/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/071015.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, October 15, 2007, Vol. 8, No. 204 Headlines A U S T R I A AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30 EROTIC ENTERPRISES: Wels Court Orders Business Shutdown GLASEREI STEINLECHNER: Claims Registration Period Ends Oct. 30 MAT VERTEILERBAU: Steyr Court Orders Business Shutdown NIGHT-ST LLC: Claims Registration Period Ends Oct. 30 PESACO LLC: Vienna Court Orders Business Shutdown SENIORENBETREUUNG ZUR SONNE: Claims Registration Ends Oct. 25 SOLDO LLC: Claims Registration Period Ends Oct. 30 B E L A R U S BELAGROPROMBANK: Support Capacity Cues Fitch to Affirm B- IDR BELARUSBANK: Support Capacity Cues Fitch to Affirm B- IDR BELGAZPROMBANK: Fitch Upgrades IDR to B on Lower Risks BELINVESTBANK: Support Capacity Cues Fitch to Affirm B- IDR BELPROMSTROIBANK: Support Capacity Cues Fitch to Affirm B- IDR INVESTBANK (BULGARIA): Moody's Lifts Deposit Ratings to B2/NP SLAVNEFTEBANK: Fitch Rates IDR at B on Shareholder Support B E L G I U M COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mln C Z E C H R E P U B L I C OREA HOTELS: Moody's Withdraws Ba1.cz National Scale Rating F I N L A N D HILTON HOTELS: Amends 8% Quarterly Interest Bonds Tender Offer G E R M A N Y AUTO-CENTRUM BAUER: Claims Registration Period Ends Nov. 5 AUTOHAUS GIESSEN: Claims Registration Period Ends Nov. 5 BERNARD GEWERBEKUECHEN: Claims Registration Period Ends Nov. 5 CB MEZZCAP: Company No. 11 Files for Insolvency CINEX LEIPZIG: Claims Registration Ends November 6 DEQUA · REPRO: Claims Registration Ends November 9 ELS LASER: Claims Registration Period Ends Nov. 5 EM-BE VOLKSHAUS: Claims Registration Period Ends Nov. 20 ESTATE GERMANY 2007-I: Fitch Rates EUR39.9 Mln E Notes at BB+ GEIGER INDUSTRIELACKIERUNGEN: Claims Registration Ends Nov. 16 GEORG BECHTOLD: Claims Registration Ends November 8 H & B GEBAUDETECHNIK: Creditors Must File Claims by November 5 HAUS FRANKENWEG: Creditors Must File Claims by November 5 HELM TRANSPORT: Creditors Must File Claims by November 5 IRSV MARKETING: Claims Registration Period Ends Nov. 15 ISOFIRE GMBH: Claims Registration Period Ends Nov. 13 SMART EVENTS: Claims Registration Period Ends Nov. 15 I R E L A N D ELAN CORP: S&P Affirms Credit Ratings at B; Changes Outlook PREPS 2005-2: Portfolio Company No. 21 Submits Insolvency Case I T A L Y FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti WIND TELECOMUNICAZIONI: Fitch Removes BB- IDR from Watch K A Z A K H S T A N JAKSYLYK-1 LLP: Proof of Claim Deadline Slated for Nov. 21 KUAN-S LLP: Creditors Must File Claims Nov. 21 KURYLYS AGRO: Claims Filing Period Ends Nov. 21 LEXUS PLUS: Creditors' Claims Due on Nov. 20 MIYAT HOLDING: Claims Registration Ends Nov. 16 SALTANAT LLP: Proof of Claim Deadline Slated for Nov. 20 SHC BEAUTY: Creditors Must File Claims Nov. 16 SOUS EXPRESS: Claims Filing Period Ends Nov. 21 VITA JSC: Creditors' Claims Due on Nov. 21 ZAVOD PO: Claims Registration Ends Nov. 16 K Y R G Y Z S T A N CARGO EXPEDITION-TRANS: Creditors Must File Claims by Nov. 21 GASBIOTECHNO LLC: Proof of Claim Deadline Slated for November 16 N E T H E R L A N D S ARRAN LOANS 1: Fitch Puts Low-B Ratings to Six Note Classes R U S S I A BOGORODITSKIJ CJSC: Asset Sale Slated for October 31 DZERZHINSK NIICHEMMASH: Court Starts External Bankruptcy Process HOLODMASH OJSC: Creditors Must File Claims by Nov. 29 KIREEVSKIJ OJSC: Asset Sale Slated for October 31 KOPEYKA OJSC: S&P Puts Junks Ratings on Mounting Default Risk LIPKOVSKIJ CJSC: Asset Sale Slated for October 31 LUKOYANOVLESSNAB LLC: Asset Sale Slated for October 29 MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Oct. 29 MARIJSKOYE OJSC: Bankruptcy Hearing Slated for Dec. 12 NEVADORSTROY CJSC: Creditors Must File Claims by Nov. 29 SHUMERLINSKIJ OJSC: Creditors Must File Claims by Nov. 29 SOVETSKO-GAVANSKAYA LLC: Creditors Must File Claims by Nov. 29 UDMURTPROMSTROYBANK LLC: Asset Sale Slated for November 12 S W I T Z E R L A N D COMPORSYS INFORMATIK: Claims Registration Period Ends October 22 DELFIT JSC: Zug Court Starts Bankruptcy Proceedings DUR-BU LLC: Creditors' Liquidation Claims Due October 19 E-IT LLC: Creditors' Liquidation Claims Due October 19 FLOW-RITE JSC: Creditors' Liquidation Claims Due October 22 GASSNER MELMS: Creditors' Liquidation Claims Due October 25 GUNES LEBENSMITTEL: Claims Registration Period Ends October 22 HAMMER GASTRO: Creditors' Liquidation Claims Due October 31 HIWI INFORMATIK: Creditors' Liquidation Claims Due October 19 ISOTIS INC: Wants Merger Okayed; May Seek Bankruptcy Protection J.A. LORENZO: Claims Registration Period Ends October 21 M.T.C. MEDICAL: Creditors' Liquidation Claims Due October 19 MONTELAGO JSC: Nidwalden Court Starts Bankruptcy Proceedings NEW WINNERS: Claims Registration Period Ends October 22 SWISSGATE 04: Lucerne Court Starts Bankruptcy Proceedings T. UND H. HITZ: Basel Court Closes Bankruptcy Proceedings U K R A I N E ALMAZ LLC: Proofs of Claim Deadline Set October 16 AT LLC: Proofs of Claim Deadline Set October 16 DTEK HOLDINGS: Moody's Assigns B2 Corporate Family Rating INDUSTRIAL RESERVE: Creditors Must File Claims by October 16 INDUSTRIAL TECHNICAL: Creditors Must File Claims by October 16 INVEST TIME: Creditors Must File Claims by October 16 PRIVOVCHNSKAYA: Creditors Must File Claims by October 16 PROMAGRO-SYSTEM T: Creditors Must File Claims by October 16 SP LLC: Creditors Must File Claims by October 16 TIBIYA LLC: Creditors Must File Claims by October 16 ZAREVO LLC: Creditors Must File Claims by October 16 U N I T E D K I N G D O M ARROWPLUS LTD: Brings In Liquidators from KPMG BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29 COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 GENERAL MOTORS: New Labor Contract Protects UAW Jobs JOY STEEL: Calls In Liquidators from Smith & Williamson LAMBERT HOWARTH: In Administration After Losing Biggest Client LANDCOM SOLUTIONS: Appoints Kirankumar Mistry as Liquidator NEVISPORT: Receivers Sell Remaining Stores to Jacobs & Turner R S COURIER: Taps Liquidators from Tenon Recovery SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31 * BOND PRICING: For the Week Oct. 1 to Oct. 5, 2007 ********* ============= A U S T R I A ============= AUFZUG- UND BAUSCHLOSSEREI: Claims Registration Ends Oct. 30 ------------------------------------------------------------ Creditors owed money by Aufzug- Und Bauschlosserei Ltd. (FN 262379b) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Matthias Klissenbauer at: Dr. Matthias Klissenbauer Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@klissenbauer.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 28 S 102/07i). EROTIC ENTERPRISES: Wels Court Orders Business Shutdown ------------------------------------------------------- The Land Court of Wels entered Sept. 10 an order shutting down the business of LLC Erotic Enterprises (20 S 108/07v). Court-appointed estate administrator Thomas Herzog 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. Thomas Herzog Stadtplatz 19 4840 Voecklabruck Austria Tel: 07672/72607-0 Fax: 07672/75567 E-mail: rae.nuss.hoff-herz@aon.at Headquartered in Attnang - Puchheim, Austria, the Debtor declared bankruptcy on Sept. 3 (Bankr. Case No 20 S 108/07v). GLASEREI STEINLECHNER: Claims Registration Period Ends Oct. 30 -------------------------------------------------------------- Creditors owed money by LLC Glaserei Steinlechner (FN 277309h) have until Oct. 30 to file written proofs of claim to court- appointed estate administrator Gerhard Goetschhofer at: Dr. Gerhard Goetschhofer Schlossplatz 15 4655 Vorchdorf Austria Tel: 07614/7575 Fax: 07614/7575-14 E-mail: rechtsanwalt@goetschhofer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:40 p.m. on Nov. 8 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 Gmunden, Austria, the Debtor declared bankruptcy on Sept. 10 (Bankr. Case No. 20 S 114/07a). MAT VERTEILERBAU: Steyr Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Steyr entered Sept. 10 an order shutting down the business of LLC MAT Verteilerbau (FN 211593t). Court-appointed estate administrator Ernst Lehenbauer recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Ernst Lehenbauer Hauptplatz 21 4470 Enns Austria Tel: 07223/810 10 E-mail: ra.lehenbauer@attglobal.net Headquartered in Bad Hall, Austria, the Debtor declared bankruptcy on Aug. 29 (Bankr. Case No 14 S 32/07i). NIGHT-ST LLC: Claims Registration Period Ends Oct. 30 ----------------------------------------------------- Creditors owed money by LLC Night-ST (FN 236419a) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Gerwald Schmidberger at: Dr. Gerwald Schmidberger c/o Dr. Heinz Kassmannhuber Stelzhamerstrasse 11 4400 Steyr Austria Tel: 07252/50300 E-mail: office@sks-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Nov. 13 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Steyr, Austria, the Debtor declared bankruptcy on Sept. 11 (Bankr. Case No. 14 S 34/07h). Heinz Kassmannhuber represents Dr. Schmidberger in the bankruptcy proceedings. PESACO LLC: Vienna Court Orders Business Shutdown ------------------------------------------------- The Trade Court of Vienna entered Sept. 13 an order shutting down the business of LLC PESACO (FN 171563z). Court-appointed estate administrator Eva Wexberg 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. Eva Wexberg c/o Dr. Walter Kainz 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 Sept. 6 (Bankr. Case No 6 S 112/07y). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. SENIORENBETREUUNG ZUR SONNE: Claims Registration Ends Oct. 25 ------------------------------------------------------------- Creditors owed money by KEG Seniorenbetreuung Zur Sonne Reiterer (FN 264370f)have until Oct. 25 to file written proofs of claim to court-appointed estate administrator Norbert Kollerics at: Dr. Norbert Kollerics Raubergasse 16 8010 Graz Austria Tel: 0316/835862 Fax: 0316/835862-6 E-mail: office@bk-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on Nov. 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Graz Austria Headquartered in St. Peter im Sulmta, Austria, the Debtor declared bankruptcy on Sept. 13 (Bankr. Case No. 25 S 106/07m). SOLDO LLC: Claims Registration Period Ends Oct. 30 -------------------------------------------------- Creditors owed money by LLC Soldo (FN 114069z) have until Oct. 30 to file written proofs of claim to court-appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Dr. Matthias Klissenbauer Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11-11 E-mail: kanzlei@jahns.co.at office@klissenbauer.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on Nov. 13 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 Sept. 7 (Bankr. Case No. 6 S 114/07t). Matthias Klissenbauer represents Mag. Jahns in the bankruptcy proceedings. ============= B E L A R U S ============= BELAGROPROMBANK: Support Capacity Cues Fitch to Affirm B- IDR ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belagroprombank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belagroprombank: -- Long-term IDR: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'B-' Belagroprombank in one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. Belagroprombank is the second-largest bank in Belarus with a market share of total banking system assets of about 19% at end of first half of 2007. The bank's business is concentrated on the agricultural sector. BELARUSBANK: Support Capacity Cues Fitch to Affirm B- IDR --------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belarusbank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belarusbank: -- Long-term Issuer Default rating: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'B-' Belarusbank is one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. It is the leading bank by assets and capital in Belarus and has the largest branch network. BELGAZPROMBANK: Fitch Upgrades IDR to B on Lower Risks ------------------------------------------------------ Fitch Ratings has upgraded Belgazprombank's Long-term Issuer Default rating to 'B' from 'B-' and Support rating to '4' from '5'. Fitch also affirmed BGB's Short-term IDR at 'B' and Individual rating at 'E'. The Outlook for the Long-term IDR remains Stable. The bank's Long-term IDR is at Belarus's Country Ceiling. The ratings upgrades reflect the lowered transfer and convertibility risks, associated with sovereign events. Sovereign risk, however, remains significant, and thus limits the extent to which the shareholder's support can be factored into the ratings. BGB's Long- and Short-term IDRs are based on Fitch's view of the likelihood of support for the bank forthcoming from its main shareholder, Russian integrated gas utility Gazprom (rated 'BBB-'/Positive Outlook). BGB's Individual rating reflects its small size by international standards, modest capital position, loan concentration risk, exposure to foreign exchange risk and structural weaknesses in the operating environment. It also takes into account BGB's sound asset quality, which is attributable to the developed expertise in SME lending and improved earnings performance. BGB is one of the leading SME lenders in Belarus and has a long- standing cooperation with international financial institutions IFC and EBRD. BGB is ultimately controlled by Gazprom. BELINVESTBANK: Support Capacity Cues Fitch to Affirm B- IDR ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belinvestbank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belinvestbank: -- Long-term IDR: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Support rating: affirmed at '5'. -- Support Rating Floor: affirmed at 'B-' -- Individual rating: upgraded to 'D/E' from 'E' to reflect better diversification of the loan portfolio and funding base and improvements in risk management processes Belinvestbank is one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. Belinvestbank is the fifth-largest bank in Belarus, with about 7% of sector assets at end of first half of 2007. BIB specializes on providing investment loans to medium-sized enterprises. BELPROMSTROIBANK: Support Capacity Cues