/raid1/www/Hosts/bankrupt/TCREUR_Public/071029.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 29, 2007, Vol. 8, No. 214
Headlines
A U S T R I A
BURDA UND BURDA: Claims Registration Period Ends Nov. 13
KURZEWSKI BAU: Claims Registration Period Ends Nov. 19
MUELLER-SCHERR: Claims Registration Ends Nov. 19
SINGH & SHARMA: Claims Registration Period Ends Nov. 20
SOELLINGER GASTRONOMIE: Claims Registration Ends Nov. 12
SWENNEN LLC: Claims Registration Period Ends Nov. 20
WOHNPROJEKT.COM LLC: Claims Registration Ends Nov. 15
F I N L A N D
HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes
F R A N C E
DELPHI CORP: Wins Court Approval of US$106 Mil. Interiors Sale
SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products
SPANSION INC: Names Gary Wang as President for China Unit
G E R M A N Y
ALERIS INTERNATIONAL: Consolidates Mexico Operations
APIS HEALTHCARE: Claims Registration Period Ends Nov. 23
BAUUNTERNEHMUNG HUESCHELRATH: Claims Registration Ends Nov. 10
DELTA RESEARCH: Claims Registration Period Ends Nov. 15
FOTEC INDUSTRIEFORSCHUNG: Claims Registration Ends Nov. 14
GAS- UND OELBRENNER: Claims Registration Period Ends Nov. 22
PWZ FASSADENA: Claims Registration Period Ends Nov. 20
RM VERMOEGENSVERWALTUNGS: Claims Registration Ends Nov. 11
TREND-TEPPICH-GALERIE GMBH: Claims Period Ends Nov. 12
K A Z A K H S T A N
APH ADVERTISING: Claim Filing Period Ends Dec. 4
BARAK LLP: Creditors Must File Claims by Dec. 1
COMPANY BAK-ER: Claims Filing Period Ends Dec. 1
FEREX LLP: Creditors Must File Claims by Dec. 4
GASBYTSERVICE LLP: Claims Registration Ends Dec. 1
JUPAR & K: Claim Filing Period Ends Dec. 4
KAZGU JSC: Creditors Must File Claims by Dec. 4
MONTESSORI SYSTEM: Claims Filing Period Ends Dec. 4
PETRO PLAST: Creditors' Claims Due by Dec. 4
TWINS ENGINEERING: Claims Registration Ends Dec. 4
K Y R G Y Z S T A N
KERBENPHARM JSC: Creditors Must File Claims by November 2
L U X E M B O U R G
AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1
EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
R U S S I A
BIKINSKAYA OJSC: Court Starts Bankruptcy Supervision
EGORYEVSKIJ MILK: Bankruptcy Hearing Slated for Feb. 6, 2008
EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
KRASNOUFIMSKIJ ELEVATOR: Asset Sale Slated for November 15
NEFTEKUMSKIJ BREWERY: Creditors Must File Claims by Dec. 13
OMSKTRANSSTROY CJSC: Creditors Must File Claims by Dec. 13
RYMNIKSKOYE CJSC: Asset Sale Slated for November 26
SOUTH-URAL ELECTROTECHNIC: Creditors Must File Claims by Nov. 13
SOVKHOZ KUVAK-NIKOLSKIJ: Asset Sale Slated for November 12
WOOD-WORKING INTEGRATED: Creditors Must File Claims by Dec. 13
S P A I N
TDA IBERCAJA 1: S&P Lifts Class D Notes' Rating to BB+
S W I T Z E R L A N D
AMSLER + PARTNER: Creditors' Liquidation Claims Due by Nov. 30
CRYSTALCUBE LLC: Creditors' Liquidation Claims Due by Dec. 17
ECONSULTING JSC: Bankruptcy Proceedings Ongoing in Zug
HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
I.J. EUROPA: Creditors' Liquidation Claims Due by Nov. 14
LEWIS CONSULTING: Creditors' Liquidation Claims Due by Nov. 9
MARKUS EGLI: Luzern-Land Court Closes Bankruptcy Proceedings
ORAL CREATIVE: Bankruptcy Proceedings Ongoing in Zug
RIEIRO LLC: Creditors' Liquidation Claims Due by November 10
TOMISS JSC: Creditors' Liquidation Claims Due by December 27
TOPCAP MARKETING: Zug Court Closes Bankruptcy Proceedings
U K R A I N E
AGROMAR LLC: Proofs of Claim Deadline Set for October 30
ASTRA-COM LLC: Proofs of Claim Deadline Set for October 31
ECO-JEANS Proofs of Claim Deadline Set for October 30
GEO-ST LLC: Proofs of Claim Deadline Set for October 31
INDUSTRIALBANK: Fitch Affirms IDR at B-; Outlook Stable
LIGA-N LLC: Proofs of Claim Deadline Set for October 31
MASTER-BUILDING SERVICE: Claim Filing Deadline Set for Oct. 30
MEGATRADE-NOVA 2000: Proofs of Claim Deadline Set for Oct. 30
NOEL-INFO LLC: Proofs of Claim Deadline Set for October 30
ROZHNIATOV AGRICULTURAL: Claim Filing Deadline Set for Oct. 30
ROVNO BUILDING: Proofs of Claim Deadline Set for Oct. 30
ROVNO FLAX: Proofs of Claim Deadline Set for Oct. 30
START TECHNICAL: Proofs of Claim Deadline Set for Oct. 30
TRACK LUBRICANTS: Proofs of Claim Deadline Set for Oct. 30
UKRAINIAN ENERGY: Proofs of Claim Deadline Set for Oct. 31
VESELKA LLC: Proofs of Claim Deadline Set for Oct. 31
U N I T E D K I N G D O M
BRITISH AIRWAYS: Ends Franchises with GB Airways and Loganair
CALMONT WEALD: Calls In Liquidators From Chantrey Vellacott DFK
CLOVER GARAGE: Joint Liquidators Take Over Operations
COOPER GREEN: Taps Tenon Recovery to Administer Assets
DRAINMATE LTD: Brings In Liquidators from Wilkins Kennedy
HALCYON RESIDENTIAL: Claims Filing Period Ends November 12
HOLLYWOOD ICONS: Taps Smith & Williamson as Administrators
JOHN PETERS: Taps Liquidators from Ernst & Young
LIP LTD: Claims Filing Period Ends December 17
LLOYDS TIMBER: Claims Filing Period Ends November 27
MSC LTD: Appoints Joint Administrators from Smith & Williamson
OK CLOTHING: Claims Filing Period Ends November 27
NORTHERN ROCK: JC Flowers Confirms Bid; Reveals Management Team
OUR PRICE: Claims Filing Period Ends November 16
REGEN SCHOOL: Appoints Liquidators from PKF
SOLO CUP: Debt Reduction Prompts S&P's Positive CreditWatch
TFC EXPRESS: Brings In Baker Tilly as Administrators
VONAGE HOLDINGS: Agrees to Settle Patent Dispute with Verizon
* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2007
*********
=============
A U S T R I A
=============
BURDA UND BURDA: Claims Registration Period Ends Nov. 13
--------------------------------------------------------
Creditors owed money by LLC Burda und Burda (FN 107953f) have until Nov.
13 to file written proofs of claim to court-appointed estate administrator
Katharina Widhalm-Budak at:
Dr. Katharina Widhalm-Budak
Schulerstrasse 18
1010 Vienna
Austria
Tel: 513 10 37
Fax: 513 10 37 22
E-mail: widhalm-budak@anwaltsteam.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on Nov. 27 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.
27 (Bankr. Case No. 28 S 109/07v).
KURZEWSKI BAU: Claims Registration Period Ends Nov. 19
------------------------------------------------------
Creditors owed money by LLC Kurzewski Bau (FN 173432y) have until Nov. 19
to file written proofs of claim to court-appointed estate administrator
Richard Proksch at:
Dr. Richard Proksch
c/o Mag. Birgit Linder
Heumarkt 9/I/11
1030 Vienna
Austria
Tel: 713 46 51
Fax: 713 84 35
E-mail: proksch@eurojuris.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on Dec. 3 for the examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1705
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
25 (Bankr. Case No. 3 S 120/07b). Birgit Linder represents Dr. Proksch in
the bankruptcy proceedings.
