largest global
manufacturers of synthetic water-based industrial fluids used in
metalworking applications. The company has major manufacturing
facilities in Brazil, North America, Europe, and Asia.
Milacron's annual revenues approximated US$805 million over the
last twelve months.
The company has an office in South Korea, and joint ventures in
China and India. In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.
* * *
As reported in the Troubled Company Reporter on Jan. 2, 2007,
Standard & Poor's Ratings Services revised its outlook on
Cincinnati, Ohio-based Milacron Inc., to developing from
negative. At the same time, Standard & Poor's affirmed its
ratings on the company, including its 'CCC+' corporate credit
rating.
=============
D E N M A R K
=============
BLOCKBUSTER INC: Moody's Cuts Corporate Family Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded Blockbuster Inc.'s
corporate family rating to Caa1, its senior secured credit
facilities to B3, and speculative grade liquidity rating to
SGL-4.
In addition, Moody's affirmed the senior subordinated notes
rating at Caa2. The rating outlook remains negative. The
downgrade is prompted by Blockbuster's very weak first and
second quarter results which were significantly below Moody's
expectations and resulted in the company needing to attain an
amendment to the financial covenants contained in its senior
secured bank credit facilities. The downgrade also reflects the
significant challenge that the management team of Blockbuster
faces as it seeks to quickly turn its dramatic year-over-year
operating declines in order to avoid any further potential
covenant violations.
These ratings are downgraded:
-- Corporate family rating to Caa1 from B3;
-- Senior secured bank credit facilities to B3 (LGD3-42%)
from B1 (LGD2-25%);
-- Speculative grade liquidity rating to SGL-4 from SGL-3.
These ratings are affirmed:
-- Probability of default rating at B3;
-- Senior subordinated notes at Caa2 (LGD6-92%).
The Caa1 rating reflects Blockbuster's history of highly
volatile and unpredictable operating performance as a result of
the mismanagement of the launch of strategic initiatives,
particularly Total Access and the No Late Fees programs. In
addition to the need to address its poor execution, Blockbuster
faces the ongoing challenge of all players in the video store
industry of identifying ways of dealing with intense
competition, price deflation and evolving technology. The
corporate family rating reflects Moody's expectation that EBIT
will likely be negative for the fiscal year 2007 even if the
company is able to significantly turn around its operating
declines during the third quarter. Moody's acknowledges that
the new senior leadership of Blockbuster is in the early stages
of implementing better execution of Total Access and creating an
overall business strategy which will make the most of
Blockbuster's clear leadership in the area of video and game
rentals and preserve its high brand value. However, the better
execution and cost saving initiatives need to come to fruition
quickly as there is a high potential for further covenant
violations unless the company significantly turns around its
operating performance during the third quarter of 2007. As a
result, the company faces the risk that its bank lenders may
become unwilling to provide additional covenant relief,
particularly if currently difficult market conditions persist.
In Moody's opinion, the management team not only faces the
challenge of stabilizing the business but also the likely need
to find ways to most cost-effectively rationalize its leased
store base.
The downgrade to SGL-4 reflects Moody's expectation that
Blockbuster's liquidity will be weak over the next four
quarters. Moody's expects that the company will likely generate
negative free cash flow over the next twelve months. The company
should have sufficient availability under its US$450 million
revolver to be able to fund this deficit. However, Moody's
believes that Blockbuster is at risk for further potential
covenant violations as the management team of Blockbuster faces
a significant challenge to quickly turn its dramatic year over
year operating declines in order to avoid any further potential
covenant violations. The company has very limited alternate
sources of liquidity as the majority of the company's tangible
and intangible assets are pledged to the senior secured credit
facilities. In addition, the company recently monetized two of
its assets, GameStation and Rhino Video, the proceeds of which
were used to repay its term loan facilities, which leaves it
with fewer assets to sell off.
The negative outlook reflects the challenge management faces of
dramatically turning the operating performance quickly to avoid
any further potential covenant violations. Ratings could be
further downgraded should the risk of a potential covenant
violation come to fruition, should liquidity become constrained,
or should the decline in operating performance not begin to show
signs of improvement.
Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI,
BBI.B) -- http://www.blockbuster.com/-- is a global provider of
in-home movie and game entertainment with approximately 8,000
stores throughout the Americas, Europe, Asia, and Australia.
The company maintains operations in Brazil, Mexico, Denmark,
Italy, Taiwan, among others. Total revenues for the fiscal year
ended Dec. 31, 2006 were nearly US$5.5 billion.
===========
F R A N C E
===========
ALCATEL-LUCENT: Court Reverses US$1.5-Bln Microsoft MP3 Ruling
--------------------------------------------------------------
The Honorable Rudi M. Brewster of the U.S. District Court for
the Southern District of California overturned a February ruling
by a U.S. federal jury ordering Microsoft Corp. to pay around
US$1.52 billion in infringement damages to Alcatel-Lucent S.A.,
various reports say.
Judge Brewster ruled that Microsoft did not infringe one of the
two disputed MP3 patents, Bloomberg News reports.
Judge Brewster also ruled that the other MP3 patent was co-owned
by Fraunhofer-Gesellschaft, which developed the format along
with Bell Labs and French electronics group Thomson, and
Microsoft had a valid license from the German group. Judge
Brewster added that Alcatel-Lucent had to enjoin Fraunhofer-
Gesellschaft for its infringement suit for it to be valid in
court.
As reported in the TCR-Europe on Feb. 28, 2007, the federal jury
ordered Microsoft to pay around US$1.52 billion in infringement
damages to Alcatel-Lucent, ruling that the software giant
infringed two MP3 patents, which cover the encoding and decoding
of audio into the digital MP3 format.
Lucent Technologies Inc., which merged with Alcatel in 2006 to
form Alcatel-Lucent, filed 15 patent claims in 2003 against
Gateway Inc. and Dell Inc. for technology developed by Bell
Laboratories, its research arm, AP relates. In April 2003,
Microsoft added itself to the list of defendants, saying the
patents were closely tied to its Windows operating system. A
judge had dismissed the claims and scheduled six separate trials
for the remaining disputes. The case in question went on trial
on Jan. 29.
Microsoft argued in court that Alcatel-Lucent's patents govern
its MP3 encoding and decoding tools, stressing that its MP3
software for Windows Media Player was licensed from Fraunhofer-
Gesellschaft, which developed the format along with Bell Labs
and French electronics group Thomson.
The federal jury had agreed on all Alcatel-Lucent's arguments
but reached an impasse on whether Microsoft had willfully
infringed on the Bell Labs patents, The Associated Press
reports.
Brad Smith, Microsoft’s general counsel, called the ruling "a
victory for consumers of digital music and a triumph for common
sense in the patent system," Bloomberg News relates.
Mary Ward, Alcatel-Lucent spokeswoman, told Bloomberg News that
the company will appeal the ruling.
"The reversal of the judge's own pre-trial and post-trial
rulings is shocking and disturbing," Ms. Ward told Bloomberg
News. "The jury unanimously agreed with us. We believe their
decision should stand."
About Microsoft Corp.
Headquartered in Redmond, Washington, Microsoft Corp. --
http://www.microsoft.com/-- develops, manufactures, licenses
and supports a range of software products for computing devices.
About Alcatel-Lucent
Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users. Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.
* * *
As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.
As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating. Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
ALCATEL-LUCENT: To Upgrade nTelos’ Wireless Network
---------------------------------------------------
Alcatel-Lucent has signed a three-year contract to upgrade the
US-based code division multiple access operator nTelos' wireless
network, Cellular-News reports.
According to Cellular-News, the US$88.2-million agreement covers
equipment, services and software. Alcatel-Lucent will provide
installation, engineering, training and technical support. A
CDMA2000 1xEV-DO Revision A (Rev. A) technology will be
installed in nTelos markets in:
-- Virginia,
-- West Virginia,
-- Kentucky,
-- Ohio, and
-- North Carolina.
The report says that Alcatel-Lucent will be the exclusive
provider of new code division multiple access technology in
nTelos’ operations.
nTelos’ Wireless Engineering and Operations Vice President Bobby
McAvoy commented to Cellular-News, "We have decided to upgrade
our networks using Alcatel-Lucent CDMA (code division multiple
access) technology based on their proven ability to deliver a 3G
solution that will transform our network to a next-generation
system, bringing the benefits of new, advanced services to our
customers and improving our operations."
Cellular News relates that Alcatel-Lucent will provide its
Internet Provider/Multiprotocol Label Switching software that
includes the Alcatel-Lucent 7750 Service Router and 7450
Ethernet Service Switch, to deploy an Internet protocol routing
and Internet Protocol Radio Access Network backhaul software.
Alcatel-Lucent’s Internet protocol-based software was created on
a single unified Internet protocol infrastructure. It will
support multiple types of services to ensure subscriber quality
of experience for multimedia applications, Cellular-News states.
Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users. Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.
* * *
As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.
As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating. Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.
Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating. Its Short-Term Corporate Credit rating stands at B.
BOSTON SCIENTIFIC: Retains Endosurgery Group, IPO Called
--------------------------------------------------------
Boston Scientific Corporation provided an update on its plans
to strengthen operating and financial performance as part of
its overall strategy of restoring growth, increasing sustainable
short- and long-term shareholder value, and continuing to build
a broad, diversified medical device company.
The company said it has completed its exploration of an initial
public offering of a minority interest in its Endosurgery group
and that the group will remain wholly owned by the company. On
March 12, the company had announced it intended to explore the
benefits that may be gained from operating the Endosurgery group
as a separately traded public company that would become a
majority-owned subsidiary of Boston Scientific.
The company also said it plans a number of announcements in the
coming weeks and months that will advance its previously
disclosed objectives of selling non-strategic assets, divesting
elements of its investment portfolio, and reducing expenses and
headcount to be more in line with the company's revenue base.
An expense and headcount restructuring plan is in development
and will be communicated next quarter. The plan will be one of
many critical actions designed to begin enhancing shareholder
value. The company also reiterated its plans to be more
selective in its business development activities.
"Our decision to retain the Endosurgery group is the first in a
series of steps we plan to take to advance our strategy of
restoring growth, increasing shareholder value and continuing to
build a broad, diversified company," said Jim Tobin, Boston
Scientific President and Chief Executive Officer. "We believe
we can create more shareholder value with the Endosurgery group
remaining wholly owned by Boston Scientific, and we have
concluded that an IPO would have reduced -- rather than enhanced
-- Boston Scientific's shareholder value. The benefits of
retaining the Endosurgery group clearly outweigh those offered
by the sale of a minority interest."
"The exploration process has increased visibility to the
historic strengths and future potential of the Endosurgery
group," added Mr. Tobin. "Endosurgery is a market leader that
has delivered consistent double-digit growth and impressive
performance year after year, and it is expected to generate more
than US$1.4 billion in revenue this year. It represents great
value, and it provides important balance within our portfolio of
businesses. We believe these considerable contributions are best
maintained by keeping Endosurgery as a strategic asset of Boston
Scientific."
Mr. Tobin said the retention of the Endosurgery group should
serve to strengthen the company's financial position going
forward, particularly Endosurgery's strong gross profit margins
and robust operating cash flows.
Lower Ratings Expected
The Wall Street Journal said on its Web site Friday that Boston
Scientific's moved raised questions about whether the company's
credit rating will face further downgrades.
According to WSJ, credit analysts had regarded the IPO as
critical to the company's ability to pay down the US$9 billion
in debt it took on to buy Guidant Corp. last year.
About Boston Scientific
Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties. The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.
=============
G E R M A N Y
=============
ASAT HOLDINGS: April 30 Balance Sheet Upside-Down by US$88.3 Mln
----------------------------------------------------------------
ASAT Holdings Limited announced Tuesday last week its financial
results for the fourth quarter and fiscal 2007, ended April 30,
2007.
ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in a US$88.3 million
total stockholders' deficit.
The company's consolidated balance sheet at April 30, 2007, also
showed strained liquidity with US$44.3 million in total current
assets available to pay US$58.6 million in total current
liabilities.
Net loss was US$11.0 million, which includes charges of
approximately US$682,000 in reorganization costs for follow-on
expenses related to completing the move of the company's
manufacturing operations to China, a US$1.4 million non-cash
inventory write-off and a US$1.3 million income tax provision.
Net sales in the fourth quarter were US$36.0 million, compared
with net sales of US$41.5 million in the previous quarter.
Fourth quarter net loss compares with a net loss of US$7.6
million in the third quarter, which included charges of
approximately US$405,000 for relocation and facilities expenses
and US$763,000 in reorganization charges related to the
relocation to China.
Additional Fourth Quarter Results
-- Net sales for assembly were US$34.5 million
-- Net sales for test were US$1.5 million
-- Capital expenditures were US$3.5 million
-- Cash and cash equivalents at the end of the quarter were
US$7.3 million
Fiscal 2007 Financial Results
Net loss for fiscal 2007 was US$35.0 million. This compares
with a net loss of US$42.4 million in fiscal 2006. Net sales
for fiscal 2007 were US$164.9 million, compared with net sales
of US$182.1 million in fiscal 2006.
"Fiscal 2007 marked the successful completion of the move of our
manufacturing operations to China,” said Tung Lok Li, acting
chief executive officer of ASAT Holdings Limited. “While our
revenue declined year-over-year, the lower cost structure and
better operating environment contributed to an improvement in
our gross margin and a reduction in our net loss.
"With the majority of our cost reduction strategy now
implemented, in fiscal 2008 we will focus on driving top line
growth through a combination of increasing business with our
current customers and capitalizing on our core strengths to add
new customers. I am
confident we have the strategy and management team in place to
grow revenue next fiscal year. Also, when combining revenue
growth with the new lower cost structure, we expect to see an
overall improvement in our financial results in fiscal 2008,”
said Mr. Li.
