/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070809.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 9, 2007, Vol. 8, No. 157 Headlines A U S T R I A A & S JAGIELKA: Leoben Court Orders Business Shutdown D.G. KFZ WERKSTATTE: Claims Registration Period Ends Aug. 20 HERWIG PUSCA: Vienna Court Orders Business Shutdown ING. GOTTFRIED: Claims Registration Period Ends Sept. 17 MULTITECH ANLAGENBAU: Claims Registration Period Ends Aug. 20 RASE PERSONALMANAGEMENT: Vienna Court Orders Business Shutdown RIEGER LLC: Claims Registration Period Ends Aug. 20 STADTBAUMEISTER ING: Claims Registration Period Ends Aug. 21 TEUSCHL KEG: St. Poelten Court Orders Business Shutdown WS-TELESHOP: Claims Registration Period Ends Aug. 20 ZEISE LLC: Claims Registration Period Ends Aug. 16 B U L G A R I A JETFINANCE INT’L.: Cetelem Acquisition Cues S&P’s B+ Ratings D E N M A R K BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B- F I N L A N D HILTON HOTELS: Sets Special Stockholders' Meeting for Sept. 18 F R A N C E DELPHI CORP: Attains Tentative Accord with IUE-CWA and GM HEXCEL CORP: Completes US$62.5 Mln Asset Sale to JPS Industries POLYMER GROUP: Registers Class A Common Stock with U.S. SEC POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating G E O R G I A METROMEDIA INTERNATIONAL: Fursa Submits Revised Buyout Offer G E R M A N Y BENQ CORP: Mulls Counterclaims Against Prager & German Unit CHRYSLER LLC: Appoints Robert Nardelli as Chairman and CEO CHRYSLER LLC: S&P Rates US$5 Billion First Lien Term Loan at B D KRAMER BAU: Creditors' Meeting Slated for Aug. 31 DELFT BLUMENGROSSHANDEL: Creditors' Meeting Slated for Sept. 4 INTERPRINT SAARLORLUX: Creditors' Meeting Slated for Sept. 3 LEA IMMOBILIEN: Claims Registration Period Ends Sept. 4 MARQUARD-AUTOMOBILE: Claims Registration Period Ends Aug. 27 MCA MOEBEL-AGENTUR: Claims Registration Period Ends Sept. 5 PETER PAN: Claims Registration Period Ends Sept. 7 S-CORE 2007-1: Fitch Rates EUR19.7 Mln Class E Notes at BB SCHIEDER MOEBEL: To be Split & Sold in Parts, Administrator Says I R E L A N D ADVANCED MEDICAL: Withdraws Bid to Acquire Bausch & Lomb ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch I T A L Y ALITALIA SPA: Chairman Commences Hunt for Potential New Bidders FIAT SPA: Repurchases 1.11 Million Ordinary Shares K A Z A K H S T A N BAYKEN TRANS: Proof of Claim Deadline Slated for Sept. 18 ISLAM & CO: Creditors Must File Claims Sept. 13 HUMANITARIAN INSTITUTE: Claims Filing Period Ends Sept. 12 SILS-A LLP: Creditors' Claims Due on Sept. 13 VALEOLOGICAL CENTRE: Claims Registration Ends Sept. 12 K Y R G Y Z S T A N ECORESOURCE LLC: Creditors Must File Claims by September 14 TARIEL TRANSPORT: Proof of Claim Deadline Slated for Sept. 14 L U X E M B O U R G EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01% N E T H E R L A N D S FIXED-LINK: Fitch Junks Class C2 Notes on Eurotunnel Payment SKYLINE 2007: Fitch Rates EUR43.5 Million Class E Notes at BB N O R W A Y KRONOS WORLDWIDE: Parent Posts Second Quarter 2007 Results P O R T U G A L INTERTAPE POLYMER: Planned Issue Cues S&P to Watch Ratings R U S S I A ABSOLUT BANK: Moody's Ups Global Scale Ratings to Baa3 from Ba3 ASINOVSKOE OJSC: Creditors Must File Claims by Aug. 14 BEZENCHUK-AGRO-PROM-SNAB: Creditors Must File Claims by Sept. 14 BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP EVLASHEVSKOE LLC: Creditors Must File Claims by Aug. 14 EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01% KHOROLSKIY BREWERY: Creditors Must File Claims by Aug. 14 KORTEN CJSC: Creditors Must File Claims by Sept. 14 KURSKIY FACTORY: Asset Sale Slated for August 15 LANDZH CJSC: Court Names O. Malyukov as Insolvency Manager LYALYA-WOOD OJSC: Bankruptcy Hearing Slated for Oct. 20 NIKMAS CJSC: Creditors Must File Claims by Sept. 14 ROS-PROM-PUSHNINA: Creditors Must File Claims by Aug. 14 ROSNEFT OIL: Wins Yukos' Transport Units for RUR18.6 Billion ROSNEFT OIL: Chief Executive Seeks Lower Oil Taxes SHARANGA-NN CJSC: Court Names B. Potashnik as Insolvency Manager SHUMIKHINSKIY MEAT-PROCESSING: Claims Filing Period Set Sept. 14 SITRONICS JSC: Fitch Affirms B- IDR with Stable Outlook STROYKOMBINAT OJSC: Creditors Must File Claims by Aug. 14 TYAGAN-FISH CJSC: Names Ya. Matsinina as Insolvency Manager VOLGA LLC: Creditors Must File Claims by Aug. 14 YUKOS OIL: Rosneft Oil Wins Transport Units for RUR18.6 Billion YUKOS OIL: Dutch Unit Warns Bidders on Stake Ownership Issues S P A I N TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend S W I T Z E R L A N D APS FINANZ: Creditors' Liquidation Claims Due August 17 ART ASIEN: Creditors' Liquidation Claims Due August 16 ELIMAR IMMOBILIEN: Creditors' Liquidation Claims Due August 16 GASTURA LLC: Creditors' Liquidation Claims Due August 15 IKHA JSC: Zug Court Closes Bankruptcy Proceedings IMMOTREU JSC: Zug Court Closes Bankruptcy Proceedings MINNECI + PARTNER LLC: Creditors' Liquidation Claims Due Aug. 16 NDI EUROPE: Creditors' Liquidation Claims Due October 11 QUALITY CAR: Creditors' Liquidation Claims Due August 16 ROTHUSFA JSC: Zug Court Starts Bankruptcy Proceedings SAEGEL LLC: Zug Court Starts Bankruptcy Proceedings SERWATECH LLC: Lucerne Court Starts Bankruptcy Proceedings SINOTEX JSC: Zug Court Closes Bankruptcy Proceedings SPECIAL INVESTIGATIONS: Court Starts Bankruptcy Proceedings VANZANTEN JSC: Creditors' Liquidation Claims Due August 16 U K R A I N E ALEXANDRIYSKOE MOTORCAR 13561: Creditors' Claim Due August 10 BUTEK LLC: Creditors Must File Claims by August 10 EL-TRANS LLC: Creditors Must File Claims by August 10 LUGANSK MOTORCAR 10964: Creditors Must File Claims by August 10 LVOV COMMUNICATION: Creditors Must File Claims by August 10 MIKON LLC: Proofs of Claim Filing Deadline Set August 10 STANICHNOE LLC: Proofs of Claim Filing Deadline Set August 10 U N I T E D K I N G D O M ALLIANCE BOOTS: Plans to Enter Indian Pharma Market, Report Says BAA LTD: High Court Grants Limited Injunction Against Protesters EQUITABLE LIFE: S&P Affirms & Withdraws BB Rating Upon Request FORD MOTOR: Seeks Better Productivity & Cost Cuts in Labor Talks FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.9 Billion HANOVER COMPRESSOR: Prices Tender Offers & Consent Solicitations IMAGE TRAVEL: Brings In Liquidators from Vantis Redhead French KRONOS INC: Hires Chris Todd to Manage Customer Engagements LADYPACE LTD: Calls In Liquidators from Cooper Parry LAMBOARD HOLDINGS: Appoints Joint Administrators from PwC LANSDOWNE MORTGAGE: Fitch Affirms Class B2 Ratings at BB MACFARLANE TRANSPORT: Names Richard Dixon Fleming Liquidator MITEL NETWORKS: Inter-Tel Shareholders Approve US$723 Mln Merger TRAINING FOR TOMORROW: Taps Liquidators from BDO Stoy Hayward U.S. ENERGY: Silver Point Wants to Buy Biogas for US$9 Mln Cash VIRGIN MEDIA: Extends Sale Process Due to Unstable Debt Market WINDERMERE XI: Fitch Rates GBP7.497 Million Class E Notes at BB * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= A & S JAGIELKA: Leoben Court Orders Business Shutdown ----------------------------------------------------- The Land Court of Leoben entered July 10 an order shutting down the business of KEG A & S Jagielka (FN 281257p). Court-appointed estate administrator Karl Maier 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. Karl Maier Hauptplatz 13 8720 Knittelfeld Austria Tel: 03512-83428 Fax: 03512-83428-50 E-mail: office@ra-maier.at Headquartered in Spielberg bei Knittelfeld, Austria, the Debtor declared bankruptcy on July 4 (Bankr. Case No 17 S 62/07x). D.G. KFZ WERKSTATTE: Claims Registration Period Ends Aug. 20 ------------------------------------------------------------ Creditors owed money by KEG D.G. Kfz Werkstatte KULICH (FN 275716s) have until Aug. 20 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 61-9 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. 3 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 10 (Bankr. Case No. 3 S 94/07d). Bernhard Eder represents Dr. Hochegger in the bankruptcy proceedings. HERWIG PUSCA: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered July 9 an order shutting down the business of LLC Herwig Pusca (FN 97172a). Court-appointed estate administrator Walter Kainz 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. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 25 (Bankr. Case No 6 S 78/07y). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. ING. GOTTFRIED: Claims Registration Period Ends Sept. 17 -------------------------------------------------------- Creditors owed money by LLC Ing. Gottfried Wirglauer & Co. KG (FN 26939t) have until Sept. 17 to file written proofs of claim to court-appointed estate administrator Erich Gugenberger at: Dr. Erich Gugenberger Attergaustrasse 30 4880 St. Georgen im Attergau Austria Tel: 07667/20980 Fax: 07667/20980-20 E-mail: office@drgugenberger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Sept. 27 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Poendorf, Austria, the Debtor declared bankruptcy on July 12 (Bankr. Case No. 20 S 92/07s). MULTITECH ANLAGENBAU: Claims Registration Period Ends Aug. 20 ------------------------------------------------------------- Creditors owed money by LLC Multitech Anlagenbau (FN 246860f) have until Aug. 20 to file written proofs of claim to court- appointed estate administrator Peter Hajek at: Dr. Peter Hajek Blumengasse 5 7000 Eisenstadt Austria Tel: 02682/63108 Fax: 02682/65640 E-mail: eisenstadt@hbw.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Sept. 3 for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Marz, Austria, the Debtor declared bankruptcy on July 9 (Bankr. Case No. 26 S 97/07b). Helwig Schuster represents the Debtor in the bankruptcy proceedings. The Debtor's representative can be reached at: Mag. Helwig Schuster Universitatsstrasse 11 1010 Vienna Austria RASE PERSONALMANAGEMENT: Vienna Court Orders Business Shutdown -------------------------------------------------------------- The Trade Court of Vienna entered July 9 an order shutting down the business of LLC Rase Personalmanagement (FN 281168h). Court-appointed estate administrator Klemens Dallinger 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. Klemens Dallinger c/o Dr. Katharina Widhalm-Budak Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 33 22 E-mail: dallinger@anwaltsteam.at widhalm-budak@anwaltsteam.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 15 (Bankr. Case No 6 S 73/07p). Katharina Widhalm-Budak represents Dr. Dallinger in the bankruptcy proceedings. RIEGER LLC: Claims Registration Period Ends Aug. 20 --------------------------------------------------- Creditors owed money by LLC Rieger (FN 247761f) have until Aug. 20 to file written proofs of claim to court-appointed estate administrator Robert Igali-Igalffy at: Mag. Robert Igali-Igalffy Stojanstr. 43 2344 Maria Enzersdorf am Gebirge Austria Tel: 02236/25138-20 Fax: 02236/25138-15 E-mail: office@igali-igalffy.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Aug. 30 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Moedling, Austria, the Debtor declared bankruptcy on July 12 (Bankr. Case No. 10 S 72/07b). STADTBAUMEISTER ING: Claims Registration Period Ends Aug. 21 ------------------------------------------------------------ Creditors owed money by LLC Stadtbaumeister Ing. Gerhard Petsch (FN 124547h) have until Aug. 21 to file written proofs of claim to court-appointed estate administrator Alexander Schoeller at: Dr. Alexander Schoeller c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on Sept. 4 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 6 (Bankr. Case No. 6 S 83/07h). Stephan Riel represents Dr. Schoeller in the bankruptcy proceedings. TEUSCHL KEG: St. Poelten Court Orders Business Shutdown ------------------------------------------------------- The Land Court of St. Poelten entered July 10 an order shutting down the business of KEG Teuschl (FN 146564k). Court-appointed estate administrator Franz Hofbauer 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. Franz Hofbauer Hauptplatz 6 3370 Ybbs/Donau Austria Tel: 07412/52731 Fax: 07412/52731-22 E-mail: dr.hofbauer@wibs.at Headquartered in Poechlarn, Austria, the Debtor declared bankruptcy on July 6 (Bankr. Case No 14 S 122/07t). WS-TELESHOP: Claims Registration Period Ends Aug. 20 ---------------------------------------------------- Creditors owed money by LLC WS-Teleshop International (FN 108975h) have until Aug. 20 to file written proofs of claim to court-appointed estate administrator Gernot Hain at: Dr. Gernot Hain c/o Dr. Ulrike Gruenling-Schopf Hauptplatz 14 2700 Wiener Neustadt Austria Tel: 02622/84141 Fax: 02622/84141-23 E-mail: hain.advocat@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Aug. 30 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neudorf , Austria, the Debtor declared bankruptcy on July 9 (Bankr. Case No. 10 S 71/07f). Ulrike Gruenling-Schopf represents Dr. Hain in the bankruptcy proceedings. ZEISE LLC: Claims Registration Period Ends Aug. 16 -------------------------------------------------- Creditors owed money by LLC Zeise (FN 116150i) have until Aug. 16 to file written proofs of claim to court-appointed estate administrator Alois Tauchner at: Dr. Alois Tauchner Bahnstrasse 11 2483 Ebreichsdorf Austria Tel: 02254/72704 Fax: 022254/72705 E-mail: tauchner.alois@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Aug. 30 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Leobersdorf, Austria, the Debtor declared bankruptcy on July 9 (Bankr. Case No. 10 S 70/07h). =============== B U L G A R I A =============== JETFINANCE INT’L.: Cetelem Acquisition Cues S&P’s B+ Ratings ------------------------------------------------------------ Standard & Poor's Rating Services placed its 'B+/B' long- and short-term counterparty credit ratings on Bulgaria-based JetFinance International AD on CreditWatch with positive implications. The rating actions follow the announcement that Cetelem (AA+/Stable/A-1+), the consumer finance subsidiary of BNP Paribas (AA+/Stable/A-1+), has agreed to acquire a 100% shareholding in JetFinance. The deal is subject to regulatory approvals. "The CreditWatch placement on JetFinance reflects the strong upside potential for the company's creditworthiness, resulting from the change of control," said Standard & Poor's credit analyst Jerome Chui. Standard & Poor's expects that JetFinance will benefit from product, operational, managerial, and financial support from Cetelem, which would boost its market franchise and financial strength in the highly competitive and fast-growing Bulgarian consumer finance market. "Standard & Poor's expects to resolve the CreditWatch placement on completion of the acquisition and after further discussions on strategy, funding, and managerial and financial support with the new shareholders," added Mr. Chui. ============= D E N M A R K ============= BLOCKBUSTER INC: S&P Pares Corporate Credit Rating to B- -------------------------------------------------------- Standard & Poor's Ratings Services said it lowered its ratings on Dallas-based Blockbuster Inc. to 'B-' from 'B'. The outlook is negative. "The ratings action reflects deteriorating operating performance and declining credit protection metrics," said Standard & Poor's credit analyst David Kuntz, "as the company spent more on marketing and cut its fees for Total Access in response to increased competitiveness in the industry. "The company also recently amended its senior secured credit agreement to avoid covenant violations. "Standard & Poor's believes Blockbuster's operating performance will remain weak," added Mr. Kuntz, "given the industry's poor fundamentals and increasing competitiveness." Headquartered in Dallas, Texas, Blockbuster Inc. (NYSE: BBI, BBI.B) -- http://www.blockbuster.com/-- provides in-home movie and game entertainment, with more than 9,000 stores throughout the Americas, Europe, Asia and Australia. The company maintains operations in Brazil, Mexico, Denmark, Italy, Taiwan, Australia, among others. ============= F I N L A N D ============= HILTON HOTELS: Sets Special Stockholders' Meeting for Sept. 18 -------------------------------------------------------------- Hilton Hotels Corporation has scheduled a special meeting of stockholders for Sept. 18, 2007, at 9:00 a.m. local time. The special meeting will be held at the Beverly Hilton, 9876 Wilshire Boulevard, Beverly Hills, California. At the special meeting, Hilton's stockholders will vote upon a proposal to adopt the previously announced merger agreement that provides for the acquisition of Hilton by BH Hotels LLC, an entity controlled by investment funds affiliated with The Blackstone Group L.P. The completion of the merger is subject to certain conditions, including the receipt of required regulatory approvals and the approval of Hilton's stockholders. Hilton's stockholders of record as of the record date of Aug. 6, 2007 are entitled to vote on the proposed acquisition at the special meeting. Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines, and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's announcement that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. Standard & Poor's rating upgrade for Hilton Hotels in March 2007 incorporated the expectation that the company would sell a meaningful level of additional assets over the near term, which would likely lead to additional debt reduction. Still, Standard & Poor's is encouraged by the expected transaction multiple related to this announcement. If the lodging transaction market remains strong, enabling Hilton Hotels to generate substantial proceeds from remaining asset sales, if these proceeds are used for debt reduction, and if the lodging environment remains strong, an outlook revision to positive could be considered as 2007 progresses. Any movement signaling the potential for a higher rating will depend on Hilton Hotels's commitment to maintaining credit measures aligned with higher ratings over the lodging cycle. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. =========== F R A N C E =========== DELPHI CORP: Attains Tentative Accord with IUE-CWA and GM --------------------------------------------------------- Delphi Corp. continues to make significant progress on its transformation initiatives and has signed a Memorandum of Understanding with four additional unions representing certain U.S. hourly employees. The company reached tentative pacts with the IUE-CWA (International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers-Communications Workers of America), International Association of Machinists (IAM), International Brotherhood of Electrical Workers (IBEW), International Union of Operating Engineers (IUOE) and General Motors covering workforce transition, legacy pension items as well as other comprehensive transformational matters. The agreements are subject to union ratification and approval by the U.S. Bankruptcy Court. "This series of tentative labor agreements demonstrates Delphi's continued commitment to achieving a consensual resolution with all parties in its Chapter 11 cases," John Sheehan, Delphi's chief restructuring officer, said. "We believe these agreements, if ratified, provide additional traction towards our emergence." Delphi will not comment on the details of the tentative agreements, pending ratification by the respective unions. Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil, and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. HEXCEL CORP: Completes US$62.5 Mln Asset Sale to JPS Industries ------------------------------------------------------------- Hexcel Corporation has completed the sale of the remaining assets of its U.S. Electronics, Ballistics & General Industrial reinforcement product lines to JPS Industries Inc. Hexcel has received the agreed upon initial cash purchase price of US$62.5 million and it may receive up to US$12.5 million of additional payments dependent upon future sales of the Ballistics product line. Headquartered in Stamford, Connecticut, Hexcel Corporation (NYSE: HXL) -- http://www.hexcel.com/-- is an advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications. The company has operations in Australia, Brazil, China, France and Japan, among others. * * * As reported in the Troubled Company Reporter on June 25, 2007, Moody's Investors Service raised Hexcel Corporation's Corporate Family Rating to Ba3 from B1. The ratings on Hexcel's senior secured credit facility were upgraded to Ba1 from Ba2, while the subordinated notes ratings were upgraded to B1 from B3. The ratings outlook is stable. POLYMER GROUP: Registers Class A Common Stock with U.S. SEC ----------------------------------------------------------- Polymer Group Inc. has filed a registration statement on Form S-3 with the U.S. Securities and Exchange Commission. The shelf registration statement covers Class A Common Stock having an aggregate sales amount of up to US$350 million held by MatlinPatterson Global Opportunities Partners L.P. and certain of its affiliates. The shelf registration statement will permit such selling stockholders to sell, from time to time, shares of PGI's Class A Common Stock but they are under no obligation to do so. The selling stockholders will determine the number of shares to be included in any offering and have informed the company that they intend to make sales as early as the third quarter of 2007 based on market conditions. PGI will not receive any proceeds from the sale of such shares. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC Bulletin Board: POLGA/POLGB) develops, manufactures and markets engineered materials. The company operates 22 manufacturing facilities in 10 countries throughout the world. The company has manufacturing offices in Argentina, China and France, among others. * * * As reported in the Troubled Company Reporter on Nov. 24, 2006, Standard & Poor's Ratings Services revised its outlook on Polymer Group Inc. to negative from stable. All ratings, including the 'BB-' corporate credit rating, were affirmed. The outlook revision followed several quarters of weaker-than- expected performance and somewhat higher-than-expected debt primarily due to raw material cost escalation and some product mix shifts. Also contributing to the disappointing results were several one-time items such as costs related to technical problems associated with new equipment, an acquisition that was not consummated, the closing of manufacturing capacity, and moving the company's headquarters. POLYMER GROUP: S&P Retains Negative CreditWatch on B- Rating ------------------------------------------------------------ Standard & Poor's Ratings Services said that its 'B-' corporate credit rating and other ratings on Intertape Polymer Group Inc. remain on CreditWatch with negative implications, following the company's recent announcement of a proposed rights issue of up to US$90 million. The ratings were originally placed on CreditWatch in October 2006, after Intertape's announcement of a strategic review process and S&P's concerns regarding weak operating performance and tight liquidity. Littlejohn & Co. LLC's subsequent attempt to acquire the company was unsuccessful, and the related financing transaction was cancelled. S&P are withdrawing its ratings on Tape Borrower Inc. because of the cancellation of the financing transaction related to the proposed acquisition. "We remain concerned about Intertape's liquidity. Of particular concern were the company's comments at the time of the proposed acquisition that if the acquisition was not approved by shareholders, Intertape may have to seek appropriate accommodations from its lenders with respect to financial covenants," said Standard & Poor's credit analyst Paul Kurias. The company's US$75 million revolving credit facility is a key source of liquidity and any constraints in access to the facility will meaningfully weaken liquidity. In the recent past, on occasions when full access to the US$75 million facility would have resulted in a breach of financial covenants, Intertape has had only limited access to the facility. The company also has an unfavorable debt maturity profile with the revolving credit facility scheduled to mature in 2009. In addition, S&P have concerns about the highly leveraged financial profile. Total adjusted debt outstanding as of March 31, 2007, was US$338 million. To date, Intertape Polymer has received commitments from some shareholders totaling slightly more than over US$60 million for the proposed rights offering. If successful, the transaction is likely to partly address our liquidity and leverage concerns. The company plans to use proceeds to pay down debt. Pro forma for the US$90 million transaction and the payment of debt, total adjusted debt to EBITDA at March 31, 2007, would have been about 4.1x, down from the actual level of 5.5x. However, Standard & Poor's notes that the commitments from shareholders are contingent on the company's ability to avoid a default on its existing credit facilities. Therefore, if the rights offering is not consummated or if the company is unable to obtain bank covenant relief, S&P will likely lower the ratings. If the transaction and debt payment occur as planned, S&P will raise the corporate credit rating on Intertape to 'B' from 'B-' to reflect a meaningful decline in leverage, an improvement in liquidity, and its expectation for an improvement in the company's operating performance. The 'B' corporate credit rating will reflect a limited scope of operations in the tapes niche of the North American packaging sector and a small presence in films, low margins with some volatility in earnings, vulnerability to cyclical end markets, and a highly leveraged financial profile. These risks are partly offset by a fair position in the company's market niches, breadth of customer base, and positive growth prospects for industrial tape demand in North America. The outlook will be stable. The need to refinance debt within the next two years and the volatility in earnings, as demonstrated in the second half of 2006 when quarterly earnings declined sharply for reasons including a weaker housing market, which is an ongoing concern, will constrain the ratings. The recent track record of low liquidity, including issues with covenant compliance, also constrains the ratings. S&P expect to resolve the CreditWatch listing when information on the company's capacity to meet its financial covenants, receipt of proceeds from the rights issue, and payment of debt becomes available. Polymer Group, Inc., -- http://www.polymergroupinc.com/-- (OTC Bulletin Board: POLGA/POLGB) develops, manufactures and markets engineered materials. The company operates 22 manufacturing facilities in 10 countries throughout the world. The company has manufacturing offices in Argentina, China and France, among others. ============= G E O R G I A ============= METROMEDIA INTERNATIONAL: Fursa Submits Revised Buyout Offer ------------------------------------------------------------ Metromedia International Group Inc. received a letter from Fursa Alternative Strategies LLC, owner of 7,907,610 shares of Company common stock -- around 7.7% of the issued and outstanding shares as of July 17, 2007 -- restating its unsolicited proposal of Aug. 1, 2007 to acquire all issued and outstanding shares of Metromedia common stock, other than the 7,907,610 shares already owned by Fursa, at a purchase price of US$2.05 per share in cash. In its restated proposal, Fursa: -- affirmed its legal and financial ability to fund the cash portion of its proposed US$69 million equity commitment; -- provided a revised non-binding letter from a prospective debt financing source, in which this prospective source states it is highly confident of its ability to arrange the debt financing Fursa seeks, having taken into account the absence of audited U.S. GAAP financial statements for the Company and current financing market conditions; and -- advised that, although it will seek clarification from the Securities and Exchange Commission, Fursa is confident that its proposal should not trigger heightened disclosure under Rule 13e-3 of the Securities Exchange Act of 1934, as amended, that a filing with the Securities and Exchange Commission under Schedule 13e-3 will not be required, given that Fursa is not an affiliate of Metromedia and is merely seeking to replace a third party in an already negotiated arms-length agreement. Fursa's proposal is subject to completion of due diligence and the letter from its prospective debt financing source is non- binding and subject to a number of material conditions. On July 17, 2007, Metromedia entered into a definitive agreement with CaucusCom Ventures L.P. and CaucusCom Mergerco Corp. under which Merger Sub commenced on July 18, 2007 a tender offer for all of the shares of Metromedia's outstanding common stock at a price of US$1.80 per share in cash. Unless the CaucusCom Offer is extended, the CaucusCom Offer and any withdrawal rights to which Metromedia's stockholders may be entitled will expire at 12:00 midnight, New York City time, on Aug. 14, 2007. Following an evaluation of Fursa's Aug. 6, 2007, letter and after consultation with its financial and legal advisors, the Metromedia board has authorized the Company and its representatives, subject to execution by Fursa of an acceptable confidentiality agreement, to provide information to and enter into discussions with Fursa and its representatives regarding Fursa's unsolicited proposal. While the Metromedia board has made the determination necessary under its merger agreement with CaucusCom to permit the foregoing to occur, the Metromedia board has not determined that the Fursa proposal, as submitted on Aug. 1, 2007, and clarified on Aug. 6, 2007, is a superior proposal relative to the CaucusCom Offer, and there can be no assurance that Fursa will ultimately make an offer that the Metromedia board may determine constitutes a superior proposal. At this time, the Metromedia board is not making any recommendation with respect to the Fursa proposal and it has not changed, and continues to support, its recommendation that the Company's stockholders accept the CaucusCom Offer and tender their shares in the CaucusCom Offer and, if necessary, adopt the CaucusCom merger agreement and the merger and other transactions contemplated thereby. About Metromedia Based in Charlotte, North Carolina, Metromedia International Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock) -- http://www.metromedia-group.com/-- through its subsidiary, Metromedia International Telecommunications, owns interests in telecom and cable TV operations in Russia, Georgia, and elsewhere in Eastern Europe. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned Georgian long distance telephone operator. * * * In October 2006, Metromedia said it is filing a Chapter 11 Plan in the U.S. after receiving a binding offer to acquire all of the Company's business interests in Georgia for a cash price of US$480 million from an investment group comprised of: -- Istithmar, an alternative investment house based in Dubai, United Arab Emirates; -- Salford Georgia, the Georgian office of Salford Capital Partners Inc., a private equity and investment management company which manages investments in the CIS and Central & Eastern Europe; and -- Emergent Telecom Ventures, a communications merchant bank focused on pursuing telecommunications opportunities in the Emerging Markets. Upon the approval of the plan, all of the preferred and common equity interests in the Company will be converted into the right to receive the cash remaining after payment of all allowed claims and the costs and expenses associated with the sale and the Wind-Up. Moody's Investors Service has placed Metromedia's subordinated debt rating at B3 and junior subordinated debt rating at B2. ============= G E R M A N Y ============= BENQ CORP: Mulls Counterclaims Against Prager & German Unit ----------------------------------------------------------- BenQ Corp is considering filing counterclaims against its German subsidiary, BenQ Mobile GmbH & Co, and its insolvency administrator Martin Prager, Forbes reports. Mr. Prager, the report recounts, had earlier initiated two lawsuits against BenQ in a court in Munich, demanding two separate payments of EUR14.2 million and EUR68.9 million. The insolvency case filed against the German unit resulted from the Taiwan parent company's decision in September 2006 to cease further investment in mobile handset unit, the report points out. According to BenQ, the lawsuits filed by Mr. Prager had to do with certain accounts payable made by BenQ Mobile to the parent company in 2006, which the unit now demands to be returned. It said, however, that BenQ believes the relevant payments demanded by Mr. Prager had been made as ordinary payments for goods sold, Forbes says, citing BenQ's filing with the Taiwan Stock Exchange. The filing did not elaborate further, the report says. Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, camera phones, and other products. BenQ Mobile GmbH & Co., the company's German-based wholly owned subsidiary, filed for insolvency in Munich on Sept. 29, 2006, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. A Munich Court opened insolvency proceedings against BenQ Mobile GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a buyer for the company by the Dec. 31, 2006 deadline. * * * The Troubled Company Reporter-Asia Pacific reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term twBB+ and short-term twB corporate credit ratings to BenQ Corp. The outlook on the long-term rating is negative. At the same time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's existing NT$7.05 billion unsecured corporate bonds due in 2008, 2009, and 2010. The ratings reflect BenQ's continuing operating losses from its handset operations and high leverage, and the competitive nature and low profitability of the LCD monitor industry. CHRYSLER LLC: Appoints Robert Nardelli as Chairman and CEO ---------------------------------------------------------- Chrysler LLC's Board of Directors has appointed Robert "Bob" Nardelli as chairman and CEO of Chrysler LLC. The Board also announced that Tom LaSorda has been appointed vice chairman and president of Chrysler LLC, reporting to Mr. Nardelli. "We are excited to welcome Bob to the Chrysler family," said Mr. LaSorda. "Bob has a proven track record of success and an unwavering focus on performance, and brings deep operational experience and a broad industry background to Chrysler. His background in operations will provide valuable knowledge as we continue Chrysler's turnaround." "I am very excited to be part of a team focused on re- establishing Chrysler as a standalone industry leader, with a renewed focus on meeting the needs of customers," said Mr. Nardelli. "Chrysler has many deeply talented and dedicated people, and I am confident that together we can continue the momentum of Chrysler's recovery and return this great American icon to a path for global growth and competitiveness." In addition, Eric Ridenour, chief operating officer, has elected to leave the new company to pursue other opportunities. The COO position will not be filled going forward. "Eric gave this company 23 years of great service and leadership," said Mr. LaSorda. "We wish him well in his new pursuits." Concurrent with the close of the Chrysler transaction on Aug. 3, 2007, the new Board of Directors of Chrysler LLC was formed. It consists of 11 members, including Mr. Nardelli, Mr. LaSorda, representatives of Cerberus and Daimler, and independent directors. Cerberus and Chrysler thanked Wolfgang Bernhard for his contributions leading to the closing of this transaction. Both Cerberus and Chrysler had looked forward to his continuing contributions as non-executive chairman of Chrysler, however due to personal and family reasons he was not able to accept that role. Cerberus has also asked, and Tom LaSorda has agreed, to serve as the vice chairman of Cerberus Operating and Advisory Company LLC, Cerberus' proprietary operations advisory affiliate. In that role, Mr. LaSorda will assist in the continuing development of COAC, which works closely with the portfolio companies in which the funds and accounts managed by Cerberus are invested. Prior to joining Chrysler, Mr. Nardelli served as chairman, president and CEO of The Home Depot beginning in 2000. During his tenure at The Home Depot he doubled sales as well as the number of store operations; moved globally into Mexico and China; and delivered more than 20 percent earnings-per-share growth for four consecutive years while growing dividends from 16 cents to 90 cents per share. Mr. Nardelli also has extensive senior operations experience in manufacturing and transportation systems. Mr. Nardelli received his bachelor's degree in business from Western Illinois University and earned a Master of Business Administration from the University of Louisville. About Chrysler LLC Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. Chrysler LLC is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. * * * The TCR-Europe reported on Aug. 8, 2007, that Moody's Investors Service has 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. CHRYSLER LLC: S&P Rates US$5 Billion First Lien Term Loan at B -------------------------------------------------------------- Standard & Poor's Ratings Services revised its loan and recovery ratings on Chrysler LLC's (B/Negative/--) US$10 billion senior secured first-lien term loan facility due 2013, following various changes to terms and conditions prior to closing. The US$10 billion first-lien