MUELLER-SCHERR: Claims Registration Ends Nov. 19
------------------------------------------------
Creditors owed money by LLC Mueller-Scherr Laborausruestung (FN 79328i)
have until Nov. 19 to file written proofs of claim to court-appointed
estate administrator Johannes Muehllechner at:
Mag. Johannes Muehllechner
Graben 21/3
4020 Linz
Austria
Tel: 0732/77 22 00
Fax: 0732/77 22 004
E-mail: muehllechner@eurojuris.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on Dec. 3 for the examination of claims.
The meeting of creditors will be held at:
The Land Court of Linz
Room 522
Fifth Floor
Linz
Austria
Headquartered in Linz, Austria, the Debtor declared bankruptcy on Sept. 26
(Bankr. Case No. 12 S 74/07f).
SINGH & SHARMA: Claims Registration Period Ends Nov. 20
-------------------------------------------------------
Creditors owed money by LLC Singh & Sharma (FN 267596z) have until Nov. 20
to file written proofs of claim to court-appointed estate administrator
Michael Neuhauser at:
Mag. Michael Neuhauser
c/o Dr. Christof Stapf
Esslinggasse 7
1010 Vienna
Austria
Tel: 90 333
Fax: 90 333 55
E-mail: wien@snwlaw.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at 12:30 p.m. on Dec. 4 for the examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1701
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
24 (Bankr. Case No. 6 S 122/07v). Christof Stapf represents Mag.
Neuhauser in the bankruptcy proceedings.
SOELLINGER GASTRONOMIE: Claims Registration Ends Nov. 12
--------------------------------------------------------
Creditors owed money by KG Soellinger Gastronomie (FN 5459d) have until
Nov. 12 to file written proofs of claim to court-appointed estate
administrator Erich Gugenberger at:
Dr. Erich Gugenberger
Attergaustr.30
4880 St. Georgen im Attergau
Austria
Tel: 07667/20980
Fax: 07667/20980-20
E-mail: office@drgugenberger.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on Nov. 22 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 St. Georgen im Attergau, Austria, the Debtor declared
bankruptcy on Sept. 25 (Bankr. Case No. 20 S 120/07h).
SWENNEN LLC: Claims Registration Period Ends Nov. 20
----------------------------------------------------
Creditors owed money by LLC Swennen (FN 45865z) have until
Nov. 20 to file written proofs of claim to court-appointed estate
administrator Clemens Richter at:
Mag. Clemens Richter
c/o Mag. Daniel Lampersberger
Esteplatz 4
1030 Vienna
Austria
Tel: 712 33 30
Fax: 712 33 30-30
E-mail: kanzlei@engelhart.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at noon on Dec. 4 for the examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1701
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
21 (Bankr. Case No. 6 S 120/07z). Daniel Lampersberger represents Mag.
Richter in the bankruptcy proceedings.
WOHNPROJEKT.COM LLC: Claims Registration Ends Nov. 15
-----------------------------------------------------
Creditors owed money by LLC wohnprojekt.com (FN 249891m) have until Nov.
15 to file written proofs of claim to court-appointed estate administrator
Andrea Eisner at:
Mag. Andrea Eisner
Weyrgasse 8/7
1030 Vienna
Austria
Tel: 712 04 77
Fax: 712 04 77 12
E-mail: office@ra-eisner.at
Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:15 a.m. on Nov. 29 for the examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1703
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept.
21 (Bankr. Case No. 5 S 102/07w).
=============
F I N L A N D
=============
HILTON HOTELS: Prices Cash Tender Offer for 7.430% CLP Notes
------------------------------------------------------------
Hilton Hotels Corporation has determined the total consideration
in U.S. dollars to be paid pursuant to its cash tender offer and
related consent solicitation for its 7.430% Chilean Inflation-
Indexed Notes Due 2009.
The total consideration payable for the CLP Notes accepted for
payment that were validly tendered with consents and not validly
withdrawn at or prior to 5:00 p.m., New York City time, on
Oct. 1, 2007, will be approximately US$130.02 per CLP50,000
original principal amount of CLP Notes, representing the
conversion of the CLP total consideration of CLP65,560.95 per
CLP50,000 original principal amount of CLP Notes into U.S.
dollars at a rate of CLP504.25 for every US$1.00. All of the
CLP Notes were validly tendered and not validly withdrawn prior
to the CLP Note Consent Payment Deadline and, accordingly, all
CLP Notes are eligible to receive the total consideration.
Holders whose CLP Notes are accepted for payment in the tender
offer will receive accrued and unpaid interest for such CLP
Notes from the last interest payment date to, but not including,
the payment date for the CLP Notes purchased in the tender
offer.
The applicable total consideration and tender offer
consideration to be paid in respect of securities purchased
pursuant to Hilton's cash tender offers and related consent
solicitations for its 7.625% Notes due 2008, 7.200% Notes due
2009, 8.250% Notes due 2011, 7.625% Notes due 2012, 7.500% Notes
due 2017 and 8.000% Quarterly Interest Bonds due 2031, announced
in Hilton's press release dated as of Oct. 19, 2007, 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. As indicated
in the Offer to Purchase, 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 relating to the
Securities are made upon the terms and conditions set forth in
Hilton's Offer to Purchase and Consent Solicitation Statement
dated Sept. 12, 2007 and the related Consent and Letter of
Transmittal, as amended. The tender offers and consent
solicitations are being conducted in connection with the
previously announced merger agreement that provides for the
acquisition of Hilton by BH Hotels LLC, an entity controlled by
investment funds affiliated with The Blackstone Group L.P. The
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. Further details about the terms and
conditions of the tender offers and the consent solicitations
are set forth in the Offer to Purchase.
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.
* * *
As reported on May 1, 2007, Standard & Poor's Ratings Services
said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's
disclosure that it has entered into an agreement with Morgan
Stanley Real Estate to sell up to 10 hotels for approximately
US$612 million in proceeds (net of property level debt
repayment, taxes, and transaction costs). Upon the
close of the transactions, Hilton Hotels plans to use the net
proceeds to repay debt.
In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006. Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.
HILTON HOTELS: S&P Lifts Ratings on Eight Certificate Classes
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on eight classes of
commercial mortgage pass-through certificates from Hilton Hotels Pool
Trust?s series 2000-HLT to 'AAA' due to the full defeasance of a single
fixed-rate whole loan.
The fixed-rate whole loan, which serves as trust collateral, was fully
defeased on Oct. 23, 2007. Before the defeasance, the loan was secured by
five cross-collateralized and cross-defaulted Hilton hotels in San
Francisco, California, Chicago, Illinois, McLean, Virginia, Short Hills,
New Jersey, and Phoenix, Arizona. As part of the defeasance, the real
estate collateral securing the loan was released and replaced with
defeasance collateral. The defeasance collateral will provide a revenue
stream sufficient to pay each scheduled principal and interest payment
when due through Oct. 1, 2010, the maturity date of the loan.
Ratings Raised
Hilton Hotels Pool Trust Commercial mortgage
pass-through certificates series 2000-HLT
Rating
------
Classes To From
------- -- ----
A-1 AAA AA
A-2 AAA AA
B AAA A
C AAA BBB-
D AAA BB+
E AAA BB
F AAA BB-
X AAA AA
===========
F R A N C E
===========
DELPHI CORP: Wins Court Approval of US$106 Mil. Interiors Sale
--------------------------------------------------------------
Delphi Corporation and its affiliates have obtained the U.S.
Bankruptcy Court of the Southern District of New York's approval to sell
their global Interiors and Closures businesses for approximately US$106
million to a wholly owned subsidiary of The Renco Group, Inc., barring a
higher offer at an auction,
Bloomberg News reports.