First Quarter Fiscal 2008 Outlook
"We are seeing positive signs in the overall market environment
and believe the seasonal trends and inventory issues that
impacted our customers for the last two quarters are now behind
us," said Mr. Li. "As a result, based on preliminary figures,
we expect our net sales for the quarter ended July 31, 2007,
increased to approximately US$37.7 million. Also, while we are
just beginning our October quarter, we expect our positive
momentum to continue and believe revenue will increase 3 percent
to 8 percent above the July quarter results."
ASAT Commences Consent Solicitation
In a separate release, ASAT announced it is soliciting consent
from the holders of its 9.25% Senior Notes due 2011. ASAT is
seeking consents for amendment or waiver of certain defaults and
events of default that may have occurred or may occur. The
proposed amendments, if adopted, will among other things: (i)
eliminate restrictions on the value of the assets that may be
held by ASAT Semiconductor (Dongguan) Limited ("ASDL"), ASAT
Holdings' Chinese subsidiary; (ii) expand the ability of ASAT
Holdings and its subsidiaries to secure financing from
additional sources; and (iii) extend the deadline for ASAT
Holdings to fulfill its reporting obligations under the
indenture for the Senior Notes. The consent solicitation will
expire at 5:00 p.m., New York City time, on Aug. 20, 2007,
unless extended by New ASAT (Finance) Limited. Only holders of
record as of 5:00 p.m., New York City time, on July 25, 2007,
are eligible to deliver consents to the proposed amendments in
the consent solicitation.
Interest Payment
The company also announced it will delay making the semi-annual
interest payment on its 9.25% Senior Notes. ASAT has 30 days
from the Aug. 1, 2007, due date to meet its interest payment
obligation.
"We believe it is prudent to utilize the 30 day grace period
while we attempt to complete the consent solicitation process
and closure of potential new financing, which we are trying to
complete prior to the end of the grace period," said Kei Hong
Chua, chief financial officer of ASAT Holdings Limited. "While
we have the funds available now to make the payment, doing so
would leave us in a challenging position to support our ongoing
business requirements in the near term. We are working with
several banks and financing firms to obtain financing and are
optimistic that we will reach a successful outcome with both the
consent solicitation and financing package."
About ASAT Holdings
ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services. With 18 years of experience, the company
offers a definitive selection of semiconductor packages and
world-class manufacturing lines. ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip. ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products. Today the company has operations in
the United States, Hong Kong, China, and Germany.
ASAT HOLDINGS: Finance Unit Solicits Consents to Amend Indenture
----------------------------------------------------------------
ASAT Holdings Limited announced Tuesday last week that its
wholly owned subsidiary, New ASAT (Finance) Limited, commenced
the solicitation of consents from the holders of the US$150
million aggregate principal amount of outstanding 9.25% Senior
Notes due 2011 to the amendment of certain provisions of the
indenture, dated as of Jan. 26, 2004, pursuant to which the
Senior Notes were issued. ASAT is seeking consents for
amendment or waiver of certain defaults and events of default
that may have occurred or may occur.
The proposed amendments, if adopted, will among other things:
(i) eliminate restrictions on the value of the assets that
may be held by ASAT Semiconductor (Dongguan) Limited
ASAT Holdings' Chinese subsidiary;
(ii) expand the ability of ASAT Holdings and its subsidiaries
to secure financing from additional sources; and
(iii) extend the deadline for ASAT Holdings to fulfill its
reporting obligations under the indenture. Holders of
the Senior Notes are referred to New Asat's Consent
Solicitation Statement and materials, which will be
mailed to each record holder, for the detailed terms and
conditions of the consent solicitation.
The consent solicitation will expire at 5:00 p.m., New York City
time, on Aug. 20, 2007, unless extended by the New Asat. Only
holders of record as of 5:00 p.m., New York City time, on July
25, 2007, are eligible to deliver consents to the proposed
amendments in the consent solicitation.
ASAT Holdings has retained Piper Jaffray & Co. to serve as
Solicitation Agent for the consent solicitation. Questions
concerning the terms of the consent solicitation should be
directed to Michael Hsieh of Piper Jaffray & Co. at (212) 284-
9589. ASAT Holdings has also retained The Bank of New York to
serve as its Information Agent and Tabulation Agent for the
consent solicitation. Requests for assistance in delivering
consents should be directed to Fernando Hutapea of The Bank of
New York in Singapore at +65-6432-0346. Requests for copies of
the Consent Solicitation Statement can be directed to either
Piper Jaffray & Co. or The Bank of New York.
About ASAT Holdings
ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services. With 18 years of experience, the company
offers a definitive selection of semiconductor packages and
world-class manufacturing lines. ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip. ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products. Today the company has operations in
the United States, Hong Kong, China, and Germany.
* * *
ASAT Holdings Limited's consolidated balance sheet at April 30,
2007, showed US$135.1 million in total assets, US$217.7 million
in total liabilities, and US$5.7 million in series A redeemable
convertible preferred shares, resulting in a US$88.3 million
total stockholders' deficit.
ASAT HOLDINGS: Taps Peter Tin as Senior VP of Quality Dept.
-----------------------------------------------------------
ASAT Holdings Limited appointed Peter Tin as senior vice
president of quality and reliability assurance, replacing Ed
Bedell who resigned to pursue other opportunities.
Mr. Tin previously served as ASAT's vice president of quality
from 2004 to 2005 prior to ASAT moving its manufacturing to
China. During this time he was responsible for setting up the
quality systems at ASAT China and instrumental in maintaining
quality systems control during the transition.
"We are pleased Peter has rejoined ASAT and look forward to his
leadership in the quality control area as we develop our
operations in China," said Tung Lok Li, acting chief executive
officer of ASAT Holdings Limited.
Over the span of his more than 20 year career, Mr. Tin has held
engineering, supplier management, reliability and quality
positions in semiconductor, consumer electronics and
transportation industries in the United States and Greater
China. He most recently was a member of the management team of
Philips Consumer Electronics in the Business Groups of Mobile
Infotainment and Mobile Phones based in Hong Kong. Mr. Tin has
also held various quality and reliability management positions
with SanDisk, Western Digital, Bombardier Transportation, and
National Semiconductor.
Mr. Tin holds a master's of science degree in reliability
engineering, and separate bachelor's of science degrees in
aerospace and mechanical engineering from the University of
Arizona. Mr. Tin is a Six Sigma blackbelt and is also a
Certified Reliability Engineer and Certified Quality Engineer by
the American Society for Quality.
ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--
is a global provider of semiconductor package design, assembly
and test services. With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.
ASAT's advanced package portfolio includes standard and high
thermal performance ball grid arrays, leadless plastic chip
carriers, thin array plastic packages, system-in-package and
flip chip. ASAT was the first company to develop moisture
sensitive level one capability on standard leaded products. The
Company has operations in the United States, Germany, Hong Kong,
and China.
On Aug. 3, 2007, the TCR-AP reported that Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on ASAT Holdings Ltd. to 'D' from 'CCC'. At the same time, it
lowered the issue rating on US$150 million 9.25% senior notes
due 2011 to 'D' from 'CCC'.
The notes were issued by New Asat (Finance) Ltd. and guaranteed
by ASAT.
The downgrades are based on ASAT's announcement on Aug. 1, 2007
that it did not make the semi-annual interest payment on its
9.25% senior notes.
In addition, Moody's Investors Service downgraded the corporate
family rating of ASAT Holdings Ltd to Ca from Caa1.
At the same time, Moody's also downgraded to Ca from Caa1 the
senior unsecured rating for New ASAT (Finance) Limited's US$150
million in senior notes, maturing in 2011, which are guaranteed
by ASAT. The outlook for both ratings is negative.
BUCKEYE TECHNOLOGIES: Earns US$15.9 Mln in Quarter Ended June 30
----------------------------------------------------------------
Buckeye Technologies Inc. earned US$15.9 million after tax in
the quarter ended June 30, 2007. The company's results included
a US$2 million pre-tax benefit from a water conservation
partnership payment, a US$2.1 million pre-tax benefit from
reversal of accrued interest related to cancellation of a
contingent note owed to Stac-Pac Technologies Inc., and a US$3.3
million tax benefit from adjustments relating to federal and
state valuation allowances and credits.
During the same quarter of the prior year the company earned
US$1.2 million after tax, which included a US$800,000 tax
benefit related to a reduction in Canadian federal and
provincial tax rates and restructuring and impairment expenses
of US$0.5 million after tax primarily associated with equipment
sales at the closed operations in Lumberton, North Carolina and
Glueckstadt, Germany.
During the 2007 fiscal year, the company earned US$30.1 million
after tax, which included the benefit of the US$5.7 million
after tax and restructuring charges of US$800,000 after tax.
This compares to fiscal year 2006 earnings of US$2 million after
tax, including restructuring and impairment expenses of US$3.6
million after tax.
Net sales for the April-June quarter were US$200 million, 3.5%
above the US$193 million achieved in the same quarter of the
prior year. Net sales for fiscal year 2007 were US$769 million,
5.6% above the US$728 million achieved in the prior year.
Chairman and chief executive officer John B. Crowe said, "We are
pleased with the improved results, both for the quarter and
fiscal year. We credit the improved earnings to strong demand
across all of our businesses and to the combination of higher
prices, better mix and cost reductions. Reduced costs and
higher volumes at our Americana plant also contributed to
improved earnings, both for the quarter and total year. Our
Nonwoven materials segment sales and earnings were strong for
the total year, but even though sales were higher, operating
income for the quarter was down compared to the January - March
quarter due to higher corporate SRA allocations and special
maintenance items. We continue to generate strong cash flow and
we lowered our debt during the year by US$76 million (from
US$521 million to US$445 million), which includes the
cancellation of the US$5.0 million Stac-Pac note."
Mr. Crowe went on to say, "With the anticipated improved fourth
quarter results, we provided an earnings alert on July 25. [On
Aug. 1, 2007], we [released] our results ahead of schedule and
we will discuss fourth quarter and annual results at our
conference call scheduled for 10:30 a.m. Eastern, Wednesday,
Aug. 8, 2007, following a review of our results with the Board
of Directors at the previously scheduled August 7 meeting. We
appreciate your understanding for the delay between today's
announcement and our conference call."
About Buckeye Technologies
Headquartered in Memphis, Tennessee, Buckeye Technologies Inc.
(NYSE:BKI) -- http://www.bkitech.com/-- manufactures and
markets specialty fibers and nonwoven materials. The company
currently operates facilities in the United States, Germany,
Canada, and Brazil. Its products are sold worldwide to makers
of consumer and industrial goods.
* * *
As reported in the Troubled Company Reporter on June 19, 2007,
Moody's upgraded Buckeye Technologies Inc.'s corporate family
rating to B1 from B2 and maintained a stable outlook. All other
ratings were upgraded by one notch while the unsecured notes
were affirmed at B2.
CHRYSLER AUTOMOTIVE: Sale Closing Cues Moody's to Junk Loan
-----------------------------------------------------------
Moody's Investors Service affirmed Chrysler Automotive LLC's B3
Corporate Family Rating, and the Caa1 (LGD4, 66) rating of the
company's US$2 billion senior secured, second lien term loan in
connection with Monday's closing of Daimler Chrysler AG's sale
of a majority interest of Chrysler Group to Cerberus Capital
Management LLC.
In addition, as a result of a revision to Chrysler's US$10
billion senior secured, first-lien term loan, the rating agency
withdrew the B1 (LGD3, 33%) rating that had been assigned to
this facility. The revised US$10 billion senior secured term
loan currently consists of a US$5 billion, senior secured, first
lien/first-out term loan, and a US$5 billion, senior secured,
first lien/second-out term loan. Moody's has assigned a Ba3
(LGD2,19) to the first-out tranche and a B3 (LGD3, 47) to the
second-out tranche.
Chrysler's Probability of Default Rating remains B3, and the
rating outlook for all ratings remains Stable.
The revision to Chrysler's US$10 billion term loan does not
change the total amount of debt in the company's capital
structure, but it does afford a structural priority to the
first-out tranch due to the first-loss position of the second-
out tranche. As a result, the first-out tranche is rated three
notches higher than the second-out tranche.
Chrysler's B3 CFR reflects the company's vulnerability to the
broad challenges confronting the entire domestic OEM sector.
These challenges include high health care costs, restrictive
union work rules, declining market share, the shift in consumer
preference away from large trucks and SUVs, and the need to
establish better net pricing and profitability in car and
crossover vehicle segments. In addition, based on comparisons
with other domestic OEMs and the application of the rating
factors in Moody's Global Automotive Methodology, the rating
agency expects that Chrysler Automotive's operating performance,
return measures, cash generation and other key credit metrics
will be broadly consistent with a B3 CFR.
Chrysler Automotive LLC, is headquartered in Auburn Hills,
Michigan.
Based in Stuttgart, Germany, Chrysler Automotive LLC 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.
HUNDT & WEBER: Claims Registration Period Ends Sept. 10
-------------------------------------------------------
Creditors of Hundt & Weber AG Schaltgerate have until Sept. 10
to register their claims with court-appointed insolvency manager
Andreas Pantlen.
Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Oct. 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Siegen
Hall 009
Ground Floor
Main Building
Berliner Str. 21-22
57072 Siegen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Andreas Pantlen
Koenigsallee 90
40212 Duesseldorf
Germany
Tel: 0211/8606800
Fax: 0211/8606810
The District Court of Siegen opened bankruptcy proceedings
against Hundt & Weber AG Schaltgerate on Aug. 1. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Hundt & Weber AG Schaltgerate
Gewerbestr. 3
57258 Freudenberg
Germany
Attn: Heinz Becher, Manager
Wiesengrund 7
56459 Stockum-Pueschen
Germany
JELS UAB: Creditors' Meeting Slated for Sept. 10
------------------------------------------------
The court-appointed insolvency manager for JELS UAB (JELS AG
litauischen Rechts), Joachim Voigt-Salus will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:50 a.m. on Sept. 10.
The meeting of creditors and other interested parties will be
held at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 11:35 a.m. on Dec. 17 at the same venue.
Creditors have until Oct. 22 to register their claims with the
court-appointed insolvency manager.