term loan now consists of a US$5 billion "first-out" tranche and a US$5 billion "second-out" tranche, so the aggregate amount of first-lien debt remains unchanged. Accordingly, we assigned a 'BB-' rating to the US$5 billion "first-out" first-lien term loan tranche. This rating, two notches above the corporate credit rating of 'B' on Chrysler LLC, and the '1' recovery rating indicate our expectation for very high (90%-100%) recovery in the event of payment default. We also assigned a 'B' rating to the US$5 billion "second-out" first-lien term loan tranche. This rating, the same as the corporate credit rating, and the '3' recovery rating indicate our expectation for a meaningful (50%-70%) recovery in the event of payment default. At the same time, we affirmed our rating on Chrysler LLC's US$2 billion second-lien term loan due 2014. The corporate credit rating was not affected by the higher margins on the first-lien and second-lien term loans, which will reduce cash flow protection measures. In the new first-lien structure, the "first-out" first-lien term loan holders enjoy added protection provided by their enhanced position in the recovery process relative to the "second-out" first-lien term loan holders. The new structure resulted in better recovery estimations for the "first-out" first-lien term loan holders (from the upper 70%-90% range for the initially proposed US$10 billion first-lien term loan to 90%-100% for the US$5 billion "first-out" piece). The recovery prospects for the US$5 billion "second-out" first-lien term loan holders are diminished as a result of their standing behind the "first-out" holders, and are now in the high end of the 50%-70% range. The previous 'B+' loan rating and '2' recovery rating on the US$10 billion first-lien term loan are withdrawn. We note that certain changes made to the first-lien and second- lien structures did not impact our recovery analysis: -- The maturities of the first-lien and second-lien term loans are shorter; -- The pricing on the "first-out", "second-out" tranches is higher than the original single first-lien tranche; -- Cash of US$2.5 billion will be included in the first-lien borrowing base and held in a collateral account managed by the agent bank; -- The provision for an accordion feature in the first lien has been eliminated; and -- The second lien will now be governed by a borrowing base and the delayed draw period extended to 12 months, although in our recovery analysis we continue to assume this loan in fully drawn. The first-lien and second-lien term loans closed as part of the purchase of Chrysler LLC. The US$2 billion second-lien debt is now held by Cerberus Capital Management LP (US$500 million) and DaimlerChrysler AG (BBB/Watch Pos/A-2; US$1.5 billion). After one year, DCX has the right to sell this loan to investors. S&P’s recovery ratings are still preliminary and subject to receipt and review of final documentation. S&P would review the recovery ratings if further changes are made to any terms and conditions in conjunction with future sales of the financings. Ratings List Chrysler LLC -- Corporate credit rating B/Negative/-- Ratings Assigned -- US$5 billion first-out first-lien term loan due 2013 BB- (Recovery rtg: 1) -- US$5 billion second-out first-lien term loan due 2013 B (Recovery rtg: 3) Rating Withdrawn -- US$10 billion first-lien term loan due 2014 B+ (Recovery rtg: 2) Rating Affirmed -- US$2 billion second-lien term loan due 2014 B- (Recovery rtg: 5) D KRAMER BAU: Creditors' Meeting Slated for Aug. 31 --------------------------------------------------- The court-appointed insolvency manager for D. Kramer Bau GmbH, Hermann Berding will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:05 a.m. on Aug. 31. The meeting of creditors and other interested parties will be held at: The District Court of Cloppenburg Hall 6 Hauptgebaude Burgstrasse 9 49661 Cloppenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 11:10 a.m. on Oct. 26 at the same venue. Creditors have until Aug. 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hermann Berding Jammertal 1 49661 Cloppenburg Germany Tel: 04471/9126-0 Fax: 04471/82997 The District Court of Cloppenburg opened bankruptcy proceedings against D. Kramer Bau GmbH on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: D. Kramer Bau GmbH Attn: Bernhard Kramer, Manager Loruper Str. 4 26169 Friesoythe-Gehlenberg Germany DELFT BLUMENGROSSHANDEL: Creditors' Meeting Slated for Sept. 4 -------------------------------------------------------------- The court-appointed insolvency manager for Delft Blumengrosshandel GmbH, Christian Koehler-Ma will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:35 a.m. on Sept. 4. 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 9:05 a.m. on Dec. 18 at the same venue. Creditors have until Oct. 26 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Delft Blumengrosshandel GmbH on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Delft Blumengrosshandel GmbH Hoenower Str. 14 12623 Berlin Germany INTERPRINT SAARLORLUX: Creditors' Meeting Slated for Sept. 3 ------------------------------------------------------------ The court-appointed insolvency manager for InterPrint SaarLorLux GmbH, Martin Abegg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on Sept. 3. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Area Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 8:45 a.m. on Oct. 15 at the same venue. Creditors have until Sept. 17 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Martin Abegg Bahnhofstr. 101 66111 Saarbruecken Germany Tel: 0681-31026 Fax: 0681-390008 The District Court of Saarbruecken opened bankruptcy proceedings against InterPrint SaarLorLux GmbH on July 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: InterPrint SaarLorLux GmbH Attn: Barbara Kuegeler, Manager Hubertusstr. 22 66693 Mettlach Germany LEA IMMOBILIEN: Claims Registration Period Ends Sept. 4 ------------------------------------------------------- Creditors of LEA Immobilien GmbH have until Sept. 4 to register their claims with court-appointed insolvency manager Rainer U. Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Sept. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rainer U. Mueller Schiessstattenstr. 15 86159 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against - LEA Immobilien GmbH on July 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LEA Immobilien GmbH Attn: Juergen Neininger, Manager Katharinengasse 24 86150 Augsburg Germany MARQUARD-AUTOMOBILE: Claims Registration Period Ends Aug. 27 ------------------------------------------------------------ Creditors of Marquard-Automobile GmbH & Co. KG have until Aug. 27 to register their claims with court-appointed insolvency manager Henning Kempermann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Sept. 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Kempermann Hildesheimer Str. 265 30519 Hannover Germany Tel: 0511 87592495 Fax: 0511 8759100 The District Court of Hannover opened bankruptcy proceedings against Marquard-Automobile GmbH & Co. KG on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Marquard-Automobile GmbH & Co. KG Attn: Holger Marquard, Manager Hildesheimer Str. 245 30880 Laatzen Germany MCA MOEBEL-AGENTUR: Claims Registration Period Ends Sept. 5 ----------------------------------------------------------- Creditors of MCA Moebel-Agentur GmbH have until Sept. 5 to register their claims with court-appointed insolvency manager Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sven-Holger Undritz Jungfernstieg 51 20354 Hamburg Germany The District Court of Detmold opened bankruptcy proceedings against MCA Moebel-Agentur GmbH on July 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MCA Moebel-Agentur GmbH Bahnhofstr. 9 32816 Schieder-Schwalenberg Germany PETER PAN: Claims Registration Period Ends Sept. 7 -------------------------------------------------- Creditors of Peter Pan Betreiber GmbH have until Sept. 7 to register their claims with court-appointed insolvency manager Peter May. Creditors and other interested parties are encouraged to attend the meeting at 7:55 a.m. on Sept. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Peter May Bachstr. 6 84036 Landshut Germany Tel: 0871/94321-0 Fax: 0871/9432150 The District Court of Landshut opened bankruptcy proceedings against Peter Pan Betreiber GmbH on July 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Peter Pan Betreiber GmbH Meisenstr. 30 84030 Ergolding Germany S-CORE 2007-1: Fitch Rates EUR19.7 Mln Class E Notes at BB ---------------------------------------------------------- Fitch has assigned final ratings to S-CORE 2007-1 GmbH 's issue of EUR509.65 million of floating-rate notes as follows: -- EUR363.8 million Class A-1, ISIN XS0312778680: 'AAA' -- EUR91 million Class A-2, ISIN XS0312801763: 'AAA' -- EUR8.8 million Class B, ISIN XS0312778920: 'AA' -- EUR9.6 million Class C, ISIN XS0312779068: 'A' -- EUR12.4 million Class D, ISIN XS0312779142: 'BBB' -- EUR19.7 million Class E, ISIN XS0312779225: 'BB' The EUR4.3 million Class F fixed-rate notes are not rated. This transaction is a cash securitization of loans certified by certificates of indebtedness (Schuldscheindarlehen) to German small-and medium-size enterprises. The Class A to E notes were issued by S-CORE 2007-1 GmbH, which is incorporated as a special-purpose vehicle in Germany, through the true sale initiative platform. The final ratings are based on the quality of the collateral, available credit enhancement, priority of payments (which incorporates an excess cash trapping mechanism), and sound legal and financial structure of the transaction. Credit enhancement for the Class A to E notes is provided by subordination, a reserve account and available excess spread. The issuer issued EUR509.65 million of fixed and floating-rate notes and used the proceeds of the Class A to E notes to invest in a EUR505.35 million portfolio of SME loans. This portfolio will remain static with a weighted average life of around 5.5 years. The proceeds of the Class F notes will fund the reserve account with an initial amount of EUR4.3 million. The portfolio companies were selected by Deutsche Bank AG, the originator and servicer. The scheduled maturity date of all the classes of notes is 25 April 2014, and the legal maturity date is 25 April 2016. The final ratings of the Class A to E notes address the timely payment of interest and the ultimate repayment of principal. The portfolio comprises senior unsecured loan instruments that have a bullet maturity at one of three possible maturity dates, the earliest in March 2012. Once certain conditions are met, the notes will be allowed pro-rata payment and amortize until a new pre-defined capital structure has been reached. This structure is in place because approximately 60% of the initial pool volume is due for repayment in year five. To assess the credit quality of the portfolio, Fitch used a mapping approach to DB's internal rating system. Based on the mapping, the agency deems the average credit quality of the SME portfolio to be equivalent to a rating of 'BBB-'/'BB+'. SCHIEDER MOEBEL: To be Split & Sold in Parts, Administrator Says ---------------------------------------------------------------- Some of Schieder Moebel Holding GmbH’s subsidiaries have been divided into Internationale Mobel Selection and Schieder Europa Holding and are slated to be sold in Switzerland and Austria, Handelsblatt reports, citing insolvency administrator Sven- Holger Undritz. More than 20 businesses within the Schieder group are also up for sale and a change of ownership is expected by the end of September, the report says. Mr. Undritz is hoping German furniture production sites will be part of the package and the purchase price will be enough to repay most of the EUR65 million loan from the Bank of New York. Concurrently, it appears that the Bank of New York may be the only Schieder creditor to be repaid, as the bank obtained extensive surety when it granted a bridge loan to the insolvent group, Handelsblatt relates, quoting Mr. Undritz. The administrator estimates that Schieder’s total liabilities have now reached EUR400 million. About Schieder Moebel Headquartered in Herford, Germany, Schieder Moebel Holding GmbH -- http://www.schieder.com/-- is one of the leading furniture designers and manufacturers in Europe. The company has 41 production plants and employs 11,000 people worldwide, 9,000 of which in Poland. It had turnover of EUR950 million in the financial year 2005/06. Schieder applied for insolvency proceedings at the District Court of Detmold on June 22, 2007, after incurring debts of nearly EUR300 million due to high capital costs. ============= I R E L A N D ============= ADVANCED MEDICAL: Withdraws Bid to Acquire Bausch & Lomb -------------------------------------------------------- Advanced Medical Optics withdrew its offer to acquire Bausch & Lomb Incorporated after Bausch & Lomb's Board of Directors declined to grant AMO "adequate time" to provide evidence that AMO stockholder approval on the proposed merger can be secured. AMO said in its letter that "[i]t is clear from the way [Bausch & Lomb] has run the go-shop process and the unrealistic hurdles that have been uniquely imposed on [AMO] that [Bausch & Lomb] does not have any interest in providing its shareholders with the opportunity to receive the US$75 per share offer that [AMO] proposed." AMO argued that Bausch & Lomb remained intent on delivering its business to Warburg Pincus at US$65 per share, a transaction AMO which says is "inferior to AMO's proposal both in terms of value and the ability for the Bausch & Lomb shareholders to participate in the significant synergies that combining AMO and Bausch & Lomb would create." About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). In Latin America, the company has operations in Brazil and Mexico. "In Europe, the company maintains operations in Austria, Germany, the Netherlands, Spain, and the United Kingdom. About Advanced Medical Optics Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures and markets ophthalmic surgical and contact lens care products. The company has operations in Germany, Japan, Ireland, Puerto Rico, and Brazil. * * * As reported in the Troubled Company Reporter on July 9, 2007, Moody's Investors Service maintains Advanced Medical Optics, Inc. ratings on review for possible downgrade following AMO's announcement of its offer for Bausch & Lomb, Inc. for US$75 per common share in a combination of US$45 in cash and US$30 in AMO common stock. These ratings remain on review for possible downgrade: B1 Corporate Family Rating; B1 Probability of Default Rating; Ba1 (LGD2/14%) rating on US$300 million senior secured revolver due 2013; Ba1 (LGD2/14%) rating on US$450 million senior secured term loan B due 2014; B1 (LGD4/50%) rating on US$250 million senior subordinated notes due 2017; and B3 (LGD5/81%) rating on US$251 million convertible senior subordinated notes due 2024. ADVANCED MEDICAL: Bid Retraction Cues S&P's Negative CreditWatch ---------------------------------------------------------------- Standard & Poor's Ratings Services revised the CreditWatch listing for the ratings on Advanced Medical Optics Inc. to CreditWatch with negative implications from CreditWatch with developing implications. "The action reflects the company's August 2 retraction of its bid to acquire Bausch & Lomb for US$4.3 billion, citing unrealistic hurdles set by B&L," explained Standard & Poor's credit analyst Cheryl Richer. Thus, there is no longer the upside potential for the rating on AMO that might have been achieved through an increase in scale and product diversity. While AMO will not incur debt of about US$2.6 billion (excluding the assumption of US$830 million of B&L debt) to finance the acquisition, it has already been extremely acquisitive over the past several years; debt increased by US$700 million in the second quarter of 2007 due to the acquisition of IntraLase Corp. The B&L bid revealed the company's willingness to increase debt leverage to a greater level (over 6.5x on an adjusted basis) than that incurred in previous transactions. In addition, the May 27 global recall of MoisturePlus multipurpose lens care solution has harmed revenues and will result in extraordinary charges; on June 26, the company lowered its guidance for 2007 and 2008 revenues and earnings. Although the company has begun to ship an alternative multipurpose solution outside the U.S., which should be available to U.S. consumers in September, it will be challenged to regain lost market share. Standard & Poor's will review AMO's strategy and financial policy given these events and resolve the CreditWatch listing within the next few weeks. Headquartered in Santa Ana, California, Advanced Medical Optics -- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures and markets ophthalmic surgical and contact lens care products. The company has operations in Germany, Japan, Ireland, Puerto Rico, and Brazil. ========= I T A L Y ========= ALITALIA SPA: Chairman Commences Hunt for Potential New Bidders --------------------------------------------------------------- Alitalia S.p.A. chairman Maurizio Prato has commenced the search for potential bidders for the Italian government's stake in the troubled carrier, Finanza & Mercati reports. Mr. Prato, Finanza & Mercati relates, may meet representatives for AirFrance, Lufthansa, and Aeroflot this week. The chairman, Finanza & Mercati says citing people privy with the carrier, has started informal talks with TPG Inc., MatlinPatterson Global Advisers LLC and AirOne S.p.A. -- all bidders from the failed auction to privatize Italy's 39.9% stake. As reported in the TCR-Europe on Aug. 3, 2007, Alitalia's board of directors appointed Maurizio Prato to replace Berardino Libonati as new chairman. Mr. Libonati resigned as chairman and director, following the failed sale process initiated by the Italian government, which holds a 49.9% stake in the national carrier. Italy terminated the sale process after AP Holding S.p.A., a consortium of AirOne S.p.A. and Intesa-San Paolo S.p.A., withdrew its bid to acquire the stake. AP Holding said that after reviewing the terms and conditions of the sale, it will not submit a binding offer for the stake. The bidders had been apprehensive of the bidding conditions set by the Italian government and had cited these requirements as reasons for their withdrawal. 