The U.S. Bankruptcy Court-approved master sale and purchase
agreement contemplates a divestiture of Delphi's Interiors and
Closures Businesses to Inteva Products LLC, for a preliminary
purchase price of US$80 million, subject to certain adjustments, and
post-closing payments of approximately US$26 million.
The sale protocol outlined by Delphi contemplates an auction on
Dec. 6, 2007, with bids due Nov. 26, 2007. A final sale hearing is
anticipated to be set for Jan. 8, 2008. Inteva
will receive a break-up fee of not more than US$2.4 million in the event
Delphi consummates a sale transaction with another party. The final sale
of Delphi's Interiors and Closures business is subject to the approval of
the U.S. Bankruptcy Court and other constituencies in the U.S. and abroad.
The master sale and purchase agreement involves the entire global
Interiors and Closures business line, including: book of
business, manufacturing operations, intellectual property,
personnel, supplier contracts and share of joint ventures.
Delphi's Interiors and Closures business operates manufacturing
facilities in:
-- Gadsden, Alabama
-- Cottondale, Alabama
-- North Kansas City, Missouri
-- Orion, Michigan
-- Adrian, Michigan
-- Woerth, Germany
-- Matamoros, Mexico
-- SDADS Joint Venture (Shanghai, China)
-- KDS Joint Venture (Daegu, Korea)
-- Other contracted manufacturing locations
About Delphi
Headquartered in Troy, Michigan, Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single supplier of vehicle electronics,
transportation components, integrated systems and modules, and other
electronic technology. The company's technology and products are present
in more than 75 million vehicles on the road worldwide. Delphi has
regional
headquarters in Japan, Brazil and France.
The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors in their restructuring
efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A.
Broude, Esq., at Latham & Watkins LLP, represents the Official Committee
of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet
showed US$11,446,000,000 in total assets and US$23,851,000,000 in total
debts.
The Debtors' exclusive plan-filing period expires on Dec. 31,
2007. On Sept. 6, 2007, the Debtors filed their Chapter 11 Plan of
Reorganization and a Disclosure Statement explaining that Plan. (Delphi
Bankruptcy News, Issue No. 88; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SPANSION INC: Inks Pact with SMIC To Form MirrorBit(R) Products
---------------------------------------------------------------
Spansion Inc. has intensified its focus in the China market by
partnering with foundry leader, Semiconductor Manufacturing
International Corporation. Spansion will transfer its 65nm
MirrorBit(R) technology to SMIC for foundry services on 300mm
wafers in China.
SMIC and Spansion have also signed a memorandum of understanding which
would allow SMIC to enter selected segments of the Flash memory market
with a to manufacture and sell 90nm and 65nm and potentially Spansion
MirrorBit(R) Quad products for the China content delivery market.
Spansion has been investing in China for over 10 years and is
now a leading Flash memory provider to the top consumer
electronics and wireless OEMs in the region. The investment
started with the establishment by AMD, Spansion's former parent
company, of the Suzhou final manufacturing facility - now one of
the world's largest producers of memory Multi-chip Packages.
Since then, Spansion has added local design centers in Suzhou
and Beijing, and sales and marketing offices in Beijing,
Shanghai and Shenzhen. Through the foundry agreement with SMIC,
Spansion will have wafer-manufacturing capabilities in China.
"By partnering with SMIC, a leading foundry in China, we can
better serve our customers, with products made in China for the
China market," said Bertrand Cambou, president and CEO of
Spansion Inc. "As a result of our team's success, we have the
opportunity to take our business to the next level and expand
opportunities in this exploding region."
As the market leader in China, SMIC provides a complete
integrated circuit foundry solution to help its customers
fulfill their China Strategy. SMIC has diversified its memory
portfolio to include NAND Flash, NOR Flash, and Specialty DRAM
as part of its growth strategy to enter potential market
segments. SMIC has also announced development of 90nm 2Gb
NAND Flash and 2Gb- TSOP products based on Saifun 2-bit-per-cell
as well as the Quad NROM four- bit-per-cell technology,
scheduled to enter commercial production as early as the fourth
quarter 2007.
"As Spansion has made strategic plans for the China market, SMIC
has made great strides anticipating the growing Flash memory
market. Our partnership with the NOR Flash memory technology
leader fortifies these strategic synergies," said Dr. Richard
Chang, president and CEO of SMIC. "With the booming China
consumer electronics market comes the opportunity to create and
nurture the growth of various Flash memory services and markets.
We look forward to collaborating with Spansion to manufacture
its leading-edge MirrorBit technology and develop Flash-based
content delivery applications."
Spansion In China
Spansion has more than 1,300 employees in Greater China who
continue to build momentum with the top OEMs, as demonstrated by
the awards Spansion has received. For the third consecutive
year, Lenovo awarded Spansion Best Supplier for 2006 and
Inventec, a leading ODM/OEM awarded Spansion Best Partner
earlier this year. Spansion's other leading partners in the
Greater China region include ARCA Technology Corporation and
MediaTek, Inc., one of the world's top ten fabless semiconductor
companies for wireless communications and digital media
solutions. Spansion has a final manufacturing facility in
Suzhou, one of the world's largest memory producers of Multi-
chip Packages (MCPs), design centers in Suzhou and Beijing and
sales and marketing offices in Beijing, Shanghai and Shenzhen.
About SMIC
Headquartered in Shanghai, China, Semiconductor Manufacturing
International Corporation (NYSE: SMI; SEHK: 0981.HK) --
http://www.smics.com/-- is one of the leading semiconductor
foundries in the world and the largest and most advanced foundry
in Mainland China, providing integrated circuit (IC)
manufacturing service at 0.35um to 90nm and finer line
technologies. SMIC has a 300mm wafer fabrication facility (fab)
under pilot production and three 200mm wafer fabs in its
Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab,
a 200mm wafer fab in Tianjin, and an in-house assembly and
testing facility in Chengdu. SMIC also has customer service and
marketing offices in the U.S., Europe, and Japan, and a
representative office in Hong Kong. In addition, SMIC manages
and operates a 200mm wafer fab in Chengdu owned by Cension
Semiconductor Manufacturing Corporation and a 300mm wafer fab
under construction in Wuhan owned by Wuhan Xinxin Semiconductor
Manufacturing Corporation.
About Spansion
Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.
The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012. The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.
Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt. Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.' In
conjunction with the refinancing, Fitch has affirmed these
ratings:
-- Issuer Default Rating of 'B-';
-- US$250 million of 11.75% senior unsecured notes due 2016
at 'CCC+/RR5'; and
-- US$207 million of 2.25% convertible senior subordinated
debentures due 2016 at 'CCC/RR6'.
Fitch said the rating outlook remains negative. Approximately
US$1.1 billion of total debt is affected by Fitch's actions.
SPANSION INC: Names Gary Wang as President for China Unit
---------------------------------------------------------
Spansion Inc. has appointed Gary Wang, previously corporate vice
president of Asia Pacific Sales and Marketing, to the newly
created position of president, Spansion Greater China.
Reporting directly to the Office of the CEO, Mr. Wang will serve
as a liaison with strategic customers, government officials, and
alliance partners and ensure Spansion's business strategies are
aligned to meet the requirements in China.
"Gary and his team have done an outstanding job in increasing
our revenue and share in the region," said Bertrand Cambou,
president and CEO of Spansion Inc. "We now look forward to
Gary's leadership in expanding our strategic relationships to
enable Spansion to capitalize on new market opportunities in the
rapidly growing China consumer electronics and wireless
markets."
Spansion is one of the leading Flash memory solution providers,
working with the top consumer electronics OEMs and wireless
handset manufacturers in the Greater China region. Spansion has
over 1,300 employees located in China with a final manufacturing
facility in Suzhou, design centers in Suzhou and Beijing and
sales and marketing offices in Beijing, Shanghai and Shenzhen.
"I look forward to further collaborating with our customers,
partners and the government in the region," said Mr. Wang.