The insolvency manager can be reached at:
Joachim Voigt-Salus
Rankestrasse 33
10789 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against JELS UAB (JELS AG litauischen Rechts) on
July 27. Consequently, all pending proceedings against the
company have been automatically stayed.
The Debtor can be reached at:
JELS UAB (JELS AG litauischen Rechts)
Gruberzeile 71
13593 Berlin
Germany
SEAT PAGINE: Buying Wer Liefert Was for EUR115 Million
------------------------------------------------------
Seat Pagine Gialle S.p.A. is acquiring Wer Liefert Was? GmbH
from Eniro AB for EUR115 million, Chiara Remondini and Sheyam
Ghieth write for Bloomberg News.
Seat will finance the acquisition mainly by operating cash flow,
Bloomberg News reports. The company eyes to complete the deal
by the end of September.
The acquisition will allow Seat to expand its operations in
Germany, one of the company's target markets. The company is
eyeing to boost sales and earnings by expanding its operation
outside Italy to the U.K., Germany, France and Spain, Bloomberg
News relates.
Seat said WLW and Europages together will contribute as much as
EUR12 million in sales, Bloomberg News adds.
"The acquisition of WLW is positive for Seat, which is seeking
to strengthen its position abroad," Pio De Gregorio of
Centrobanca told Bloomberg News. "There will be important
synergies with Europages SA."
Lehman Brothers Holdings Inc. advised Seat on the transaction.
About Seat Pagine Gialle
Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.
* * *
As of May 28, 2007, Moody's Investors Service assigned Seat
Pagine Gialle S.p.A. Ba3 Corporate Family and Probability of
Default Ratings, with stable outlook.
Fitch Ratings also placed the company an Issuer Default rating
of BB- with Stable Outlook.
Standard & Poors also assigned BB- Long-term Local and Foreign
Issuer Ratings to Seat with Stable Outlook.
=============
H U N G A R Y
=============
GRAHAM PACKAGING: June 30 Balance Sheet Upside-Down by US$612.6M
----------------------------------------------------------------
As of June 30, 2007, Graham Packaging Holdings Company's balance
sheet showed US$2.5 billion in total assets, US$1.9 billion in
total liabilities, and US$612.6 million in total stockholders'
deficit.
For the three months ended June 30, 2007, the company had net
income of US$5.1 million as compared with net loss of US$15.3
million for the three months ended June 30, 2006.
Net sales for the three months ended June 30, 2007, were
US$651 million, as compared with net sales of US$653.3 million
for the three months ended June 30, 2006.
For the six months ended June 30, 2007, the company had net loss
of US$10.5 million on net sales of US$1.3 billion. The company
had net loss of US$25.3 million on net sales of US$1.3 billion
for the six months ended June 30, 2006.
In the six months ended June 30, 2007, the company funded,
through its operating activities, US$66.8 million of investing
activities and US$20.5 million of financing activities.
A full-text copy of the company's quarter report is available
for
free at http://ResearchArchives.com/t/s?221d
About Graham Packaging
Graham Packaging Holdings Company also known as Graham Packaging
Co, Inc., is the parent company of Graham Packaging Company, LP,
formerly known as Graham Packaging Holdings I LP, --
http://www.grahampackaging.com/-- designs and manufactures
customized blow-molded plastic containers for branded food and
beverages, household and personal care products, and automotive
lubricants. The company has manufacturing facilities in
Argentina, Belgium, Brazil, Canada, Ecuador, England, Finland,
France, Hungary, Mexico, the Netherlands, Poland, Spain, Turkey,
the U.S. and Venezuela. The company has no assets, liabilities
or operations other than its direct and indirect investments in
the Operating Company and its ownership of GPC Capital Corp. II,
its wholly owned subsidiary.
=========
I T A L Y
=========
ALITALIA SPA: Chairman Eyes Shakeup of AZ Servizi Unit
------------------------------------------------------
Alitalia S.p.A. chairman Maurizio Prato plans to restructure its
spin off unit AZ Servizi as part of the business plan to
turnaround the ailing national carrier, Thomson Financial
reports.
Mr. Prato, who chairs both companies owning AZ Servizi --
Alitalia (49%) and Fintecna S.p.A. (51%) -- sees the firm as a
"big problem" for the carrier since its prices for services are
very high and above market prices, Thomsom Financial relates
citing a union leader.
The union leader told Thomsom Financial that AZ Servizi's prices
vary from double for costs of landing a plane, to 8-to-9 times
for call center costs.
Mr. Prato, the union leader told Thomsom Financial, eyes to
reacquire parts of AZ Servizi back to Alitalia, like maintenance
services and handling activities, after the units have been
restructured. Mr. Prato also plans to sell parts of AZ Servizi,
like airport handling, computer services, and call center
activities, the report adds.
"[Mr. Prato's] business plan is make the airline sustainable,"
the union said, adding that AZ Servizi's restructuring would be
done before the Italian government sells its Alitalia stake to
another investor.
Mr. Prato's business plan also includes cutting some long-haul
flights from Milan's Malpensa airport and adding more profitable
point-to-point medium-haul flights.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes. The Italian government owns 49.9%
of Alitalia.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, and EUR168 million in 2005.
FIAT SPA: To Buy 100,000 Engines Yearly from Chery Automobile
-------------------------------------------------------------
Fiat S.p.A. signed an agreement to acquire engines from Chinese
carmaker Chery Automobile Co. Ltd., various reports say.
Under the deal, Chery will supply 100,000 1.6-liter and 1.8-
liter engines a year for use in cars manufactured by Fiat in
China and abroad, The Associated Press reports.
"This is also a good basis for studying further cooperation with
Chery in the automotive industry," Sergio Marchionne, Fiat chief
executive, said in a statement.
"The agreement will give Chery increased competitiveness on the
international market," Yin Tongyao, president of Chery, said.
Reuters notes, citing industry sources, that Fiat and Chery had
been reviewing opportunities for a manufacturing partnership
after signing a framework engine agreement in October 2006.
About Fiat SpA
Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment. It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems. Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.
Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.
* * *
As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term
Corporate Family Rating of Ba2 and Probability of Default Rating
at Ba2 with Outlook Positive.
Standard & Poor's give Long-Term Foreign and Local Issuer Credit
Ratings of BB+ for Fiat. Its Short-term Foreign and Local
Issuer Credit Ratings are at B with Positive Outlook.
Dominion Bond Rating Service gives Fiat a Long-term Issuer
Rating of BB with Positive Outlook.
SEAT PAGINE: Buying Wer Liefert Was for EUR115 Million
------------------------------------------------------
Seat Pagine Gialle S.p.A. is acquiring Wer Liefert Was? GmbH
from Eniro AB for EUR115 million, Chiara Remondini and Sheyam
Ghieth write for Bloomberg News.
Seat will finance the acquisition mainly by operating cash flow,
Bloomberg News reports. The company eyes to complete the deal
by the end of September.
The acquisition will allow Seat to expand its operations in
Germany, one of the company's target markets. The company is
eyeing to boost sales and earnings by expanding its operation
outside Italy to the U.K., Germany, France and Spain, Bloomberg
News relates.
Seat said WLW and Europages together will contribute as much as
EUR12 million in sales, Bloomberg News adds.
"The acquisition of WLW is positive for Seat, which is seeking
to strengthen its position abroad," Pio De Gregorio of
Centrobanca told Bloomberg News. "There will be important
synergies with Europages SA."
Lehman Brothers Holdings Inc. advised Seat on the transaction.
About Seat Pagine Gialle
Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A.
-- http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.
* * *
As of May 28, 2007, Moody's Investors Service assigned Seat
Pagine Gialle S.p.A. Ba3 Corporate Family and Probability of
Default Ratings, with stable outlook.
Fitch Ratings also placed the company an Issuer Default rating
of BB- with Stable Outlook.
Standard & Poors also assigned BB- Long-term Local and Foreign
Issuer Ratings to Seat with Stable Outlook.
===================
K A Z A K H S T A N
===================
ALLIANCE LTD: Proof of Claim Deadline Slated for Sept. 18
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Alliance Ltd. (RNN 092200211338) insolvent.
Creditors have until Sept. 18 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Almaty
Makatayev Str. 196-36
Almaty
Kazakhstan
Tel: 8 (3272) 79-86-66
8 (3272) 79-86-76
BOSTOS-GRAIN LLP: Creditors Must File Claims Sept. 12
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Bostos-Grain insolvent.
Creditors have until Sept. 12 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Kostanai
Baitursynov Str. 95-316
Kostanai
Kazakhstan
FORT LLP: Claims Filing Period Ends Sept. 12
--------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Fort insolvent.
Creditors have until Sept. 12 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
NUR-EL LLP: Creditors' Claims Due on Sept. 12
---------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Nur-El insolvent.
Creditors have until Sept. 12 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
SHARK-TRADING-GROUP LLP: Claims Registration Ends Sept. 12
----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Shark-Trading-Group insolvent on June 20.
Creditors have until Sept. 12 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Kostanai
Gogol Str. 177a
Kostanai
Kazakhstan
===================
K Y R G Y Z S T A N
===================
BAU MAYSTER: Proof of Claim Deadline Slated for September 14
------------------------------------------------------------
LLC Bau Mayster has declared insolvency. Creditors have until
Sept. 14 to submit written proofs of claim to:
LLC Bau Mayster
Pushkin Str. 141
Kant
Chui
Kyrgyzstan
Tel: (+996 3132) 2-18-74
FAB AIR: Claims Filing Period Ends September 14
-----------------------------------------------
LLC Fab Air has declared insolvency. Creditors have until
Sept. 14 to submit written proofs of claim to:
Free Economic Zone Bishkek, Akchy
Bishkek
Kyrgyzstan
=====================
N E T H E R L A N D S
=====================
KONINKLIJKE AHOLD: Posts Preliminary Second Quarter 2007 Results
----------------------------------------------------------------
Koninklijke Ahold N.V. formerly Royal Ahold reported
consolidated net sales of EUR6.6 billion for the second quarter
ending July 15, 2007.
Compared to the second quarter of 2006, net sales increased by
2% and increased by 5.6% at constant exchange rates. Market
conditions in both the United States and the Netherlands were
favorable. Price investments related to the further roll-out of
the Value Improvement Program, launched in September 2006 at
Stop & Shop and Giant-Landover, will continue to impact margins.
Sales performance
Stop & Shop/Giant-Landover
-- Net sales increased 1.9% to US$3.9 billion.
-- Identical sales increased 1.1% at Stop & Shop (0.6%
excluding gasoline net sales) and decreased 1% at Giant-
Landover.
-- Comparable sales increased 1.7% at Stop & Shop and
decreased 0.8% at Giant-Landover.
Giant-Carlisle
-- Net sales increased 13.7% to US$1 billion, due in part to
the acquisition of the Clemens Markets stores in the
fourth quarter of 2006.
-- Identical sales increased 2.7% (2.6% excluding gasoline
net sales).
-- Comparable sales increased 4.4%.
Albert Heijn
-- Net sales increased 10.3% to EUR1.8 billion, due in part
to the acquisition of the Konmar stores in the fourth
quarter of 2006.
-- Net sales at Albert Heijn supermarkets increased 10.6% to
EUR1.7 billion.
-- Identical sales at Albert Heijn supermarkets increased
6.2%.
Albert/Hypernova (Czech Republic and Slovakia)
-- Net sales increased 10.7% to EUR342 million (9.4% at
constant exchange rates).
-- Identical sales increased 6.5%.
Schuitema
-- Net sales increased 0.5% to EUR771 million.
-- Identical sales decreased 0.6%.
Unconsolidated joint venture - ICA
-- Net sales increased 22.4% to EUR2.2 billion, largely
reflecting ICA’s acquisition of the full ownership of Rimi
Baltic AB from December 2006. At constant exchange rates,
net sales increased 23.1%.
Net sales per segment
Q2 Q2 % 1st Half 1st Half %
(in millions) 2007 2006 Change 2007 2006 Change
---- ---- ------ ------- ------- ------
All segments
(in euros)
Stop & Shop/
Giant-Landover 2,921 3,047 (4.1%) 6,775 7,182 (5.7%)
Giant-Carlisle 741 693 6.9% 1,724 1,618 6.6%
U.S. retail 3,662 3,740 (2.1%) 8,499 8,800 (3.4%)
Albert Heijn 1,828 1,657 10.3% 4,191 3,756 11.6%
Albert / Hypernova 342 309 10.7% 776 704 10.2%
Schuitema 771 767 0.5% 1,758 1,718 2.3%
Europe retail 2,941 2,733 7.6% 6,725 6,178 8.9%
Ahold Group 6,603 6,473 2.0% 15,224 14,978 1.6%
Unconsolidated joint
venture - ICA 2,236 1,827 22.4% 4,281 3,488 22.7%
Average U.S. dollar
exchange rate
(EUR per USD) 0.7397 0.7867 (6.0%) 0.7508 0.8107 (7.4%)
U.S. segments
(in U.S. dollars)
Stop & Shop/
Giant-Landover 3,947 3,872 1.9% 9,025 8,862 1.8%
Giant-Carlisle 1,002 881 13.7% 2,297 1,997 15.0%
On Nov. 6, 2006, Ahold disclosed its intention to divest U.S.
Foodservice, its retail activities in Slovakia and Poland, the
remaining Tops operations in New York and Pennsylvania, and its
stake in JMR. Poland, Tops, U.S. Foodservice and JMR are
classified as discontinued operations. On July 2 and 3, 2007,
Ahold completed the sale of its Polish retail and U.S.
Foodservice operations, respectively.
The net sales figures presented in this trading statement are
preliminary and unaudited.
About Ahold
Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal
Ahold) -- http://www.ahold.com/-- retails food through
supermarkets, hypermarkets and discount stores in North and
South America, Europe. It has operations in Argentina. The
company's chain stores include Stop & Shop, Giant, TOPS, Albert
Heijn and Bompreco. Ahold also supplies food to restaurants,
hotels, healthcare institutions, government facilities,
universities, stadiums, and caterers.