Fitch to Affirm B- IDR -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of Belpromstroibank, which reflect Fitch's view on the capacity of Belorussian authorities to support these banks, if required. The Belorussian economy remains highly dollarized, which significantly limits the state's ability to provide support to the financial institutions. Belpromstroibank: -- Long-term IDR: affirmed at 'B-'; Outlook Stable -- Short-term IDR: affirmed at 'B' -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'B-' Belpromstroibank is one of the largest state-owned banks in Belarus, which actively participate in state-lending programs to support the state's social and economic policies. Given their strategic importance, the Belarusian government has stated its intention to keep control over banks until at least 2010. Belpromstroibank is the fourth-largest bank in Belarus. It primarily services large corporate customers, including both state-owned and private enterprises. INVESTBANK (BULGARIA): Moody's Lifts Deposit Ratings to B2/NP ------------------------------------------------------------- Moody's Investors Service raised to B2/NP, from B3/NP Commercial Bank Investbank's Global Local Currency and Foreign Currency deposit ratings. At the same time, Moody's affirmed iBank's E+ Bank Financial Strength Rating. All ratings carry a stable outlook. iBank's E+ BFSR reflects: (i) its small presence in its local market (with a share of around 1.14% of loans and 2% of customer deposits); (ii) low profitability and weak efficiency indicators; (iii) high borrower concentration; (iv) vulnerability to development risks; (v) challenges from Bulgaria's increasingly competitive environment; and (vi) concerns regarding future asset quality given Bulgaria's fast systemic credit expansion. On the positive side, the rating also reflects the bank's adequate capitalization, comfortable liquidity and currently good asset quality levels. The capital increase completed in September 2007 doubled the bank's Tier 1 capital, in keeping with its balance sheet growth; thus in the near future capitalization is likely to be maintained close to the 12% mark (all Tier 1). The fresh capital injection, which reinstated the bank's free equity to more acceptable levels, together with some evidence that iBank's key weaknesses have started to be addressed, led us to asses that its standing within the E+ BFSR range has improved. In particular, 1H2007 un-audited results indicate that rapid business expansion and a shift in the composition of the balance sheet have resulted in recovering profitability, with RoAA reaching 1.38% compared to 0.41% at YE2006. Any further upward pressure on the bank's ratings is capped by concerns with regard to the speed of its balance sheet and loan book growth (topping 66% and 77% during 1H2007). Such rapid growth could result in asset quality problems in the future, particularly as the bank is expanding into new market segments beyond its traditional core focus. Going forward, iBank's BFSR would rise above the E+ range if: (i) progress recorded in 1H2007 proves sustainable; (ii) the bank can maintain the positive trend in the improvement of its financial ratios; and if these targets can be achieved while maintaining asset quality and risks assumed under control. Similarly, evidence that recent improvements are unsustainable or concerns over the riskiness of the bank could lead to a downward revision of its ratings. iBank is headquartered in Sofia, Bulgaria, and at year-end 2006 had total assets of BGN885 million (EUR453 million). SLAVNEFTEBANK: Fitch Rates IDR at B on Shareholder Support ---------------------------------------------------------- Fitch Ratings has assigned Slavneftebank ratings of Long-term Issuer Default rating 'B', Short-term IDR 'B', Individual 'E' and Support '4'. The Outlook for the Long-term IDR is Stable. The bank's Long-term IDR is at Belarus's Country Ceiling. The Long- and Short-term IDRs and Support rating reflect the moderate probability of support forthcoming, if required, from SNB's majority shareholder, Russia's Bank VTB (VTB, rated 'BBB+'). In Fitch's view, VTB would have a strong propensity to support SNB, if required, although the ability of SNB to receive this support may be constrained by Belorussian country risks, in particular transfer and convertibility risks, as reflected in the Country Ceiling. The Individual rating reflects SNB's high credit concentration risk, weak funding profile and susceptibility to liquidity risk. It also takes into account its still reasonable asset quality (despite the recently increased impairment levels) and good earnings performance. With the new shareholder, VTB, Fitch expects to see a strengthened competitive position of the bank and better diversification of its revenue stream. SNB is a Belorussian bank, with US$440 million assets at July 1, 2007, focusing on corporate and retail lending. It has six branches covering the key regions of Belarus. VTB holds a controlling 50%-plus-one share stake in the bank and plans to further increase its stake. ============= B E L G I U M ============= COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 ---------------------------------------------------------------- The High Court of Justice of England has ordered the creditors of Compagnie Europeenne d'Assurances Industrilles S.A. to register their claims with Paul Corver by 11:59 p.m. London Time on Feb. 25, 2008. The High Court has also sanctioned the solvent scheme of arrangement between the company and its creditors and delivered an office copy of the order to the Registrar of Companies for registration on Sept. 27, at which date the order became effective. Contact: Paul Corver KMS Insurance Services Limited 2nd Floor America House 2 America Square London EC3N 2LU Fax: +44-0870-600-7581 E-mail: ceaihelpdesk@kmsim.com Web site: http://www.ceai.co.uk/ Headquartered in Brussels, Belgium and Surrey, England, Compagnie Europeenne d'Assurances Industrielles S.A. was an insurance company underwriting a wide array of insurance and reinsurance business, including marine, transport and aviation, industrial risks, fire and allied perils, liability, casualty, private lines and commercial insurance between 1974 and 1994. LEVI STRAUSS: Aug. 26 Balance Sheet Upside-Down by US$779 Mln ------------------------------------------------------------- Levi Strauss & Co. disclosed financial results for the third quarter ended Aug. 26, 2007, and filed its third-quarter 2007 Form 10-Q with the U.S. Securities and Exchange Commission. The company's balance sheet, as of Aug. 26, 2007, showed total assets of US$2.84 billion and total liabilities of US$3.60 billion, resulting in a US$779 million stockholders' deficit. Net revenues for the third quarter were US$1.05 billion compared to US$1.02 billion for the same period last year, a 2% increase. Net revenues would have been stable before the benefit of favorable currency exchange rates. The net revenue performance reflects stronger sales in Europe and Asia, partially offset by a decline in North America driven by lower U.S. Levi Strauss Signature(R) and Dockers(R) sales. The Levi's(R) brand grew in each region as the brand's improved product offerings performed well around the world. Net revenues also benefited from additional brand-dedicated retail stores worldwide. Net income for the third quarter increased 24% to US$61 million compared to US$49 million in the prior year. Net income benefited primarily from lower tax and interest expense. "The Levi's(R) brand is growing around the world and our European business is performing very well," John Anderson, chief executive officer, said. "Asia Pacific continued to grow with strong performance again in the emerging markets. North America's lower revenue this quarter was disappointing, but I am optimistic about the region's results for the year. Our year- to-date results put us on track to deliver modest revenue growth, solid net income improvement and reduced debt for the year." Gross profit increased 3% to US$486 million for the quarter compared to US$473 million in the prior year period. Gross margin increased slightly to 46.3% of net revenues compared to 46.0% of net revenues in the same period last year. Selling, general and administrative expenses for the quarter increased 10% to US$343 million from US$312 million in the 2006 period. Higher SG&A expenses in the 2007 period were primarily attributable to increased selling expense related to new company-operated stores, a lower benefit-plan curtailment gain compared to the 2006 period and changes in currency exchange rates. These were partially offset by lower administrative costs in the 2007 period. Operating income decreased 9% to US$143 million compared to US$158 million for the third quarter of 2006. The lower operating income reflects the lower net revenue in North America and a lower benefit-plan curtailment gain in the 2007 period, partially offset by lower corporate staff costs and expenses. Interest expense decreased 12% to US$53 million compared to US$60 million for the prior year period. The decrease is the result of its debt refinancing and debt reduction actions taken during 2006 and 2007, which resulted in lower debt levels and lower average borrowing rates. "Our margins remain healthy and our strong cash flow enables us to reduce debt while continuing to invest in the future of the business," Hans Ploos van Amstel, chief financial officer, said. "Overall, I'm pleased with our results. While we have some challenges ahead, we expect to deliver another solid fiscal year." About Levi Strauss & Co. Headquartered in San Francisco, California, Levi Strauss & Co. -- http://www.levistrauss.com/-- is a branded apparel company. The company designs and markets jeans and jeans-related pants, casual and dress pants, tops, jackets and related accessories for men, women and children under its Levi's, Dockers and Levi Strauss Signature brands in markets around the world. Levi Strauss & Co. is privately held by descendants of the family of Levi Strauss. Shares of company stock are not publicly traded. Shares of Levi Strauss Japan K.K., the company's Japanese affiliate, are publicly traded in Japan. The company employs a staff of approximately 10,000 worldwide. Levi Strauss Europe is headquartered in Brussels, Belgium, while Levi's Asia Pacific division is based in Singapore. Levi's has operations in Brazil, Mexico, Chile and Peru. * * * As reported in the Troubled Company Reporter on Aug. 30, 2007, Standard & Poor's Ratings Services raised its ratings on Levi Strauss & Co. including its long-term corporate credit rating to 'B+' from 'B'. The outlook is stable. =========================== C Z E C H R E P U B L I C =========================== OREA HOTELS: Moody's Withdraws Ba1.cz National Scale Rating ----------------------------------------------------------- Moody's Investors Service withdrew the Ba1.cz long term national scale rating of OREA Hotels at the request of the issuer. Moody's has withdrawn this rating for business reasons. Headquartered in Prague, Czech Republic, OREA Hotels operates the largest Czech hotel chain with 7,000 beds in more than 30 hotels. According to Czech GAAP the company reported unconsolidated sales of EUR27.7 million for the 12-month fiscal period ending Dec. 31, 2006. ============= F I N L A N D ============= HILTON HOTELS: Amends 8% Quarterly Interest Bonds Tender Offer -------------------------------------------------------------- Hilton Hotels Corporation has further amended its tender offer and consent solicitation for its 8% Quarterly Interest Bonds due 2031. Hilton has determined to amend the terms of its tender offer and consent solicitation for the Bonds to increase the Bonds Total Consideration offered to holders who tender their Bonds at or prior to the Amended Consent Payment Deadline. The total consideration for each US$25 principal amount of the Bonds validly tendered and not validly withdrawn pursuant to the tender offer and consent solicitation for the Bonds at or prior to the Amended Consent Payment Deadline has been increased to US$25.25. Hilton has also extended the consent payment deadline applicable to the tender offer and consent solicitation for the Bonds. The revised consent payment deadline applicable to the Bonds is 5:00 p.m., New York City time, on Oct. 16, 2007, unless extended or terminated by Hilton in its sole discretion. Holders of Bonds must validly tender and not validly withdraw their Bonds at or prior to the Amended Consent Payment Deadline in order to be eligible to receive the Bonds Total Consideration pursuant to the tender offer and consent solicitation for the Bonds. Holders of Bonds validly tendering and not validly withdrawing their Bonds after the Amended Consent Payment Deadline and at or prior to the Offer Expiration Date will be eligible to receive only the Bonds tender offer consideration, which is equal to the Bonds Total Consideration, US$25.25 per US$25 principal amount of Bonds, less the consent payment which is US$1.00 per US$25 principal amount of Bonds. The other terms of the tender offers and consent solicitations for Hilton's 7.625% Notes due 2008, 7.2% Notes due 2009, 8.250% Notes due 2011, 7.625% Notes due 2012, 7.5% Notes due 2017, 7.430% Chilean Inflation-Indexed Notes due 2009 and the Bonds, remain unchanged. The tender offer for each issue of Securities will expire at 8:00 a.m., New York City time, on Oct. 24, 2007, unless extended or earlier terminated by Hilton in its sole discretion. It is expected that the Offer Expiration Date will be extended to coincide with the date that the Merger becomes effective. Each tender offer and consent solicitation is being made independently of the other tender offers and consent solicitations and Hilton reserves the right to terminate, withdraw or amend each tender offer and consent solicitation independently of the other tender offers and consent solicitations at any time and from time to time. The tender offers and consent solicitations were conducted in connection with the 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 tender offers and consent solicitations are subject to the satisfaction of certain conditions, including the Merger having occurred, or such Merger occurring substantially concurrent with the Offer Expiration Date. However, the completion of the tender offers and consent solicitations is not a condition to completion of the Merger. Hilton has retained Bear, Stearns & Co. Inc. and UBS Investment Bank to act as the lead Dealer Managers for the tender offers and lead Solicitation Agents for the consent solicitations, and they can be contacted at (877) 696-BEAR (toll-free) ((212) 272- 5112 (collect)) and (888) 719-4210 (toll-free) ((203) 719-4210 (collect)), respectively. Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. Incorporated are also acting as Dealer Managers and Solicitation Agents in connection with the tender offers and the consent solicitations. Requests for documentation may be directed to Global Bondholder Services Corporation, the Information Agent, which can be contacted at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll-free). About Hilton Hotels Corporation Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * In July 2007, Moody's Investor Service placed the company's long term corporate family and bank loan debt ratings at 'Ba1'. The ratings still hold to date. ============= G E R M A N Y ============= AUTO-CENTRUM BAUER: Claims Registration Period Ends Nov. 5 ---------------------------------------------------------- Creditors of Auto-Centrum Bauer GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Dirk Halbauer. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Nov. 20, 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Dirk Halbauer Blankenburger Str. 3] 07318 Saalfeld Germany The District Court of Gera opened bankruptcy proceedings against Auto-Centrum Bauer GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto-Centrum Bauer GmbH Weidenackerstr. 1 07381 Poessneck Germany AUTOHAUS GIESSEN: Claims Registration Period Ends Nov. 5 -------------------------------------------------------- Creditors of Autohaus Giessen GmbH & Co.KG have until Nov. 5 to register their claims with court-appointed insolvency manager Dirk Pfeil. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Dec. 13, 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 Giessen Hall 415 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen 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: Dirk Pfeil Eschersheimer Landstr. 60-62 D 60322 Frankfurt Germany Tel: 069/153096-0 Fax: 069/15309666 The District Court of Giessen opened bankruptcy proceedings against Autohaus Giessen GmbH & Co.KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Giessen GmbH & Co.KG Automeile 20 35394 Giessen Germany BERNARD GEWERBEKUECHEN: Claims Registration Period Ends Nov. 5 -------------------------------------------------------------- Creditors of Bernard Gewerbekuechen Planungs- und Einrichtungs- GmbH have until Nov. 5 to register their claims with court- appointed insolvency manager Gerhard Walter. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tuebingen Gerichtssaal/Erdgeschoss Schulberg 14 72074 Tuebingen 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: Gerhard Walter Beim Kupferhammer 5/4 72070 Tuebingen Germany The District Court of Tuebingen opened bankruptcy proceedings against Bernard Gewerbekuechen Planungs- und Einrichtungs-GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bernard Gewerbekuechen Planungs- und Einrichtungs-GmbH Attn: Petranka Iwanova-Danova Bernard, Manager Mittnachtstrasse 9 72760 Reutlingen Germany CB MEZZCAP: Company No. 11 Files for Insolvency ----------------------------------------------- CB MezzCAP Limited Partnership (acting through its general partner CB MezzCAP Limited) has been informed by its Financial Advisor that the company mentioned as Company No. 11 in the offering circular has filed for the opening of insolvency proceedings on Oct. 5, 2007. Due to the reported financial difficulties of the company it might be the case that it defaults on its obligations to make payments of interests and/or principal under the participation right, which then might lead to reduced payments of the Issuer under the Class F Notes. The Issuer is currently trying to get further information regarding the reasons for the filing by the company. In compliance with applicable law, the Issuer will make further announcements after having better knowledge of the financial situation of the Company and the impact on the Notes is evaluated. Notes -- EUR137,800,000 Class A Floating Rate Notes due 2036 (ISINXS0249999714); -- EUR20,000,000 Class B Floating Rate Notes due 2036 (ISIN XS0249999987); -- EUR10,500,000 Class C Floating Rate Notes due 2036 (ISIN XS0250000139); -- EUR14,500,000 Class D Floating Rate Notes due 2036 (ISIN XS0250000998); -- EUR7,700,000 Class E Floating Rate Notes due 2036 (ISIN XS0250001293); and -- EUR9,000,000 Class F 17% Notes due 2036 (ISIN XS0250001707). CB MezzCAP Limited Partnership is a German SME CLO transaction. * * * As reported in the TCR-Europe on June 19, 2007, Standard & Poor's Ratings Services removed from CreditWatch with negative implications and lowered its rating on the class E notes issued by CB MezzCAP Limited Partnership to BB-. CINEX LEIPZIG: Claims Registration Ends November 6 -------------------------------------------------- Creditors of Cinex Leipzig Film- und Fernsehproduktion GmbH have until Nov. 6 to register their claims with court-appointed insolvency manager Vera Mai. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Vera Mai Rueckertstr. 16 04157 Leipzig Germany Tel: 0341/23159780 Telefax: 0341/5643631 E-mail: leipzig@kwm-insolvenzverwaltung.de The District Court of Leipzig opened bankruptcy proceedings against Cinex Leipzig Film- und Fernsehproduktion GmbH on Sept. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cinex Leipzig Film- und Fernsehproduktion GmbH Glafeystrasse 19 04229 Leipzig Germany Attn: Masud Ahmad Rajai, Manager Wilhelmstrasse 3 10963 Berlin Germany DEQUA · REPRO: Claims Registration Ends November 9 -------------------------------------------------- Creditors of DEQUA · REPRO Demnitz & Quaas GmbH have until Nov. 9 to register their claims with court-appointed insolvency manager Reinhard Titz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Reinhard Titz Speersort 4/6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against DEQUA · REPRO Demnitz & Quaas GmbH on Sept. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DEQUA · REPRO Demnitz & Quaas GmbH Attn: Ronald Fromme, Manager Deichstrasse 48 - 50 20459 Hamburg Germany ELS LASER: Claims Registration Period Ends Nov. 5 ------------------------------------------------- Creditors of ELS Laser System GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 14 First Floor Building D Mathildenplatz 15 64283 Darmstadt 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: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621-87708-0 Fax: 0621-8770820 The District Court of Darmstadt opened bankruptcy proceedings against ELS Laser System GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELS Laser System GmbH Attn: Guenter Hummelt, Manager Schaubacher Berg 25 64401 Gross-Bieberau Germany EM-BE VOLKSHAUS: Claims Registration Period Ends Nov. 20 -------------------------------------------------------- Creditors of EM-BE Volkshaus GmbH have until Nov. 20 to register their claims with court-appointed insolvency manager Marco Kuhlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Dec. 11, 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Marco Kuhlmann Osnabruecker Strasse 7 32312 Luebbecke Germany The District Court of Bielefeld opened bankruptcy proceedings against EM-BE Volkshaus GmbH on Sept. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EM-BE Volkshaus GmbH Attn: Fred Meier-Boeke, Manager Uffler Str. 21 32479 Hille Germany ESTATE GERMANY 2007-I: Fitch Rates EUR39.9 Mln E Notes at BB+ ------------------------------------------------------------- Fitch Ratings has assigned final ratings to Estate Germany 2007- I Limited's mortgage-backed credit-linked note issuance due 2064: -- EUR500,000 Class A+ (ISIN XS0322844696) due 2064: 'AAA'; Outlook Stable -- EUR68.5 million Class A (ISIN XS0322846048) due 2064: 'AAA'; Outlook Stable -- EUR95.7 million Class B (ISIN XS0322847368) due 2064: 'AA'; Outlook Stable -- EUR60.7 million Class C (ISIN XS0322848333) due 2064: 'A'; Outlook Stable -- EUR45.6 million Class D (ISIN XS0322848846) due 2064: 'BBB'; Outlook Stable -- EUR39.9 million Class E (ISIN XS0322851477) due 2064: 'BB+'; Outlook Stable -- EUR21.7 million Class F (ISIN XS0322857672) due 2064: not rated This transaction is a partially-funded synthetic securitization of commercial and residential mortgage loans originated by Hypo Real Estate Bank AG (rated 'A'/'F1'/Rating Watch Positive) and its predecessors, as well as Wurttembergische Hypothekenbank AG. Given the significant time span between the cut-off date and the closing date, Fitch analyzed the portfolio based on the cut-off pool (Jan. 31, 2007) and the pool as of Aug. 31, 2007. The Class A+ to F notes are backed by public sector Pfandbriefe rated 'AAA' and issued by HRE. Therefore, a downgrade of the Pfandbriefe collateral below the rating of the outstanding classes of notes may result in a corresponding downgrade of the Class A+ to E notes. At the issue date, the Pfandbriefe collateral is purchased by the issuer from HRE for the benefit of the note holders. The final ratings address payments for Classes A+ to E, according to the terms and conditions of the notes, and are based on the quality of the reference portfolio; underwriting and servicing capabilities of HRE, its predecessors and WurttHyp; the collateral; and the sound financial and legal structure. Credit enhancement for the Class A+ notes, which is provided by subordination and synthetic excess spread, will total 14.56%, consisting of the Class A notes (3%), B notes (4.2%), C notes (2.66%), D notes (2%), E notes (1.75%), F notes (0.95%) and synthetic excess spread. The credit enhancement for the Class A notes will be 11.56%. The transaction structure benefits from synthetic excess spread (provided by HRE) that will be available after the fourth payment period, amounting to 40bp per annum of the performing pool balance. Excess spread can be used: to cover realized losses within a period; thereafter to cure losses allocated to notes in previous periods, thus resulting in a write-up of the respective notes; and to pay accrued interest on notes that are written up. The latter two effects are only considered for Classes D and E, which are rating-linked to HRE's Long-term Issuer Default rating. Any downgrade of HRE's rating below the Class D or E ratings would result in a corresponding downgrade of the notes. The reference portfolio can be characterized as mixed in terms of borrower and property type. The majority of borrowers are companies (54% by loan amount) or "unknown" (4%); 42% are individuals. Approximately 90% of the properties (by number) are multi-family houses or commercial properties (including partially commercial use); the remaining 10% are classified as residential properties. Additionally, a small portion (7.4% by property value) of the properties is owner-occupied. The rest (92.6%) are investment properties. Compared to other transactions, the portfolio shows a substantial seasoning of about 11 years. In line with its criteria, Fitch has given credit (default probability) to those loans secured on properties that have not suffered from house price depreciation since the last valuation date. Given its granularity and despite the atypical characteristics of the portfolio when compared to other RMBS transactions, Fitch analyzed the mortgage portfolio using its loan-by-loan German residential mortgage default model. However, to account for these characteristics, the agency has increased its probability of default and loss severity assumptions for the respective loans. GEIGER INDUSTRIELACKIERUNGEN: Claims Registration Ends Nov. 16 -------------------------------------------------------------- Creditors of Geiger Industrielackierungen GmbH have until Nov. 16 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 21, 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 Aalen Hall 0.08 Ground Floor Stuttgarter Strasse 7 73430 Aalen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Pluta Karlstr. 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-50 E-mail: ulm@pluta.net The District Court of Aalen opened bankruptcy proceedings against Geiger Industrielackierungen GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Geiger Industrielackierungen GmbH Attn: Jochen Schwemmle, Manager Franz-Traub-Str. 1 73574 Iggingen-Brainkofen Germany GEORG BECHTOLD: Claims Registration Ends November 8 --------------------------------------------------- Creditors of Georg Bechtold GmbH & Co. KG have until Nov. 8 to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 20, 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 Darmstadt Hall 4.307 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621-87708-0 Fax: 0621-8770820 E-mail: ulm@pluta.net The District Court of Darmstadt opened bankruptcy proceedings against Georg Bechtold GmbH & Co. KG on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Georg Bechtold GmbH & Co. KG Attn: Dieter Gross, Manager Im Tiefen See 77 64293 Darmstadt Germany H & B GEBAUDETECHNIK: Creditors Must File Claims by November 5 -------------------------------------------------------------- Creditors of H & B Gebaudetechnik GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Markus Ernestus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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: Markus Ernestus O 3, 9-12 68161 Mannheim Germany The District Court of Mannheim opened bankruptcy proceedings against - H & B Gebaudetechnik GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H & B Gebaudetechnik GmbH Werner - von - Siemens - Str.4 69514 Laudenbach Germany HAUS FRANKENWEG: Creditors Must File Claims by November 5 --------------------------------------------------------- Creditors of Haus Frankenweg Altenpflegeheim GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Klaus Niemeyer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Dec. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Niemeyer Schillerstr. 20 49074 Osnabrueck Germany The District Court of Osnabrueck opened bankruptcy proceedings against Haus Frankenweg Altenpflegeheim GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Haus Frankenweg Altenpflegeheim GmbH Frankenweg 30 49219 Glandorf Germany HELM TRANSPORT: Creditors Must File Claims by November 5 -------------------------------------------------------- Creditors of Helm Transport GmbH have until Nov. 5 to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Dec. 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against Helm Transport GmbH on Oct. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Helm Transport GmbH Attn: Jana Helm, Manager Uhlenflucht 9 18356 Barth Germany IRSV MARKETING: Claims Registration Period Ends Nov. 15 ------------------------------------------------------- Creditors of IRSV Marketing GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Dec. 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf G. Pohlmann Rosental 6 80331 Muenchen Germany Tel: (089)548033-0 Fax: (089)548033-111 The District Court of Munich opened bankruptcy proceedings against IRSV Marketing GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IRSV Marketing GmbH Johann-Karg-Str. 30 85540 Haar-Salmdorf Germany ISOFIRE GMBH: Claims Registration Period Ends Nov. 13 ----------------------------------------------------- Creditors of Isofire GmbH have until Nov. 13 to register their claims with court-appointed insolvency manager Dr. Sabine Feuerborn. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.m. on Dec. 11, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 14 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sabine Feuerborn Else-Lang-Str. 1 50858 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against Isofire GmbH on Sept. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Isofire GmbH Koerner Str. 73 50823 Koeln Germany Attn: Kadira Kasic Subbelrather Str. 439 50825 Koeln Germany SMART EVENTS: Claims Registration Period Ends Nov. 15 ----------------------------------------------------- Creditors of SMART events GmbH have until Nov. 15 to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 9:32 a.m. on Dec. 11, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jana Dettmer Weyerstrasse. 54 50676 Koeln Germany The District Court of Cologne opened bankruptcy proceedings against SMART events GmbH on Sept. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SMART events GmbH Attn: Josef Khalifeh, Manager Theodor-Heuss-Ring 23 50668 Koeln Germany ============= I R E L A N D ============= ELAN CORP: S&P Affirms Credit Ratings at B; Changes Outlook ----------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Elan Corp. PLC to positive from stable and affirmed the ratings on the company and its subsidiaries, including the 'B' corporate credit rating. The outlook revision reflects the increasing sales of Dublin, Ireland-based Elan's key product, the multiple sclerosis treatment, Tysabri. Although continued losses and negative cash flow remain concerns, Standard and Poor's believes that the current sales momentum of Tysabri will enable Elan to turn profitable and cash flow positive in the near-to-intermediate term. Elan has sufficient cash on hand to fund its operations until that point, and while the company remains highly everaged, it does not face any major debt maturities until 2011. "The ratings on Elan reflect the company's high debt leverage, continued losses and negative cash flow, and heavy reliance on the sales of Tysabri," said Standard & Poor's credit analyst Arthur Wong. "These are offset somewhat by the growth potential of Tysabri in an MS market, adequate liquidity in the form of significant on-hand cash, and the lack of significant debt maturities until 2011." Elan specializes in the development and marketing of treatments for pain, central nervous system ailments, infectious diseases, and autoimmune problems. About TYSABRI TYSABRI is a treatment approved for relapsing forms of MS in the United States and relapsing-remitting MS in the European Union. According to data that have been published in the New England Journal of Medicine, after two years, TYSABRI treatment led to a 68% relative reduction (p<0.001) in the annualized relapse rate compared to placebo and reduced the relative risk of disability progression by 42-54% (p<0.001). TYSABRI increases the risk of progressive multifocal leukoencephalopathy, an opportunistic viral infection of the brain that usually leads to death or severe disability. Other serious adverse events that have occurred in TYSABRI-treated patients included hypersensitivity reactions (e.g., anaphylaxis), infections, depression and gallstones. Serious opportunistic and other atypical infections have been observed in TYSABRI-treated patients, some of whom were receiving concurrent immunosuppressants. Herpes infections were slightly more common in patients treated with TYSABRI. In MS trials, the incidence and rate of other serious and common adverse events, including the overall incidence and rate of infections, were balanced between treatment groups. Common adverse events reported in TYSABRI-treated patients include headache, fatigue, infusion reactions, urinary tract infections, joint and limb pain, lower respiratory infections, rash, gastroenteritis, abdominal discomfort, vaginitis, and diarrhea. In addition to the United States and European Union, TYSABRI is also approved in Switzerland, Canada, Australia and Israel. TYSABRI was discovered by Elan and is co-developed with Biogen Idec. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. PREPS 2005-2: Portfolio Company No. 21 Submits Insolvency Case -------------------------------------------------------------- PREPS 2005-2 plc has been informed by its Investment Services Provider, Capital Efficiency Group AG, that a portfolio company with which it has entered into a profit participation agreement has submitted an application to initiate insolvency proceedings. Preliminary insolvency proceedings over the assets of such portfolio company were opened. The company concerned has been identified as portfolio company no. 21 in the offering circular published by the Issuer on Dec. 8, 2005 in relation to the PREPS Securities and subsequent portfolio reports. PREPS Securities -- EUR217,000,000 PREPS Class A1 Floating Rate Notes due 2014 (ISIN XS0236849005); -- EUR53,000,000 PREPS Class A2 Fixed Rate Notes due 2014 (ISIN XS0236849427); -- EUR41,500,000 PREPS Class B1 Floating Rate Notes due 2014 (ISIN XS0236849930); -- EUR12,500,000 PREPS Class B2 Fixed Rate Notes due 2014 (ISIN XS0236850862); and -- EUR36,000,000 PREPS Junior Income Notes due 2014 (ISIN XS0236851753). The Issuer is the holder of a profit participation agreement with a principal amount of EUR12 million issued by the relevant company and backing the PREPS Securities. Given the initiation of insolvency proceedings, portfolio company no. 21 is expected to continue to default on its obligations to make payments of interest and/or principal under the profit participation agreement held by the Issuer. Such default will result in reduced payments made by the Issuer under the PREPS Securities in accordance with their terms. Effect on the PREPS Securities of a failure of portfolio company no. 21 to make future interest and principal payments. Portfolio company no. 21 participated in the PREPS 2005-2 transaction in the amount of EUR12 million, which corresponds to 3.33% of the initial total volume of EUR360 million. Assuming (i) a total loss of the amount advanced to and all interest payments payable by portfolio company no. 21 and (ii) no further losses to the portfolio recorded prior to Dec. 8, 2014, these analysis results: Junior Notes Assuming the events described constitute a Principal Deficiency Event, the nominal amount of the relevant Profit Participation Agreement of EUR12 million will be booked immediately in the Principal Deficiency Ledger. This has as the consequence that no interest payments will be made on the payment dates until (including) June 8, 2012. The maximum realizable return for the Junior Notes for the entire term of the transaction will, as a result of these events, fall to 8.1%. Class A Notes and Class B Notes The interest payments to the holders of the Class A Notes and Class B Notes should not be affected by these events. If the EUR12 million nominal amount of the relevant Profit Participation Agreement is booked in the Principal Deficiency Ledger, the amount of the Principal Deficiency Ledger (including any existing Principal Deficiency Ledger balance) will increase to EUR24.8 million and this amount will be repaid to the holders of the Class A Notes over the next eight interest payment dates (Dec. 10, 2007; June 9, 2008; Dec. 8, 2008; June 8, 2009, Dec. 8, 2009; June 8, 2010; Dec. 8, 2010 and June 8, 2011). These payments correspond to a cumulative redemption of approximately 9.4% of the currently outstanding nominal amount of the Class A Notes (per payment date between 1.2% and 1.4% of the currently outstanding nominal amount of the Class A Notes). There will be no repayments to the holders of the Class B Notes. PREPS 2005-2 plc is a profit participation or subordinated loan agreement listed in the Irish stock exchange. It the fourth transaction of the innovative PREPS financing platform. The participating companies are Germany, Australia, Switzerland, Italy and Belgium. ========= I T A L Y ========= FIAT SPA: Magneti Marelli Signs Venture with Suzuki & Maruti ------------------------------------------------------------ Fiat S.p.A.'s Magneti Marelli have signed, Oct. 11, 2007, an agreement with Suzuki Motor Corporation and Maruti Suzuki India Limited for the creation of a joint venture in India, aimed at the production of electronic control units for diesel engines. Maruti Suzuki India Limited, former known as Maruti Udyog Limited, is the joint venture set up in 1982 between the Indian government and the Suzuki Motor Corporation that has originated the main industrial entity in India in the automotive field. According to the agreements, Magneti Marelli will participate for 51% in the share capital of the new company, Suzuki for 30% and Maruti for 19%. The initial investment is expected to total approximately EUR15 million. The industrial activities will be located in Manesar – in the industrial district of Gurgaon, approximately 40 km southwest of New Delhi. The start of production is scheduled for the end of 2008 and, as part of the objectives, the production capacity of this plant should reach a total of about 500,000 control units per year when working at full stretch. The electronic control units produced in Mannesar will be initially used for the Suzuki-Maruti diesel cars and, later on, will also cater to other car manufacturers. "The joint venture with Suzuki and Maruti brings cutting-edge technology to our automotive partners and allows Magneti Marelli to significantly increase its presence in a fast-growing market," Eugenio Razelli, Magneti Marelli CEO disclosed. Magneti Marelli, a company belonging to the Fiat Group, designs, produces and markets advanced systems and components for motor vehicles. With its 45 production facilities (55 production units), 9 R&D centres and 27 application centres in 16 countries, 25,000 employees and a turnover of 4.5 billion Euros in 2006, the group supplies all the leading car makers in Europe, North and South America and the Far East. 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. 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 reported in the TCR-Europe on Aug. 24, 2007, Moody's Investors Service upgraded to Ba1 from Ba2 Fiat SpA's Corporate Family Rating, and the group's other long-term senior unsecured ratings. At the same time, the positive outlook on all long-term ratings was maintained. The short term Not Prime rating remains unchanged. WIND TELECOMUNICAZIONI: Fitch Removes BB- IDR from Watch -------------------------------------------------------- Fitch Ratings has removed Wind Telecomunicazioni SpA's Long-term Issuer Default rating of 'BB-' from Rating Watch Negative. A Negative Outlook is assigned to the Long-term IDR. Fitch has also removed Wind's senior notes from RWN. All instrument ratings are affirmed at their current levels. The RWN removal, from both the IDR and the senior notes, follows the expiry of the consent obtained for the proposed refinancing of the company, which would have seen an increase in both leverage and the amount of debt ranking ahead of the senior notes. While the proposed refinancing has presently been aborted, the Negative Outlook expresses Fitch's concern that there are near-term liquidity events, notably the need to fund EUR1 billion at Weather Investments II Sarl, the entity that owns the majority of Weather Investments SpA, the parent company of Wind, to make the final payment to Enel SpA in June 2008. Furthermore, future funding will be required to fund the repayment of the EUR1.7 billion Holdco PIK notes due 2011 at Wind Acquisition Holdings Finance SpA. Fitch notes that Wind continues to perform strongly in an increasingly competitive market. However, the agency is concerned that these cash calls will result in shareholders and management revisiting Wind's capital structure to extract the necessary funds from the operating group. "While market conditions have not permitted the recent refinancing plan to come to fruition, the willingness of the shareholders to reduce financial flexibility at Wind remains a concern," says Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "If a releveraging of the operating company does not occur and Wind's underlying operations continue to perform well, Fitch will look to stabilize the Outlook." =================== K A Z A K H S T A N =================== JAKSYLYK-1 LLP: Proof of Claim Deadline Slated for Nov. 21 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Jaksylyk-1 insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan KUAN-S LLP: Creditors Must File Claims Nov. 21 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kuan-S insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan KURYLYS AGRO: Claims Filing Period Ends Nov. 21 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kurylys Agro insolvent. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan LEXUS PLUS: Creditors' Claims Due on Nov. 20 -------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Lexus Plus insolvent on Aug. 29. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Chasnikov Str. 55 Micro District 23 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 25- 47-06 MIYAT HOLDING: Claims Registration Ends Nov. 16 ----------------------------------------------- LLP Miyat Holding Company has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: LLP Miyat Holding Company Timiryazev Str. 113-69 Almaty Kazakhstan SALTANAT LLP: Proof of Claim Deadline Slated for Nov. 20 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Saltanat insolvent on Aug. 28. Creditors have until Nov. 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleymenov Str. 17 (11a) Taraz Jambyl Kazakhstan Tel: 8 (7262) 45-32-17 SHC BEAUTY: Creditors Must File Claims Nov. 16 ---------------------------------------------- Branch of LLP SHC Beauty Cosmetics Gmbh has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: Branch of LLP SHC Beauty Cosmetics Gmbh Bokeyhanov Str. 37 Almaty Kazakhstan Tel: 8 (3272) 98-01-37 8 (3272) 98-01-38 8 701 711 74-86 SOUS EXPRESS: Claims Filing Period Ends Nov. 21 ----------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Sous Express insolvent on Sept. 12. Creditors have until Nov. 21 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan VITA JSC: Creditors' Claims Due on Nov. 21 ------------------------------------------ Branch of JSC Vita has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claims to: Branch of JSC Vita Cherepanov Str. 10 Pavlodar Kazakhstan ZAVOD PO: Claims Registration Ends Nov. 16 ------------------------------------------ LLP Non-Alcoholic Beverages Plant - Zavod Po Proizvodstvu Bezalkogolnyh Napitkov has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claims to: LLP Non-Alcoholic Beverages Plant Zavod Po Proizvodstvu Bezalkogolnyh Napitkov Buhar Jyrau Str. 2-1 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== CARGO EXPEDITION-TRANS: Creditors Must File Claims by Nov. 21 ------------------------------------------------------------- LLC Cargo Expedition-Trans Services has declared insolvency. Creditors have until Nov. 21 to submit written proofs of claim to: LLC Cargo Expedition-Trans Services Chokmorov Str. 137-1 Bishkek Kyrgyzstan Tel: (+996 312) 28-44-33 GASBIOTECHNO LLC: Proof of Claim Deadline Slated for November 16 ---------------------------------------------------------------- LLC Gasbiotechno has declared insolvency. Creditors have until Nov. 16 to submit written proofs of claim to: LLC Gasbiotechno Saliyev Str. 163 Bishkek Kyrgyzstan Tel: (+996 312) 29-21-52 ===================== N E T H E R L A N D S ===================== ARRAN LOANS 1: Fitch Puts Low-B Ratings to Six Note Classes ----------------------------------------------------------- Fitch has affirmed Arran Corporate Loans No. 1 B.V.'s GBP3.5 billion notes due 2025: -- GBP605.55 million Class A1 ISIN XS0257999507: affirmed at 'AAA' -- EUR1 billion Class A2 ISIN XS0257999689: affirmed at 'AAA' -- US$2.86 billion Class A3 ISIN USN06375AA26: affirmed at 'AAA' -- GBP90.5 million Class B1 ISIN XS0257999846: affirmed at 'AA+' -- EUR110 million Class B2 ISIN XS0257999929: affirmed at 'AA+' -- US$73 million Class B3 ISIN USN06375AB09: affirmed at 'AA+' -- GBP26.25 million Class C1 ISIN XS0258000107: affirmed at 'A+' -- EUR38 million Class C2 ISIN XS0258000289: affirmed at 'A+' -- GBP42.5 million Class D1 ISIN XS0258000446: affirmed at 'BBB+' -- EUR50 million Class D2 ISIN XS0258000529: affirmed at 'BBB+' -- GBP39.25 million Class E1 ISIN XS0258000875: affirmed at 'BB+' -- EUR38 million Class E2 ISIN XS0258000958: affirmed at 'BB+' -- US$28 million Class E3 ISIN XS0258001097: affirmed at 'BB+' -- GBP70.5 million Class F1 ISIN XS0258001170: affirmed at 'B+' -- EUR10 million Class F2 ISIN XS0258001253: affirmed at 'B+' -- US$5 million Class F3 ISIN XS0258001337: affirmed at 'B+' This transaction is a securitization of GBP-denominated bank loans and undrawn facilities to large corporate entities originated by The Royal Bank of Scotland Group plc (rated 'AA+'/'F1+') in the UK. Despite one credit event occurring in September 2006, the transaction continues to perform within Fitch's expectations. The weighted average rating factor has improved slightly, and the weighted average rating has remained within the same category of 'BB+'/'BB' since close. The transaction completed its replenishment period in June 2007, and the portfolio has started to amortize. As of the latest monthly report, Aug. 31, 2007, the portfolio balance stood at GBP3.14 billion. Any amortizations from the portfolio are passed-through to repay the notes in sequential order and pro-rata between the Series 1, 2 and 3 at the quarterly payments dates. The defaulted asset makes up 0.3% of the reference portfolio. The work-out process is expected to take a minimum of three years. Any resulting loss will be recorded in the principal deficiency ledger and will reduce the notional balance of the notes in reverse order of seniority. Synthetic excess spread (0.30% per annum) will be used to pay interest accrued on the PDL and the adjusted notes; thereafter, to debit the PDL and increase the adjusted notional up to its initial amount. Fitch has modeled the effect of the credit event and has found no material deterioration compared to closing. Arran Corporate Loans No. 1 B.V. is a special-purpose vehicle incorporated in the Netherlands with limited liability. All the Classes of credit-linked notes are backed by a credit default swap between the issuer and RBS (as the CDS counterparty) through which the issuer receives a premium from the swap counterparty in exchange for loss protection on a reference portfolio of bank loans and undrawn facilities granted by RBS to large corporate entities in the UK. The ratings for Class A and B address timely payment of interest and ultimate payment of principal in accordance to the terms and conditions of the notes. The ratings for Class C, D, E and F notes address ultimate payment of interest and ultimate payment of principal in accordance to the terms and conditions of the notes. =========== R U S S I A =========== BOGORODITSKIJ CJSC: Asset Sale Slated for October 31 ---------------------------------------------------- The Competitive proceedings manager of Bread-Baking Complex Bogoroditskij CJSC will open a public auction for the company's properties at noon on Oct. 31 at: Office 406 Mendeleevskaya 1 Tula Russia Tel: (4872) 36-38-44 The company has set a RUR56,290,033 starting price for the auctioned assets. Interested participants have until Oct. 29 to deposit an amount equivalent to 5% of the starting price to: Taxpayer ID 7112002859 Settlement Account 40702810566050100072 Correspondent Account 30101810300000000608 SberBank 8604 (Tula Branch) Tula Russia The Debtor can be reached at: Bread-Baking Complex Bogoroditskij CJSC Uritskogo per. 17 Bogoroditsk Tula Russia DZERZHINSK NIICHEMMASH: Court Starts External Bankruptcy Process ---------------------------------------------------------------- The Arbitration court of Nizhnij Novgorod commenced external management bankruptcy procedure for a period of 18 months on Dzerzhinsk NIIChemmash OJSC. The case is docketed under Case No. А43-191/2007, 33-1. The External Insolvency Manager is: Vilkov V.P. Office 42 Kuznechihinskaya Str. 100 603122 Nizhnij Novgorod Russia The Debtor can be reached at: Dzerzhinsk NIIChemmash OJSC Nauki Str. Dzerzhinsk 606008 N. Novgorod Russia HOLODMASH OJSC: Creditors Must File Claims by Nov. 29 ----------------------------------------------------- Creditors of Holodmash OJSC have until Nov. 29 to submit proofs of claim to: Shemigon V.I. Competitive proceedings manager POB 99 105005 Moscow Russia The Arbitration court of Yaroslav commenced competitive bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-17100/ 05-3-Б/71. The Debtor can be reached at: Holodmash OJSC Gromova Str. 9 150061 Yaroslavl' Russia KIREEVSKIJ OJSC: Asset Sale Slated for October 31 ------------------------------------------------- The Competitive proceedings manager of Bakery Plant Kireevskij OJSC will open a public auction for the company's properties at 10:00 a.m. on Oct. 31 at: Office 406 Mendeleevskaya 1 Tula Russia Tel: (4872) 36-38-44 The company has set a RUR135,149,490 starting price for the auctioned assets. Interested participants have until Oct. 29 to deposit an amount equivalent to 5% of the starting price to: Taxpayer ID 7128000705 Settlement Account 40702810666170102070 Correspondent Account 30101810300000000608 SberBank 8604 (Tula Branch) Tula Russia The Debtor can be reached at: Bakery Plant Kireevskij OJSC Geologov Str. 17 Kireevsk Kireevslij Raion Tula Russia KOPEYKA OJSC: S&P Puts Junks Ratings on Mounting Default Risk ------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on Russian discount food retailer Open Joint Stock Co. Trade House Kopeyka to 'CC' from 'B-'. At the same time, the Russia national scale rating was lowered to 'ruCC' from 'ruBBB'. Both ratings were removed from CreditWatch, where they were placed with negative implications on July 27, 2007. The outlook, which was stable prior to the CreditWatch placement, is now negative. The ratings had been placed on CreditWatch following Kopeyka's decision to refrain from publicly disclosing its IFRS financial statements for 2006 in a context of increased financial risk and deteriorated operating performance. "The downgrade reflects Kopeyka's mounting risk of default amid very high financial leverage, negative free operating cash flow generation, and material debt maturing in the short term," said Standard & Poor's credit analyst Anton Geyze. Kopeyka continues to pursue a very aggressive expansion strategy, which is delivering strong revenue growth but at the expense of significant deterioration in profitability. First- half 2007 financial results showed a further decline in profitability, which will constrain cash flow generation at a time when financial flexibility is becoming extremely stretched. S&P expects credit protection measures to deteriorate dramatically by year-end 2007 compared with 2006 levels. Financial leverage, either in the form of on-balance-sheet obligations or operating leases, is the primary source of financing for Kopeyka's expansion, as cash flow generation is only sufficient to cover interest and tax payments. This funding policy has resulted in the accumulation of a very heavy debt burden, incommensurate with a 'B' category rating. "We believe the company is in serious risk of default, given the magnitude of debt maturing in the near term and negative free operating cash flow," said Mr. Geyze. "The ratings could be lowered if Kopeyka fails to obtain sufficient back-up facilities to cover short-term maturities, including potential bond settlement under its put option." The outlook could be revised back to stable, however, if the company solves its liquidity problem and reduces its financial leverage by successfully negotiating new bank facilities and restoring its profitability. A positive rating action is currently remote, barring an equity injection from Kopeyka's current shareholder as a form of support to restore the company's financial flexibility. LIPKOVSKIJ CJSC: Asset Sale Slated for October 31 ------------------------------------------------- The Competitive proceedings manager of Bread-Baking Complex Lipkovskij CJSC will open a public auction for the company's properties at 11:00 a.m. on Oct. 31 at: Office 406 Mendeleevskaya 1 Tula Russia Tel: (4872) 36-38-44 The company has set a RUR63,715,230 starting price for the auctioned assets. Interested participants have until Oct. 29 to deposit an amount equivalent to 5% of the starting price to: Taxpayer ID 7128002565 Settlement Account 4070281026617012069 Correspondent Account 30101810300000000608 SberBank 8604 (Tula Branch) Tula Russia The Debtor can be reached at: Bread-Baking Complex Lipkovskij CJSC Zheleznodorozhnaya Str. 1a Lipki Kireevskij raion Tula Russia LUKOYANOVLESSNAB LLC: Asset Sale Slated for October 29 ------------------------------------------------------ The Competitive proceedings manager of Forest Company LukoyanovLesSnab LLC will open a public auction for the company's properties at 10:00 a.m. on Oct. 29 at: Karl Marks str. 32 N. Novgorod Russia The company has set a RUR2,320,000 starting price for the auctioned assets. Interested participants have to deposit an amount equivalent to 5% of the starting price to: Settlement Account 40702810700000001258 Correspondent Account 30101810700000000764 FAB Gasprombank CJSC N. Novgorod Russia Bidding documents have until Oct. 24 to be submitted at: Karl Marks Str. 32 N. Novgorod Russia MAGNITOGORSKIJ CJSC: Creditors Must File Claims by Oct. 29 ---------------------------------------------------------- Creditors of Trade House Meat-Processing Factory Magnitogorskij CJSC have until Oct. 29 to submit proofs of claim at: Zavodskaya Str. 29 Plast Chelyabinsk Russia The Arbitration court of Chelyabinsk declared the company as insolvent on Aug. 29. The case is docketed under Case No. A76-12106/07-32-178. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: Trade House Meat-Processing Factory Magnitogorskij CJSC Suvorova str. 136 Magnitogorsk Russia The Debtor can be reached at: Trade House Meat-Processing Factory Magnitogorskij CJSC Suvorova str. 136 Magnitogorsk Russia MARIJSKOYE OJSC: Bankruptcy Hearing Slated for Dec. 12 ------------------------------------------------------ The Arbitration court of Marij-El will convene at 10:30 a.m. on Dec. 12 to hear the bankruptcy supervision procedure on Land Management Planning-and-Surveying Company Marijskoye OJSC. The case is docketed under Case No. А-38-2116/2007-9-50. The Interim manager is: Minkin Sh.G. Lenina Prospekt 45 Ioshkar-Ola 424003 Marij-El Russia The Court is located at: The Arbitration court of Marij-El Room 501 Lenina prospekt 40 Ioshkar-Ola 424000 Marij-El Tel: (8362) 45-43-38 Fax: 45-46-48 The Debtor can be reached at: Land Management Planning-and-Surveying Company Marijskoye OJSC Lenina Prospekt 24a Ioshkar-Ola 424000 Marij-El Russia NEVADORSTROY CJSC: Creditors Must File Claims by Nov. 29 -------------------------------------------------------- Creditors of Construction Company Nevadorstroy CJSC have until Nov. 29 to submit proofs of claim at: POB 15 191024 St. Petersburg Russia The Arbitration court of St. Petersburg and the Leningrad commenced 12-months competitive proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-28825/2005. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: Construction Company Nevadorstroy CJSC 9th January Pr. 3/1 St. Petersburg Russia SHUMERLINSKIJ OJSC: Creditors Must File Claims by Nov. 29 --------------------------------------------------------- Creditors of Forest Company Shumerlinskij OJSC have until Nov. 29 to submit proofs of claim to: Petrov A.N. Competitive proceedings manager Surikova Str. Shumerlya 429123 Chuvash Russia The Arbitration court of Chuvash commenced competitive bankruptcy proceedings on the company. The case is docketed under Case No. A79-1308/2005. The Court is located at: The Arbitration Court of Chuvash Moscow pr. 4 428000 Cheboksary Russia The Debtor can be reached at: Forest Company Shumerlinskij OJSC Surikova Str. Shumerlya 429123 Chuvash Russia SOVETSKO-GAVANSKAYA LLC: Creditors Must File Claims by Nov. 29 -------------------------------------------------------------- Creditors of Ship-Repairing Company Sovetsko-Gavanskaya LLC have until Nov. 29 to submit their proofs of claim. The Competitive proceedings manager is: Kozin V.I. Naberezhnaya 31A Soviet Gavan' 682280 Khabarovsk krai Russia The Arbitration court of Khabarovsk krai commenced competitive proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-18563/2005-38. The Debtor can be reached at: Ship-Repairing Company Sovetsko-Gavanskaya LLC Korabel'naya Str. 6 Soviet Gavan' 682280 Khabarovsk krai Russia UDMURTPROMSTROYBANK LLC: Asset Sale Slated for November 12 ---------------------------------------------------------- Audit&Consulting&Assets-management Center Your expert LLC, bidding organizer for UdmurtPromStroyBank LLC, will open a public auction for the company's properties at 12:15 p.m. on Nov. 12 at: Revolyutsionnaya Str. 217 Izhevsk Udmurt The company has set a RUR13 million starting price for the auctioned assets. Interested participants have until Nov. 2 to deposit an amount equivalent to 20% of the starting price to: Audit&Consulting&Assets-management Center Your expert LLC Settlement Account 40702810040030165101 Correspondent Account 30101810600000000119 JS Commercial Bank PromSvyaz'Bank CJSC Moscow Russia Bidding documents must be submitted at: Vokzal'naya Str. 4 Mozhga Udmurt Russia Tel: (34139) 3-12-70 ===================== S W I T Z E R L A N D ===================== COMPORSYS INFORMATIK: Claims Registration Period Ends October 22 ---------------------------------------------------------------- The Bankruptcy Court of Dietikon in Zurich commenced bankruptcy proceedings against JSC Comporsys Informatik on Aug. 2. Creditors have until Oct. 22 to file their written proofs of claim. The Bankruptcy Service of Dietikon can be reached at: Bankruptcy Service of Dietikon 8953 Dietikon ZH Switzerland The Debtor can be reached at: JSC Comporsys Informatik Steinhaldenstrasse 3 8954 Geroldswil Dietikon ZH Switzerland DELFIT JSC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Delfit on Aug. 21. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Delfit Gubelstrasse 19 6300 Zug Switzerland DUR-BU LLC: Creditors' Liquidation Claims Due October 19 -------------------------------------------------------- Creditors of LLC Dur-Bu have until Oct. 19 to submit their claims to: Rudolf Burgisser Liquidator Sonnenhofmatt 5 6020 Emmenbrucke Switzerland The Debtor can be reached at: LLC Dur-Bu Lucerne Switzerland E-IT LLC: Creditors' Liquidation Claims Due October 19 ------------------------------------------------------ Creditors of LLC E-it have until Oct. 19 to submit their claims to: Rene Eggmann Liquidator Waidackerstrasse 14 8592 Uttwil Arbon TG Switzerland The Debtor can be reached at: LLC E-it Uttwil Arbon TG Switzerland FLOW-RITE JSC: Creditors' Liquidation Claims Due October 22 ----------------------------------------------------------- Creditors of JSC Flow-Rite have until Oct. 22 to submit their claims to: Poststrasse 6 6301 Zug Switzerland The Debtor can be reached at: JSC Flow-Rite Zug Switzerland GASSNER MELMS: Creditors' Liquidation Claims Due October 25 ----------------------------------------------------------- Creditors of JSC GASSNER MELMS & Co. have until Oct. 25 to submit their claims to: Michael Gassner Liquidator Schonenbuel 60 Steinegg 9050 Appenzell Switzerland The Debtor can be reached at: JSC GASSNER MELMS & Co. Appenzell Switzerland GUNES LEBENSMITTEL: Claims Registration Period Ends October 22 -------------------------------------------------------------- The Bankruptcy Court of Dietikon in Zurich commenced bankruptcy proceedings against JSC Gunes Lebensmittel on Aug. 15. Creditors have until Oct. 22 to file their written proofs of claim. The Bankruptcy Service of Dietikon can be reached at: Bankruptcy Service of Dietikon 8953 Dietikon ZH Switzerland The Debtor can be reached at: JSC Gunes Lebensmittel Poststrasse 8 8953 Dietikon ZH Switzerland HAMMER GASTRO: Creditors' Liquidation Claims Due October 31 ----------------------------------------------------------- Creditors of LLC Hammer Gastro have until Oct. 31 to submit their claims to: Christian Hammer Liquidator Blattengasse 47 8708 Mannedorf Meilen ZH Switzerland The Debtor can be reached at: LLC Hammer Gastro Gipf-Oberfrick Laufenburg AG Switzerland HIWI INFORMATIK: Creditors' Liquidation Claims Due October 19 ------------------------------------------------------------- Creditors of LLC Hiwi Informatik have until Oct. 19 to submit their claims to: Peter Gal Liquidator Ruchwiesenstrasse 62 8404 Winterthur ZH Switzerland The Debtor can be reached at: LLC Hiwi Informatik Winterthur ZH Switzerland ISOTIS INC: Wants Merger Okayed; May Seek Bankruptcy Protection --------------------------------------------------------------- IsoTis Inc. has adjourned the special meeting of stockholders it called to approve the acquisition of IsoTis by Integra LifeSciences Holdings Corp. pursuant to an agreement and plan of merger dated as of Aug. 6, 2007. The special meeting of stockholders was held at 9 a.m. Pacific time on Thursday, Oct. 11, 2007. An insufficient number of shares were present at the meeting to establish the quorum necessary to approve the proposed transaction. As a result, IsoTis determined to adjourn the meeting to Oct. 23, 2007 until 7.30 a.m. Pacific time to permit additional time to collect the proxies necessary to establish a quorum and approve the acquisition by Integra. The vast majority of IsoTis' stockholder base resides outside the United States of America, including thousands of retail stockholders, and many of these shares have not been voted. The adjournment of the meeting will provide these and other IsoTis stockholders additional time to vote their shares. The IsoTis Board of Directors continues to believe unanimously that the interests of IsoTis' stockholders are best served by the acquisition by Integra, and that there are no feasible alternatives for the company and the stockholders. If IsoTis is unable to obtain the vote necessary to approve the proposed transaction, the company believes it will have to seek bankruptcy protection. On Aug. 7, 2007, Integra and IsoTis have reached a definitive agreement to create a global orthobiologics leader. The combination would create a comprehensive orthobiologics portfolio, one of the largest sales organizations focused on orthobiologics in the US, and multiple cross-selling opportunities. The transaction is subject to approval of IsoTis' stockholders, as well as other closing conditions and approvals. Upon closing, IsoTis will become a wholly-owned subsidiary of Integra and Integra will be one of the largest companies in the world focused on advanced technology in orthobiologics. About IsoTis Headquartered in Irvine, California, IsoTis Inc. (NASDAQ: ISOT) -- http://www.isotis.com/-- is an orthobiologics company that develops, manufactures and markets proprietary products for the treatment of musculoskeletal diseases and disorders. The company's international sales headquarters are based in Lausanne, Switzerland. J.A. LORENZO: Claims Registration Period Ends October 21 -------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC J.A. Lorenzo Montagen on Aug. 20. Creditors have until Oct. 21 to file their written proofs of claim. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5400 Baden AG Switzerland The Debtor can be reached at: LLC J.A. Lorenzo Montagen Waltenschwilerstrasse 12a 5610 Wohlen AG Switzerland M.T.C. MEDICAL: Creditors' Liquidation Claims Due October 19 ------------------------------------------------------------ Creditors of LLC M.T.C. Medical & Technical Consult have until Oct. 19 to submit their claims to: Burkhard Zimmermann Liquidator Brunnenstrasse 6b 8604 Volketswil Uster ZH Switzerland The Debtor can be reached at: LLC M.T.C. Medical & Technical Consult Schaffhausen Switzerland MONTELAGO JSC: Nidwalden Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Nidwalden commenced bankruptcy proceedings against JSC Montelago on Aug. 9. The Bankruptcy Service of Nidwalden can be reached at: Bankruptcy Service of Nidwalden 6370 Stans NW Switzerland The Debtor can be reached at: JSC Montelago Seestrasse 72a 6052 Hergiswil NW Switzerland NEW WINNERS: Claims Registration Period Ends October 22 ------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC New Winners on Aug. 7. Creditors have until Oct. 22 to file their written proofs of claim. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC New Winners Hinterbergstrasse 9 6330 Cham ZG Switzerland SWISSGATE 04: Lucerne Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of Entlebuch in Lucerne commenced bankruptcy proceedings against JSC swissgate 04 on Sept. 3. The Bankruptcy Service of Entlebuch can be reached at: Bankruptcy Service of Entlebuch 6173 Fluhli Entlebuch LU Switzerland The Debtor can be reached at: JSC swissgate 04 Bruggmosli 44 6170 Schupfheim Entlebuch LU Switzerland T. UND H. HITZ: Basel Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Basel-Stadt entered Sept. 3 an order closing the bankruptcy proceedings of LLC T. und H. Hitz. The Bankruptcy Service of Basel-Stadt can be reached at: Bankruptcy Service of Basel-Stadt 4051 Basel BS Switzerland The Debtor can be reached at: LLC T. und H. Hitz Hammerstrasse 67 4057 Basel BS Switzerland ============= U K R A I N E ============= ALMAZ LLC: Proofs of Claim Deadline Set October 16 -------------------------------------------------- Creditors of LLC Almaz (code EDRPOU 30261092) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is under docketed Case No. B 24/356-07. The Debtor can be reached at: LLC Almaz Energeticheskaya Str. 9 49089 Dnipropetrovsk Ukraine AT LLC: Proofs of Claim Deadline Set October 16 ----------------------------------------------- Creditors of LLC AT (code EDRPOU 31444197) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy supervision procedure on the company. The case is under docketed Case No. 21/101b. The Debtor can be reached at: LLC AT Professionalnaya Str. 14 Lugansk Ukraine DTEK HOLDINGS: Moody's Assigns B2 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service assigned a B2 long-term Corporate Family Rating with stable outlook and a B2 Probability of Default Rating to DTEK Holding Ltd. The CFR rating reflects DTEK's strong position as the only privately owned, vertically integrated electric utility in Ukraine as well as the company's high business risk profile, the relatively young regulatory environment and significant state influence over the coal and energy markets. Moody's has used a 50% family recovery rate in deriving the PDR given the presence of unsecured and secured financial obligations in the capital structure. Rating of any individual debt instrument has to be assigned separately based on the correct prioritization of its claim within the corporate family structure. DTEK's vertical integration, together with the centralized geographical positioning of its mining, coal processing, and electricity generation and distribution assets, enables the company to control the quality and security of the whole production chain and successfully manage efficiency and productivity gains. The corporate family rating also factors in DTEK's solid financial performance as a result of strong cash flow generation and debt coverage metrics, reflecting improving operating efficiency measures, supported by the trend of growing prices on both coal and electricity markets. However, Moody's corporate family rating also recognizes expected increasing pressure on the company's financial profile resulting from a sizable investment program. The relatively young and untested regulatory environment and significant state influence over the coal and energy markets, which could be used to influence prices, also increase the business risks of the company. Moody's has not applied the methodology for Global Regulated Electric Utilities when assessing DTEK's credit profile, as only 11% of DTEK's business is derived from regulated electricity distribution activities. Nonetheless, an assessment of business risk profile, soundness of the market models and regulatory framework in the Ukraine, financial stability and expected development of credit metrics represent key drivers in determining the rating. The B2 long-term Corporate Family Rating reflects the high business risk profile of the group. Overall, DTEK