"China is revving up for an electronics revolution that will
drive a new wave of growth in Flash memory and I am confident
that our relationships in the region will create new innovations
to meet demand."
About Spansion
Spansion Inc. -- http://www.spansion.com/-- (Nasdaq: SPSN),
headquartered in Sunnyvale, California, and parent of Spansion
LLC, is a leading provider of flash memory semiconductors that's
after its initial public offering in December 2005, is owned
approximately 38% by Advanced Micro Devices and 25% by Fujitsu
Limited.
The company has European operations in France, Asia-Pacific
facilities in Japan, China, Malaysia and Thailand, as well as
sales offices in Latin American countries including Brazil and
Mexico.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 18, 2007, Fitch Ratings has assigned a rating of 'B+/RR2' to
Spansion Inc.'s US$550 million senior secured floating- rate
notes due 2013 issued pursuant to Rule 144A, the net proceeds
from which will be used to repay the outstanding obligations
under the company's US$500 million senior secured term loan
facility due 2012. The remainder of net proceeds will be used
for general corporate purposes, including capital expenditures
and working capital.
Fitch has withdrawn the 'BB-/RR1' rating of the approximately
US$500 million senior secured term loan facility in anticipation
of Spansion's repayment of this tranche of debt. Additionally,
Fitch has downgraded the US$175 million senior secured revolving
credit facility due 2010 to 'B+/RR2' from 'BB-/RR1.' In
conjunction with the refinancing, Fitch has affirmed these
ratings:
-- Issuer Default Rating of 'B-';
-- US$250 million of 11.75% senior unsecured notes due 2016
at 'CCC+/RR5'; and
-- US$207 million of 2.25% convertible senior subordinated
debentures due 2016 at 'CCC/RR6'.
Fitch said the rating outlook remains negative. Approximately
US$1.1 billion of total debt is affected by Fitch's actions.
=============
G E R M A N Y
=============
ALERIS INTERNATIONAL: Consolidates Mexico Operations
----------------------------------------------------
Aleris International Inc. will consolidate the operations of its
Monterrey, Mexico facility into its Monclova, Mexico plant, which was part
of the acquired Wabash Alloys LLC.
In addition, the operations of Wabash Alloy's Guelph, Canada facility will
be consolidated into the operations of Aleris and former Wabash Alloys
facilities. Both actions are currently underway.
The Monterrey plant, which employed approximately 41 people, produced
specification aluminum alloys that were delivered to customers in both
ingot and molten form.
The Guelph plant, which employed approximately 50 people, produced niche
specification alloys which were delivered in ingot form to customers in
Canada and the United States.
"The closures are part of our ongoing initiatives to optimize our
production footprint and maximize productivity while continuing to provide
the highest quality products and services to our valued customers." Ed
Hoag vice president and general manager, Specification Alloys, said.
About Aleris International
Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures aluminum rolled
products and extrusions, aluminum recycling and specification alloy
production. The company is also a recycler of zinc and a leading U.S.
manufacturer of zinc metal and value-added zinc products that include zinc
oxide and zinc dust. The
company operates 55 production facilities in in the United
States, Brazil, Germany, Mexico and Wales, and employs
approximately 9,200 employees.
* * *
As reported in the Troubled Company Reporter on Sept. 21, 2007,
Standard & Poor's Ratings Services revised its outlook on Aleris
International Inc. to negative from stable. At the same time S&P affirmed
its 'B+' corporate credit rating and the other ratings on the company.
Concurrently, S&P assigned a 'B-' rating to the company's recent US$105
million 9% senior notes due 2014, which are an add-on to the company's
existing US$600 million 9% senior notes due 2014.
APIS HEALTHCARE: Claims Registration Period Ends Nov. 23
--------------------------------------------------------
Creditors of APIS HealthCare GmbH have until Nov. 23 to register their
claims with court-appointed insolvency manager Florian Stapper.
Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on Dec. 19, at which time the insolvency manager
will present his first report on the insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Leipzig
Hall 030
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:
Dr. Florian Stapper
Karl-Heine-Strasse 16
04229 Leipzig
Germany
Tel: 0341/984110
Fax: 0341/9841111
E-mail: leipzig@stapper-korn.de
The District Court of Leipzig opened bankruptcy proceedings against APIS
HealthCare GmbH on Oct. 8. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
APIS HealthCare GmbH
Fuggerstrasse 1B
04158 Leipzig
Germany
BAUUNTERNEHMUNG HUESCHELRATH: Claims Registration Ends Nov. 10
--------------------------------------------------------------
Creditors of Bauunternehmung Hueschelrath GmbH have until
Nov. 10 to register their claims with court-appointed
insolvency manager Dr. Joerg Nerlich.
The insolvency manager can be reached at:
Dr. Joerg Nerlich
Louise-Dumont-Str. 25
40211 Duesseldorf
Germany
Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on Nov. 28, at which time the insolvency manager will
present his first report on the insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Duesseldorf
Meeting Hall A 341
Fourth Floor
Muehlenstrasse 34
40213 Duesseldorf
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 District Court of Duesseldorf opened bankruptcy proceedings against
Bauunternehmung Hueschelrath GmbH on Oct. 10. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Bauunternehmung Hueschelrath GmbH
Attn: Andreas Weber, Manager
Parkstrasse 2
40764 Langenfeld
Germany
DELTA RESEARCH: Claims Registration Period Ends Nov. 15
-------------------------------------------------------
Creditors of Delta Research Gmbh have until Nov. 15 to register their
claims with court-appointed insolvency manager Ulrike Hoge-Peters
-Kanzlei.
The insolvency manager can be reached at:
Ulrike Hoge-Peters -Kanzlei
Cronstettenstr. 30
60322 Frankfurt am Main
Germany
Tel: 069/9591100
Fax: 069/95911012
Creditors and other interested parties are encouraged to attend the
meeting at 8:55 a.m. on Dec. 6, 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 Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse
63065 Offenbach am Main
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 District Court of Offenbach am Main opened bankruptcy proceedings
against Delta Research Gmbh on Oct. 9. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
DELTA RESEARCH GMBH
Voltastrasse 10
63225 Langen
Germany
FOTEC INDUSTRIEFORSCHUNG: Claims Registration Ends Nov. 14
----------------------------------------------------------
Creditors of FOTEC Industrieforschung & Entwicklungs GmbH have until Nov.
14 to register their claims with court-appointed insolvency manager
Carsten Morgenstern.
The insolvency manager can be reached at:
Carsten Morgenstern
Michaelstrasse 71
09116 Chemnitz
Germany
Tel: (0371) 381770T
Fax: (0371) 3817730
E-Mail: chemnitz@hww-kanzlei.de
Creditors and other interested parties are encouraged to attend the
meeting at 10:15 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 Chemnitz
Hall 24
Fuerstenstrasse 21-23
09130 Chemnitz
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 District Court of Chemnitz opened bankruptcy proceedings against FOTEC
Industrieforschung & Entwicklungs GmbH on Oct. 11. Consequently, all
pending proceedings against the company have been automatically stayed.
The Debtor can be reached at:
FOTEC Industrieforschung & Entwicklungs GmbH
Attn: Helga Scheibner, Manager
Neefestrasse 80 a
09119 Chemnitz
Germany
GAS- UND OELBRENNER: Claims Registration Period Ends Nov. 22
------------------------------------------------------------
Creditors of GASOE Gas- und Oelbrenner-Service Vertriebs- und Service GmbH
have until Nov. 22 to register their claims with court-appointed
insolvency manager Sabine Aldermann.
The insolvency manager can be reached at:
Dr. Sabine Aldermann
Landgrafenstr. 2 a
44139 Dortmund
Germany
Creditors and other interested parties are encouraged to attend the
meeting at 10:15 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 Dortmund
Hall 3.201
Second Floor
Gerichtsplatz 1
44135 Dortmund
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 District Court of Dortmund opened bankruptcy proceedings against GASOE
Gas- und Oelbrenner-Service Vertriebs- und Service GmbH on Oct. 2.