* * *
In a TCR-Europe report on May 11, 2007, Moody's Investors
Service placed the Ba1 Corporate Family Rating and the Ba1
Senior Unsecured Long-Term Rating of Koninklijke Ahold N.V. on
review for possible upgrade.
The action follows the company's recent announcement that it has
agreed to the disposal of its U.S. Foodservice business to
private equity funds for US$7.1 billion.
As reported in the TCR-Europe on May 7, 2007, Fitch Ratings
upgraded the Issuer Default and senior unsecured ratings of
Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from
'BB'. The Outlook on the Issuer Default rating remains
Positive. Its Short-term rating is affirmed at 'B'.
===========
N O R W A Y
===========
DRESSER-RAND: Unable to Agree on Labor Contract with IUE-CWA
------------------------------------------------------------
Dresser-Rand Group Inc. and IUE-CWA Local 313 negotiating teams
failed to reach agreement on a new contract, resulting in a
strike at the facility. The contract expired Aug. 3, 2007.
Elizabeth C. Powers, Vice President and Chief Administrative
Officer said, "We are very disappointed in not being able to
reach a satisfactory agreement. Ms. Powers said that the
company is now in the process of implementing a multi- phase
contingency plan that has been designed to allow for
uninterrupted service to its clients."
The company stated in its second quarter 2007 earnings release
of July 31, 2007, that it maintains its commitment to the long
term competitiveness of its operations and believes any short
term adverse impacts to its business are worth incurring for
whatever period necessary to meet its long term objectives.
Dresser-Rand Group Inc. (NYSE: DRC) is among the largest
suppliers of rotating equipment solutions to the worldwide oil,
gas, petrochemical, and process industries. It operates
manufacturing facilities in the United States, France, Germany,
Norway, India, and Brazil, and maintains a network of 24 service
and support centers covering 105 countries.
* * *
Standard & Poor's Ratings Services raised on Sept. 13, 2006, its
corporate credit rating on rotating equipment maker Dresser-Rand
Group Inc. to 'BB-' from 'B+' and revised the outlook on the
rating to stable from positive.
===========
R U S S I A
===========
AGRO-INDUSTRIAL INVESTMENT: Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against CJSC Agro-Industrial Investment Company (TIN
0254007105, OGRN 1020201543603) after finding it insolvent.
The case is docketed under Case No. A07-20491/06-G-GRA.
The Court is located at:
The Arbitration Court of Bashkortostan
Oktyabrskoy Revolyutsii Str. 63a
Ufa
Bashkortostan
Russia
The Debtor can be reached at:
The Insolvency Manager
Post User Box 1193
Ufa
450000 Bashkortostan
Russia
AVEST-TRADE CJSC: Creditors Must File Claims by Sept. 7
-------------------------------------------------------
Creditors of CJSC Avest-Trade have until Sept. 7 to submit
proofs of claim to:
O. Yakimov
Insolvency Manager
Post User Box 43/32
680013 Khabarovsk
Russia
The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A73-370/2007-39.
The Debtor can be reached at:
CJSC Avest-Trade
Istomina Str. 23
Panfilovtsev Str. 14
Khabarovsk
Russia
BIO-TON-VOLGA: Court Names A. Medvedev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Samara appointed A. Medvedev as
Insolvency Manager for CJSC Trading House Bio-Ton-Volga. He can
be reached at:
A. Medvedev
Lenina Str. 107
Novoanninskiy
403951 Volgograd
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A55-2762/2007.
The Debtor can be reached at:
CJSC Trading House Bio-Ton-Volga
Lva Tolstogo Str. 93-1
Samara
Russia
GRIGORYEVSKOE LLC: Creditors Must File Claims by Sept. 7
--------------------------------------------------------
Creditors of LLC Grigoryevskoe (TIN 7723512035) have until
Sept. 7 to submit proofs of claim to:
M. Lagoda
Insolvency Manager
Gen. Rychagova 3-1-19
125008 Moscow
Russia
The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A41-K2-26316/06.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Grigoryevskoe
Tsentralnaya Str. 19
Grigoryevskoe
Lukhovitskiy
140532 Moscow
Russia
LISMA OJSC: Creditors Must File Claims by Sept. 7
-------------------------------------------------
Creditors of OJSC Lisma have until Sept. 7 to submit proofs of
claim to:
V. Bulgakov
Insolvency Manager
Sovetskaya Str. 47-2
Saransk
430000 Mordoviya
Russia
The Arbitration Court of Mordoviya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A39-939/07-24/12.
The Court is located at:
The Arbitration Court of Mordoviya
Kommunisticheskaya Str. 33
Saransk
Mordoviya
Russia
The Debtor can be reached at:
OJSC Lisma
Svetotekhnikov Shosse 5
Saransk
Mordoviya
Russia
MEGA-MARKET LLC: Creditors Must File Claims by Sept. 7
------------------------------------------------------
Creditors of LLC Mega-Market have until Sept. 7 to submit proofs
of claim to:
Y. Korepanov
Insolvency Manager
Savinykh Str. 3
634028 Tomsk
Russia
The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A67-2134/07.
The Debtor can be reached at:
LLC Mega-Market
Office 207
Nakhimova Str. 13/1
634050 Tomsk
Russia
ROS CJSC: Court Names T. Ivanova as Insolvency Manager
------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed T. Ivanova as
Insolvency Manager for CJSC Ros. She can be reached at:
T. Ivanova
Post User Box 366
620014 Ekaterinburg
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A60-6468/2000-S1.
The Court is located at:
The Arbitration Court of Sverdlovsk
Lenina Pr. 34
620151 Ekaterinburg
Russia
The Debtor can be reached at:
CJSC Ros
Stroitelej Str. 10
Nizhnyaya Tura
624350 Sverdlovsk
Russia
RURAL BUILDER: Court Names R. Perepletov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Saratov appointed R. Perepletov as
Insolvency Manager for CJSC Rural Builder (TIN 6415001041). He
can be reached at:
R. Perepletov
Post User Box 1591
410028 Saratov
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The Court will convene on Oct. 9 to
hear the company's bankruptcy supervision procedure. The case
is docketed under Case No. A-57-6486/07-31.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
CJSC Rural Builder
Kalininsk
Saratov
Russia
SEVERYANKA-2 CJSC: Court Names A. Gorelkin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Murmansk appointed A. Gorelkin as
Insolvency Manager for CJSC Severyanka-2. He can be reached at:
A. Gorelkin
Naberezhnaya Str. 11
Zverosovkhoz
Kolskiy
184366 Murmansk
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A42-1417/2007.
The Court is located at:
The Arbitration Court of Murmansk
Knipovicha Str. 20
Murmansk
Russia
The Debtor can be reached at:
CJSC Severyanka-2
2nd floor
Apartment 120
Dushenova Str. 7
Polyarnyj
184610 Murmansk
Russia
SKOPINO-AGRO-KHIM: Creditors Must File Claims by Sept. 7
--------------------------------------------------------
Creditors of OJSC Skopino-Agro-Khim have until Sept. 7 to submit
proofs of claim to:
L. Barzunov
Insolvency Manager
Office 215.
Building 3
Petrovka Str. 26
127051 Moscow
Russia
The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A54-5795/2006 S20.
The Court is located at:
The Arbitration Court of Ryazan
Pochtovaya Str. 43/44
Ryazan
Russia
The Debtor can be reached at:
OJSC Skopino-Agro-Khim
Michurina Str. 2 V
Uspenkoe
Skopinskiy
391800 Ryazan
Russia
STROY-OBJECT CJSC: Court Names R. Morgunov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed R. Morgunov as
Insolvency Manager for CJSC Stroy-Object. He can be reached at:
R. Morgunov
Post User Box 8
600005 Vladimir
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A40-13778/07-101-36B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
CJSC Stroy-Object
Building 1
Tashkentskaya Str. 24
109444 Moscow
Russia
SYSTEM OJSC: Creditors Must File Claims by Sept. 7
--------------------------------------------------
Creditors of OJSC System have until Sept. 7 to submit proofs of
claim to:
V. Mukhin
Insolvency Manager
Office 6
Baltiyskaya Str. 18
236029 Kaliningrad
Russia
The Arbitration Court of Kaliningrad commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A21-460/2007.
The Court is located at:
The Arbitration Court of Kaliningrad
Rokossovskogo Str. 2
Kaliningrad
Russia
The Debtor can be reached at:
OJSC System
Moskovskiy Pr. 182
236000 Kaliningrad
Russia
UVAROVSKIY MALT: Creditors Must File Claims by Sept. 7
------------------------------------------------------
Creditors of LLC Uvarovskiy Malt (TIN 6830003601) have until
Sept. 7 to submit proofs of claim to:
E. Kubakhov
Insolvency Manager
Post User Box 12
394038 Voronezh
Russia
The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A64-7265/06-10.
The Debtor can be reached at:
LLC Uvarovskiy Malt
Molodyezhnyj Location
Uvarovo
Tambov
Russia
YUKOS OIL: Receiver Gets Three More Months to Liquidate Assets
--------------------------------------------------------------
The Moscow Arbitration Court extended the bankruptcy proceedings
of OAO Yukos Oil Co. by three to six months on the request of
Yukos bankruptcy receiver Eduard Rebgun, RIA Novosti reports.
Mr. Rebgun sought the extension because it could not keep up to
the current bankruptcy law deadline "due to the large volume of
work and the difficulty of solving liquidation tasks," RIA
relates citing documents filed in court.
As of July 20, 2007, Yukos' registry lists 123 claims filed by
50 third-level creditors totaling up to RUR709.14 billion,
RUR412.5 billion of which is held as principal debt while
RUR296.6 billion in financial sanctions.
Yukos has raised over RUR820 billion from the sale of its assets
through a series of auctions that began in March 2007. Sales
proceeds were subsequently used to fully pay up to RUR1.93
billion in claims owed to second-level creditors, along with the
RUR400 billion principal on claims owed to third-level
creditors.
Yukos is set to auction its transport assets today for an
initial price of RUR18.5 billion or US$726.3 million.
About Yukos Oil
Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an
open joint stock company existing under the laws of the Russian
Federation. Yukos is involved in energy industry substantially
through its ownership of its various subsidiaries, which own or
are otherwise entitled to enjoy certain rights to oil and gas
production, refining and marketing assets.
The Company filed for Chapter 11 protection on Dec. 14, 2004
(Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed
on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days
later, the Russian Government sold its main production unit
Yugansk to a little-known firm Baikalfinansgroup for US$9.35
billion, as payment for US$27.5 billion in tax arrears for
2000- 2003. Yugansk eventually was bought by state-owned
Rosneft, which is now claiming more than US$12 billion from
Yukos.
On March 10, 2006, a 14-bank consortium led by Societe Generale
filed a bankruptcy suit in the Moscow Arbitration Court in an
attempt to recover the remainder of a US$1 billion debt under
outstanding loan agreements. The banks, however, sold the claim
to Rosneft, prompting the Court to replace them with the state-
owned oil company as plaintiff.
On April 13, 2006, court-appointed external manager Eduard
Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court
for the Southern District of New York (Bankr. S.D.N.Y. Case No.
06-0775), in an attempt to halt the sale of Yukos' 53.7%
ownership interest in Lithuanian AB Mazeikiu Nafta.
On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and
Purchase Agreement with PKN Orlen S.A., Poland's largest oil
refiner, for its Mazeikiu ownership stake. The move was made a
day after the Manhattan Court lifted an order barring Yukos from
selling its controlling stake in the Lithuanian oil refinery.
On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration
Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and
declared what was once Russia's biggest oil firm bankrupt.
===============
S L O V E N I A
===============
FLETCHER BUILDING: To Build Regional Center in Hungary
------------------------------------------------------
Fletcher Building Limited will construct its regional production
facility and logistics center in Hungary instead of in Slovenia,
BBJ reports, citing Hungarian daily Napi Gazdasag. According to
the report, the company chose Hungary to take advantage of
beneficial government and local offers.
The plant and a 25,000 square meter storage node in the
Varpalota industrial park reportedly cost around HUF3 billion
(US$16 million). Napi Gazdasag said the preparatory phases of
the project are to start within 2007, with the actual
construction works scheduled for next spring. Fletcher Building
plans to serve all of its Central and Eastern Europe partners
from the Varpalota junction, the daily added.
Headquartered in Penrose, New Zealand, Fletcher Building Limited
-- http://www.fletcherbuilding.com/-- is the holding company of
the Fletcher Building group. The operating segments of the
Company include the Building Products division; the
Infrastructure division, and the Laminates & Panels division.
The Building Products division comprises six business streams,
including insulation, metal roof tiles, roll-forming and
coatings, long steel, plasterboard and a single businesses
stream comprising four business units. The Infrastructure
division is an integrated manufacturer of cement, aggregates,
ready mix concrete and concrete products. It is also a general
contractor and residential house builder in New Zealand and the
South Pacific. The Laminates & Panels division manufactures and
sells high pressure and low-pressure decorative surface
laminates, raw medium density fiberboard, particle board and
kitchen components. It distributes other products, such as
hardware and timber in some regions. The company acquired the
Dunedin-based O'Brien's Group on May 1, 2006.
Fletcher Building's businesses operate at more than 300 sites
around New Zealand, Australia, Finland, Slovenia, United
Kingdom, Japan, Taiwan, among others.
* * *
The Troubled Company Reporter-Asia Pacific, on July 31, 2007,
listed Fletcher Building's bonds as distressed. The bonds have
the following coupon, maturity date, and trading price:
Coupon Maturity Price
------ -------- -----
8.600% 03/15/08 NZD9.30
7.800% 03/15/09 9.75
7.550% 03/15/11 9.20
=========
S P A I N
=========
HERTZ GLOBAL: Earns US$83.7 Million in Second Quarter 2007
----------------------------------------------------------
Hertz Global Holdings Inc. reported record second quarter 2007
revenues of US$2.2 billion, an increase of 6.6% over the same
period in 2006. Worldwide car rental revenues for the quarter
were a record US$1.7 billion, an increase of 7.5%, while
revenues from worldwide equipment rental were a record US$433
million, up 3% over the prior year period. Net income for the
current quarter is US$83.7 million, compared with net income of
US$17.8 million in the same period last year.