derives a relatively small proportion of revenues from the electricity distribution business. Whilst, given the company's monopoly position, this is considered relatively low risk compared to higher risk generation and upstream mining activities, the rating agency nevertheless recognizes that the regulatory regime in electricity distribution -- which allows coverage of costs but no profit -- is very new, untested and relatively strict, especially with regard to timely recovery of investments. Moody's acknowledges that the current operating models established in the coal and electricity generation markets enable DTEK to achieve solid profitability. The agency notes, however, that the respective markets are under full state control, with the risk of distortions which could have a negative impact on DTEK's performance. To date, an increasing volume of generated electricity and rising electricity prices, combined with significant efficiency measures, have supported DTEK's strong performance in both revenue and profitability and resulted in growing cash generation and strengthening debt coverage metrics -- despite a recent growth in debt. However, the corporate family rating also factors the execution risks associated with DTEK's significant investment and modernization program; as a result of this, debt levels are expected to increase significantly, resulting in reduced debt protection measures. The corporate family rating also reflects the absence of an explicit ring-fenced structure that could limit the dividend payout to the owners. Even though the company's management has expressed a restricted dividend payout policy to date this could easily be increased given that decisions are concentrated in the hands of a single private ultimate owner. The company's liquidity situation is supported by strong gross cash flow generation and adequate headroom under committed credit facilities. Nonetheless, Moody's points out that the sustainability of adequate liquidity is dependent on the company's success in renegotiating the relatively large portion of revolving short-term facilities that mature within the next 12 months. Hence Moody's would regard liquidity as weak today. Headquartered in Donetsk, Ukraine, DTEK is the only privately owned, vertically integrated electricity utility in Ukraine. With 15.3 million tons of mined coal, 17.9 TWh of generated electricity, 7.8 TWh of distributed electricity and total sales of US$1 billion in 2006, DTEK ranks among the major players in the Ukrainian energy market. INDUSTRIAL RESERVE: Creditors Must File Claims by October 16 ------------------------------------------------------------ Creditors of LLC Industrial Reserve (code EDRPOU 31832325) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 42/34B. The Debtor can be reached at: LLC Industrial Reserve Leninsky Avenue 43 83045 Donetsk Ukraine INDUSTRIAL TECHNICAL: Creditors Must File Claims by October 16 -------------------------------------------------------------- Creditors of LLC Industrial Technical Business (code EDRPOU 30815754) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. B 29/372-06. The Debtor can be reached at: LLC Industrial Technical Business Dnieprovskaya Str. 172 Pavlograd 51400 Dnipropetrovsk Ukraine INVEST TIME: Creditors Must File Claims by October 16 ----------------------------------------------------- Creditors of LLC Invest Time (code EDRPOU 34475804) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 15/688-b. The Debtor can be reached at: LLC Invest Time Krakovskaya Str. 11-A Kiev Ukraine PRIVOVCHNSKAYA: Creditors Must File Claims by October 16 -------------------------------------------------------- Creditors of Agricultural Firm Privovchnskaya (code EDRPOU 30355557) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. B 26/4-07. The Debtor can be reached at: Agricultural Firm Privovchnskaya Pavlograd District 51490 Dnipropetrovsk Ukraine PROMAGRO-SYSTEM T: Creditors Must File Claims by October 16 ----------------------------------------------------------- Creditors of LLC Promagro-System T (code EDRPOU 32905734) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. B 15/217-07. The Debtor can be reached at: LLC Promagro-System T Donetsk Highway 106 49000 Dnipropetrovsk Ukraine SP LLC: Creditors Must File Claims by October 16 ------------------------------------------------ Creditors of LLC SP (code EDRPOU 33942798) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 15/697-b. The Debtor can be reached at: LLC SP Konstantinovskaya Str. 56 Kiev Ukraine TIBIYA LLC: Creditors Must File Claims by October 16 ---------------------------------------------------- Creditors of LLC Tibiya (code EDRPOU 33054833) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 15/689-b. The Debtor can be reached at: LLC Tibiya Grishko Str. 3-A Kiev Ukraine ZAREVO LLC: Creditors Must File Claims by October 16 ---------------------------------------------------- Creditors of LLC Zarevo (code EDRPOU 30901717) have until Oct. 16 to submit their proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent. The case is under docketed Case No. 21/310-06-9971. The Debtor can be reached at: LLC Zarevo Bobrik Pervy Liubashevsky District 66531 Odessa Ukraine =========================== U N I T E D K I N G D O M =========================== ARROWPLUS LTD: Brings In Liquidators from KPMG ---------------------------------------------- Richard J. Philpott and Finbar O'Connell of KPMG LLP were appointed joint liquidators of Arrowplus Ltd. on Oct. 5 for the creditors' voluntary winding-up proceeding. Mr. Philpott can be reached at: KPMG LLP 2 Cornwall Street Birmingham B3 2DL England Mr. O'Connell can be reached at: KPMG LLP 8 Salisbury Square London EC4Y 8BB England BAUSCH & LOMB: Expects US$630MM Net Sales in Qtr. Ended Sept. 29 ---------------------------------------------------------------- Bausch & Lomb Inc. reported preliminary financial results for the third quarter ended Sept. 29, 2007. The company disclosed projected net sales of between US$625 million and US$630 million for the three months ended Sept. 29, 2007, compared to net sales of US$577.3 million in the same period in the prior year. That would represent an increase of between 8% and 9% on a reported basis, or approximately 5% growth in constant currency. For the quarter ended Sept. 29, 2007, the company disclosed estimated operating income of between US$63 million and US$65 million, EBITDA of between US$95 million and US$97 million, and Adjusted EBITDA of between US$119 million and US$121 million. In the prior-year period we reported operating income of US$30.1 million; EBITDA of US$61.8 million and Adjusted EBITDA of US$84.9 million. Settlement of Material Intellectual Property Litigation Effective Oct. 8, 2007, the company has settled the patent infringement action against it entitled Rembrandt Vision Technology, L.P. vs. Bausch & Lomb Incorporated, bearing case number 2:05 CV 491, and pending in the Federal District Court for the Eastern District of Texas (Marshall Division). Under the settlement, the lawsuit against the company will be dismissed with prejudice and Rembrandt agrees not to sue the company under Rembrandt's oxygen permeability and tear- wettability technology that it claims to be protected by a U.S. Patent No. 5,712,327 entitled "Soft Gas Permeable Lens Having Improved Clinical Performance." The financial terms of the settlement, which are not material to the company, have not been disclosed. About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). In Latin America, the company has operations in Brazil and Mexico. In Europe, the company maintains operations in Austria, Germany, the Netherlands, Spain, and the United Kingdom. * * * As reported in the Troubled Company Reporter on Oct. 9, 2007, Moody's Investors Service assigned a B2 Corporate Family Rating to WP Prism LLC. It is Moody's understanding that at the close of the transaction, WP Prism LLC will merge into Bausch & Lomb Incorporated, which will be the surviving entity. As reported in the Troubled Company Reporter on Oct. 8, 2007, Standard & Poor's Ratings Services lowered it corporate credit rating on Bausch & Lomb Inc. to 'B+' from 'BB+' and removed all the ratings from CreditWatch where they were placed on May 17, 2007, with negative implications. The outlook is stable. COMPAGNIE EUROPEENNE: Claims Registration Ends February 25, 2008 ---------------------------------------------------------------- The High Court of Justice of England has ordered the creditors of Compagnie Europeenne d'Assurances Industrilles S.A. to register their claims with Paul Corver by 11:59 p.m. London Time on Feb. 25, 2008. The High Court has also sanctioned the solvent scheme of arrangement between the company and its creditors and delivered an office copy of the order to the Registrar of Companies for registration on Sept. 27, at which date the order became effective. Contact: Paul Corver KMS Insurance Services Limited 2nd Floor America House 2 America Square London EC3N 2LU Fax: +44-0870-600-7581 E-mail: ceaihelpdesk@kmsim.com Web site: http://www.ceai.co.uk/ Headquartered in Brussels, Belgium and Surrey, England, Compagnie Europeenne d'Assurances Industrielles S.A. was an insurance company underwriting a wide array of insurance and reinsurance business, including marine, transport and aviation, industrial risks, fire and allied perils, liability, casualty, private lines and commercial insurance between 1974 and 1994. GENERAL MOTORS: New Labor Contract Protects UAW Jobs ---------------------------------------------------- It took a two-day strike, extraordinary solidarity and more than two months of tough bargaining for 73,000 United Auto Workers union members at General Motors Corp. to bring home a new contract with unprecedented product and investment commitments. With the protection of U.S. manufacturing jobs at the top of the union's bargaining agenda, UAW negotiators insisted on -- and won -- solid pledges from GM to build specific products in specific plants. GM also agreed to a moratorium on outsourcing, a pledge to insource more than 3,000 UAW jobs and a commitment to hire 3,000 temporary workers as permanent GM employees. "For too many years, America has stood idly by while industries moved overseas," UAW President Ron Gettelfinger said. "U.S. autoworkers made a decision. We were fighting for U.S. auto jobs. We made progress at GM, and we're going to continue to advocate for a strong U.S. manufacturing sector." The tentative agreement, reached at 3:05 a.m. Sept. 26, 2007, delivers solid economic gains for active and retired members, despite repeated attempts by GM to impose harsh takeaways. The new contract covers more than 73,000 active workers at GM and more than 269,000 GM retirees and 69,000 surviving spouses. It will expire on Sept. 14, 2011. The agreement delivers substantial economic gains to active workers, including a US$3,000 signing bonus, two 3% lump sums and a 4% lump sum. Projected economic gains for a typical UAW GM assembler during the life of the agreement will total US$13,056, including bonuses, lump sums, and projected gains from cost-of-living allowances. The contract also brings unprecedented job security with company commitments to invest in new products for its existing U.S. facilities, as well as a moratorium on plant closings and outsourcing of work over the life of the agreement. The UAW also was able to secure a commitment to hire 3,000 temporary workers into full-time, traditional employment. The contract maintains comprehensive health care, with dental, hearing and other benefits, and prescription drug coverage for active workers. In addition, GM will contribute more than US$35 billion to secure long-term health care for UAW GM retirees. This includes a US$24.1 billion contribution to a new Voluntary Employee Beneficiary Association, which will establish an independent trust fund to pay retiree health benefits; up to US$1.6 billion in additional contributions if needed to maintain the solvency of the trust fund; a US$4.37 billion convertible note issued by GM, and an estimated US$5.4 billion in direct payments for retiree health care through Jan. 1, 2010, before the new VEBA is operational. Active workers will contribute to the cost of retiree health care through COLA diversions, and because resources that would have been used for a general wage increase for active workers will instead be contributed to the VEBA. A portion of COLA payments will also be diverted to defray the cost of health care for active workers. Retired workers will have their health benefits secured by a Voluntary Employee Beneficiary Association, prefunded by GM with US$29.9 billion in cash and other assets. The fund can only be used to pay retiree health benefits, and will remain solvent for decades regardless of the financial condition of GM. For the first time, the UAW GM agreement will provide both an increase in basic pension benefits for retirees and a lump-sum payment in the first year of the agreement. Basic pension benefits are increased in each year of the agreement and "30- and-out" benefits are enhanced for workers who retire under the new agreement. Current retirees will receive a US$700 lump-sum payment in December, and a lump-sum payment based on years of credited service for each of the other three years of the agreement. Surviving spouses will receive 65 percent of these amounts. The new contract provides that entry-level workers at GM in non-core job classifications such as material movement, general stores management and kitting and sequencing will be paid under a new, lower wage and benefit structure. These provisions are intended to keep work in GM plants and to encourage the possibility of future employment growth. In recognition of the ongoing health care crisis in the United States, the agreement also establishes the National Institute for Health Care Reform, a joint labor-management effort to improve the affordability, accessibility and accountability of the U.S. health care system. The Institute, with US$15 million in initial funding from five annual US$3 million payments by GM, will serve as a