Consequently, all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
GASOE Gas- und Oelbrenner-Service Vertriebs- und
Service GmbH
Fasanenweg 14
59368 Werne
Germany
PWZ FASSADENA: Claims Registration Period Ends Nov. 20
------------------------------------------------------
Creditors of PWZ Fassaden und Raumgestaltung GmbH have until Nov. 20 to
register their claims with court-appointed insolvency manager Herbert
Feigl.
The insolvency manager can be reached at:
Herbert Feigl
Hansering 1
D 06108 Halle
Germany
Tel: 0345/212220
Fax: 0345/2122222
Creditors and other interested parties are encouraged to attend the
meeting at 11:20 a.m. on Dec. 18, 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 Halle-Saalkreis
Hall 1.043
Judicial Center
Thueringer Str. 16
06112 Halle
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 District Court of Halle-Saalkreis opened bankruptcy proceedings
against PWZ Fassaden und Raumgestaltung GmbH on
Oct. 4. Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
PWZ Fassaden und Raumgestaltung GmbH
Birkenweg 8
06295 Rothenschirmbach
Germany
RM VERMOEGENSVERWALTUNGS: Claims Registration Ends Nov. 11
----------------------------------------------------------
Creditors of RM Vermoegensverwaltungs-GmbH & Co. KG have until Nov. 11 to
register their claims with court-appointed insolvency manager Frank
Hanselmann.
The insolvency manager can be reached at:
Frank Hanselmann
Berliner Platz 6
97080 Wuerzburg
Germany
Tel: 0931/359 800
Creditors and other interested parties are encouraged to attend the
meeting at 9:00 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 Wuerzburg
Room 14
Second Floor
Justiznebenstelle Tiepolostr. 6
Wuerzburg
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 District Court of Wuerzburg opened bankruptcy proceedings against RM
Vermoegensverwaltungs-GmbH & Co. KG on Oct. 8. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
RM Vermoegensverwaltungs-GmbH & Co. KG
Kurgarten 5
97688 Bad Kissingen
Germany
Attn: Valentin Goderbauer, Manager
Fuerstentreppe 169
84034 Landshut
Germany
TREND-TEPPICH-GALERIE GMBH: Claims Period Ends Nov. 12
------------------------------------------------------
Creditors of Trend-Teppich-Galerie GmbH have until Nov. 12 to register
their claims with court-appointed insolvency manager Dr. Joerg Nerlich.
The insolvency manager can be reached at:
Dr. Joerg Nerlich
Friedrich-Ebert-Str. 17
42103 Wuppertal
Germany
Tel: 0202/40 86 150
Fax: 0202/40 86 159
Creditors and other interested parties are encouraged to attend the
meeting at 9:20 a.m. on Dec. 3, 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 Wuppertal
Meeting Room A234
Second Floor
Isle 2
42103 Wuppertal
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 District Court of Wuppertal opened bankruptcy proceedings against
Trend-Teppich-Galerie GmbH on Oct. 11. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Trend-Teppich-Galerie GmbH
Attn: Dietmar Heinz Siebert
Rembrandtweg 48
46539 Dinslaken
Germany
===================
K A Z A K H S T A N
===================
APH ADVERTISING: Claim Filing Period Ends Dec. 4
------------------------------------------------
LLP Aph Advertising has declared insolvency. Creditors have until Dec. 4
to submit written proofs of claim to:
LLP Aph Advertising
Seyfullin ave. 510-109
Almaty
Kazakhstan
BARAK LLP: Creditors Must File Claims by Dec. 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Barak insolvent.
Creditors have until Dec. 1 to submit written proofs of claim to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Frunze Str. 52-52
Zyryanovsk
East Kazakhstan
Kazakhstan
Tel: 8 (7235) 6-03-83
8 (7235) 4-01-07
COMPANY BAK-ER: Claims Filing Period Ends Dec. 1
------------------------------------------------
The Tax Committee of Almaty has ordered the compulsory liquidation of LLP
Company Bak-Er (RNN 091700000821).
Creditors have until Dec. 1 to submit written proofs of claim to:
The Tax Committee of Almaty
Room 208
Jangusurov Str. 113a
Taldykorgan
Almaty
Kazakhstan
Tel: 8 (3282) 24-19-77
FEREX LLP: Creditors Must File Claims by Dec. 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda declared LLP
Ferex insolvent on Sept. 11.
Creditors have until Dec. 4 to submit written proofs of claim to:
The Specialized Inter-Regional
Economic Court of Karaganda
Jambyl Str. 9
Karaganda
Kazakhstan
GASBYTSERVICE LLP: Claims Registration Ends Dec. 1
--------------------------------------------------
The Tax Committee of Almaty region has ordered the compulsory liquidation
of LLP Gasbytservice (RNN 090500029663).
Creditors have until Dec. 1 to submit written proofs of claim to:
The Tax Committee of Almaty
Room 208
Jangusurov Str. 113a
Taldykorgan
Almaty
Kazakhstan
Tel: 8 (3282) 24-19-77
JUPAR & K: Claim Filing Period Ends Dec. 4
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared LLP Jupar
& K insolvent on Aug. 14.
Creditors have until Dec. 4 to submit written proofs of claim to:
The Specialized Inter-Regional
Economic Court of Almaty
Micro District Samal, 15-29
Taldykorgan
Almaty
Kazakhstan
Tel: 8 (3282) 25-43-90
KAZGU JSC: Creditors Must File Claims by Dec. 4
-----------------------------------------------
LLP Zapadno-Kazakhstansky Gumanitarno-Uridichesky Colledge - JSC Kazgu has
declared insolvency. Creditors have until Dec. 4 to submit written proofs
of claim to:
LLP Zapadno-Kazakhstansky Gumanitarno-
Uridichesky Colledge - JSC Kazgu
Turgenev Str. 72
Aktobe
Aktube
Kazakhstan
Tel: 8 (7132) 56-79-51
MONTESSORI SYSTEM: Claims Filing Period Ends Dec. 4
---------------------------------------------------
LLP Montessori System has declared insolvency. Creditors have until Dec.
4 to submit written proofs of claim to:
LLP Montessori System
Makatayev Str. 130-36
Almaty
Kazakhstan
Tel: 8 (3272) 79-66-59
PETRO PLAST: Creditors' Claims Due by Dec. 4
--------------------------------------------
LLP Petro Plast has declared insolvency. Creditors have until Dec. 4 to
submit written proofs of claim to:
LLP Petro Plast
Gasheka Str. 26
Petropavlovsk
North Kazakhstan
Kazakhstan
TWINS ENGINEERING: Claims Registration Ends Dec. 4
--------------------------------------------------
LLP Twins Engineering has declared insolvency. Creditors have until Dec.
4 to submit written proofs of claim to:
LLP Twins Engineering
Office 830
Dostyk ave. 105
Almaty
Kazakhstan
===================
K Y R G Y Z S T A N
===================
KERBENPHARM JSC: Creditors Must File Claims by November 2
---------------------------------------------------------
JSC Kerbenpharm has declared insolvency. Creditors have until Nov. 2 to
submit written proofs of claim to:
JSC Kerbenpharm
Umetaliyev Str. 148
Kerben
Aksyisky District
Djalal-Abad Region
Kyrgyzstan
===================
L U X E M B O U R G
===================
AGILENT TECH: Moody's Rates Proposed US$500 Million Notes at Ba1
----------------------------------------------------------------
Moody's Investors Service assigned a Ba1 rating to Agilent Technologies,
Inc.'s proposed offering of US$500 million senior notes due 2017 and
affirmed its existing ratings and stable outlook. The new issue proceeds
will be used to fund the remaining purchases under Agilent's accelerated
stock buyback program and replenish cash balances. For the nine months
ended July 31, 2007, Agilent purchased US$1.3 billion worth of common
shares, made cash acquisitions totaling US$311 million and maintained
roughly US$1.49 billion of unrestricted cash, down from US$2.05 billion at
April 30, 2007.