Adjusted net income was US$97.4 million, an increase of 35.7%
compared with the second quarter of 2006, resulting in adjusted
earnings per share for the quarter of US$0.30, based on the pro
forma post-IPO diluted number of shares outstanding, compared
with adjusted earnings per share of US$0.22 in the prior year
period.
For the six months ended June 30, 2007, the company realized
total revenues of US$4.1 billion, compared with total revenues
of US$3.8 billion for the six months ended June 30, 2006. The
company had an adjusted net income of US$103.7 million for the
first half of 2007, compared with an adjusted net income of
US$61 million for the first half of 2006.
The company anticipates annualized savings of about US$165
million from previously announced job reductions, and incurred a
US$16.7 million restructuring charge in the second quarter of
2007 related to these reductions. There will be additional
restructuring actions taken during 2007 which will be announced
when plans are finalized.
The company generated strong cash flows during the second
quarter of 2007, with net corporate debt decreasing from US$4.4
billion as of March 31, 2007, to US$4.4 billion as of June 30,
2007, and compared with US$5.28 billion as of June 30, 2006.
Levered after-tax cash flows after fleet growth for the second
quarter of 2007 were US$46.1 million, compared with a use of
funds of US$403 million in the prior year period. The
improvement is due primarily to better working capital
management, lower investments in worldwide equipment rental
fleet, lower net investment in car rental fleet assets, and
higher earnings. Levered after-tax cash flows after
fleet growth were US$169 million for the first six months of
2007, a US$627.1 million year-over-year improvement in six month
cash flows. The change in cash flows for the first six months
of the year is attributable to the same factors that affected
cash flows during the second quarter.
As of June 30, 2007, the company listed total assets of
US$19.8 billion, total liabilities of US$17.2 billion, and total
stockholders' equity of US$2.6 billion.
Cash and cash equivalents were US$401.6 million and total debt
was US$12.4 billion at June 30, 2007.
Mark P. Frissora, the company's chairman and chief executive
officer, said, "Hertz achieved strong second quarter operating
results due to a combination of revenue growth, particularly off
airport in the United States, and strong cost management, with
direct operating expenses decreasing by almost two percentage
points of revenue compared with the second quarter of 2006.
Equipment rental volume in the second quarter was affected by
slower growth in some segments of the U.S. non-residential
construction market, but HERC nevertheless generated record
revenues, profits and improved margins in the second quarter,
and we see evidence of demand improvement in the current
quarter."
Outlook
The company re-affirms its revenue, adjusted pre-tax income,
corporate EBITDA, adjusted net income and adjusted net income
per share guidance provided in its earnings announcement dated
April 26, 2007. The company forecasts worldwide revenue of
between US$8.5 billion to US$8.6 billion, an increase of between
5% to 7%. The company affirms earlier guidance for adjusted pre-
tax income in the range of US$600 million to US$630 million, an
increase of between 23% and 29%, corporate EBITDA in the range
of US$1.54 billion to US$1.57 billion, an increase of between
12% to 14%, and adjusted net income of US$372 million to US$395
million, an increase of between 24% to 32%, or US$1.15 to
US$1.22 per share, based on the pro forma post-IPO diluted
number of shares outstanding of 324.8 million.
About Hertz Global
Hertz Global Holdings Inc. in Park Ridge, New Jersey, (NYSE:
HTZ) -- https://www.hertz.com/ -- through its subsidiaries,
rents and leases cars and trucks primarily in the U.S. and
Europe. It operates in two segments, Car Rental and Equipment
Rental. The Car Rental segment engages in the ownership and
lease of cars. The Equipment Rental segment rents earthmoving
equipment, material handling equipment, aerial and electrical
equipment, air compressors, generators, pumps, small tools,
compaction equipment, and construction-related trucks in North
America and Europe. The company's products and services include
Hertz #1 Club Gold; NeverLost customized, onboard navigation
systems; SIRIUS Satellite Radio; and unique cars and SUVs
offered through Hertz's Prestige, Fun and Green collections.
Hertz also operates an equipment rental companies with corporate
locations in France and Spain. It is the corporate parent of
Hertz Corporation.
* * *
Hertz Global Holdings Inc. carries Moody's Investors Service's
Ba3 corporate family rating with a stable outlook.
TOWER AUTOMOTIVE: Appoints Mark Malcolm as CEO & President
----------------------------------------------------------
Tower Automotive has named Mark Malcolm President and Chief
Executive Officer, effective immediately. Mr. Malcolm succeeds
Kathleen Ligocki who is leaving the company.
Earlier this week Tower announced that on July 31, it closed the
sale of substantially all of its assets to an affiliate of
Cerberus Capital Management. The sale was approved by the U.S.
Bankruptcy Court for the Southern District of New York on July
11 as part of the company's Reorganization Plan.
Mr. Malcolm joins Tower from Cerberus, where he has been serving
as a lead automotive consultant for the past 18 months,
including considerable involvement with Tower for the past year.
He also served on the Board of the Traxis Group, which includes
the Blue Bird school bus company. Prior to joining Cerberus,
Mr. Malcolm spent 28 years with Ford Motor Co. in a variety of
senior financial positions.
"The efforts and accomplishments of the Tower team around the
globe to emerge from bankruptcy provide justifiable optimism for
our future," said Mr. Malcolm. "The auto business is and will
remain very competitive. There is always more to do, but Tower
is prepared and determined to compete for customer business and
profitable growth around the world.
"I have tremendous respect for Kathleen Ligocki," added
Mr. Malcolm. "Her leadership was instrumental in steering the
company through bankruptcy and positioning it for the future."
Said Mr. Ligocki, "I am proud of Tower's accomplishments and
grateful for the support of our colleagues, customers, and
suppliers these past four years. Mark is an excellent choice to
lead the company. I wish Mark and all the Tower colleagues well
as they now face the global marketplace as part of a much
stronger company."
In his most recent assignment with Ford, Mr. Malcolm was
Executive Vice President and Controller of Ford Motor Credit.
From 2002 to 2004, he was Director of Finance & Strategy for
Ford Global Purchasing. Prior to that, he was Director of
Worldwide Accounting for Ford, CFO of Visteon and head of
Finance for Ford's Vehicle Operations, including its stamping
business.
Mr. Malcolm resides in Plymouth, Mich., with his wife Patty and
two daughters. He is active in the community and serves on the
Plymouth Downtown Development Authority.
About Tower Automotive
Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board:
TWRAQ) is a global designer and producer of vehicle structural
components and assemblies used by every major automotive
original equipment manufacturer, including BMW, DaimlerChrysler,
Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen
and Volvo. Products include body structures and assemblies,
lower vehicle frames and structures, chassis modules and
systems, and suspension components. The company has operations
in Korea, Spain and Brazil.
The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts. Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.
On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan.
On June 4, 2007, the Debtors submitted an Amended Plan and
Disclosure Statement. The Court approved the adequacy if the
Amended Disclosure Statement on June 5, 2007.
As reported in the Troubled Company Reporter-Latin America on
Aug. 2, 2007, The company and its debtor subsidiaries' First
Amended Joint Plan of Reorganization became effective on
July 31, 2007, Anup Sathy, Esq., at Kirkland & Ellis LLP, in
Chicago, Illinois, informs the U.S. Bankruptcy Court for the
Southern District of New York.
=====================
S W I T Z E R L A N D
=====================
A&D PHARMA: Creditors' Liquidation Claims Due August 17
-------------------------------------------------------
Creditors of LLC A&D Pharma Solutions have until Aug. 17 to
submit their claims to:
Rolf Schlegel
Liquidator
Kirchgasse 24
8022 Zurich
Switzerland
The Debtor can be reached at:
LLC A&D Pharma Solutions
Zug
Switzerland
ALFA DIREKT: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Alfa direkt on June 26.
The Bankruptcy Service of Zug can be reached at:
Bankruptcy Service of Zug
6300 Zug
Switzerland
The Debtor can be reached at:
JSC Alfa direkt
Terrassenweg 17
6315 Oberageri ZG
Switzerland
ASIA TRADE: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Asia Trade Center on June 20.
The Bankruptcy Service of Zug can be reached at:
Bankruptcy Service of Zug
6301 Zug
Switzerland
The Debtor can be reached at:
LLC Asia Trade Center
Sumpfstrasse 24
6300 Zug
Switzerland
CONBEE LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC ConBee on July 5.
The Bankruptcy Service of Zug can be reached at:
Bankruptcy Service of Zug
6301 Zug
Switzerland
The Debtor can be reached at:
LLC ConBee
Blegi 14
6343 Rotkreuz
Switzerland
ERES JSC: Creditors' Liquidation Claims Due August 15
-----------------------------------------------------
Creditors of JSC Eres have until Aug. 15 to submit their claims
to:
JSC Hasli Treuhand
Liquidator
Mandachstrasse 52
8155 Niederhasli
Dielsdorf ZH
Switzerland
The Debtor can be reached at:
JSC Eres
Zurich
Switzerland
FREI JSC: Creditors' Liquidation Claims Due August 13
-----------------------------------------------------
Creditors of JSC Frei have until Aug. 13 to submit their claims
to:
Hans Frei
Liquidator
Birsstrasse 124
4020 Basel BS
Switzerland
The Debtor can be reached at:
JSC Frei
Basel BS
Switzerland
GRAYCLIFF TEX: Creditors' Liquidation Claims Due August 15
----------------------------------------------------------
Creditors of JSC Graycliff Tex have until Aug. 15 to submit
their claims to:
Gartenstrasse 3
Mail box: 4159
6304 Zug
Switzerland
The Debtor can be reached at:
JSC Graycliff Tex
Zug
Switzerland
H. KEIGEL: Creditors' Liquidation Claims Due August 13
------------------------------------------------------
Creditors of JSC H. Keigel Kommunalfahrzeug have until Aug. 13
to submit their claims to:
Hans Keigel
Liquidator
Im Kehl 8
5400 Baden AG
Switzerland
The Debtor can be reached at:
JSC H. Keigel Kommunalfahrzeug
Baden AG
Switzerland
HEMO SYSTEME: Creditors' Liquidation Claims Due August 23
---------------------------------------------------------
Creditors of JSC HEMO Systeme have until Aug. 23 to submit their
claims to:
Tannbergstrasse 24a
6214 Schenkon
Sursee LU
Switzerland
The Debtor can be reached at:
JSC HEMO Systeme
Schenkon
Sursee LU
Switzerland
KLINGELE JSC: Creditors' Liquidation Claims Due August 15
---------------------------------------------------------
Creditors of JSC Klingele have until Aug. 15 to submit their
claims to:
Markus Klingele
Liquidator
Sternengasse 4
4051 Basel BS
Switzerland
The Debtor can be reached at:
JSC Klingele
Basel BS
Switzerland
OMICRON NANOTECHNOLOGY: Liquidation Claims Due Aug. 13
------------------------------------------------------
Creditors of LLC Omicron NanoTechnology have until Aug. 13 to
submit their claims to:
Ervin Fauster
Liquidator
Fauster Treuhand
Hauptstrasse 47
8750 Glarus
Switzerland
The Debtor can be reached at:
LLC Omicron NanoTechnology
Ennenda GL
Switzerland
SAVORELLA JSC: Creditors' Liquidation Claims Due August 20
----------------------------------------------------------
Creditors of JSC Savorella have until Aug. 20 to submit their
claims to:
Dr. Alex Fischer
Liquidator
ThomannFischer
4010 Basel BS
Switzerland
The Debtor can be reached at:
JSC Savorella
Basel BS
Switzerland
SAVORINA JSC: Creditors' Liquidation Claims Due August 20
---------------------------------------------------------
Creditors of JSC Savorina have until Aug. 20 to submit their
claims to:
Dr. Alex Fischer
Liquidator
ThomannFischer
4010 Basel BS
Switzerland
The Debtor can be reached at:
JSC Savorina
Basel BS
Switzerland
SCHMID JSC: Creditors' Liquidation Claims Due August 13
-------------------------------------------------------
Creditors of JSC Schmid have until Aug. 13 to submit their
claims to:
Fux Ruben
Liquidator
JSC Fux Treuhand & Beratung
Mail box 59
3924 St. Niklaus
Visp VS
Switzerland
The Debtor can be reached at:
JSC Schmid
St. Niklaus
Visp VS
Switzerland
TAUBER JSC: Zurich Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zurich commenced bankruptcy proceedings
against JSC Tauber on July 4.
The Bankruptcy Service of Zurich can be reached at:
Bankruptcy Service of Zurich
8022 Zurich
Switzerland
The Debtor can be reached at:
JSC Tauber
Schipfe 24/26
8001 Zurich
Switzerland
=============
U K R A I N E
=============
BLACK METAL: Creditors Must File Claims by August 9
---------------------------------------------------
Creditors of Joint Enterprise Ukrainian Energy Black Metal (code
EDRPOU 05393168) have until August 9 to submit written proofs of
claims by the address
Alexander Nechitaylo
Liquidator
Apartment 47
Traktorostroiteley Str. 92-B
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-19/48-07.
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:
Joint Enterprise Ukrainian Energy Black Metal
Lenin Avenue 58
Kharkov
Ukraine
BOLGOV LLC: Creditors Must File Claims by August 9
--------------------------------------------------
Creditors of LLC Edition Center Bolgov (code EDRPOU 31174540)
have until August 9 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/363-b.
The Debtor can be reached at:
LLC Edition Center Bolgov
Apartment 63
Vishniakovskaya Str. 7-A
02099 Kiev
Ukraine
DOBRODEY AND K: Creditors Must File Claims by August 9
------------------------------------------------------
Creditors of LLC Dobrodey and K (code EDRPOU 32583616) have
until August 9 to submit written proofs of claims by the address
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 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-50/147-06.