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: Repurchases 1.11 Million Ordinary Shares -------------------------------------------------- Within the frame of the buy back program announced on April 5, 2007, Fiat S.p.A. purchased 1.11 million Fiat ordinary shares at the average price of EUR19.701 including fees on Aug. 7. From the start of the buy back program on April 24, the total number of shares purchased by Fiat amounts to 17.927 million for a total invested amount of EUR377.8 million. Share Repurchase Program On April 5, Fiat stockholders authorized the purchase and disposition of own shares. The program, aimed at servicing stock options plans and at the investment of liquidity, refers to a maximum number of own shares of the three classes of stock which shall not exceed 10% of the capital stock and a maximum aggregate amount of EUR1.4 billion and will be carried out on the regulated market as: -- it will become effective on April 10, 2007, and end on Dec. 31, 2007, or once the maximum amount of EUR1.4 billion or a number of shares equal to 10% of the capital stock is reached; -- the maximum purchase price will not exceed 10% of the reference price reported on the Stock Exchange on the day before the purchase is made; -- the maximum number of shares purchased daily will not exceed 20% of the total daily trading volume for each class of shares. 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. =================== K A Z A K H S T A N =================== BAYKEN TRANS: Proof of Claim Deadline Slated for Sept. 18 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Bayken Trans Munay insolvent. Creditors have until Sept. 18 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Jakayev Str. 71 Kyzylorda Kazakhstan ISLAM & CO: Creditors Must File Claims Sept. 13 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Islam & Co. (RNN 600900140367) insolvent on June 20. Creditors have until Sept. 13 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 8 701 125 56-55 HUMANITARIAN INSTITUTE: Claims Filing Period Ends Sept. 12 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP East Kazakhstan Engineering-Humanitarian Institute insolvent on June 14. Creditors have until Sept. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Ushanov Str. 78-27 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 26-24-41 SILS-A LLP: Creditors' Claims Due on Sept. 13 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Sils-A (RNN 600900122028) insolvent on June 20. Creditors have until Sept. 13 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 8 701 125 56-55 VALEOLOGICAL CENTRE: Claims Registration Ends Sept. 12 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Valeological Centre insolvent on June 16. Creditors have until Sept. 12 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Ushanov Str. 78-27 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 26-24-41 =================== K Y R G Y Z S T A N =================== ECORESOURCE LLC: Creditors Must File Claims by September 14 ----------------------------------------------------------- LLC Ecoresource has declared insolvency. Creditors have until Sept. 14 to submit written proofs of claim to: LLC Ecoresource Lenin Str. 44 Naryn Kyrgyzstan Tel: 8 (+996 312) 5-04-06 TARIEL TRANSPORT: Proof of Claim Deadline Slated for Sept. 14 ------------------------------------------------------------- LLC Tariel-Transport (INN 02409200210056) has declared insolvency. Creditors have until Sept. 14 to submit written proofs of claim to: LLC Tariel-Transport Lenin Street Osh Kyrgyzstan =================== L U X E M B O U R G =================== EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01% ------------------------------------------------- Evraz Group S.A. now holds a 56.01% stake in Highveld Steel and Vanadium Corp. Ltd. after acquiring 1.89% holdings from the South African firm's shareholders, Thomson Financial reports. Evraz, Thomson Financial reports, will hold an 80.9% stake in Highveld after it completes the exercise of its option to buy Credit Suisse International's 24.9% stake in the South African group. As reported in the TCR-Europe on Aug. 3, 2007, Evraz's board of directors approved the company's plan to acquire a 24.9% stake in Highveld from Credit Suisse for US$219 million. Evraz CEO Alexander Frolov said the company may exercise an option to buy Credit Suisse's 24.9% stake in Highveld, with a view to hike its stake in Highveld to around 80% percent these coming months. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. ===================== N E T H E R L A N D S ===================== FIXED-LINK: Fitch Junks Class C2 Notes on Eurotunnel Payment ------------------------------------------------------------ Fitch Ratings has upgraded the Class A1 and A2 unwrapped tranches of Fixed-Link Finance B.V. to 'AAA' from 'BB+' and the Class B1 and B2 notes to 'AAA' from 'B+'. The Class C2 notes have been downgraded to 'CCC' from 'B-', now encompassing a 'DR2' recovery rating. All ratings have been taken off Rating Watch Negative. This action follows FLF1's receipt of cash from Eurotunnel, which refinanced its debt in June 2007. The ratings are listed below. FLF1 invested in Eurotunnel's Tier 1, 2 and 3 tranches of debt in 2001. In June 2007, Eurotunnel came out of insolvency proceedings and, as negotiated with its creditors, repaid existing debt using a GBP2.84 billion facility together with some notes redeemable as shares. Electing to take cash for its impaired holding in Tier 3, FLF1 received around GBP916 million (plus accrued interest). As required under the transaction documents, this cash is invested in 'eligible investments' that must be rated 'AAA'. The existing structure can not be prepaid immediately (with premia requirements), but has to wait until February 2009 when a fast-pay mechanism will use all available cash to repay the Class A, B and C notes sequentially at par. All cash is available (and able) to pay interest service on all the notes between now and 2009. In February 2009, using existing cash accumulated in FLF1, the new, reinvested cash receipts, receipts from derivative instruments and the guaranteed interest contract, net of certain expenses, the monoline-wrapped Class G and unwrapped Class A and B notes are expected to be repaid in full. Depending on net cashflows and re-investment rates between now and February 2009, Class C notes are not expected to be repaid in full. The Class C 'CCC' rating reflects an inevitable default (in February 2009) and encompasses a 'DR2' distressed debt rating, denoting superior (70-90%) recovery prospects. The ratings of FLF1 are: -- GBP200 million Class A1 notes due 2025 upgraded to 'AAA' from 'BB+', removed from RWN -- EUR103 million Class A2 notes due 2025: upgraded to 'AAA' from 'BB+', removed from RWN -- GBP0.05 million Class B1 notes due 2025: upgraded to 'AAA' from 'B-', removed from RWN -- EUR135 million Class B2 notes due 2025: upgraded to 'AAA' from 'B-', removed from RWN -- EUR142 million Class C2 notes due 2025: downgraded to 'CCC' 'DR2' from 'B-', removed from RWN FLF1's GBP232 million Class G1 and EUR365 million Class G2 notes, all due 2025 (both wrapped by MBIA), are affirmed at 'AAA' SKYLINE 2007: Fitch Rates EUR43.5 Million Class E Notes at BB ------------------------------------------------------------- Fitch Ratings has assigned final ratings to SKYLINE 2007 B.V.'s issue of EUR3 billion floating-rate notes: -- EUR2.54 billion Class A ISIN: NL0000886935: 'AAA' -- EUR162 million Class B ISIN: XS0304009847: 'AA' -- EUR133.5 million Class C ISIN: XS0304022279: 'A' -- EUR121.5 million Class D ISIN: XS0304022436: 'BBB' -- EUR43.5 million Class E ISIN: XS0304022865: 'BB' EUR24 million Class F ISIN: NL0000886943 is not rated. This transaction is a EUR3 billion cash flow securitization of a pool of small commercial mortgage loans originated by FGH Bank N.V., a wholly owned subsidiary of Rabobank Group (rated 'AA+'/Outlook stable/'F1+'). The portfolio consists of 605 obligors that are secured by more than 4,600 commercial real estate properties in the Netherlands. The transaction benefits from structural protection via a principal deficiency ledger to trap excess margin from the time a loan has experienced a loss. Additional excess spread is trapped in the reserve for expected losses at the time of default. The final ratings on the Class A to E notes address the timely payment of interest and the repayment of principal by legal final maturity on the Class A to E notes in accordance with the terms and conditions of the documentation. The final ratings are based on the quality of the collateral, available credit enhancement, the financial structure of the transaction, the underwriting and servicing of the collateral and the transaction's legal structure. CE for the Class A notes totals 16.15% and is provided by the subordination of the Class B notes (5.4%), the Class C notes (4.45%), the Class D notes (4.05%), the Class E notes (1.45%) and the Class F notes (0.8%). The CE for Class B, C, D and E notes is 10.75%, 6.3%, 2.25% and 0.8% respectively. The scheduled maturity of all Classes of notes is July 2042 and the legal maturity is July 2043. =========== N O R W A Y =========== KRONOS WORLDWIDE: Parent Posts Second Quarter 2007 Results ---------------------------------------------------------- Kronos Worldwide, Inc., the parent company of Kronos International disclosed break even operations for the second quarter of 2007 compared with net income of US$12.8 million, or US$.26 per diluted share, in the second quarter of 2006. For the first six months of 2007, Kronos reported net income of US$12.9 million, or US$.26 per diluted share, compared with net income of US$28.5 million, or US$.58 per diluted share, in the first six months of 2006. The Company's results in the second quarter of 2007 include an US$8.7 million non-cash provision for income taxes, as discussed below. Net sales of US$342.6 million in the second quarter of 2007 were US$2.5 million, or 1%, lower than the second quarter of 2006. Net sales of US$656.6 million for the first six months of 2007 were US$7.2 million, or 1%, higher than the first six months of 2006. Net sales decreased in the second quarter of 2007 primarily due to lower average TiO2 selling prices and sales volumes, partially offset by the favorable effect of fluctuations in foreign currency exchange rates which increased sales by approximately US$15 million. For the year-to-date period, net sales increased due to the favorable effect of fluctuations in foreign currency exchange rates, increasing sales by approximately US$31 million. This increase was partially offset by lower average TiO2 selling prices and sales volumes. The table at the end of this release shows how each of these items impacted the overall increase in sales. The Company's TiO2 segment profit for the second quarter of 2007 was US$25.5 million compared with US$37.3 million in the second quarter of 2006, and was US$56.6 million for the first six months of 2007 compared with US$74.5 million for the first six months of 2006. Segment profit decreased in the second quarter of 2007 compared to the second quarter 2006 due to lower average TiO2 selling prices and sales and production volumes and slightly higher raw material costs, partially offset by the positive effect of fluctuations in foreign currency exchange rates which increased segment profit by approximately US$4 million. Full year segment profit decreased primarily due to lower average TiO2 selling prices and sales volumes and higher raw material and energy costs, partially offset by the positive effect of fluctuations in foreign currency exchange rates which increased segment profit by approximately US$7 million. The Company's second quarter 2007 TiO2 sales volumes decreased 2% from the second quarter of 2006, and volumes were 1% lower in the year-to-date period, as higher sales volumes in Europe and export markets were more than offset by lower volumes in North America. The Company's TiO2 production volumes were 2% lower and 2% higher in the second quarter and first six months of 2007 respectively, as compared to the same periods in 2006, with TiO2 production volumes in the first six months of 2007 being a record for Kronos. The Company's finished goods inventories at June 30, 2007, which represented approximately 2 months of average sales, were lower compared to March 31, 2007. The US$22.3 million loss on prepayment of debt in the second quarter of 2006 relates to Company's May 2006 redemption of its 8.875% Senior Secured Notes, using the proceeds from its April 2006 issuance of 6.5% Senior Secured Notes. Interest expense was lower in the 2007 periods due primarily to such replacement of the 8.875% Notes with the 6.5% Notes. The Company's provision for income taxes in the second quarter of 2007 includes an US$8.7 million non-cash charge related to the adjustment of certain tax attributes of the Company's German subsidiary. The Company's income tax benefit in the first six months of 2006 includes an aggregate tax benefit of US$12.6 million related to the withdrawal of certain income tax assessments previously made by the Belgium and Norwegian tax authorities, the favorable resolution of certain income tax issues related to Belgium and Germany and a the enactment of a reduction in Canadian income tax rates. Substantially all of this aggregate income tax benefit was recognized in the second quarter of 2006. Effective December 31, 2006 the Company adopted a new accounting standard related to planned major maintenance expense. Under the new standard, the Company no longer accrues the cost of planned major maintenance expense in advance but instead recognizes the cost of planned major maintenance when incurred. The new standard was adopted retroactively, and accordingly the Company's net income in the second quarter of 2006 is approximately US$.8 million, or US$.02 per diluted share, lower than previously reported. The effect of adopting the new standard did not have a material impact on the 2006 year-to-date results. The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward- looking statements. While it is not possible to identify all factors, the Company continues to face many risks and uncertainties. The factors that could cause actual future results to differ materially include, but are not limited to, the following: -- Future supply and demand for the Company's products, -- The extent of the dependence of certain of the Company's businesses on certain market sectors, -- The cyclicality of the Company's businesses, -- Customer inventory levels (such as the extent to which the Company's customers may, from time to time, accelerate purchases of TiO2 in advance of anticipated price increases or defer purchases of TiO2 in advance of anticipated price decreases), -- Changes in raw material and other operating costs (such as energy costs), -- The possibility of labor disruptions, -- General global economic and political conditions (such as changes in the level of gross domestic product in various regions of the world and the impact of such changes on demand for TiO2), -- Competitive products and substitute products, -- Customer and competitor strategies, -- Potential consolidation of our competitors -- The impact of pricing and production decisions, -- Competitive technology positions, -- The introduction of trade barriers, -- Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian kroner and the Canadian dollar), -- Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime and transportation interruptions), -- The timing and amounts of insurance recoveries, -- The ability of the Company to renew or refinance credit facilities, -- The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, -- The ultimate ability to utilize income tax attributes or changes in income tax rates related to such attributes, the benefit of which has been recognized under the more- likely-than-not recognition criteria, -- Environmental matters (such as those requiring emission and discharge standards for existing and new facilities), -- Government laws and regulations and possible changes therein, -- The ultimate resolution of pending litigation, and -- Possible future litigation. About Kronos International Kronos International Inc. -- http://www.kronostio2.com/-- is a wholly owned subsidiary of Kronos Worldwide, Inc., headquartered in Dallas, Texas and produces titanium dioxide (TiO2) pigments in Europe. The company has manufacturing sites in Norway, Germany, Belgium, and Canada. It has sales offices in the Asia Pacific, including: Australia, Indonesia, Japan, Korea and the Philippines. * * * On Nov. 8, 2006, in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given- Default rating methodology for the U.S. chemical and allied products sectors, the rating agency confirmed its B1 Corporate Family Rating for Kronos International, Inc. as well as the B2 rating on the Company's EUR400 million Senior Secured Notes due 2013. Moody's also assigned an LGD5 rating to those debentures, suggesting note holders will experience a 75% loss in the event of a default. Standard & Poor's Ratings Services lowered its corporate credit rating on Valhi Inc. and its indirect subsidiary Kronos International Inc. to 'BB-' from 'BB'. At the same time, Standard & Poor's lowered its rating on Kronos' EUR400 million senior secured notes issue due 2013 to 'B' from 'B+'. All ratings remain on CreditWatch with negative implications, where they were placed earlier this year in connection with an adverse verdict in a Rhode Island lead pigment lawsuit. =============== P O R T U G A L =============== INTERTAPE POLYMER: Planned Issue Cues S&P to Watch Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services said that its 'B-' corporate credit rating and other ratings on Intertape Polymer Group Inc. remain on CreditWatch with negative implications, following the company's recent announcement of a proposed rights issue of up to US$90 million. The ratings were originally placed on CreditWatch in October 2006, after Intertape's announcement of a strategic review process and our concerns regarding weak operating performance and tight liquidity. Littlejohn & Co. LLC's subsequent attempt to acquire the company was unsuccessful, and the related financing transaction was cancelled. S&P are withdrawing its ratings on Tape Borrower Inc. because of the cancellation of the financing transaction related to the proposed acquisition. "S&P remain concerned about Intertape's liquidity. Of particular concern were the company's comments at the time of the proposed acquisition that if the acquisition was not approved by shareholders, Intertape may have to seek appropriate accommodations from its lenders with respect to financial covenants," said Standard & Poor's credit analyst Paul Kurias. The company's US$75 million revolving credit facility is a key source of liquidity and any constraints in access to the facility will meaningfully weaken liquidity. In the recent past, on occasions when full access to the US$75 million facility would have resulted in a breach of financial covenants, Intertape has