research and educational center dedicated to improving the medical delivery system, including efforts to expand access to quality health care for all Americans. The proposed contract will also deliver benefits to current and future retirees, with four lump-sum payments for current retirees, and a raise in basic benefit rates, the 30-and-out supplement, temporary and interim benefits for future retirees. The company came into these talks looking to shred our contract to pieces," UAW Vice President Cal Rapson, who directs the UAW GM Department, said. "But you can't tear apart a group that stands together the way UAW members do." The new agreement also requires contributions from active UAW members to benefit retirees, and an adjustment in wage schedules to encourage new hiring at GM. Resources that would have gone to a general wage increase for active workers will instead be used to contribute to the VEBA to fund retiree health care benefits, and GM will have the right to hire entry-level workers at a lower wage rate for certain "non-core" operations. "We're dealing with the realities of a highly competitive industry that does not operate on a level playing field," Mr. Rapson said. "We've negotiated a realistic agreement that protects existing manufacturing jobs, and also creates the possibility for future growth." Member Ratification of the New CBA As reported in yesterday's Troubled Company Reporter UAW members voted to ratify a new collective bargaining agreement with GM. The vote was 66% in favor of the four-year pact among production workers, and 64% in favor among skilled trades workers. As previously reported, the union reached a tentative agreement with GM following a two-day strike against the company. UAW President Ron Gettelfinger praised the membership and local union leadership for their solid support. "We entered these negotiations with a clear mandate from our membership," Mr. Gettelfinger said. "With their help and solidarity, we were able to achieve our goals. We protected jobs, wages and benefits for both active and retired General Motors workers -- and we helped protect middle-class manufacturing jobs in communities throughout the United States." UAW Vice President Cal Rapson, who heads the union's UAW GM Department, commended the work of the National Negotiating Committee, led by Bill King of UAW Local 659. "Our bargaining committee was truly top-notch," Mr. Rapson said. "They knew the objectives; they resisted the company's repeated attempts to take, take, take. They really proved their mettle during these difficult negotiations." About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 280,000 people around the world and manufactures cars and trucks in 33 countries, including the United Kingdom, Germany, France, Russia, Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on Sept. 28, 2007, Fitch Ratings has affirmed and removed the Issuer Default Rating and debt ratings of General Motors from Rating Watch Negative following the announcement that GM has reached an agreement on a new contract with the United Auto Workers. Fitch currently rates GM as: IDR 'B'; Senior secured 'BB/RR1'; and Senior unsecured 'B- /RR5'. GM's Rating Outlook is Negative. As reported in Troubled Company Reporter on Sept. 26, 2007, Moody's Investors Service is maintaining its current ratings of General Motors Corporation -- B3 Corporate Family, Caa1 senior unsecured and Ba3 senior secured, and Negative Outlook following the announcement of a strike against the company by the United Auto Workers Union. Following the decision of the United Auto Workers union to go out on strike against General Motors Corp., Fitch Ratings placed General Motors Corporation's 'B' issuer default rating, 'BB/RR1' senior secured debt rating; and 'B-/RR5' senior unsecured debt rating on Rating Watch Negative. JOY STEEL: Calls In Liquidators from Smith & Williamson ------------------------------------------------------- Anthony Murphy and Robert Horton and Roger Tulloch of Smith & Williamson Ltd. were appointed joint liquidators of Joy Steel Structures (London) Ltd. on Oct. 4 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Smith & Williamson Ltd. No. 1 Bishops Wharf Walnut Tree Close Guildford Surrey GU1 4RA England LAMBERT HOWARTH: In Administration After Losing Biggest Client -------------------------------------------------------------- Lambert Howarth Group plc has gone into administration and laid off almost half its staff after Marks & Spencer, its main customer, decided not to place any more orders, the Daily Telegraph reports. The shoemaker, which was reliant upon its contracts with M&S as the retailer's largest shoe supplier, has appointed BDO Stoy Hayward to run the business, the Telegraph states. Although M&S is expected to honor its existing contracts, valid until summer 2008, the Telegraph relates that M&S felt Lambert Howarth had failed to keep up with the market in terms of design innovation and standards. M&S chief executive Stuart Rose has pushed for classic fashion with a modern "twist". BDO partners David Gilbert, Mark Shaw and Dermot Power are leading the administration process and have already laid off 74 of the 150 staff, the Telegraph reveals. They are reviewing operations at the London headquarters and base in Burnley, Lancashire. The company has struggled over the past few years, reporting a GBP13 million loss in the first half of 2006 as sales fell from GBP46.2 million to GBP26.6 million, the report says. London-based Lambert Howarth -- http://www.lamberthowarth.com/ -- is a design, resourcing and distribution business supplying footwear, accessories and homeware products of own label and branded lines to retail customers. LANDCOM SOLUTIONS: Appoints Kirankumar Mistry as Liquidator ----------------------------------------------------------- Kirankumar Mistry of Wenham Major Ltd. was appointed liquidator of Landcom Solutions Ltd. (formerly Landstone Homes Ltd., Tolkein Homes Ltd. and Landstone Homes Ltd.) on Oct. 4 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Wenham Major Ltd. The Old Mill 9 Soar Lane Leicester LE3 5DE England NEVISPORT: Receivers Sell Remaining Stores to Jacobs & Turner ------------------------------------------------------------- Blair Nimmo and Tony Friar of KPMG Restructuring have completed the sale of Nevisport Ltd. to a subsidiary of Glasgow-based company Jacobs and Turner Ltd., saving 80 jobs, BBC News reports. According to the report, the six remaining stores of Nevisport in Aberdeen, Edinburgh, Fort William, Aviemore, York and Middlesbrough will continue to operate. The company closed its branches in Newcastle, Leeds, Inverness, Glasgow and Altrincham last week. On Oct. 5, 2007, Nevisport called in receivers after suffering from poor sales due to increased competition and unseasonable weather, the Scotsman relates. "I am delighted that we have managed to sell the business as a going concern," joint receiver Blair Nimmo was quoted by BBC as saying. "Not only has this saved 80 jobs, but the sale also ensures that existing customers will continue to be serviced and that suppliers will have ongoing business." Headquartered in Fort William, Scotland, Nevisport Ltd. -- http://www.nevisport.com/-- is an outdoor and snow sports specialty retailer. The company was founded by Ian Sykes MBE and Ian Sutherland in 1970. R S COURIER: Taps Liquidators from Tenon Recovery ------------------------------------------------- Matthew Colin Bowker and David Anthony Willis of Tenon Recovery were appointed joint liquidators of R S Courier Services Ltd. on Oct. 1 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery 33 George Street Wakefield West Yorkshire WF1 1LX England SHAW GROUP: Earns US$54.6 Million in Three Months Ended May 31 -------------------------------------------------------------- The Shaw Group Inc. reported net income for the three months ended May 31, 2007, of US$54.6 million. The reported results include US$5.7 million of net income, related to Shaw's investment in the Westinghouse segment. Excluding the Westinghouse segment, net income was US$48.9 million. Earnings before interest expense, income taxes, depreciation and amortization For the third quarter of 2007 with the Westinghouse segment was US$92.2 million, and US$74.2 million excluding the Westinghouse segment. In comparison for the three months ended May 31, 2006, which was prior to the Westinghouse investment, Shaw reported a net loss before interest expense, taxes, depreciation and amortization of US$15.7 million and a net loss of US$16.7 million. Third quarter operating cash flow totaled US$131 million, bringing the nine months' operating cash flow to US$285 million. Revenues for third quarter 2007 were US$1.6 billion, compared to US$1.2 billion in the corresponding 2006 period. Shaw's backlog of unfilled orders at May 31, 2007, was a record US$13.3 billion, up from approximately US$8 billion at May 31, 2006. Approximately US$5.6 billion, or 42%, of the backlog is expected to be converted to revenues during the next 12 months. Shaw also expects its backlog to grow to approximately US$14.3 billion at Aug. 31, 2007. "Our business segments experienced strong revenue and profit growth compared to 2006, with the exception of the Environmental & Infrastructure Group, which executed significant amounts of disaster relief and emergency response services in 2006," J.M. Bernhard Jr., Shaw's chairman, president and chief executive officer, said. "Our solid results were fueled by continued strength in the global markets for power generation capacity and petrochemicals processing. "Our record backlog positions us well for fiscal 2008 and we believe the global markets we serve will remain strong throughout the year," Mr. Bernhard said. "Our operating segments are well positioned to benefit from this continued global economic expansion and we continue to believe there will be significant long-term growth in the developing nuclear power markets. "Brian K. Ferraioli assumed the responsibility of chief financial officer today, and together with our entire financial reporting team, will continue improving our financial reporting processes." At May 31, 2007, the company's balance sheet showed total assets of US$3.6 billion, total liabilities of US$2.3 billion, stockholders' equity of US$1.2 billion. About Shaw Group Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing & Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the US$100 million increase to the company's revolving credit facility. * BOND PRICING: For the Week Oct. 1 to Oct. 5, 2007 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 60.94 0.250 10/14/26 CDN 38.52 Republic of Austria 4.000 06/22/22 EUR 72.00 0.396 08/04/25 EUR 65.88 5.243 10/10/25 EUR 62.83 FINLAND ------- Muni Finance PLC 1.000 03/19/13 AUD 72.41 0.500 04/26/13 AUD 69.74 1.000 11/21/16 NZD 55.33 1.000 10/30/17 AUD 56.58 0.500 09/24/20 CDN 55.82 0.250 06/28/40 CDN 19.99 FRANCE ------ Accor S.A. 1.750 01/01/08 EUR 68.06 Alcatel S.A. 4.750 01/01/11 EUR 16.15 Altran Technologies S.A. 3.750 01/01/09 EUR 12.48 BNP Paribas 0.250 12/20/14 US$ 69.53 CAP Gemini S.A. 2.500 01/01/10 EUR 56.70 1.000 01/01/12 EUR 53.58 Club Mediterranee S.A. 3.000 11/01/08 EUR 66.94 4.375 11/01/10 EUR 53.94 FCC Rome Alliance Funding 2.256 01/08/21 EUR 73.43 Havas S.A. 4.000 01/01/09 EUR 10.81 Infogrames Entertainment S.A. 1.500 04/01/09 EUR 00.50 Ingenico 2.750 01/01/12 EUR 22.16 Maurel & Prom 3.500 01/01/10 EUR 22.10 Publicis Group 0.750 07/17/08 EUR 31.30 1.000 01/18/18 EUR 43.03 Rallye 3.750 01/01/08 EUR 51.98 Rhodia S.A. 0.500 01/01/14 EUR 46.18 Scor S.A. 4.125 01/01/10 EUR 2.32 Soc Air France 2.750 04/01/20 EUR 31.23 Soitec 4.625 12/20/09 EUR 13.74 Thomson (EX-TMM) 1.000 01/01/08 EUR 39.67 Valeo 2.375 01/01/11 EUR 50.85 Vivendi Universal S.A. 1.750 10/30/08 EUR 31.69 Wavecom S.A. 1.750 01/01/14 EUR 28.13 Wendel Invest S.A. 2.000 06/19/09 EUR 51.54 GERMANY ------- KfW Bankengruppe 0.500 10/30/13 AUD 67.32 0.500 12/19/17 EUR 66.08 5.000 05/23/20 EUR 74.33 1.250 07/29/20 EUR 72.50 6.000 07/21/25 EUR 70.44 5.000 09/01/25 EUR 72.50 8.000 08/10/30 EUR 63.85 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 41.60 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 54.47 Treofan AG 11.000 08/01/13 EUR 66.04 GREECE ------ Hellenic Republic 6.000 07/06/25 EUR 66.29 6.000 07/06/25 EUR 65.40 6.000 07/06/25 EUR 71.89 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 68.94 IRELAND ------- Depfa ACS Bank 0.500 03/03/25 CDN 45.35 0.250 07/08/33 CDN 27.22 Irish Perm Plc 6.125 02/15/35 EUR 65.81 Magnolia Finance IV Plc 1.050 12/20/45 US$ 27.09 ITALY ----- Dexia Crediop S.p.A. 0.000 03/15/16 EUR 72.17 LUXEMBOURG ---------- Teksid Aluminum S.A. 12.375 07/15/11 EUR 34.19 NETHERLANDS ----------- ABN AMRO Bank N.V. 6.250 06/29/35 EUR 68.01 BK Ned Gemeenten 0.500 06/27/18 CDN 62.33 0.500 02/24/25 CDN 45.33 EM.TV Finance B.V. 5.250 05/08/13 EUR 6.15 Energy Group O/S 7.425 10/15/17 US$ 32.50 Lehman Bros TSY B.V. 6.000 02/15/35 EUR 68.01 8.250 03/16/35 EUR 60.25 7.000 05/17/35 EUR 63.05 7.250 10/05/35 EUR 57.59 6.000 11/02/35 EUR 61.50 Ned Waterschapbk 6.000 06/01/35 EUR 71.11 6.500 08/15/35 EUR 63.08 Rabobank Groep N.V. 6.000 04/08/20 EUR 73.25 6.000 02/22/35 EUR 65.89 2.000 02/23/35 EUR 62.74 7.000 02/28/35 EUR 69.94 7.000 03/23/35 EUR 64.05 6.000 05/09/35 EUR 73.06 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 70.22 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 70.09 SWITZERLAND ----------- UBS AG 1.000 01/25/12 NZD 74.25 1.000 02/27/12 NZD 74.70 1.000 03/28/12 NZD 73.83 1.000 06/28/12 NZD 73.43 1.000 07/30/12 NZD 72.28 TURKEY ------ Republic of Turkey 14.000 01/19/11 TRY 99.29 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 54.38 Bank of Scotland 6.000 02/07/35 EUR 67.00 National Grid Gas Plc 1.754 10/17/36 GBP 44.65 1.771 03/30/37 GBP 44.61 Northern Rock Plc 5.625 01/13/15 GBP 77.15 Royal BK Scotland Plc 0.250 03/27/14 US$ 72.30 9.500 04/04/25 US$ 68.53 7.000 06/09/25 EUR 61.68 7.000 06/29/30 EUR 52.21 6.500 02/23/45 EUR 62.40 Wessex Water Finance Plc 1.369 07/31/57 GBP 29.51 ********* 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 * * *