The Debtor can be reached at:
LLC Dobrodey and K
Rayelenovka
Kharkov
Ukraine
IZIUM MACHINE-TECHNOLOGICAL: Creditors' Claims Due August 9
-----------------------------------------------------------
Creditors of LLC Agricultural Enterprise Izium Machine-
Technological Station (code EDRPOU 22663327) have until August 9
to submit written proofs of claims to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 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-50/108-07.
The Debtor can be reached at:
LLC Agricultural Enterprise
Izium Machine-Technological Station
Izium, Staropochtovaya Str. 19
Kharkov
Ukraine
LAVANDA LLC: Creditors Must File Claims by August 9
---------------------------------------------------
Creditors of LLC Lavanda (code EDRPOU 22663327) have until
August 9 to submit written proofs of claims to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 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-50/108-07.
The Debtor can be reached at:
LLC Lavanda
Vysokaya Str. 4
Izium
Kharkov
Ukraine
LOZOVAYA FATTENING: Creditors Must File Claims by August 9
----------------------------------------------------------
Creditors of Joint Agricultural Enterprise Lozovaya Fattening
have until August 9 to submit written proofs of claims by the
address
Dmitry Zadruzhny
Liquidator
Apartment 408
Pushkinskaya Str. 5
61057 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-19/150-07.
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:
Joint Agricultural Enterprise
Lozovaya Fattening
Enterprise
Novoye
Lozovaya District
Kharkov
Ukraine
MOMENT DE JURE: Creditors Must File Claims by August 9
------------------------------------------------------
Creditors of LLC Moment De Jure (code EDRPOU 34475076) have
until August 9 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 23/281-b.
The Debtor can be reached at:
LLC Moment De Jure
Zdolbunevskaya Str. 7-A
02081 Kiev
Ukraine
MOTORCAR 16367: Creditors Must File Claims by August 9
------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 16367 (code EDRPOU
03115235) have until August 9 to submit written proofs of claims
to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 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-50/35-06.
The Debtor can be reached at:
OJSC Motorcar Enterprise 16367
Sakharozavodskaya Str. 1
Kupiansk
Kharkov
Ukraine
STROAGRO LLC: Creditors Must File Claims by August 9
----------------------------------------------------
Creditors of LLC Stroagro (code EDRPOU 34478040) have until
August 9 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. 15/458-b.
The Debtor can be reached at:
LLC Stroagro
Heroes of Dniepr Str. 7
Kiev
Ukraine
UKRAINIAN MEDIA: Creditors Must File Claims by August 9
-------------------------------------------------------
Creditors of LLC Ukrainian Media Center (code EDRPOU 32951178)
have until August 9 to submit written proofs of claims to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 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-39/116-07.
The Debtor can be reached at:
LLC Ukrainian Media Center
Marrosov Str. 8-a
Kharkov
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BALLY TOTAL: Gets Interim OK to Hire Latham & Watkins as Counsel
----------------------------------------------------------------
Bally Total Fitness Holding Corporation and its debtor-
affiliates obtained from the U.S. Bankruptcy Court
for the Southern District of New York in Manhattan authority,
on an interim basis, to employ Latham & Watkins LLP as
their attorneys, effective as of July 31, 2007.
Marc D. Bassewitz, senior vice president, secretary and general
counsel of Bally Total Fitness Holding Corporation, relates that
Latham & Watkins has been counsel to the Debtors on a number of
matters for more than 10 years, including the preparation of the
Chapter 11 filings, and, therefore, will be able to quickly
respond to any and all issues that may arise during the Chapter
11 Cases.
The firm is intimately familiar with the Debtors' businesses and
affairs and many of the potential legal issues that may arise in
the context of the Chapter 11 Cases, Mr. Bassewitz says.
As counsel for the Debtors, Latham & Watkins will render legal
services relating to the day-to-day administration of the
Chapter
11 cases and the several issues that may arise, including:
-- advising the Debtors with respect to their powers and
duties in the continued management and operation of their
business and properties;
-- attending meetings and negotiating with representatives of
creditors;
-- taking all necessary action to protect and preserve the
Debtors' estates, including prosecuting actions on the
Debtors' behalf;
-- preparing all motions, applications, answers, orders,
reports, and papers necessary to the administration of
the Debtors' estates;
-- taking necessary action on behalf of the Debtors to obtain
approval of their Disclosure Statement and confirmation of
their Plan of Reorganization;
-- advising the Debtors in connection with any potential sale
of assets;
-- appearing before the Bankruptcy Court, appellate courts,
and the U.S. Trustee, and protect the interest of the
Debtors' estates;
-- performing all other necessary legal services in
connection with the Debtors' Chapter 11 Cases, including
analyzing leases and executory contracts and any
assumptions; analyzing the validity of liens against the
Debtors; and advising on corporate, litigation,
environmental, and other legal matters.
Latham & Watkins will be paid based on its hourly rates:
Partners US$595 to US$975
Of Counsel US$525 to US$850
Associates US$275 to US$645
Paraprofessionals US$90 to US$320
The firm will also be reimbursed for it's reasonable out-of-
pocket expenses.
These professionals are presently expected to have primary
responsibility for providing services to the Debtors:
* David S. Heller,
* Richard A. Levy,
* Josef S. Athanas,
* Keith A. Simon, and
* Caroline A. Reckler
Mr. Bassewitz notes that on February 20, 2007, the Debtors
advanced US$1,250,000 to Latham & Watkins as a retainer. On
each of March 23, April 5, May 4, and June 5, the Debtors
advanced a further US$250,000 to the firm as a retainer. On
July 30, the Debtors advanced an additional US$100,000.
Much of the retainer has been applied prior to the Petition
Date to prepetition fees and expenses, and as of the Petition
Date, the amount of Latham & Watkins' retainer was approximately
US$6,200.
As of bankruptcy filing, Mr. Bassewitz continues, the Debtors do
not owe the firm any amounts for legal services rendered before
the Petition Date. During the one year prior to the Petition
Date, the firm received a total of US$5,755,181 in compensation
from the Debtors.
Mr. Heller, Esq., a partner at the firm, assures the Court that
Latham & Watkins is a "disinterested person" as that phrase is
defined in Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b).
Mr. Heller adds that Latham & Watkins has in the past
represented or currently represents certain of the Debtors'
creditors, equity security holders, or other parties-in-interest
in matters unrelated to the Debtors or the Chapter 11 cases.
None of the representations are materially adverse to the
interests of the Debtors' estates, he says.
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, United
Kingdom, and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.
Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
(Bally Total Fitness Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Services Inc. http://bankrupt.com/newsstand/or
215/945-7000).
BALLY TOTAL: Wins Favorable Ruling in Mass. Consumer Lawsuit
------------------------------------------------------------
The First Circuit Court ruled in favor of Bally Total Fitness
Holding Corp. in a suit claiming its health-club contracts
violate Massachusetts consumer protection laws, CourtHouse News
Service reports.
The suit was filed by Gisselle Ruiz, who said the club refused
to refund the balance of her membership fee when she canceled a
36-month contract with Holiday Universal, a subsidiary of Bally
Total. She claimed the terms of the contract, including a
built-in financing plan, violated the Massachusetts Health Club
Services Contracts Act, which prohibits the required financing
of a health-club contract for more than one month beyond the
contract’s expiration.
The court ruled Bally’s health-club contracts do not violate
Massachusetts consumer protection law because it never forced
customers to sign up for the financing it offered.
Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China, the United
Kingdom and the Caribbean under the Bally Total Fitness(R),
Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands.
Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan. Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts. As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,54627 in total liabilities.
BRITISH AIRWAYS: Arraignment in the U.S. Expected Next Week
-----------------------------------------------------------
British Airways plc is set to appear before the U.S. Department
of Justice in Washington DC next week in a probe into its
collusion with Virgin Atlantic over long-haul passenger fuel
surcharges, Edmund Conway writes for the Sunday Telegraph.
According to the report, it is speculated that current BA
executives will be among those the DOJ will name during the
arraignment.
The Sunday Telegraph says these executives, who are just below
the board level, could be extradited to the U.S. for trial.
Former BA executives Martin George and Iain Burns were earlier
identified in connection with the case. The two executives, who
resigned last year, may face criminal charges, The Sunday
Telegraph relates.
DOJ Probe
On Aug. 1, 2007, the DOJ revealed that BA has agreed to plead
guilty and pay US$300 million criminal fines for its role in
conspiracies to fix the prices of passenger and cargo flights.
The charges against the airline were filed in the U.S. District
Court for the District of Columbia.
The DOJ said that passengers who flew on BA flights between the
U.K. and the U.S. during the charged period paid more for their
tickets as a result of the illegal cartel. In 2004, BA’s fuel
surcharge for round-trip passenger tickets was around US$10 per
ticket. By the time the passenger conspiracy was cracked in
2006, the surcharge was nearly a 10-fold increase to US$110 per
ticke, the Department said. The Department noted that during
the air cargo conspiracy, BA's fuel surcharge on shipments to
and from the U.S. changed more than 20 times and increased from
four cents per kilogram of cargo shipped to as high as 72 cents
per kilogram.
BA is charged with engaging in a conspiracy to suppress and
eliminate competition by fixing the rates charged to customers
for international air shipments of cargo, including shipments to
and from the U.S. Billions of dollars of consumer and other
goods, including produce, clothing, electronics and medicines,
are shipped by BA and its competitors in the air cargo industry.
BA participated in that conspiracy between March 2002 and
February 2006.
The Department also charged that between August 2004 and
February 2006, BA engaged in a conspiracy to suppress and
eliminate competition by fixing the fuel surcharge charged to
passengers on long-haul international flights, including flights
between the U.S. and the U.K. BA's long-haul flights are
flights between the U.K. and certain foreign destinations,
including any flight to and from the U.S. Passengers pay
hundreds of millions of dollars in ticket prices each year, and
the conspiracy raised the price on virtually every ticket
purchased between 2004 and 2006 for the conspirators' long-haul
international flights, the Department said.
BA is charged with carrying out the two price-fixing
conspiracies with co-conspirators by, among other methods:
* participating in meetings, conversations, and
communications to discuss the cargo rates on shipments to
and from the U.S. and passenger fuel surcharges
to be charged for flights between the U.S. and
the U.K.;
* agreeing, during those meetings, conversations, and
communications, on certain components of the cargo rates
on shipments to and from the U.S. and passenger
fuel surcharges to levy for flights between the U.S. and
the U.K.;
* levying cargo rates and passenger fuel surcharges in
accordance with the agreements reached; and
* engaging in meetings, conversations, and communications to
monitor and enforce the agreed-upon rates.
BA is charged with two counts of price fixing in violation of
the Sherman Act. Each count of the Sherman Act carries a
maximum sentence of 10 years of imprisonment for individuals and
a fine of US$100 million for corporations. The maximum fine may
be increased to twice the gain derived from the crime or twice
the loss suffered by the victims of the crime, if either of
those amounts is greater than the statutory maximum fine.
OFT Probe
As previously reported in the TCR-Europe on Aug. 2, 2007, BA has
admitted collusion over the price of "long-haul passenger fuel
surcharges" and will pay a penalty of GBP121.5 million to be
imposed by the U.K. Office of Fair Trading, thus enabling the
OFT to close its civil investigation and resolve this case. The
penalty will be the highest ever imposed by the OFT for
infringements of competition law, and demonstrates the
determination of the OFT to deal vigorously with anti-
competitive behavior.
BA has admitted that between August 2004 and January 2006, it
colluded with Virgin Atlantic over the surcharges which were
added to ticket prices in response to rising oil prices. Over
that period, the surcharges rose from GBP5 to GBP60 per ticket
for a typical BA or Virgin Atlantic long-haul return flight.
Virgin Atlantic is not expected to pay any penalty as it
qualifies in principle for full immunity under the OFT's
leniency policy. Under this policy, a company which has been
involved in cartel conduct and which is the first to give full
details about it to the OFT will qualify for immunity from
penalties in relation to that conduct. In addition, any company
staff involved in the price fixing disclosed will qualify for
immunity from criminal prosecution in relation to that conduct.
The OFT's investigation was prompted after Virgin Atlantic came
forward with information about price fixing with BA over the
surcharges. BA has also provided full co-operation
with the OFT's investigation under the leniency program and this
is reflected in the penalty .
BA accepts the OFT's finding that on at least six occasions the
two companies discussed and/or informed each other about
proposed changes to the level of the surcharges, rather than
setting levels independently as required under clear and
well-established competition law principles.
The OFT's investigation was conducted in parallel with a similar
case brought by the United States Department of Justice. The
investigations by the OFT and DoJ were separate but the two
agencies have consulted each other closely throughout.
In addition to the investigation into BA’s corporate
conduct under civil competition law, the OFT is also conducting
a criminal investigation into whether any individuals
dishonestly fixed the levels of the surcharges - an offence
under the Enterprise Act. The corporate admission by British
Airways that it infringed civil competition law does not imply
that any individuals dishonestly fixed prices contrary to the
Enterprise Act. The criminal investigation is ongoing and no
conclusions have been reached as to whether criminal proceedings
against individuals can or should be brought.
A report in the Class Action Reporter on Aug. 6, 2007, relates
that the decisions by competition regulators in the U.S. and
U.K. to fine BA for colluding to fix surcharges on tickets are
expected to spark class actions against the company.
As many as 20 million passengers could file claims of up to
GBP165 per return flight against the company, lawyers said,
according to The Scotsman. The U.S. law firm Cohen, Milstein,
Hausfeld & Toll has told The Scotsman it planned to launch
proceedings against the airlines. It has a London office, which
will co-ordinate U.K. clients.
BA previously disclosed that it made a provision of GBP350
million for the claims.
"The figure is our best estimate and that remains the case, " a
BA spokesman was quoted by The Sunday Telegraph as saying.
However, he stressed that the provision is not a ceiling for the
total of penalties and civil claims.