had only limited access to the facility. The company also has an unfavorable debt maturity profile with the revolving credit facility scheduled to mature in 2009. In addition, we have concerns about the highly leveraged financial profile. Total adjusted debt (adjusted to include present value of operating leases and pension obligations) outstanding as of March 31, 2007, was US$338 million. To date, Intertape Polymer has received commitments from some shareholders totaling slightly more than over US$60 million for the proposed rights offering. If successful, the transaction is likely to partly address our liquidity and leverage concerns. The company plans to use proceeds to pay down debt. Pro forma for the US$90 million transaction and the payment of debt, total adjusted debt to EBITDA at March 31, 2007, would have been about 4.1x, down from the actual level of 5.5x. However, Standard & Poor's notes that the commitments from shareholders are contingent on the company's ability to avoid a default on its existing credit facilities. Therefore, if the rights offering is not consummated or if the company is unable to obtain bank covenant relief, we will likely lower the ratings. If the transaction and debt payment occur as planned, we will raise the corporate credit rating on Intertape to 'B' from 'B-' to reflect a meaningful decline in leverage, an improvement in liquidity, and our expectation for an improvement in the company's operating performance. The 'B' corporate credit rating will reflect a limited scope of operations in the tapes niche of the North American packaging sector and a small presence in films, low margins with some volatility in earnings, vulnerability to cyclical end markets, and a highly leveraged financial profile. These risks are partly offset by a fair position in the company's market niches, breadth of customer base, and positive growth prospects for industrial tape demand in North America. The outlook will be stable. The need to refinance debt within the next two years and the volatility in earnings, as demonstrated in the second half of 2006 when quarterly earnings declined sharply for reasons including a weaker housing market, which is an ongoing concern, will constrain the ratings. The recent track record of low liquidity, including issues with covenant compliance, also constrains the ratings. S&P expects to resolve the CreditWatch listing when information on the company's capacity to meet its financial covenants, receipt of proceeds from the rights issue, and payment of debt becomes available. Headquartered in Quebec, Canada, Intertape Polymer Group (TSX: ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops and manufactures specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use. The company employs about 2450 employees with operations in 18 locations, including 13 manufacturing facilities in North America, one in Portugal and in Mexico. =========== R U S S I A =========== ABSOLUT BANK: Moody's Ups Global Scale Ratings to Baa3 from Ba3 --------------------------------------------------------------- Moody's Investors Service upgraded these global scale ratings of Absolut Bank: -- Long-term and short-term local and foreign currency bank deposit ratings to Baa3/Prime-3 from Ba3/Not-Prime; and -- Long-term foreign currency senior unsecured debt rating to Baa3 from Ba3. Concurrently, Moody's Interfax Rating Agency upgraded the bank's long-term national scale rating to Aaa.ru from Aa3.ru. Moscow- based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The outlook for the global scale ratings is stable, while the national scale rating carries no specific outlook. The D- bank financial strength rating has been affirmed. Tuesday's rating actions conclude the review for possible upgrade initiated in July 2007 following the transfer of a 92.5% stake in Absolut Bank to Belgium's KBC Group, which has recently been approved by the Russian authorities. Having established a strong presence in a number of first- and second-wave EU- accession countries, KBC is now entering the Russian market. Along with the 2.5% stake bought by KBC from IFC in May 2007, the new acquisition brings KBC's total stake in Absolut Bank to 95%. The remaining 5% of Absolut Bank shares are still owned by IFC and this is not expected to change in the nearest future. According to Moody's and Moody's Interfax, the upgrade of the bank's deposit and debt and national scale ratings reflects the expectation that KBC Group will demonstrate and maintain a strong commitment to Absolut Bank and provide implicit support. Moody's assessment of a high probability of parental support for Absolut Bank in the case of need results in a three-notch uplift in the global local currency deposit rating to Baa3 from the bank's Ba3 baseline credit assessment (which is derived from its D- BFSR). Future upward movement in the deposit and debt ratings will primarily depend on movements in the bank's BFSR and the ratings of KBC Group (currently Aa2/P-1/B-, stable) as well as any change in Moody's parental support assessment. At their current level, Absolut Bank's Baa3/Prime-3 long- and short-term local and foreign currency deposit ratings are not constrained by Russia's country ceilings for local and foreign currency bank deposits (A2 and Baa2, respectively). However, if upgraded further, the foreign currency deposit rating would be constrained by the Baa2 foreign currency deposit ceiling. The affirmation of Absolut Bank's D- BFSR with stable outlook reflects Moody's expectation that the acquisition will have no immediate effect on the bank's intrinsic financial strength. The BFSR remains constrained by the operating and regulatory environment in Russia, the uncertainty relating to the bank's ability to increase its market share and the still concentrated nature of its loan portfolio. However, it is supported by the ongoing strengthening of the bank's franchise and its sound financial performance over recent years. These ratings of Absolut Bank were upgraded: -- Long-term and short-term global local and foreign currency deposit ratings to Baa3/Prime-3 (stable outlook) from Ba3/Not-Prime; -- Long-term foreign currency senior unsecured debt rating to Baa3 (stable outlook) from Ba3; -- Long-term national scale rating to Aaa.ru from Aa3.ru. This rating was affirmed: -- Bank financial strength rating (BFSR) at D- (stable outlook). Headquartered in Moscow, Russian Federation, Absolut Bank reported IFRS total assets of US$2.5 billion as of Dec. 31, 2006 and net IFRS income of US$26 million for the year ended at that date. KBC Bank is a 100% subsidiary of KBC Group, which is based in Brussels, Belgium. The group reported total consolidated assets of EUR325 billion at year-end 2006 and net income of EUR3.4 billion for the year 2006. KBC Bank NV is rated Aa2/P-1 for bank deposits, and B- for financial strength (which maps to an A1 Baseline Credit Assessment), all with stable outlook. ASINOVSKOE OJSC: Creditors Must File Claims by Aug. 14 ------------------------------------------------------ Creditors of OJSC Publishing House Asinovskoe have until Aug. 14 to submit proofs of claim to: V. Murin Temporary Insolvency Manager Belinskogo Str. 20/1-2 634029 Tomsk Russia The Arbitration Court of Tomsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A67-2388/07. The Debtor can be reached at: OJSC Publishing House Asinovskoe Proektnaya Str. 24 Asino Tomsk Russia BEZENCHUK-AGRO-PROM-SNAB: Creditors Must File Claims by Sept. 14 ---------------------------------------------------------------- Creditors of OJSC Bezenchuk-Agro-Prom-Snab have until Sept. 14 to submit proofs of claim to: A. Morozova Insolvency Manager Komsomolskaya Str. 86 Krasnyj Yar Krasnoyatskiy 446370 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-20601/06. The Debtor can be reached at: OJSC Bezenchuk-Agro-Prom-Snab Chapaeva Str. 3 Bezenchuk Bezenchukskiy 446080 Samara Russia BRISTOW GROUP: Hires Hilary Ware as Global Human Resources VP ------------------------------------------------------------- Bristow Group Inc. has appointed Hilary Ware as Vice President, Global Human Resources. Ms. Ware will report directly to William E. Chiles, President and Chief Executive Officer of Bristow. Mr. Chiles, President and Chief Executive Officer, said, "I am excited to announce the appointment of Hilary to our senior management team. Hilary brings extensive experience and knowledge in global human resources at the executive level. During the course of her life and career, Hilary has lived and worked in Europe, Russia, Australia, Africa and the Middle East, and we believe her international experience and perspective will be very beneficial to Bristow as we seek to grow our operations worldwide." Prior to joining Bristow, Ms. Ware served as Vice President, Human Resources for BHP Billiton Petroleum, the multinational oil & gas exploration and production division of BHP Billiton from 2006 to 2007. Prior to joining BHP Billiton, Ms. Ware was Vice President Human Resources, Worldwide for Hanover Compressor Company, an international gas compression company, from 2002 to 2006. Prior to 2002, Ms. Ware served for 20 years in a variety of roles as a human resources professional with BP and its predecessor companies followed by a brief tenure as a principle at De Novo Partners, a Houston based human resources consulting firm. Ms. Ware earned a Bachelor's Degree in Industrial Psychology from the University of California at Berkley in 1977. Headquartered in Houston, Texas, Bristow Group, Inc. -- http://www.bristowgroup.com/-- (NYSE:BRS), fka Offshore Logistics, Inc., provides helicopter transportation services to the worldwide offshore oil and gas industry with operations in the United States Gulf of Mexico and the North Sea. The Company also has operations, both directly and indirectly, in offshore oil and gas producing regions of the world, including Australia, Brazil, China, India, Mexico, Nigeria, Russia, and Trinidad. The Company also provides production management services for oil and gas production facilities in the United States Gulf of Mexico. * * * As reported in the Troubled Company Reporter on June 6, 2007, Standard & Poor's Ratings Services assigned its 'BB' rating to helicopter service company Bristow Group Inc.'s US$250 million senior notes due 2017. At the same time, Standard & Poor's affirmed the 'BB' corporate credit rating and all other ratings on the company. S&P said the outlook is negative. EVLASHEVSKOE LLC: Creditors Must File Claims by Aug. 14 ------------------------------------------------------- Creditors of LLC Evlashevskoe have until Aug. 14 to submit proofs of claim to: A. Fedotov Temporary Insolvency Manager Post User Box 5 Balakovo, GP 413840 Saratov Russia The Arbitration Court of Saratov will convene at 10:05 a.m. on Sept. 19 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A-57-5609-0731. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: LLC Evlashevskoe Sosnovka Baltijskiy Saratov Russia EVRAZ GROUP: Hikes Highveld Steel Stake to 56.01% ------------------------------------------------- Evraz Group S.A. now holds a 56.01% stake in Highveld Steel and Vanadium Corp. Ltd. after acquiring 1.89% holdings from the South African firm's shareholders, Thomson Financial reports. Evraz, Thomson Financial reports, will hold an 80.9% stake in Highveld after it completes the exercise of its option to buy Credit Suisse International's 24.9% stake in the South African group. As reported in the TCR-Europe on Aug. 3, 2007, Evraz's board of directors approved the company's plan to acquire a 24.9% stake in Highveld from Credit Suisse for US$219 million. Evraz CEO Alexander Frolov said the company may exercise an option to buy Credit Suisse's 24.9% stake in Highveld, with a view to hike its stake in Highveld to around 80% percent these coming months. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. KHOROLSKIY BREWERY: Creditors Must File Claims by Aug. 14 --------------------------------------------------------- Creditors of LLC Khorolskiy Brewery have until Aug. 14 to submit proofs of claim to: Y. Shirokov Insolvency Manager Kraypotrebsoyuz Mordovtseva Str. 3 690091 Vladivostok Russia The Arbitration Court of Primorye commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 51-3937/2007 26-35 b. The Debtor can be reached at: LLC Khorolskiy Brewery Oktyabrskaya Str. 42 Khorol Primorye Russia KORTEN CJSC: Creditors Must File Claims by Sept. 14 --------------------------------------------------- Creditors of CJSC Korten have until Sept. 14 to submit proofs of claim to: E. Sanzharevskij Insolvency Manager Nogradskaya Str. 22-75 650000 Kemerovo Russia The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-7960/02-SB/1269. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Korten Sovetskaya Str. 24 Novosibirsk Russia KURSKIY FACTORY: Asset Sale Slated for August 15 ------------------------------------------------ The insolvency manager and bidding organizer for OJSC Kurskiy Factory Of Industrial Equipment, will open a public auction for the company's properties at 2:00 p.m. on Aug. 15 at: OJSC Kurskiy Factory of Industrial Equipment Zhukovskogo Str. 31 Kursk Russia The company has set a RUR5,649,348 starting price for the auctioned assets. Interested participants have to deposit an amount of RUR1,129,000. Bidding documents have until Aug. 14 to be submitted to: The Insolvency Manager and Bidding Organizer K. Zaslonova Str. 181 308017 Belgorod Russia The Debtor can be reached at: OJSC Kurskiy Factory of Industrial Equipment Zhukovskogo Str. 31 305000 Kursk Russia LANDZH CJSC: Court Names O. Malyukov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Kalmykiya appointed O. Malyukov as Insolvency Manager for CJSC Landzh. He can be reached at: O. Malyukov Post Use Box 253 400005 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A22/1458-06/5-192. The Debtor can be reached at: O. Malyukov Post Use Box 253 400005 Volgograd Russia LYALYA-WOOD OJSC: Bankruptcy Hearing Slated for Oct. 20 ------------------------------------------------------- The Arbitration Court of Sverdlovsk will convene on Oct. 20 to hear the bankruptcy supervision procedure on OJSC Lyalya-Wood (TIN 6647001203). The case is docketed under Case No. A60-7668/2007-S11. The Temporary Insolvency Manager is: G. Krashennikova Post User Box 458 620000 Ekaterinburg Russia The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: OJSC Lyalya-Wood Kirova Str. 2 Novaya Lyalya 624400 Sverdlovsk Russia NIKMAS CJSC: Creditors Must File Claims by Sept. 14 --------------------------------------------------- Creditors of CJSC Nikmas have until Sept. 14 to submit proofs of claim to: E. Dulnev Insolvency Manager Office 209 Demokraticheskaya Str. 8 443031 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-18647/2006. The Debtor can be reached at: CJSC Nikmas Gagarina Str. 141-24 Samara Russia ROS-PROM-PUSHNINA: Creditors Must File Claims by Aug. 14 -------------------------------------------------------- Creditors of OJSC Ros-Prom-Pushnina have until Aug. 14 to submit proofs of claim to: M. Orlov Temporary Insolvency Manager Post User Box 522 GP 170100 Tver Russia The Arbitration Court of Tver commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A66-2442/2007. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: OJSC Ros-Prom-Pushnina Talitsa Toropetskiy Tver Russia ROSNEFT OIL: Wins Yukos' Transport Units for RUR18.6 Billion ------------------------------------------------------------ OAO Rosneft Oil Co. won an auction to acquire the transport and ex-Soviet assets of bankrupt OAO Yukos Oil Co., Reuters reports. Rosneft offered RUR18.6 billion to acquire the lot that includes a number of producing and injection wells at the Priobskoye field, pumping stations, pipelines as well as Yukos' main transport units East Asia Transit and Yukos-Transservice, Reuters reports. Yukos-Transservice holds long-term leasing contracts on 7,000 railroad cars and short-term leasing deals on 5,000 railroad cars, Reuters relates. The unit also had "considerable amounts of cash" on its accounts. East Asia Transit, meanwhile, holds the license to transport oil to China via Mongolia, and owns 42 tank-cars for delivering refined products. Starting price for the lot was RUR18.5 billion, RIA Novosti relates. Rosneft's sole rival at the auction, a company called Benefit, withdrew from the bidding after the oil company's first bid, Reuters relates. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. ROSNEFT OIL: Chief Executive Seeks Lower Oil Taxes -------------------------------------------------- OAO Rosneft Oil Co. chief executive Sergei Bogdanchikov will lobby the Russian government for tax breaks in new oil regions, Greg Walters writes for Bloomberg News. "The current tax regime is too harsh [for oil producers]," Mr. Bogdanchikov told Russia Today television. Mr. Bogdanchikov particularly seeks tax breaks to develop offshore oil deposits in the Caspian Sea and Arctic Ocean, Bloomberg News relates. "New regions require new approaches, notably the Arctic shelf and Russia's southern seas with their depth and lack of infrastructure," Mr. Bogdanchikov said. "We will be lobbying the government for preferential terms in these regions, which we expect to become law by 2008." Mr. Bogdanchikov is among a number of oil industry personalities -- including OAO Lukoil chief executive Vagit Alekperov and Alfa Bank analyst Dmitry Loukashov -- calling for lower taxes to facilitate investment and new production, Bloomberg News adds. Bloomberg News notes that Russia's fuel output growth declined from 11% in 2003 to less than 3% in 2006 due to higher field development costs. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is positive. SHARANGA-NN CJSC: Court Names B. Potashnik as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod appointed B. Potashnik as Insolvency Manager for CJSC Sharanga-NN (TIN 5237000290). He can be reached at: B. Potashnik Office 201 Mira Avenue 12 Nizhniy Novgorod Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-6505/2007-27-169. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Sharanga-NN Kacheevo Sharangskiy Nizhniy Novgorod Russia SHUMIKHINSKIY MEAT-PROCESSING: Claims Filing Period Set Sept. 14 ---------------------------------------------------------------- Creditors of OJSC Shumikhinskiy Meat-Processing Combine have until Sept. 14 to submit proofs of claim to: S. Akimov Temporary Insolvency Manager Volodarskogo Str. 57-416 640000 Kurgan Russia The Arbitration Court of Kurgan will convene at 1:45 p.m. on Oct. 10 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A34-1898/2007. The Court is located at: The Arbitration Court of Kurgan Sovetskaya Str. 192 640003 Kurgan Russia The Debtor can be reached at: OJSC Shumikhinskiy Meat-Processing Combine Belonosova Str. 42 Shumikha Kurgan Russia SITRONICS JSC: Fitch Affirms B- IDR with Stable Outlook ------------------------------------------------------- Fitch Ratings has affirmed JSC Sitronics' Long-term Issuer Default rating of 'B-' with a Stable Outlook. As the technology arm of AFK Sistema (rated 'BB-'/Outlook Stable), the rating reflects a weak standalone credit profile, offset somewhat by increased financial flexibility following the IPO. While Sitronics' top-line growth remains strong, profitability and cash flow have weakened as the company seeks to grow outside of its domestic market. At the same time, increased debt has seen the company's Net Debt: EBITDA ratio increase to 2.6x by end-2006, from 0.2x at end-2005. "Fitch expects continued strong performance in the Microelectronic and IT Solutions segments. However Sitronics' credit profile remains primarily driven by its Telecom Solutions business," says Nikolai Lukashevich, Director in Fitch's TMT team. "While we note the improved diversification of the TS segment, both geographically, as well as in term of products, the agency remains concerned over the company's ability to generate meaningful contract wins and cash flow from the high growth markets it is entering. Evidence of success in these areas is likely to be necessary before Sitronics gains any positive rating momentum." Sitronics' parent, Sistema, was upgraded to Long-term IDR 'BB-' from 'B+' in July 2007. However, the impact of the expected parental support is tempered by the fact that Sitronics remains a relatively small part of the Sistema group. In addition, the strength of Sitronics' standalone profile is already somewhat supported by Sistema's key subsidiary MTS, which remains Sitronics' most profitable customer and a key 0driver of Sistema's overall credit quality. STROYKOMBINAT OJSC: Creditors Must File Claims by Aug. 14 --------------------------------------------------------- Creditors of OJSC Stroykombinat (TIN 2277001752) have until Aug. 14 to submit proofs of claim to: E. Vashenko Temporary Insolvency Manager Post User Box 66 Partizanskaya Str. 74 Talmenka Talmenskiy 658030 Altay Russia The Arbitration Court of Tver will convene at 11:00 a.m. on Oct. 3 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. AO3-4950/07-B. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: OJSC Stroykombinat Rubtsovskaya Str. 1 Talmenka Talmenskiy 658030 Altay Russia TYAGAN-FISH CJSC: Names Ya. Matsinina as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Rostov appointed Ya. Matsinina as Insolvency Manager for CJSC Tyagan-Fish. She can be reached at: Ya. Matsinina Post User Box 160 Aksay 346720 Rostov Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-13534/05-S2-7. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Tyagan-Fish Chekhova Str. 337-93 Taganrog 347900 Rostov Russia VOLGA LLC: Creditors Must File Claims by Aug. 14 ------------------------------------------------ Creditors of LLC Volga have until Aug. 14 to submit proofs of claim to: V. Mikhaylenko Insolvency Manager Office 2 Moskovskaya Str. 85 410012 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-15293/06-31. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: LLC Volga Yuzhnaya Str. 27 Krasnoarmesk 412800 Saratov Russia YUKOS OIL: Rosneft Oil Wins Transport Units for RUR18.6 Billion --------------------------------------------------------------- OAO Rosneft Oil Co. won an auction to acquire the transport and ex-Soviet assets of bankrupt OAO Yukos Oil Co., Reuters reports. Rosneft offered RUR18.6 billion to acquire the lot that includes a number of producing and injection wells at the Priobskoye field, pumping stations, pipelines as well as Yukos' main transport units East Asia Transit and Yukos-Transservice, Reuters reports. Yukos-Transservice holds long-term leasing contracts on 7,000 railroad cars and short-term leasing deals on 5,000 railroad cars, Reuters relates. The unit also had "considerable amounts of cash" on its accounts. East Asia Transit, meanwhile, holds the license to transport oil to China via Mongolia, and owns 42 tank-cars for delivering refined products. Starting price for the lot was RUR18.5 billion, RIA Novosti relates. Rosneft's sole rival at the auction, a company called Benefit, withdrew from the bidding after the oil company's first bid, Reuters relates. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. 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. YUKOS OIL: Dutch Unit Warns Bidders on Stake Ownership Issues ------------------------------------------------------------- Yukos Finance BV, the Dutch subsidiary of OAO Yukos Oil Co., advised potential bidders that they won't secure legal ownership of assets acquired at a liquidation sale later this month, Lucian Kim and Angela Macdonald-Smith write for Bloomberg News. Yukos Finance claimed, in a published advertisement on Aug. 7, that Yukos Oil bankruptcy receiver Eduard Rebgun do not have the legal basis to transfer ownership of Yukos Finance's assets. "A bankruptcy treaty between the Netherlands and Russia is absent. Therefore, pursuant to Dutch law you cannot provide legal title to the Yukos Finance BV shares to a buyer at all," the ad in Moscow-based Kommersant said in Russian. Nikolai Lashkevich, Mr. Rebgun's spokesman, disputed these claims saying that the sale will not involve the Dutch assets but only shares in the company, which is part of Yukos Oil's assets, Bloomberg relates. Mr. Rebgun plans to auction Yukos Finance's main assets on Aug. 15, which will include: -- proceeds from a 54% stake in Lithuanian refinery Mazeikiu Nafta AB, worth almost US$1.5 billion; and -- a 49% stake in Transpetrol, worth between $100 million and US$200 million. The lot, which has been approved by Yukos creditors, carries a RUR7.6 billion (US$299 million) starting price. As reported in the Troubled Company Reporter-Europe on Aug. 3, 2007, Yukos Finance asserts that no sale could take place prior to the District Court of Amsterdam's Oct. 31 hearing on a petition filed by Yukos' former shareholders questioning the legality of the company's bankruptcy procedure in the Netherlands. A Dutch court ruled on May 24, 2007, recognizing Mr. Rebgun as the sole legal representative of Yukos Finance, and permitting him to sell the bankrupt company's foreign assets. Mr. Rebgun obtained this week a three-month extension of Yukos Oil's bankruptcy proceedings to three more months in order to complete the company's liquidation process. 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. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. ========= S P A I N ========= TIMKEN CO: Board Declares US$0.17 Per Share Quarterly Dividend -------------------------------------------------------------- The Timken Company's board of directors has declared a quarterly cash dividend of 17 cents per share, an increase of 1 cent per share. The dividend is payable on Sept. 5, 2007, to shareholders of record as of Aug. 17, 2007. It will be the 341st consecutive dividend paid on the common stock of the company. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * The Timken Company carries Moody's Ba1 Long-Term Corporate Family, Senior Unsecured Debt and Probability-of-Default Ratings. Moody's said the outlook was stable. ===================== S W I T Z E R L A N D ===================== APS FINANZ: Creditors' Liquidation Claims Due August 17 ------------------------------------------------------- Creditors of JSC APS Finanz Holding have until Aug. 17 to submit their claims to: TREUCO Liquidator Claridenstrasse 25 Mail box: 2172 8027 Zurich Switzerland The Debtor can be reached at: JSC APS Finanz Holding Cham ZG Switzerland ART ASIEN: Creditors' Liquidation Claims Due August 16 ------------------------------------------------------ Creditors of LLC Art Asien Restaurant-Traiteur have until Aug. 16 to submit their claims to: Fabrice Seuret Liquidator Meister + Rothenbuhler Mail box: 1056 2501 Biel/Bienne BE Switzerland The Debtor can be reached at: LLC Art Asien Restaurant-Traiteur Bern Switzerland ELIMAR IMMOBILIEN: Creditors' Liquidation Claims Due August 16 -------------------------------------------------------------- Creditors of JSC Elimar Immobilien have until Aug. 16 to submit their claims to: JSC Gotz & Rufer Treuhand Liquidator Hofwisenstrasse 13 8260 Stein am Rhein SH Switzerland The Debtor can be reached at: JSC Elimar Immobilien Winterthur ZH Switzerland GASTURA LLC: Creditors' Liquidation Claims Due August 15 -------------------------------------------------------- Creditors of LLC Gastura have until Aug. 15 to submit their claims to: Ursula Hefti-Schnider Liquidator Melchtalerstrasse 6 6064 Kerns OW Switzerland The Debtor can be reached at: LLC Gastura Kerns OW Switzerland IKHA JSC: Zug Court Closes Bankruptcy Proceedings ------------------------------------------------- The Bankruptcy Service of Zug entered July 6 an order closing the bankruptcy proceedings of JSC IKHA. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC IKHA Leimatt A 6317 Oberwil bei Zug Switzerland IMMOTREU JSC: Zug Court Closes Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Service of Zug entered July 4 an order closing the bankruptcy proceedings of JSC Immotreu. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Immotreu Alpenstrasse 16 6300 Zug Switzerland MINNECI + PARTNER LLC: Creditors' Liquidation Claims Due Aug. 16 ---------------------------------------------------------------- Creditors of LLC Minneci + Partner have until Aug. 16 to submit their claims to: Pietro Minneci Liquidator Untere Steinegg 7 9100 Herisau AR Switzerland The Debtor can be reached at: LLC Minneci + Partner Herisau AR Switzerland NDI EUROPE: Creditors' Liquidation Claims Due October 11 -------------------------------------------------------- Creditors of JSC NDI Europe have until Oct. 11 to submit their claims to: Christian Jorg Schilling Liquidator CT Croket Treuhand Bachtalstrasse 13 5408 Ennetbaden Baden AG Switzerland The Debtor can be reached at: JSC NDI Europe Ennetbaden Baden AG Switzerland QUALITY CAR: Creditors' Liquidation Claims Due August 16 -------------------------------------------------------- Creditors of LLC Quality Car have until Aug. 16 to submit their claims to: Ibrahim Baranoglu Liquidator Krummeneichstrasse 41 4133 Pratteln Liestal BL Switzerland The Debtor can be reached at: LLC Quality Car Pratteln Liestal BL Switzerland ROTHUSFA JSC: Zug Court Starts Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Rothusfa on June 19. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Rothusfa Bannstrasse 29 6312 Steinhausen ZG Switzerland SAEGEL LLC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC SAEGEL on July 3. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6301 Zug Switzerland The Debtor can be reached at: LLC SAEGEL Alpenstrasse 16 6300 Zug Switzerland SERWATECH LLC: Lucerne Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy proceedings against LLC Serwatech on June 14. The Bankruptcy Service of Hochdorf can be reached at: Bankruptcy Service of Hochdorf 6020 Emmenbrucke Switzerland The Debtor can be reached at: LLC Serwatech Rosmarie Waibel Karl Stirniman Landschaustr. 48 6006 Lucerne Switzerland SINOTEX JSC: Zug Court Closes Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Service of Zug entered July 6 an order closing the bankruptcy proceedings of JSC Sinotex. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Sinotex Gartenstrasse 4 6300 Zug Switzerland SPECIAL INVESTIGATIONS: Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Sursee in Lucerne commenced bankruptcy proceedings against LLC Special Investigations on June 27. The Bankruptcy Service of Sursee can be reached at: Bankruptcy Service of Sursee 6018 Buttisholz Sursee LU Switzerland The Debtor can be reached at: LLC Special Investigations 6025 Neudorf Sursee LU Switzerland VANZANTEN JSC: Creditors' Liquidation Claims Due August 16 ---------------------------------------------------------- Creditors of JSC Vanzanten have until Aug. 16 to submit their claims to: JSC Alois Theiler Treuhand Liquidator Langackerstrasse 37 6330 Cham ZG Switzerland The Debtor can be reached at: JSC Vanzanten Zug Switzerland ============= U K R A I N E ============= ALEXANDRIYSKOE MOTORCAR 13561: Creditors' Claim Due August 10 ------------------------------------------------------------- Creditors of OJSC Alexandriyskoe Motorcar Enterprise 13561 (code EDRPOU 03117464) have until August 10 to submit written proofs of claim to: The Economic Court of Kirovograd Lunacharski Str. 29 25006 Kirovograd Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/89. The Debtor can be reached at: OJSC Alexandriyskoe Motorcar Enterprise 13561 Dniepropetrovsk Highway 2 Alexandriya 28000 Kirovograd Ukraine BUTEK LLC: Creditors Must File Claims by August 10 -------------------------------------------------- Creditors of LLC Production-Developing Enterprise Butek (code EDRPOU 22125104) have until August 10 to submit written proofs of claim to: Vladimir Zhytnik Liquidator Gvardeysky Boulevard 30/85 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/174(06). The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Production-Developing Enterprise Butek Energodar, Kurchatov Str. 8/3 71500 Zaporozhje Ukraine EL-TRANS LLC: Creditors Must File Claims by August 10 ----------------------------------------------------- Creditors of LLC El-Trans (code EDRPOU 30659494) have until August 10 to submit written proofs of claim to: Alexander Zhylich Liquidator Kopernik Str. 36-a 43000 Lutsk Volin The Economic Court of Volin commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 4/77-B. The Court is located at: The Economic Court of Volin Volia Avenue 54-a 43010 Lutsk Volin Ukraine The Debtor can be reached at: LLC El-Trans Podgaevskaya Str. 7 Lutsk Volin Ukraine LUGANSK MOTORCAR 10964: Creditors Must File Claims by August 10 --------------------------------------------------------------- Creditors of OJSC Lugansk Motorcar Enterprise 10964 (code EDRPOU 05465904) have until August 10 to submit written proofs of claim to: Elena Bugulian Liquidator Apartment 18 Shevchenko q. 17 91033 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 20/90b. The Court is located at: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Debtor can be reached at: OJSC Lugansk Motorcar Enterprise 10964 Tallinn Str. 62 91038 Lugansk Ukraine LVOV COMMUNICATION: Creditors Must File Claims by August 10 ----------------------------------------------------------- Creditors of LLC Lvov Plant of Communication Engineering and Automatics (code EDRPOU 13824642) have until August 10 to submit written proofs of claim to: Sergey Romanchuk Liquidator Apartment 1 Zhuravlin Str. 9 79040 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/149-8/229. The Court is located at: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Debtor can be reached at: LLC Lvov Plant of Communication Engineering and Automatics Laznevaya Str. 3/5 79019 Lvov Ukraine MIKON LLC: Proofs of Claim Filing Deadline Set August 10 -------------------------------------------------------- Creditors of LLC Firm Mikon (code EDRPOU 16461074) have until August 10 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 the bankruptcy supervision procedure on the company. The case is docketed under Case No. 15/316-b. The Debtor can be reached at: LLC Firm Mikon Bestuzhev Str. 1 04123 Kiev Ukraine STANICHNOE LLC: Proofs of Claim Filing Deadline Set August 10 ------------------------------------------------------------- Creditors of Agricultural LLC Stanichnoe (code EDRPOU 00707120) have until August 10 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 supervision procedure on the company on June 13. The case is docketed under Case No. B-50/114-07. The Debtor can be reached at: Agricultural LLC Stanichnoe District Stanichnoe Novaya Vodolaga Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== ALLIANCE BOOTS: Plans to Enter Indian Pharma Market, Report Says ---------------------------------------------------------------- Alliance Boots Plc has initiated talks with some potential partners as part of its plan to venture into the Indian retail market in the food, health and personal care format, with particular focus on the pharma segment, the Economic Times reports. According to the report, the company will take the franchisee model but may also explore the joint venture route. A top official of a pharma retail chain told the Economic Times that they are in "preliminary talks" with Alliance Boots, although they have not yet decided on the form of partnership. An Alliance Boots spokesperson has declined to comment, however, saying that the company will not discuss acquisitions or alliance strategy before it has something to formally disclose, the Economic Times states. About Alliance Boots Headquartered in London, United Kingdom, Alliance Boots Plc -- http://www.allianceboots.com/-- operates as a high street retailer, pharmacist and pharmaceuticals wholesaler. The company operates in the U.K., Norway, The Netherlands, Ireland, Italy Switzerland, Czech Republic, France, Russia, Spain, Germany and Thailand. * * * As reported in the TCR-Europe on July 19, 2007, Moody's Investors Service downgraded the long term unsecured rating of Alliance Boots plc to B2 from Baa2. The rating remains on review for possible downgrade, where it was placed on March 13, 2007. A Corporate Family Rating for Alliance Boots has been assigned at B1 and is also on review for possible downgrade. The TCR-Europe reported on July 10, 2007, that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Alliance Boots PLC to 'BB-' from 'BBB', reflecting a dramatic change of financial structure for the expanded group. The ratings remain on CreditWatch with negative implications where they were placed on March 12, 2007, following the announcement that Kohlberg Kravis Roberts & Co., a private- equity firm, and Stefano Pessina, the executive deputy chairman of Alliance Boots, had made a friendly approach to buy the group. BAA LTD: High Court Grants Limited Injunction Against Protesters ---------------------------------------------------------------- BAA Heathrow, a part of BAA Ltd. (fka BAA plc), has welcomed the decision of the High Court granting an injunction against campaign group Plane Stupid and all those acting in concert with them for the purpose of disrupting the operations of Heathrow Airport during the Climate Camp planned for August 14-21, 2007. According to the Financial Times, Mrs. Justice Swift limited the injunction to members and associates of Plane Stupid as the group was the one likely to be involved in illegal direct action. "There is a risk that a terrorist group might use the disruption caused by the protesters to perpetrate an attack on the airport, with disastrous consequences," Mrs. Justice Swift