Moody's noted that at the current rating category, Agilent has capacity to
incur additional debt supported by higher EBITDA levels. Pro forma for
this transaction, debt/LTM EBITDA is 1.1x (Moody's adjusted) excluding the
US$1.5 billion enhanced note obligation or 2.5x (Moody's adjusted)
including the enhanced note obligation.
The rating for the senior notes is the same as the Ba1 corporate family
rating, which reflects the company's repositioning and transition to a
business model that has the propensity to deliver enhanced operating
margins and consistently higher levels of positive free cash flow compared
to prior periods and its peers. Agilent has adopted an outsourced
manufacturing model and reduced infrastructure costs by 35% to better
align its workforce and operating facilities with a smaller revenue base
after the disposition of its Semiconductor Products Group in 2005 and
Semiconductor Test assets in early 2006.
The rating also considers the company's more focused business strategy in
less volatile business segments affording increased growth opportunities
in Agilent's core electronic and bio-analytical test and measurement
businesses. Additionally, the rating takes into account recent R&D and
investment efforts that were refocused to align Agilent's business with
new market opportunities to capture market share and deliver above-average
revenue growth.
The Ba1 rating is constrained by the: (i) smaller revenue base and
historic growth rates at or below the industry average; (ii) historic
single-digit operating margins (albeit improved to 10.5% as of the recent
twelve month period), with limited opportunities for further cost savings
(iii) brief track record demonstrating sustained above-average revenue
growth and consistent operating performance relative to peers following
the repositioning; (iv) potential for a sizeable acquisition or other
leveraging event that could increase debt levels and/or reduce liquidity;
and (v) financial policies that are viewed to be more shareholder
friendly.
Moody's cited the rating also captures recent competitor actions that
include Danaher's US$2.8 billion acquisition of Tektronix, a supplier of
electronic test and measurement equipment and chief rival of Agilent.
Potential risks to Agilent include Danaher's increased scale in its
Electronic Test division, Tektronix's access to greater R&D resources,
Danaher's expected implementation of cost and manufacturing improvements
at Tektronix and Danaher's likely strategy to leverage Tektronix's Asian
presence as a platform for growing its instrumentation business which
could lead to heightened competition in Asia (Asia accounts for 40% of
Agilent's sales). Moody's will monitor these developments closely.
The stable outlook reflects Agilent's positive operating trends tempered
by the implementation of its US$2 billion share repurchase program over a
twelve-month period instead of the previously expected 24-month timeframe.
The accelerated stock repurchase will significantly exceed the level of
free cash flow (after acquisitions) that Moody's expects the company to
generate in fiscal 2007. Moody's views this as a return to a more
aggressive use of Agilent's considerable balance sheet liquidity,
requiring the need for higher debt levels in the permanent capital
structure, which somewhat limits financial flexibility at the Ba1 level.
The stable outlook also recognizes Agilent's more stable operating
profile, refocused business strategy in less volatile business segments,
diversification across its core test and measurement markets (which
experienced improved revenue growth of 7% in the recent quarter) and
propensity for predictable free cash flow compared to prior years.
Upward ratings pressure could occur if Agilent continues to demonstrate
solid organic revenue growth and operating margin improvement over the
next several quarters driven by sustainable above-average growth in the
electronic measurement segment as well as evidence of financial policies
that better align shareholder and creditor interests.
The company's SGL-1 rating reflects very good liquidity and financial
flexibility. This is driven by Agilent's
US$1.49 billion of unrestricted cash, Moody's expectations for free cash
flow generation (after acquisitions) of at least
US$300 million in fiscal 2007 and US$320 million in fiscal 2008, plus full
access to a US$300 million revolver. Agilent remains in compliance with
its new unrated 5-year senior unsecured credit facility with substantial
cushion under both the interest coverage and financial leverage
maintenance covenants.
The rating for the senior notes reflect both the overall probability of
default of the company, to which Moody's previously assigned a PDR of Ba1
and a loss given default of LGD-4 for the senior notes. The Ba1 rating of
the senior notes reflects their senior position in Agilent's capital
structure.
Agilent Technologies Inc., the issuer of the notes, is not a parent
holding company, but rather an operating entity with hard assets,
inventory and payables. As per the note offering prospectus, the notes
are structurally subordinated to the liabilities and payables at Agilent's
operating subsidiaries, and are ranked as such in Moody's LGD waterfall.
Although the notes do not benefit from upstream guarantees, because they
are located at a first-tier operating entity, in a bankruptcy scenario
they would share the same collateral pool (on a junior basis) as the trade
creditors and lenders residing at the operating subsidiaries.
In accordance with guidance for Moody's LGD framework, Agilent's
subsidiary's US$1.5 billion floating rate enhanced note obligation
residing in the bankruptcy remote vehicle was excluded from the LGD
waterfall. However, Moody's notes that senior noteholders are
structurally subordinated to the bankruptcy remote entity's noteholders
given that trust creditors have a first priority claim on assets and cash
flows of certain foreign operating subsidiaries that represent a
substantial portion of Agilent's cash flows.
This new rating/assessment was assigned:
-- US$500 million Senior Unsecured Notes due 2017 -- Ba1
(LGD-4, 52%)
These ratings were affirmed:
-- Corporate Family Rating -- Ba1
-- Probability of Default Rating -- Ba1
-- Speculative Grade Liquidity -- SGL-1
Headquartered in Santa Clara, California, Agilent Technologies, Inc. is a
leading measurement technology company serving the communications,
electronics, life sciences and chemical analysis industries. Net revenues
for the twelve months ended July 31, 2007 were US$4.7 billion.
The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.
EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
---------------------------------------------------------------
Evraz Group S.A., in August 2005, acquired a 75% plus one share interest
in Italian steel plate producer Palini e Bertoli. Evraz recently executed
a call option in respect of the remaining 25% less one share. Evraz paid
approximately EUR76 million for the stake. As a result, Evraz now owns
100% of Palini e Bertoli.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products. In addition, the Company owns and operates
certain mining assets. Its steel production and mining
facilities are mainly located in the Russian Federation. It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.
At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'. Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'. The Outlooks on the Long-term IDRs are
Stable.
Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.
Moody's also assigned these ratings:
* Issuer: Evraz Group S.A.
Projected
Old Debt New Debt LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
8.25% Senior Unsecured
Regular Bond/
Debenture Due 2015 B2 B2 LGD5 88%
* Issuer: Evraz Securities S.A.
Old Debt New Debt LGD Loss Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
10.875% Senior Unsecured
Regular Bond/
Debenture Due 2009 B1 Ba3 LGD3 47%
In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.
Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.
===========
R U S S I A
===========
BIKINSKAYA OJSC: Court Starts Bankruptcy Supervision
----------------------------------------------------
The Arbitration Court of Khabarovsk commenced bankruptcy supervision
procedure on OJSC Knitting Factory Bikinskaya. The Court appointed T.P.
Nenasheva as Interim manager.
The case is docketed under Case No. ?73-3185/2007-9.
Creditors have to submit their proofs of claims at:
T.P. Nenasheva
DOS 44-75
Bol'shoy Airdrome
680000 Khabarovsk
Russia
The Debtor can be reached at:
OJSC Knitting Factory Bikinskaya
Obedinenia Str. 3
Novosibirsk
Russia
EGORYEVSKIJ MILK: Bankruptcy Hearing Slated for Feb. 6, 2008
------------------------------------------------------------
The Arbitration Court of Altai krai will convene on Feb. 6, 2008, to hear
the bankruptcy supervision procedure on Egoryevskij Milk Plant LLC. The
case is docketed under Case No. ??3-7522/07-?.