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd. BA has offices in India and Guatemala.
* * *
In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the existing non-financial speculative-grade corporate
issuers in Europe, Middle East and Africa, Moody's Investors
Service's confirmed its Ba1 Corporate Family Rating for British
Airways Plc.
Moody's also assigned a Ba1 Probability-of-Default Rating to the
company.
* Issuer: British Airways, Plc
Projected
Old New LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ ----------
GBP100-million 10.875%
Sr. Unsec. Regular
Bond/Debenture
Due 2008 Ba2 Ba2 LGD5 84%
GBP250-million 7.25%
Sr. Unsec. Regular
Bond/Debenture
Due 2016 Ba2 Ba2 LGD5 84%
EMI GROUP: Total Revenue at Constant Currency Down 5.1% in 2007
---------------------------------------------------------------
EMI Group PLC issued its first interim management statement as
required by the disclosure rules and transparency rules of the
Financial Services Authority.
EMI said that for the first quarter of the financial year 2007:
-- EMI Group total revenue at constant currency declined by
5.1%, reflecting the market conditions experienced in the
recorded music market;
-- EMI Music revenue at constant currency declined by 13.4%
due to the difficult market conditions and EMI's light
release schedule in the quarter when the restructuring
program was also being implemented. Digital revenues
increased by 26.0%, while physical revenues declined by
19.8%;
-- EMI Music Publishing revenue at constant currency
increased by 11.9%. This was partly as a result of
litigation settlements, although mechanical revenues are
holding up well in the face of significant declines in the
recorded music markets and synchronization revenues have
had a strong start to the year. Digital revenues
increased by 13.2%, while physical revenues increased by
11.9%; and
-- the cost savings from the previously announced
restructuring programs are being delivered on budget.
During the quarter, EMI completed the acquisition of the 45%
shareholding in Toshiba-EMI Limited previously held by Toshiba
Corporation for a total cash consideration of JPY21 billion
(around GBP93 million) as a result of which EMI now owns 100% of
TOEMI. TOEMI has been renamed EMI Music Japan.
In late May 2007, iTunes launched EMI's DRM free products on
iTunes plus. Early revenue indications for this initiative are
encouraging.
It was announced on May 21, 2007 that the boards of directors of
Maltby Limited and EMI had reached agreement on the terms of a
recommended cash offer by Maltby to acquire the whole of the
issued and to be issued share capital of EMI. The Offer
Document was posted to EMI Shareholders on May 30, 2007.
On Aug. 1 2007, the board of directors of Maltby announced that
the Offer had become unconditional as to acceptances and will
remain open until further notice, and that the Conditions set
out in paragraphs 1(b) and 1(d) of Part A of Appendix I to the
Offer Document had already been satisfied. The Offer remains
subject to the further Conditions set out in paragraphs 1(c) and
1(e) to 1(i) of Part A of Appendix I to the Offer Document.
About EMI
Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20. The group has operations in Brazil,
China, and Hungary. The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.
At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.
The company issued two profit warnings since January 2007.
* * *
As reported in the TCR-Europe on Aug. 6, 2007, Moody's Investors
Service downgraded EMI Group plc's corporate family and senior
debt ratings to B1 (from Ba3). All ratings remain under review
for downgrade.
Ratings downgraded to B1 (under review for further downgrade)
are:
EMI Group plc
-- CFR and the ratings of the 8.25% GBP bonds due 2008 and
the 8.625% Euro notes due 2013
Capitol Records Inc. (gtd. by EMI Group plc)
-- the rating of the 8.375% guaranteed notes due 2009.
All ratings remain under review for possible downgrade. Maltby
has not yet signaled whether any of the rated instruments are
expected to form part of EMI's capital structure to the extent
they remain outstanding under their terms.
Moody's ongoing review will now be focused on :
(i) the new entity's capital structure and financial policies
(ii) the relative position of the rated instruments within the
new capital structure and their relative ranking amongst
each other and relative to other classes of debt (to the
extent they remain outstanding) and
(iii) the outlook for the global music markets and the
company's operational plans.
In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'. The
'B' short-term rating was affirmed.
At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.
FORD MOTOR: Wants Tentative Land Rover & Jaguar Deal by Sept. 30
----------------------------------------------------------------
Ford Motor Company's financial and legal advisers have begun
preparing information to facilitate due diligence for potential
bidders of its Land Rover and Jaguar marques as the company
hopes to reach a tentative deal by Sept. 30, 2007, the
International Herald Tribune reports, quoting people with direct
knowledge of the process.
The TCR-Europe reported on July 27, 2007, that bidders,
including private equity groups Ripplewood Holdings, One Equity
Partners, TPG Capital, and Cerberus Capital Management, as well
as India's Tata Motors and Mahindra & Mahindra had submitted
indicative offers for Land Rover and Jaguar. Ford has hired
Goldman Sachs, HSBC and Morgan Stanley to act as advisors. The
auto maker plans to let prospective bidders begin due diligence
on its Jaguar and Land Rover brands this month.
According to IHT's sources, the company also hopes to sell Volvo
by the end of the year. The company revealed last month that it
had begun a "strategic review" of Volvo -- its first public
acknowledgment that it wanted to shed the Swedish carmaker,
which it bought in 1999, IHT observes. Bidders for Volvo have
yet to emerge as the sale process is still in its early stages,
although reports claim BMW might be interested in the brand.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom. The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.
However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.
According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook. The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.
FORD MOTOR: Recalls 3.6 Million Vehicles to Fix Cruise Control
--------------------------------------------------------------
Ford Motor Company is conducting a voluntary safety recall
involving speed control deactivation switch systems in 3.6
million vehicles.
The service action involves the installation of a fused wiring
harness into the speed control electrical circuit, or the
replacement of the deactivation switch if it is found to be
leaking. This is a quick repair, and will be performed on
vehicles built between 1992 and 2003.
Ford dealers will provide this service to all affected vehicles
at no charge to the customers. The company has a sufficient
supply of parts to service the affected trucks. The supply of
parts to service the affected cars is expected to be available
in early October. Owners of all affected vehicles will be
notified by mail.
While these vehicles are not subject to the systems interaction
issues affecting vehicles in the prior recall populations, Ford
is taking this action to address continued customer concerns
about the potential for fires in their vehicles. The company
cannot be confident in the long term durability of the speed
control deactivation switches.
At no charge to customers, Ford or Lincoln/Mercury Dealers will
inspect the speed control deactivation switch and install a
fused wiring harness between the current speed control wiring
and the deactivation switch or, if necessary, replace the
deactivation switch. The harness acts to protect the switch in
the rare event of increased electrical current flow through the
switch.
Owners of trucks that are affected by this recall will be
instructed to take their vehicles to a Ford or Lincoln/Mercury
dealership for repairs. Owners of cars that are affected by
this recall will be directed to bring their vehicles into their
dealership to have the speed control disconnected, as an interim
repair, until parts are available to perform the final repair in
early October, which is the same as the repair for trucks.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom. The Company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Moody's Investors Service said that the
performance of Ford Motor Company's global automotive operations
for the second quarter of 2007 was significantly stronger than
the previous year and better than street expectations.
However, Moody's explained that the company continues to face
significant competitive and financial challenges, and the rating
agency expects that Ford's credit metrics and rate of cash
consumption will likely remain consistent with no higher than a
B3 corporate family rating level into 2008.
According to the rating agency, Ford's corporate family rating
is currently a B3 with a negative outlook. The rating is
pressured by the shift in consumer preference from high margin
trucks and SUVs, and by the need for a new 2007 UAW contract
that provides meaningful relief from high health care costs and
burdensome work rules, Moody's relates.
IMPERIAL CHEMICAL: Akzo Teams Up With Henkel in GBP8 Billion Bid
----------------------------------------------------------------
Akzo Nobel has enlisted Henkel KGaA to join its efforts to take
over Imperial Chemical Industries plc, coming up with a
tentative offer of GBP8 billion (US$16 billion) or GBP6.70 a
share, the Wall Street Journal reports.
The proposed offer also guarantees ICI shareholders an
additional first dividend of 4.95 pence a share and a second
interim dividend of up to 5 pence, The Financial Times relates.
Akzo and Henkel expect to complete a due-diligence inspection of
ICI within days. If the review of its business and financial
information goes well, a formal takeover agreement would be
announced by the Aug. 9, 2007, deadline set by British takeover
regulators, WSJ states, citing people close to the matter.
Akzo said on July 30, 2007, that it had agreed to carve out
ICI's adhesives and electronic materials businesses and sell
them to Henkel, Jason Singer writes for WSJ. Henkel would pay
GBP2.7 billion for National Starch, an ICI subsidiary, if the
deal is completed, reports say.
Henkel said it expects to make annual synergy savings of between
EUR240 million and EUR260 million (US$332-360 million) from the
ICI businesses it hopes it buys. Henkel plans to fund its part
of the deal with debt and equity capital and was also looking
into divesting non-core assets, Reuters states.
Akzo may face opposition from its shareholders because it is
paying a very full price, FT quotes some analysts as saying.
Concurrently, other bidders may also join the fray, including
Dow Chemical, which expressed interest in ICI last week.
About ICI
Headquartered in London, England, Imperial Chemical Industries
Plc -- http://www.ici.com/-- is a major paints, adhesives and
specialty products business with products and ingredients
developed for a wide range of markets.
The company has a number of Regional and Industrial businesses
in Argentina, India and Pakistan. It has around 26,000
employees and had sales in 2006 of GBP4.8 billion.
At Dec. 31, 2006, the company's balance showed GBP4.29 billion
in total assets, GBP4.48 billion in total liabilities and GBP189
million in stockholders' deficit.
INCO LTD: Builds US$2.5 Billion Nickel Plants in Indonesia
----------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit, planned to build two new nickel plants worth
US$2.5 billion on Sulawesi Island, Associated Press reports.
According to the report, INCO Chief Executive Arif Siregar said
that the plant project, expected to be built next year, is part
of the company's effort to increase their nickel output to
300 million pounds by 2016.
Mr. Siregar said that Inco will launch an engineering study in
September to decide the financing structure for the development
of the plants, the report adds.
About Inco Limited
Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used
primarily for manufacturing stainless steel and batteries. Inco
also mines and processes copper, gold, cobalt, and platinum
group metals. It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints. Sulphuric acid and liquid sulphur dioxide are
produced as byproducts. The company's primary mining and
processing operations are in Canada, Indonesia, and the United
Kingdom.
Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.
INCO LTD: To Meet Annual Output Target Despite Plant Shutdown
-------------------------------------------------------------
PT International Nickel Indonesia Tbk, Canada Inco Ltd.'s
Indonesian unit is still positive that their annual production
target of 165 million pounds of nickel in matte will be reached,
despite a plan to temporarily shut down its main furnace in the
third quarter, The Jakarta Post reports.
The report relates that Arif S. Siregar, Inco president
director, said that the plant shutdown will not affect the
company's production target since the shutdown had been planned
in advance.
In the first semester alone the company was able to produce more
than 50% of the targeted nickel matte production, which leaves
only 78.9 million pounds to make up in the last six months of
the year. This was due to above-average rainfall that increased
water level in their main dams causing a normal operation for
their hydropower plants, the report recounts.
The report points out that Inco has already installed diesel-
powered electric generators in addition to its two existing
hydropower plants, to prevent a decrease in its second-semester
production due to a possible drop in rainfall.
About Inco Limited
Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N)
-- http://www.inco.com/-- produces nickel, which is used
primarily for manufacturing stainless steel and batteries. Inco
also mines and processes copper, gold, cobalt, and platinum
group metals. It makes nickel battery materials and nickel
foams, flakes, and powders for use in catalysts, electronics,
and paints. Sulphuric acid and liquid sulphur dioxide are
produced as byproducts. The company's primary mining and
processing operations are in Canada, Indonesia, and the United
Kingdom.
Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.
JABIL CIRCUIT: To Set Up Two New Divisions, Appoints Officers
-------------------------------------------------------------
Jabil Circuit Inc.'s board of directors has approved a plan to
establish a Consumer Electronics division and an EMS division.
The Consumer division will be formed to meet the distinct needs
of the consumer marketplace. The EMS division will continue to
provide world class end to end supply chain solutions for
customers in a broad range of industry sectors. The change is
effective Sept. 1, 2007.
"We believe that we will unleash even more creative and cost-
effective solutions for our customers by grouping business units
with similar needs together into divisions, each with full
ownership and accountability for design, operations, supply
chain and delivery," said Timothy L. Main, Jabil's president and
chief executive officer. "Our business has grown to a size and
scale that we believe provides the critical mass to make this
free standing division approach successful."
Consumer Division
Jabil will establish the Consumer Electronics division with
dedicated resources designed to meet the unique needs of the
consumer products industry. The division will address the
marketplace needs of mobility, connected displays, set-top boxes
and peripheral products. Dedicated design resources combined
with vertically integrated supply chain solutions and certain
existing and planned manufacturing operations, will provide a
full complement of assets to provide low cost solutions for
consumer electronics customers.
Seventeen year Jabil veteran John P. Lovato was named executive
vice president and chief executive officer, consumer division,
effective Sept. 1, 2007.
"The consumer electronics sector represents an enormous market
opportunity for Jabil as major consumer product companies around
the world are adopting outsourcing as their go-to-market
strategy. These customers tend to be very product focused and
prefer suppliers with deep product knowledge and expertise.
They also favor vertical integration of certain technologies and
capabilities. Jabil's new divisional focus and the
complementary services of Green Point will allow us to address
both of these needs," said Mr. Lovato.
EMS Division
The EMS Division will focus on the traditional and emerging
electronic manufacturing services business sectors. Traditional
sectors, characterized by a longer-term experience in utilizing
the electronics outsourcing model, include networking,
computing, storage and telecommunications businesses. Emerging
sectors are newer to the outsourcing model and include areas
such as automotive, medical, industrial, instrumentation,
defense and aerospace. Both traditional and emerging sector
customers primarily sell directly to business or organizations
and utilize outsourcing as a means of reducing internal design
and manufacturing costs while focusing on the core of their
business. The EMS Division will be chartered with continuing to
grow traditional market business and nurturing the blossoming
emerging sectors with cost-effective design, manufacturing and
delivery of products to these customers.