was quoted by the FT as saying. BAA Heathrow Managing Director Mark Bullock argued, "Plane Stupid spokespeople have repeatedly stated that they are planning mass direct action to disrupt the operations of the airport. BAA therefore had no choice but to explore every legal avenue available to minimize any disruption to the airport’s operations. " "Around 1.5 million passengers are due to pass through Heathrow during the week of climate camp, many of them families on their summer holidays. It is our responsibility to ensure that we do everything we can to guarantee their safety and comfort during this very busy period, " Mr. Bullock said. Mr. Bullock reiterated: "This injunction has never been about stopping lawful and peaceful protests. BAA has always respected people's democratic right to protest lawfully. We accept that there is an important debate to be had regarding climate change. The motivation behind the injunction was to protect our passengers and staff from being harassed or obstructed by any unlawful direct action." The proposed Climate Camp at Heathrow is aimed at highlighting the noise disturbance, air pollution and damage to wildlife caused by the airport, Michael Peel writes for FT. The activity is expected to be participated in various environmental groups and environmental activists. London Mayor’s Response to the High Court Ruling "I welcome the decision of the court to effectively reject BAA’s application for an injunction so wide that it could have potentially affected millions of people. The judge clearly recognized that such an injunction would have been unreasonable and unworkable and agreed that it was extraordinary that Transport for London was not consulted about their inclusion in BAA's original proposed injunction and its widespread affects on London Underground," London Mayor Ken Livingstone said. As previously reported in the TCR-Europe on Aug. 3, 2007, BAA sought injunctions against: John Stewart, Chair HACAN and Chair of AirportWatch and both these organizations and all their members; Geraldine Nicholson, Chair NOTRAG (No Third Runway Action Group) and all members of NOTRAG; Joss Garman and Leo Murray of Plane Stupid, and all members of Plane Stupid. About BAA Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. In June 2006, BAA was bought by a consortium led by Grupo Ferrovial SA, the Spanish construction company. Ferrovial is one of the world's leading construction groups, specializing in four strategic lines of business - airports, construction, transport infrastructure and services - throughout Spain, the U.K., Portugal and nine other countries in Europe and the rest of the world. The company has around 89,000 employees and a net revenue of EUR12.4 billion. * * * As of July 20, 2007, BAA Ltd. (fka BAA plc) carries an issuer rating of Ba1 from Moody's. EQUITABLE LIFE: S&P Affirms & Withdraws BB Rating Upon Request -------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB' long-term counterparty credit rating on U.K.-based life insurer The Equitable Life Assurance Society. The outlook is stable. Subsequently, Standard & Poor's withdrew the rating at the company's request. As a result of the rating withdrawal, Equitable Life is no longer subject to surveillance by Standard & Poor's. At the time of the rating withdrawal there were no outstanding ratings on directly issued or guaranteed obligations of Equitable Life, following the call at par on Aug. 6, 2007, of GBP171 million of outstanding guaranteed junior subordinated notes issued by Equitable Life Finance PLC (not rated). Equitable Life is a closed life insurer with pro-forma assets under management of GBP10.1 billion at Dec. 31, 2006. "The rating on Equitable Life at the time of the rating withdrawal reflected the progress made by management in reducing uncertainties and increasing stability, the society's low risk investment profile, and marginal capitalization," said Standard & Poor's credit analyst Mark Button. These strengths were partially offset by Equitable Life's limited flexibility to manage its liabilities and its weak operating performance. FORD MOTOR: Seeks Better Productivity & Cost Cuts in Labor Talks ---------------------------------------------------------------- Ford Motor Company needs to see both lower costs and improved labor productivity as it emerges from a crucial round of contract talks with the United Auto Workers union, Kevin Krolicki writes for Reuters, quoting Joseph Hinrichs, Ford's vice president for manufacturing in North America. The TCR-Europe reported on June 14, 2007, that the car companies are trying to deal with health care costs that GM CEO Rick Wagoner says cost them a combined US$12 billion in 2006. Providing health care to 2 million employees, retirees and dependents contributed to losses at each of the U.S. automakers last year, while Japanese rivals posted record profits. The difference is made even more significant by higher pensions and retiree health care costs. Most of that gap for the loss-making Detroit automakers represents "legacy" costs, including the price of providing health care to union-represented retirees, Reuters states. "We've been working really hard on (productivity) and we still have room for improvement. If you look at the domestic, Detroit Three compared to the transplants, there's a gap," Mr. Hinrichs said. "And then there's the cost of that labor which we have to work on and address, which includes the legacy cost," he said, Reuters notes. According to the report, Mr. Hinrichs' comments were in response to prior remarks issued by Canadian Auto Workers President Buzz Hargrove that the labor concessions the Detroit-based automakers are seeking in ongoing labor negotiations with the UAW would not make a meaningful contribution to a turnaround for the struggling industry. "Even if the Big Three get everything they are asking for from the UAW, that would reduce the average production costs of a vehicle they sell in North American by only US$500," Mr. Hargrove said, Reuters notes. Mr. Hinrichs had a different opinion, however, saying that although he would not comment on the US$500-per-vehicle estimate from Mr. Hargrove, that amount was enough to make a difference in a competitive vehicle market, Reuters relates. Prior to the talks, Ford had negotiated separate agreements with the UAW for more flexible work rules at most of its plants and an attrition program that saw 27,000 union-represented workers leave the payroll during the first half. Mr. Hinrichs said that the more flexible work rules included in "competitive operating agreements" negotiated with the union would save Ford US$500 million on an annualized basis once fully implemented, Reuters reports. 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 TCR-Europe 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: June 30 Balance Sheet Upside-Down by US$1.9 Billion --------------------------------------------------------------- Ford Motor Company reported financial results for the quarter ended June 30, 2007. At June 30, 2007, the company’s balance sheet showed total assets of US$279.2 billion, total liabilities of US$279.9 billion, and minority interests of US$1.2 billion, resulting in a US$1.9 billion stockholders’ deficit. The company reported US$750 million net income of US$44.2 billion total sales for the quarter ended June 30, 2007, compared with US$317 million net loss of US$41.8 billion total sales for the same quarter last year. At June 30, 2007, Ford’s Automotive sector had total debt of about US$30 billion, unchanged from Dec. 31, 2006. At June 30, 2007, the company’s Automotive sector had net cash of US$7.4 billion, compared with US$3.9 billion at the end of 2006. 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 TCR-Europe 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. HANOVER COMPRESSOR: Prices Tender Offers & Consent Solicitations ---------------------------------------------------------------- Hanover Compressor Company has priced its tender offers and consent solicitations for: 1) US$200 million in aggregate principal amount of its 8.625% Senior Notes due 2010 (CUSIP 410768AF2); 2) US$200 million in aggregate principal amount of its 9.% Senior Notes due 2014 (CUSIP 410768AG0); and 3) US$150 million in aggregate principal amount of its 7.5% Senior Notes due 2013 (CUSIP 410768AH8). The total consideration per US$1,000 principal amount of the 8.625% Notes validly tendered and not validly withdrawn prior to 5:00 p.m., New York City time, on Aug. 1, 2007 is US$1,052.39, of which US$30 is the consent payment. As of 2:00 p.m., New York City time, on Aug. 3, 2007, the yield to maturity on the 4.25% U.S. Treasury Note due Nov. 30, 2007, the reference security for the 8.625% Notes, was 4.863% and the tender offer yield on the 8.625% Notes was 5.363%. Holders whose 8.625% Notes are validly tendered at or after the Consent Payment Deadline and prior to 5:00 p.m., New York City time, on Aug. 17, 2007, and are accepted for payment will receive the tender offer consideration of US$1,022.39 per US$1,000 principal amount of 8.625% Notes tendered, which amount does not include the US$30 consent payment. The total consideration per US$1,000 principal amount of the 9% Notes validly tendered and not validly withdrawn prior to the Consent Payment Deadline is US$1,107.26, of which US$30 is the consent payment. As of the Price Determination Date, the yield to maturity on the 4.875% U.S. Treasury Note due May 31, 2009, the reference security for the 9% Notes, was 4.563% and the tender offer yield on the 9% Notes was 5.063%. Holders whose 9% Notes are validly tendered at or after the Consent Payment Deadline and prior to the Expiration Time and are accepted for payment will receive the tender offer consideration of US$1,077.26 per US$1,000 principal amount of 9% Notes tendered, which amount does not include the US$30 consent payment. The total consideration per US$1,000 principal amount of the 7.5% Notes validly tendered and not validly withdrawn prior to the Consent Payment Deadline is US$1,094.11, of which US$30 is the consent payment. As of the Price Determination Date, the yield to maturity on the 4% U.S. Treasury Note due April 15, 2010, the reference security for the 7.5% Notes, was 4.503% and the tender offer yield on the 7.5% Notes was 5.003%. Holders whose 7.5% Notes are validly tendered at or after the Consent Payment Deadline and prior to the Expiration Time and are accepted for payment will receive the tender offer consideration of US$1,064.11 per US$1,000 principal amount of 7.5% Notes tendered, which amount does not include the US$30 consent payment. In addition, holders whose Notes are validly tendered and accepted for purchase will receive accrued and unpaid interest on those Notes from the last interest payment date up to, the applicable payment date for the offer. Withdrawal rights with respect to tendered Notes have expired. Accordingly, Notes tendered may no longer be withdrawn and consents delivered may no longer be revoked. The tender offers and consent solicitations will expire at the Expiration Time, unless extended or earlier terminated by the company. The company reserves the right to terminate, withdraw or amend the tender offers and consent solicitations at any time subject to applicable law. The company's obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn pursuant to the tender offers and the consent solicitations is subject to the satisfaction or waiver of certain conditions, including, the consummation of the mergers contemplated by the Agreement and Plan of Merger among the company, Universal Compression Holdings Inc., Exterran Holdings Inc. fka Iliad Holdings Inc. and Exterran's subsidiaries, dated Feb. 5, 2007, as amended, and the receipt of sufficient funds to consummate the tender offers. Each tender offer and consent solicitation is independent of the others, and the complete terms and conditions of the tender offers and the consent solicitations are set forth in the tender offer documents, which are being sent to holders of Notes. The tender offers are part of the refinancing plan of the company and Universal being implemented in anticipation of the closing of their pending merger, which is currently expected to occur on or about Aug. 20, 2007, if the conditions to the closing set forth in the Agreement and Plan of Merger have been satisfied as of that date. As part of the refinancing plan, Exterran Holdings Inc., which will be the publicly traded holding company after the completion of the merger, has engaged Wachovia Capital Markets LLC and J.P. Morgan Securities Inc. to arrange and syndicate a senior secured credit facility, consisting of a revolving credit facility and a term loan, and has engaged Wachovia to provide a new asset- backed securitization facility to Exterran. The primary purpose of these new facilities will be to fund the redemption or repurchase of all of the company's and Universal's outstanding debt other than the company's convertible debt securities and the credit facility of Universal's publicly traded subsidiary, Universal Compression Partners L.P. The new facilities will replace the company's and Universal's existing bank lines and Universal's existing asset-backed securitization facility. The closing of the new facilities is subject to, the receipt of sufficient commitments from participating lenders and the execution of mutually satisfactory documentation. Wachovia Securities has been retained to act as exclusive dealer manager in connection with the tender offers and consent solicitations. Questions about the tender offers and consent solicitations may be directed to Wachovia Securities at (866) 309-6316 (toll free) or (704) 715-8341 (collect). Copies of the tender offer documents and other related documents may be obtained from D.F. King & Co., Inc., the information agent for the tender offers and consent solicitations, at (800) 859-8508 (toll free) or (212) 269-5550 (collect). The tender offers and consent solicitations are being made solely by means of the tender offer documents. About Hanover Compressor Headquartered in Houston, Texas, Hanover Compressor Company, (NYSE: HC) -- http://www.hanover-co.com/-- rents and repairs compressors and performs natural gas compression services for oil and gas companies. The company's subsidiaries also provide service, fabrication, and equipment for oil and natural gas processing and transportation applications. It has locations in India, China, Indonesia, Japan, Korea, Taiwan, the United Kingdom, and Vietnam, among others. * * * Moody's Investor Services assigned B1 rating on Hanover Compressor Company's long term corporate family and probability of default on July 16, 2007. The outlook is stable. IMAGE TRAVEL: Brings In Liquidators from Vantis Redhead French -------------------------------------------------------------- G. Mummery and A. Raja of Vantis Redhead French Ltd. were appointed joint liquidators of Image Travel & Money Services Ltd. (t/a Portico Global Travel) on July 25 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: Vantis Redhead French Ltd. 43-45 Butts Green Road Hornchurch Essex RM11 2JX England KRONOS INC: Hires Chris Todd to Manage Customer Engagements ----------------------------------------------------------- Kronos(R) Incorporated has appointed Chris Todd to cultivate and manage customer engagements and oversee the management and growth of the company's North American professional services organization. As vice president of professional services, Mr. Todd will report directly to Kronos Chief Executive Officer Aron Ain. "We welcome Chris to our management team at an exciting juncture in the growth and development of the company," said Mr. Ain. "Chris will draw upon his operational expertise and impressive sales track record to boost the breadth and depth of our professional services offerings as we strive to build the first US$1 billion software company exclusively focused on managing the workforce." Mr. Todd joins Kronos after seven years with Blackbaud, Inc., a global provider of application software and related services for nonprofit organizations. As senior vice president of worldwide sales and operations, Todd managed Blackbaud's U.S. sales team and was responsible for all aspects of operations, including professional services and support, in Australia, Scotland, and England. Prior to Blackbaud, Mr. Todd held various management positions with NetGen Inc., McKinsey & Co., and S.G. Warburg & Co. Inc. Headquartered in Chelmsford, Mass., Kronos Inc. -- http://www.kronos.com/-- provides a suite of solutions that automate employee-centric processes, as well as tools to optimize the workforce. It provides workforce management software, including time and attendance software and talent management (recruiting) software. The company offers its products primarily in the United States, Canada, Mexico, the United Kingdom, Australia, and New Zealand. The company posted about US$617 million of revenues for the 12 months ended March 31, 2007. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Moody's Investors Service assigned Kronos, Inc. a first time B2 corporate family rating and a stable rating outlook. Moody's also assigned a first time Ba3 rating to the company's: -- first lien credit facilities (US$665 million term loan, due 2014, and US$60 million revolving credit facility, expires 2013); and -- a Caa1 rating to its US$390 million second lien term loan, due 2015. LADYPACE LTD: Calls In Liquidators from Cooper Parry ---------------------------------------------------- Tyrone Shaun Courtman and Jeremy Philip William Meadows of Cooper Parry LLP were appointed joint liquidators of Ladypace (Daventry) Ltd. on July 25 for the creditors’ voluntary winding- up proceeding. The joint liquidators can be reached at: Cooper Parry LLP 1 Colton Square Leicester LE1 1QH England LAMBOARD HOLDINGS: Appoints Joint Administrators from PwC --------------------------------------------------------- Mark David Arthur Loftus and Ian David Green of PricewaterhouseCoopers LLP were appointed joint administrators of Lamboard Holdings Ltd. (Company Number 045734148) on July 30. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. The company can be reached at: Lamboard Holdings Ltd. 228 Leads Road Hull HU7 0DQ England Tel: 01482 701 143 LANSDOWNE MORTGAGE: Fitch Affirms Class B2 Ratings at BB -------------------------------------------------------- Fitch Ratings has upgraded two tranches of Lansdowne Mortgage Securities No.1 plc and affirmed four others. The rating actions follow a satisfactory review of these deals. The Outlooks on the four junior tranches are revised to Positive from Stable. The rating actions are: Lansdowne Mortgage Securities No.1 plc -- Class A2 (ISIN XS0250832614) affirmed at 'AAA'. Outlook Stable -- Class M1 (ISIN XS0250833695) upgraded to 'AA+' from 'AA'. Outlook revised to Positive from Stable -- Class M2 (ISIN XS0250834073) upgraded to 'A+' from 'A'. Outlook revised to Positive from Stable -- Class B1 (ISIN XS0250834404) affirmed at 'BBB'. Outlook revised to Positive from Stable -- Class B2 (ISIN XS0250835120) affirmed at 'BB'. Outlook revised to Positive from Stable -- Class X (XS0250833000) affirmed at 'AAA'. Outlook Stable The upgrades to the class M notes follow a full loan by loan analysis of the remaining pool as of April 2007. To date the transactions has had no loans taken into foreclosure and subsequently has incurred no losses. Arrears greater than three months as of the end of June 2007 comprise 13.75% of the outstanding portfolio balance, above the level that would allow the reserve fund to amortize or the notes to pay down pro-rata. The annualized principal payment rate for the transaction, including both scheduled and unscheduled payments, as calculated by Fitch was 47.83% in June 2007. The high payment rate coupled with a sequential pay down structure of the notes has led to a rapid build up in credit enhancement. The rating outlooks for the junior notes has been revised to Positive due to a combination of the sequential amortization structure, high payment rate and build up in available credit enhancement, and the lack of losses to the portfolio. Even though euro zone interest rates have increased in recent quarters and house prices in Ireland fell marginally in the first five months of 2007, according to the Permanent TSB / ESRI House Price Index, their impact on this transaction is likely to be negligible. Furthermore, a 2.1% decline in house prices in the first six months of 2007, coming after significant house inflation, notably a 14.5% increase between May 2005 and May 2006 and a rise of 6.7% in the first five months of 2006, is modest. The house price decline could be due in part to the issue of whether to reform or abolish stamp duty, the result of which would affect first-time buyers, and when to implement it, as well as the intense competition in the first-time buyer market. MACFARLANE TRANSPORT: Names Richard Dixon Fleming Liquidator ------------------------------------------------------------ Richard Dixon Fleming of KPMG LLP was appointed liquidator of MacFarlane Transport Ltd. on July 23 for the creditors’ voluntary winding-up procedure. The liquidator can be reached at: KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW England MITEL NETWORKS: Inter-Tel Shareholders Approve US$723 Mln Merger ---------------------------------------------------------------- Mitel Networks Corp. applauded Inter-Tel (Delaware) Incorporated stockholders for approving the two companies' US$723 million merger. The vote fulfills another condition to the merger which the company believes will create a market leader in the SMB IP communications industry with the scale to strengthen and extend its reach in the enterprise market. "The company is delighted that Inter-Tel shareholders have voted to approve the merger with Mitel," Don Smith, CEO of Mitel, said. "By bringing together the unique strengths of each company, this transaction will accelerate our growth strategy. Together, we believe that Mitel and Inter-Tel will possess the intellectual property, technology depth, breadth of portfolio, managed services, partnerships, and people to be a leader in the rapidly changing IP telephony landscape." Subject to the outcome of the preliminary injunction hearing arising from Inter-Tel's litigation before the Delaware Court of Chancery, Mitel and Inter-Tel expect that the merger will close after the Aug. 8, 2007, hearing. About Mitel Networks Corporation Headquartered in Herndon, Virginia, Mitel Networks Corporation -- http://www.mitel.com/-- delivers the full value of IP Communications through networked business solutions that help customers achieve success through business process integration, enhanced employee productivity, increased customer loyalty and helping to generate new revenue streams. The company has operations in Brazil, the United Kingdom and Indonesia. * * * As reported in the Troubled Company Reporter on June 22, 2007, Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to Ottawa-based Mitel Networks Corp. S&P said the outlook is stable. TRAINING FOR TOMORROW: Taps Liquidators from BDO Stoy Hayward ------------------------------------------------------------- Graham David Randall and Mark Peter George Roach of BDO Stoy Hayward LLP were appointed joint liquidators of Training for Tomorrow Ltd. (formerly Training For Tomorrow (Holdings) Ltd. and Chartgreat Ltd.) on for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: BDO Stoy Hayward LLP Fourth Floor One Victoria Street Bristol BS1 6AA England U.S. ENERGY: Silver Point Wants to Buy Biogas for US$9 Mln Cash --------------------------------------------------------------- U.S. Energy ystems Inc. executed a letter of intent submitted by Silver Point Finance LLC, to acquire, in an all-cash acquisition, 100% of the common stock of U.S. Energy Biogas Corp., a subsidiary of the company, for a purchase price payable to the company equal to US$9 million. In connection with the Equity Acquisition, Silver Point is also willing to consider an increase in the amount available under the Credit and Guaranty Agreement of US$8 million of which US$2 million will be funded on the effective date of the Debt Financing and US$6 million will be available subject to the approval of Silver Point. Each funding of this additional availability will be net of a fee equal to 3% of the amount so funded. Upon the effective date of the Transaction, the Credit and Guaranty Agreement would be amended to provide that the Applicable Margin with respect to LIBOR rate loans would increase to 9.50%. Each of the Debt Financing and the Equity Acquisition is conditioned upon the completion of the other. The LOI also sets out how the proceeds of the Transaction are to be used. Letter of Intent Generally, the LOI is non-binding, however, it does impose certain binding obligations on the company. In the event that at any time prior to Oct. 31, 2007, the company, USEB, U.S. Energy Overseas Investments LLC or any of their respective affiliates directly or indirectly enter into any agreement or arrangement, or accept any proposal or indication of interest from a third party, in each case relating to: i. any direct or indirect acquisition or purchase of any of the assets or capital stock of USEB or any of USEB's subsidiaries, or any merger, consolidation, plan of arrangement, amalgamation, business combination, recapitalization, reorganization, dissolution or similar transaction involving USEB or any of USEB's subsidiaries or ii. an alternative financing to the Debt Financing, the company will reimburse Silver Point for all of its out- of-pocket expenses incurred by Silver Point and its affiliates in connection with the proposed Transaction including reasonable fees and expenses incurred in connection with the potential financing thereof and pay to Silver Point, upon consummation of the Alternative Transaction, a fee equal to US$3.5 million. The LOI states that Silver Point's interest in the Transaction is subject to satisfactory completion of diligence, receipt of internal approvals and entry into definitive agreements. Silver Point has a prior relationship with the company. In connection with the company's acquisition of the UK assets in 2006, Overseas borrowed about US$23.3 million from certain lenders pursuant to a Credit and Guaranty Agreement dated Aug. 7, 2006, which was arranged by Silver Point. In connection with this financing, the company issued to Silver Point's designees Series G Warrants exercisable until February 2014 to acquire about 5.5 million shares of the company's common stock. In addition, in connection with USEB's emergence from bankruptcy, USEB and certain of its subsidiaries entered into a credit and guaranty agreement in May 2007 with the lenders named therein and Silver Point which provides for borrowings up to an aggregate principal amount of US$80,000,000. Under the USEB Credit Agreement, substantially all of USEB's subsidiaries guaranty the repayment of the loan obligations and have granted to Silver Point a first priority lien on substantially all of their assets. In addition, the company has granted to Silver Point a first-priority pledge of its 100% equity interest in USEB. Overseas has US$79,000,000 outstanding under the USEB Credit Agreement. About Silver Point Silver Point Finance LLC is the direct lending arm of Silver Point Capital L.P., -- http://silverpointcapital.com/-- a multi-strategy credit opportunity fund founded in 2002 and based in Greenwich, Connecticut. Silver Point Capital is a privately owned hedge fund sponsor and manages hedge funds for its clients. It invests in the public equity, fixed income, and hedging markets of the United States. The firm primarily invests in securities of distressed, large-cap, and Mid-cap companies; bank debts; bonds; and trade claims. It specializes in credit analysis and diversified credit-related investments. About U.S. Energy Biogas Headquartered in Avon, Connecticut, U.S. Energy Biogas Corp., a subsidiary of U.S. Energy Systems Corp. (Nasdaq: USEY) -- http://www.usenergysystems.com/-- develops landfill gas projects in the United States. Formerly known as Zahren Alternative Power Corporation or ZAPCO, the company was formed in May 2001 after ZAPCO's acquisition by U.S. Energy Systems Inc. Currently, the company owns and operates 23 LFG to energy projects with 52 megawatts of generating capacity. U.S. Energy Biogas and 31 of its affiliates filed separate voluntary chapter 11 petitions on Nov. 29, 2006 (Bankr. S.D.N.Y. Case Nos. 06-12827 through 06-12857). Joseph J. Saltarelli, Esq., at Hunton & Williams represents the Debtors in their restructuring efforts. Dion W. Hayes, Esq., Joseph S. Sheerin, Esq., and Patrick L. Hayden, Esq., at McGuireWoods LLP, represent the Official Committee of Unsecured Creditors. The Debtors listed total assets of US$35,472,663 and total debts of US$90,250,169 in its schedules. About US Energy U.S. Energy Systems Inc. -- http://www.useyinc.com/-- (Nasdaq: USEY) owns of green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production. The company has a 100% interest in U.S. Energy Biogas Corp., which owns and operates 23 landfill gas to energy projects in the United States, 20 of which produce electricity and three of which sell landfill gas as an alternative to natural gas. The company also has a 100% interest in Plymouth Envirosystems Inc., which owns a 50% interest in Plymouth Cogeneration Limited Partnership. Plymouth Cogeneration Limited Partnership owns and operates a combined heat and power plant in Massachusetts that produces 1.2MWs of electricity and 7 MWs of heat. The company further has a 79% interest in GBGH LLC, which owns energy assets and mineral rights in the United Kingdom including a 42MW gas- fired power plant and gas licenses for about 100,000 acres of onshore natural gas properties and mineral rights in North Yorkshire, England. GBGH is the parent company of UK Energy Systems Ltd. * * * As reported in the Troubled Company Reporter on June 26, 2007, U.S. Energy Systems Inc. had reported that it has insufficient funds to make certain capital contributions required under the UK financing arrangements between September and December of 2007. If the UK financing parties were to declare the UK financing arrangements in default and exercise remedies, such action could involve foreclosure on substantially all of the company's assets and would have a material adverse effect on the company. In that circumstance, the company is unable to provide assurances that it would be able to avoid bankruptcy or insolvency proceedings. VIRGIN MEDIA: Extends Sale Process Due to Unstable Debt Market -------------------------------------------------------------- The financial advisors of Virgin Media Inc., fka NTL Inc., has recommended that the company’s sale process be extended until parties can complete their proposals in a more stable debt market environment to enhance shareholder value. There is no assurance that any transaction will occur or, if so, at what price. As previously reported in the TCR-Europe on Aug. 2, 2007, Liberty Global Inc. is contemplating a bid for Virgin Media. John Malone, chairman of Liberty Global, told the Financial Times that his interest was at an exploratory stage and that the group was "doing our homework" on a bid. According to The Times, the recent turmoil in the leveraged finance markets could force the US$23 billion (GBP11.3 billion) Virgin Media auction to be put on hold as the prospect of a private equity-style leveraged takeover has receded. However, the situation would make Liberty Global an attractive partner for a private equity bidder, FT says, citing analysts. US private equity group TPG earlier pulled out of the bidding race because of concerns over the British cable operator’s business model, Elizabeth Judge and Siobhan Kennedy write for The Times. Virgin Media, which has an enterprise value of GBP11 billion, is expected to be auctioned off this month. There have been 11 expressions of interest for Virgin Media. The Sunday Times says the company’s cashflow, which can service debts of GBP6 billion, makes it attractive to private equity firms. Last month, Virgin Media confirmed it has received a takeover proposal but declined to divulge the identity of the offeror. Published reports have cited Carlyle Group to have made a preliminary offer of between US$33 and US$$35 per share for the telecoms company. Other bidders include Providence Equity Partners, Blackstone, Kohlberg Kravis Roberts and Apax. The bidders could break down into three or four consortia. About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. Virgin Media posted GBP120.3 million in net losses against GBP1 million in revenues for the first quarter ended March 31, 2007, compared with GBP119.9 million in net losses against GBP611.4 million in revenues for the same period in 2006. At March 31, 2007, Virgin Media's balance sheet showed GBP11 billion in total assets, GBP7.9 billion in total liabilities and GBP3.1 billion in total shareholders' equity. The Company's balance sheet at March 31, 2007, showed strained liquidity with GBP988.9 million in total current assets available to pay GBP1.4 billion in total liabilities coming due within the next 12 months. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Virgin Media Inc. Moody's also assigned a Ba3 Probability-of-Default Rating to the company. As reported in the TCR-Europe on March 23, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' senior secured debt rating and '1' recovery rating on Virgin Media Investment Holdings Ltd.'s GBP4.98 billion senior secured facilities. WINDERMERE XI: Fitch Rates GBP7.497 Million Class E Notes at BB --------------------------------------------------------------- Fitch Ratings has assigned final ratings to Windermere XI CMBS Plc's floating-rate notes due April 2017: -- GBP570 million Class A: 'AAA'; Outlook Stable -- GBP55 million Class B: 'AA'; Outlook Stable -- GBP43 million Class C: 'A'; Outlook Stable -- GBP32.27 million Class D: 'BBB'; Outlook Stable -- GBP7.497 million Class E: 'BB'; Outlook Stable This transaction is a GBP708 million securitization of eight commercial real estate loans originated by Lehman Brothers Inc (rated 'A+/F1+'). The final ratings reflect the credit enhancement provided to each class by the subordination of classes junior to it, the positive and negative features of the underlying real estate collateral and the integrity of the legal and financial structures. They also address the likelihood that investors will receive timely payment of interest and ultimate repayment of principal by the final legal maturity date (April 2017). Interest and principal on the notes will be paid quarterly in arrears on each payment date, commencing in October 2007. The very modest amount of scheduled amortization on the loans ahead of maturity will be distributed on a fully sequential basis. Principal prepayments and balloon redemptions will be distributed according to a modified pro rata structure. This is subject to certain triggers, whose breach will cause all principal flows to the notes to be allocated on a sequential basis. The structure will benefit from a liquidity facility which will be initially sized at GBP42.47 million, or 6% of the notes' balance. This will cover shortfalls in interest on the notes. The three largest loans (Devonshire House, Government Income Portfolio, 90 Long Acre) account for 59.2% of the portfolio by aggregate balance as at the cut-off date. Devonshire House contributes 27.1% of the portfolio and is secured by a grade A office building in London's West End. Property type and geographical concentrations are present in the pool, with office space accounting for 78.8% of total income and central London for 59.6%. The top ten tenants represent 49.6% of total passing rent. The UK government (rated 'AAA/F1+') accounts for 33.9% with a further 20.1% paid by investment-grade tenants. The portfolio is 19.2% reversionary: total passing rent of GBP50.5 million compares with estimated rental value of GBP60.2 million. The pool has virtually no scheduled amortization, with the weighted-average cut-off loan-to-value of 68.8% barely above the 68.4% WA LTV at maturity. Five of the eight loans (Devonshire House, 90 Long Acre, Shrewsbury, CAA House and Westville) have subordinated B-note tranches, which have been carved out of the respective whole loans and are not included within this transaction. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Aug. 9, 2007 BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Contact: 240-629-3300; http://www.beardaudioconferences.com/ Aug. 9-11, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 9, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Brown Bag Lunch Blum Shapiro & Co., West Hartford, Connecticut Contact: http://www.iwirc.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Olympics Sportsman's Lunch Sofitel, Brisbane, Queensland, Australia Contact: 1300 303 863 or http://www.turnaround.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - 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http://www.abiworld.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331; http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; 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http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers—the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e- mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than 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 * * *