The Interim manager is:
A.V. Schedurskij
P.O. Box 934
656050 Barnaul
Russia
The debtor can be reached at:
Egoryevskij Milk Plant LLC
Sadovyi Per. 1
Novoegoryevskoye Settlement
Altai krai
Russia
EVRAZ GROUP: Owns All of Palini e Bertoli After Option Exercise
---------------------------------------------------------------
Evraz Group S.A., in August 2005, acquired a 75% plus one share interest
in Italian steel plate producer Palini e Bertoli. Evraz recently executed
a call option in respect of the remaining 25% less one share. Evraz paid
approximately EUR76 million for the stake. As a result, Evraz now owns
100% of Palini e Bertoli.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products. In addition, the Company owns and operates
certain mining assets. Its steel production and mining
facilities are mainly located in the Russian Federation. It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
As reported in the TCR-Europe on July 23, 2007, Fitch Ratings
affirmed Evraz Group S.A.'s Long-term Issuer Default and senior
unsecured ratings at 'BB' and its Short-term IDR at 'B'.
At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., a 100%-owned subsidiary of Evraz that controls the group's
Russia-based assets, at Long-term IDR 'BB' and Short- term IDR
'B'. Evraz Securities S.A.'s senior unsecured rating is
affirmed at 'BB'. The Outlooks on the Long-term IDRs are
Stable.
Evraz Group also carries a Ba3 Corporate Family Rating for Evraz
Group S.A. and a Ba3 Probability-of-Default Rating from Moody's
Investor Service.
Moody's also assigned these ratings:
* Issuer: Evraz Group S.A.
Projected
Old Debt New Debt LGD Loss-Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
8.25% Senior Unsecured
Regular Bond/
Debenture Due 2015 B2 B2 LGD5 88%
* Issuer: Evraz Securities S.A.
Old Debt New Debt LGD Loss Given
Debt Issue Rating Rating Rating Default
---------- ------- ------- ------ -------
10.875% Senior Unsecured
Regular Bond/
Debenture Due 2009 B1 Ba3 LGD3 47%
In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.
Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.
KRASNOUFIMSKIJ ELEVATOR: Asset Sale Slated for November 15
----------------------------------------------------------
The competitive proceedings manager of OJSC Krasnoufimskij Elevator will
open a public auction for the company's properties at 3:00 p.m. on Nov. 15
at:
OJSC Krasnoufimskij Elevator
Office 513
8th March Str. 12?
Ekaterinburg
Russia
The company has set a RUR7,742,839 starting price for the auctioned assets.
Interested participants have until Nov. 5 to deposit an amount equivalent
to 10% of the starting price to the settlement account of Krasnoufimskij
Elevator OJSC.
Bidding documents must be submitted to:
OJSC Krasnoufimskij Elevator
Office 513
8th March Str. 12?
Ekaterinburg
Russia
Any information related to the auction can be obtained at
Tel: 356-55-96.
NEFTEKUMSKIJ BREWERY: Creditors Must File Claims by Dec. 13
-----------------------------------------------------------
Creditors of Neftekumskij Brewery LLC have until Dec. 13 to submit proofs
of claim at:
Office 4
Lermontova Str. 343
Stavropol
Russia
Tel: (8652) 37-16-93
The Arbitration Court of Stavropol commenced competitive proceedings
against the company after finding it insolvent. The case is docketed
under Case No. A63-2042/07-C5.
The competitive proceedings manager is:
N.I. Zhuravlev
P.O. Box 32
420049 Kazan
Russia
The Court is located at:
The Arbitration Court of Stavropol
Mira Str. 4586
Stavropol
Russia
OMSKTRANSSTROY CJSC: Creditors Must File Claims by Dec. 13
----------------------------------------------------------
Creditors of CJSC OmskTransStroy have until Dec. 13 to submit proofs of
claim at:
S.A. Vinnik
P.O. Box 2699
644099 Omsk
Russia
The Arbitration Court of Omsk commenced streamlined competitive
proceedings against the company after finding it insolvent. The Court
appointed S.A. Vinnik as competitive proceedings manager. The case is
docketed under Case No. ?46-1515/2007.
The debtor can be reached at:
OmskTransStroy CJSC
Rostovka Village
Omskij Raion
Omsk
Russia
RYMNIKSKOYE CJSC: Asset Sale Slated for November 26
---------------------------------------------------
V.G. Tatarnikov, bidding organizer for CJSC Rymnikskoye will set a
repeated auction for the company's properties at 9:00 a.m. on Nov. 26 at:
Rymnikskoye CJSC
Yubileynaya Str. 1
Rymnikskoye Settlement
Brelinskij Raion
457654 Chelyabinsk
Russia
The starting prices for the auctioned assets are:
-- Lot 1: RUR2,195,000; and
-- Lot 2: RUR3,000,000
Interested participants have until Nov. 25 to submit their bidding
documents to:
V.G. Tatarnikov
Yubileynaya Str. 1
Rymnikskoye Settlement
Brelinskij Raion
457654 Chelyabinsk
Russia
Any information related to the auction can be obtained at:
V.G. Tatarnikov
Yubileynaya Str. 1
Rymnikskoye Settlement
Bredinskij Raion
57654 Chelyabinsk
Russia
Tel: 8 (351) 794-83-29
SOUTH-URAL ELECTROTECHNIC: Creditors Must File Claims by Nov. 13
----------------------------------------------------------------
Creditors of CJSC South-Ural Electrotechnic Company have until Nov. 13 to
submit proofs of claim at:
Office 402
Stepana Razina Str. 3
454005 Chelyabinsk
Russia
The Arbitration court of Chelyabinsk will convene at 10:00 a.m. on Feb.
21, 2008 to hear the company's bankruptcy supervision procedure. The
Court appointed S.B. Cherepanov as interim manager. The case is docketed
under Case No. ?76-8287/2007-52-54.
The Court is located at:
The Arbitration Court of Chelyabinsk
Vorovskogo Str. 2
454091 Chelyabinsk
Russia
The Debtor can be reached at:
South-Ural Electrotechnic Company CJSC
2nd Western Proezd 4
Chelyabinsk
Russia
SOVKHOZ KUVAK-NIKOLSKIJ: Asset Sale Slated for November 12
----------------------------------------------------------
V. V. Budnevskij, the competitive proceedings manager of Sovkhoz
Kuvak-Nikolskij SUE will open a public auction for the company's
properties on Nov. 12 at:
Kuibysheva Str. 20
Penza
Russia
The company has set a RUR8,552,000 starting price for the auctioned
assets. Deposit required is 10% of the starting price.
Interested participants have until Nov. 10 to submit their bidding
documents to:
V. V. Budnevskij
Kuibysheva Str. 20
Penza
Russia
Any information related to the auction can be obtained at
Tel: (8412) 34-36-14.
WOOD-WORKING INTEGRATED: Creditors Must File Claims by Dec. 13
--------------------------------------------------------------
Creditors of Wood-Working Integrated Plant of the Ministry of Defence of
the Russian Federation FSUE have until Dec. 13 to submit their proofs of
claim at:
A.V. Arendarchuk
P.O. Box 113
183012 Murmansk
Russia
Tel/Fax: (8 8152) 47-71-20
The Arbitration Court of Omsk commenced streamlined competitive
proceedings against the company after finding it insolvent. The Court
appointed A.V. Arendarchuk as competitive proceedings manager. The case
is docketed under Case No. ?42-195/2007.
The Debtor can be reached at:
Wood-Working Integrated Plant of the Ministry of
Defence of the Russian Federation FSUE
Poznyakova Str. 4
Murmansk
Russia
=========
S P A I N
=========
TDA IBERCAJA 1: S&P Lifts Class D Notes' Rating to BB+
------------------------------------------------------
Standard & Poor's Ratings Services has raised its credit ratings on the
class B, C, and D notes issued by TDA Ibercaja 1 Fondo de Titulizacion de
Activos. At the same time, the rating on
the class A notes was affirmed.
S&P also removed the ratings from CreditWatch. The class B, C, and D
notes were placed on CreditWatch positive on Aug. 1, 2007.
The rating actions follow a loan-level and cash flow analysis of the
transaction that showed an increase in credit enhancement as a result of
the amortization of the portfolio and good transactional performance.
As a result of the ongoing de-leveraging of the transaction, the aggregate
risk measures are gradually improving. The weighted-average LTV ratio of
the collateral has fallen since closing, and currently its performance is
good. Delinquencies are below the average values recorded in the Spanish
market.