The EMS Division will be headed by 15-year Jabil executive
William D. Muir, who was named Executive vice president and
chief executive officer of the division, effective Sept. 1,
2007.
"The new approach will allow enhanced focus on the specific
needs of our traditional and emerging market customers," said
Bill Muir, senior vice president. "We believe this model will
add to the agility and responsiveness in delivering sector-
specific design, manufacturing, fulfillment and supply chain
solutions."
"For over 30 years we have empowered our customer-centric
business units to develop customized solutions for our
customers. The continued use of our customer-centric model with
this divisional approach will more narrowly focus our best
people on the unique needs of specific customers and sectors.
Our customers and shareholders will benefit as we strive for
higher levels of performance with strong diversification and
full exposure to the secular trend to an outsourcing model,"
said Mr. Main.
About Jabil Circuit
Jabil Circuit Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- provides electronics design,
manufacturing and product management services to global
electronics and technology companies. Jabil Circuit has more
than 75,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom, and Japan. Revenues for the 12
months ended Feb. 28, 2007 were US$11.7 billion.
* * *
As reported in the Troubled Company Reporter on June 4, 2007,
Moody's Investors Service confirmed Jabil Circuit Inc.'s Ba1
corporate family rating and revised the outlook to negative
following the recent filing of its fiscal 2006 (August year-end)
10-K and fiscal 2007 first and second quarter tenth-quarters.
Simultaneously, Moody's upgraded the rating on the existing
US$300 million senior unsecured notes to Ba1 from Ba2.
JABIL CIRCUIT: Paying US$0.07 Per Share Dividend on Sept. 4
-----------------------------------------------------------
Jabil Circuit Inc.'s Board of Directors has approved payment of
a quarterly dividend to shareholders of record as of
Aug. 15, 2007. The dividend of US$0.07 per share is payable on
Sept. 4, 2007.
The company intends to continue to pay regular quarterly
dividends; however the declaration and payment of future
dividends are discretionary and will be subject to determination
by the Board each quarter following its review of the Company's
financial performance.
Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions
company providing comprehensive electronics design,
manufacturing and product management services to global
electronics and technology companies. Jabil Circuit has more
than 50,000 employees and facilities in 20 countries, including
Brazil, Mexico, United Kingdom, and Japan.
* * *
As reported in the Troubled Company Reporter-Latin America on
June 4, 2007, Moody's Investors Service confirmed Jabil Circuit,
Inc.'s Ba1 corporate family rating and revised the outlook to
negative following the recent filing of its fiscal 2006 (August
yearend) 10-K and fiscal 2007 first and second quarter tenth-
quarters. Simultaneously, Moody's upgraded the rating on the
existing US$300 million senior unsecured notes to Ba1 from Ba2.
RECITE LTD: Brings In Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Martha H. Thompson and Christopher Kim Rayment of BDO Stoy
Hayward LLP were appointed joint liquidators of Recite Ltd.
(formerly Speed 9683 Ltd.) on July 25 for the creditors’
voluntary winding-up proceeding.
The company can be reached at:
Recite Ltd.
100 Barbirolli Square
Manchester
Lancashire
England
SKYEPHARMA PLC: FDA Trial Query Delays Flutiform NDA Filing
-----------------------------------------------------------
SkyePharma PLC has provided an update to investors on
Flutiform(TM), the Company's lead development product for the
treatment of asthma. As envisaged in the AGM statement released
on June 29, 2007, a routine pre-NDA (New Drug Application)
meeting was held in July with the U.S. Food and Drug
Administration to discuss the planned regulatory filing for
Flutiform(TM). The meeting covered the clinical, non-clinical
and CMC (Chemistry, Manufacture and Control) development aspects
of the project.
Following the meeting with the FDA, the Company has increased
confidence with the progress being made with the CMC program.
However, unexpectedly, the FDA queried one particular aspect of
the design of the clinical trial program. The Company has
considered this issue carefully and it has concluded that, in
order to provide further information to satisfy the FDA, it may
be necessary to generate additional clinical data to supplement
the ongoing Phase III program. Further discussions will be held
over the coming weeks with the FDA to agree the scope of any
additional clinical work. Undertaking this work could result in
the filing of the Flutiform(TM) NDA being delayed to the second
half of 2008. The current estimate is that the additional net
cash cost to the Company of any additional clinical work over
the period up to approval could be in the order of GBP3 million
to GBP5 million. The Company will make a further announcement
when the FDA's requirements have been clarified.
Encouraging progress continues to be made with the current Phase
III trials, with over 1,500 patients recruited to date (over 85%
recruitment). The long-term safety study is now complete and
the data is being collated.
Any additional clinical work required for the FDA is not
expected to affect the timescales or costs of completing the
development of Flutiform(TM) in Europe.
"Flutiform(TM)'s potential is exciting due to its unique
combination of the fastest onset long-acting beta-agonist
(formoterol) and the most commonly prescribed steroid
(fluticasone). Although the potential requirement for
additional clinical data would mean that we face some delay to
the filing of Flutiform(TM), we are pleased with the progress
being made with the FDA on all other aspects of the planned
filing and we are encouraged by the level of commitment of
Abbott Laboratories, our US partner, to the project," Frank
Condella, CEO of SkyePharma, said.
"Abbott supports undertaking the best clinical approach to
producing the scientific evidence needed to secure an FDA
approval for Flutiform(TM)," Eugene Sun, M.D., vice president of
Global Pharmaceutical Clinical Development of Abbott
Laboratories, added.
Headquartered in London, SkyePharma PLC (Nasdaq: SKYE; LSE: SKP)
-- http://www.skyepharma.com/-- develops pharmaceutical
products benefiting from world-leading drug delivery
technologies that provide easier-to-use and more effective drug
formulations. There are now 12 approved products incorporating
SkyePharma's technologies in the areas of oral, injectable,
inhaled, and topical delivery supported by advanced
solubilisation capabilities.
Skyepharma posted GBP77.7 million in net losses against GBP43
million in revenues for the year ended Dec. 31, 2006, compared
with GBP50.9 million in net losses against GBP50.8 million
revenues for the same period in 2005.
At Dec. 31, 2006, the company's balance sheet showed GBP107.7
million in total assets, GBP156.1 million in total liabilities
and GBP48.4 million to stockholders' deficit.
The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with GBP27.5 million in current assets
available to pay GBP42.8 million in total liabilities coming due
within the next 12 months.
* Fried Frank Adds Nine New Partners to Firm
--------------------------------------------
Fried, Frank, Harris, Shriver & Jacobson LLP disclosed that nine
lawyers have been elected to the Firm's partnership. As of
Sept. 1, 2007, the new partners are Peter Guryan, Francois
Hellot, Barbara Levy, Richard C. Park, Brian D. Pfeiffer,
Tiffany Pollard, Damian P. Ridealgh, Joshua Wechsler, and Eli
Weiss.
"We are very excited and proud to have these colleagues as
partners of the Firm, and we look forward to their role in the
continued growth and success of Fried Frank," in a joint
statement, Valerie Ford Jacob, Fried Frank's Chairperson, and
Justin Spendlove, Fried Frank's Managing Partner, stated.
Attorneys elected to partner:
Peter Guryan, an attorney in the Antitrust Department in the
Firm's New York office, focuses his practice on antitrust
counseling, government and regulatory review of mergers and
acquisitions, and litigation. He has successfully represented
major corporations in a wide range of industries in connection
with merger, joint venture, and civil non-merger investigations
before the United States Department of Justice and the Federal
Trade Commission. Prior to joining Fried Frank in 2001,
Mr. Guryan was a trial attorney at the Department of Justice in
the Antitrust Division's Telecommunications Task Force. He
began his legal career as a law clerk to the Hon. Harold A.
Ackerman, United States District Court for the District of New
Jersey from 1996 to 1998. He received his JD, cum laude, from
Cornell Law School in 1996 and his BA from Cornell University in
1992. He is admitted to practice in New York and before the
United States District Court for the Southern District of New
York.
Francois Hellot, an attorney in the Paris Corporate Department,
centers his practice on mergers and acquisitions for public and
private companies based in France and abroad, and on private
equity transactions (venture capital and leveraged buy-outs).
He has extensive experience representing both financial
investors and managers. Mr. Hellot joined the Firm in 2005 as
European counsel. He received his advanced degree in English
and North American business law in 1994, from the University of
Paris - I. He also holds a degree from the Paris Institute for
Political Studies. He was admitted to the Paris bar in 1997.
Barbara Levy, an attorney in Fried Frank's Paris office, focuses
her practice primarily on corporate and commercial litigation.
In addition to her general corporate litigation work, she has
developed a strong practice in the areas of trademarks,
intellectual property and related commercial issues,
distribution and antitrust law, and general contract law. Her
clients include French and International companies, in a wide
variety of industries, including luxury goods, fashion,
telecommunications, and automotive. Mrs. Levy joined the Firm
in 2005 as European Counsel. She has an advanced degree in
international private law from the University of Paris - II,
with honors, with a specialization in International Commercial
Arbitration. She was admitted to the Paris bar in 1990. Prior
to joining the Firm in 2005, Barbara Levy was a partner at the
firm Veil Jourde.
Richard C. Park, an attorney in the Antitrust Department in
Fried Frank's Washington, DC office, focuses his practice on a
full range of antitrust counseling, with a particular focus on
mergers and acquisitions, joint ventures, and representation of
clients in connection with investigations by the United States
Department of Justice and the Federal Trade Commission. He has
significant experience representing clients in merger and civil
non-merger matters involving a wide variety of industries
including, software, pharmaceuticals, defense,
telecommunications and media. Mr. Park joined the Firm in 1999.
He is a former Vice Chair of the ABA Antitrust
Telecommunications Committee. He received his LLM from
Georgetown University Law Center in 1997, his JD from
Northeastern University School of Law in 1995, and his BA from
Cornell University in 1992. He is admitted to the bar in the
District of Columbia and New York.
Brian D. Pfeiffer, an attorney in the New York Bankruptcy
Department, has a broad range of experience advising clients on
a variety of bankruptcy and/or restructuring-related matters.
His practice spans debtor representations in connection with
Chapter 11 cases and out-of-court restructurings, creditors'
committees or significant creditors in connection with chapter
11 cases, and he has also represented a variety of significant
creditors or third-party acquirers in restructuring situations.
He joined the Firm in 1999. Mr. Pfeiffer received his JD in
1999 from Hofstra University School of Law and received his BA
from the State University of New York at Albany in 1996. He is
admitted to the bar in New York and to practice before the
United States District Court for the Southern District of New
York.
Tiffany Pollard, an attorney in the New York Corporate
Department, focuses her practice on private equity transactions
and mergers and acquisitions representing both private equity
firms and public and private corporations. In addition, she
regularly advises clients on issues of corporate governance and
securities law compliance. She joined the Firm in 2000. Ms.
Pollard received her JD from Michigan Law School in 1998 and her
BA from the University of California at Berkeley in 1991. She
is admitted to the bar in New York.
Damian P. Ridealgh, an attorney in the Corporate Department,
focuses his practice primarily on the representation of
financial institutions as borrowers and issuers in leveraged
finance transactions, with a particular focus on acquisition
financings. Prior to joining the Firm in 2004, Mr. Ridealgh
worked as a banking associate at Ashurst, primarily in their
London office, with secondments to Deutsche Bank, London and
Ashurst's Brussels offices. Mr. Ridealgh received his JD
equivalent in 1999 from the College of Law London and his LLM in
1997 from University College, London. He is admitted to the bar
in England and Wales and is applying for admission to the bar in
New York.
Joshua Wechsler, an attorney in the Hong Kong and New York
Corporate Department, concentrates his practice in corporate
finance and the U.S. securities laws representing both issuers
and underwriters in a variety of debt and equity financing
transactions, including initial public offerings, private
placements, high-yield debt offerings and cross-border
financings. He has also acted for a number of issuers in
connection with corporate governance matters and reporting under
the U.S. securities laws. Prior to joining Fried Frank, he
served as a staff attorney in the United States Securities and
Exchange Commission's Division of Corporation Finance. Mr.
Wechsler joined the Firm in 1998 and became special counsel in
2004. Recently Mr. Wechsler helped launch the Firm's Asian
capital markets practice with the opening of the Firm's Hong
Kong office in 2007. He received his JD from St. Thomas
University School of Law in 1993 and his LLM in from the
Georgetown University Law Center in 1994. He received his BA
from the University of Florida in 1990. Mr. Wechsler is
admitted to the bar in New York and Florida.
Eli Weiss, an attorney in the New York Tax Department, focuses
his practice primarily on the representation of domestic and
international clients in numerous transactions, including
acquisitions and divestitures, public and private financings,
joint ventures and the design and implementation of workout and
reorganization plans. He joined the Firm in 1999. Mr. Weiss
received his JD, magna cum laude, in 1999 from the Georgetown
University Law Center, where he was elected to the Order of the
Coif. He received his BA in 1990 and MA in 1992 from Beth
Medrash Govoha. Mr. Weiss is admitted to the bar in New York.
Fried, Frank, Harris, Shriver & Jacobson LLP --
http://www.friedfrank.com/-- is an international law firm with
more than 550 attorneys in offices in New York, Washington,
D.C., London, Paris and Frankfurt. Fried Frank lawyers
regularly represent major investment banking firms, private
equity houses and hedge funds, as well as many of the largest
companies in the world. The firm offers legal counsel on M&A
and corporate finance matters, white-collar criminal defense and
civil litigation, securities regulation, compliance and
enforcement, government contracts, real estate, tax, bankruptcy,
antitrust, benefits and compensation, intellectual property and
technology, international trade, and trusts and estates.
*********
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 * * *