The transaction is structured so that the class B, C, and D notes benefit
from pro rata amortization under certain conditions.
The cash reserve is currently at its required level. If certain conditions
are met, the cash reserve can step down to 0.7% of the initial balance of
the notes.
The structure traps excess spread over the life of the transaction to
cover the outstanding balance of defaulted mortgages. As a result of this
structural provision, the outstanding amount of the rated notes is lower
than the amount
of the residual portfolio.
TDA Ibercaja 1 closed in October 2003. The notes were initially backed by
a EUR600 million portfolio of first-ranking residential mortgage loans.
The originator and servicer of this transaction is Caja de Ahorros y Monte
de Piedad de Zaragoza, Aragon y Rioja, a savings bank in Zaragoza in
northeast Spain. IBERCAJA focuses on low-risk residential mortgage
lending to individuals, and this underpins the savings bank's good-quality
asset track
record.
Standard & Poor's has conducted a cash flow analysis, which ran through
several scenarios to test the structure's ability to meet timely payment
of interest and ultimate repayment of principal. The cash flows have been
strong enough to allow the class B, C, and D notes to pass all Standard &
Poor's stresses at the 'A+', 'BBB+', and 'BB+' levels, respectively.
Standard & Poor's will continue to closely monitor the performance of the
transaction to ensure that the ratings on the notes remain consistent with
the credit enhancement available.
Ratings List
TDA Ibercaja 1 Fondo de Titulizacion de Activos
EUR600 Million Mortgage-Backed Floating-Rate Notes
Ratings Removed From CreditWatch With Positive
Implications And Raised
Class Rating: To From
----- ----------------------------------
B A+ A/Watch Pos
C BBB+ BBB/Watch Pos
D BB+ BB/Watch Pos
Rating Affirmed
Class Rating
----- ------
A AAA
=====================
S W I T Z E R L A N D
=====================
AMSLER + PARTNER: Creditors' Liquidation Claims Due by Nov. 30
--------------------------------------------------------------
Creditors of LLC Amsler + Partner have until Nov. 30 to submit their
claims to:
Michel Philippart
Liquidator
Neumattweg 18
5315 Bottstein
Zurzach AG
Switzerland
The Debtor can be reached at:
LLC Amsler + Partner
Gipf-Oberfrick
Laufenburg AG
Switzerland
CRYSTALCUBE LLC: Creditors' Liquidation Claims Due by Dec. 17
-------------------------------------------------------------
Creditors of LLC Crystalcube have until Dec. 17 to submit their claims to:
Ulrich R. Hahnloser
Liquidator
Bergstrasse 26
8044 Zurich
Switzerland
The Debtor can be reached at:
LLC Crystalcube
Zurich
Switzerland
ECONSULTING JSC: Bankruptcy Proceedings Ongoing in Zug
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
eConsulting 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 eConsulting
6300 Zug
Switzerland
HERCULES INC: Earns US$42.4 Million Third Quarter Ended Sept. 30
----------------------------------------------------------------
Hercules Incorporated reported net income for the quarter ended Sept. 30,
2007 of US$42.4 million as compared to net income of
US$34.2 million for the third quarter of 2006.
Net income from ongoing operations for the third quarter of 2007 was
US$53.4 million, an increase of 28% per diluted share as compared to net
income from ongoing operations of US$40.9 million in the third quarter of
2006.
During the quarter, the company purchased about 1.15 million shares of
common stock for a cost of about US$22.8 million pursuant to its
previously announced US$200 million share repurchase authorization.
Net sales in the third quarter of 2007 were US$544.2 million, an increase
of 6% from the same period last year.
Reported profit from operations in the third quarter of 2007 was US$72.9
million, an increase of 1% compared with the same period in 2006. Profit
from ongoing operations in the third quarter of 2007 was US$84.2 million,
an increase of 10% compared with US$76.4 million in the third quarter of
2006.
Interest and debt expense was US$17 million in the third quarter of 2007,
up US$0.3 million compared with the third quarter of 2006.
Net debt, total debt less cash and cash equivalents, was
US$669 million at Sept. 30, 2007, a decrease of US$154.7 million from
year-end 2006.
Capital spending was US$24 million in the third quarter and
US$77.8 million year to date. This compares to US$26.3 million and
US$49.2 million in the third quarter and year to date periods last year,
respectively.
Nine Month-Result Highlights
Net income for the nine months ended Sept. 30, 2007 was
US$150.4 million as compared to a net loss of US$3.4 million for the same
period in 2006.
Net income from ongoing operations for the nine months ended Sept. 30,
2007 was US$134.9 million, an increase of 27% per diluted share versus the
same period in 2006.
Cash flow from operations for the nine months ended Sept. 30, 2007 was
US$247.5 million, an increase of US$140.5 million as compared to the same
period last year.
The company has now received US$223.2 million of tax refunds during the
year and expects to receive an additional US$21.2 million in the first
half of 2008.
Net sales for the nine months ended Sept. 30, 2007 were
US$1.596 billion, an increase of 8% as compared to the same period in
2006, excluding the impact of the FiberVisions transaction.
Interest expense for the nine months ended Sept. 30, 2007 was
US$52 million, a decrease of US$2.1 million from the same period of last
year.
As of Sept. 30, 2007, the company reported total assets of
US$2.7 billion, total liabilities of US$2.3 billion, and total
stockholders' equity of US$458.4 billion.
Full-text copies of the company's financials are available for free at
http://ResearchArchives.com/t/s?2485
Outlook
"We continue to demonstrate solid growth in revenues, earnings per share
and cash flow," commented Craig A. Rogerson, president and chief executive
officer. "Our priority is to continue to invest in high return
opportunities supporting our two global franchises. We also began
returning excess cash flow to our shareholders by reinstituting a common
stock dividend and through share repurchases."
About Hercules Inc
Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE:HPC)
-- http://www.herc.com/-- manufactures and markets chemical
specialties globally for making a variety of products for home,
office and industrial markets. The company has its regional
headquarters in China and Switzerland, and a production facility in Brazil.
* * *
In September 2006, Moody's placed the company's long-term corporate family
rating, senior unsecured debt rating and probability of default rating at
Ba2, senior subordinate rating at Ba3, and junior subordinate debt rating
at B1. These ratings still hold to date. The outlook is positive.
Standard & Poor's placed the company's long-term foreign and local issuer
credits at BB which still hold to date. The outlook is positive.
I.J. EUROPA: Creditors' Liquidation Claims Due by Nov. 14
---------------------------------------------------------
Creditors of LLC I.J. Europa have until Nov. 14 to submit their claims to:
Isak Krista
Liquidator
St. Annastrasse 1
6030 Ebikon LU
Switzerland
The Debtor can be reached at:
LLC I.J. Europa
Ebikon LU
Switzerland
LEWIS CONSULTING: Creditors' Liquidation Claims Due by Nov. 9
-------------------------------------------------------------
Creditors of LLC Lewis Consulting have until Nov. 9 to submit their claims
to:
Eggstrasse 36c
8102 Oberengstringen
Dietikon ZH
Switzerland
The Debtor can be reached at:
LLC Lewis Consulting
Oberengstringen
Dietikon ZH
Switzerland
MARKUS EGLI: Luzern-Land Court Closes Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Service of Luzern-Land in Luzern closed the bankruptcy
proceedings of JSC Markus Egli on Sept. 14.
The Bankruptcy Service of Luzern-Land can be reached at:
Bankruptcy Service of Luzern-Land
6011 Kriens LU
Switzerland
The Debtor can be reached at:
JSC Markus Egli
Hauptstrasse 30
6033 Buchrain LU
Switzerland
ORAL CREATIVE: Bankruptcy Proceedings Ongoing in Zug
----------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
Oral Creative on Aug. 7.
The Bankruptcy Service of Zug can be reached at:
Bankruptcy Service of Zug
6300 Zug
Switzerland
The Debtor can be reached at:
JSC Oral Creative
Hinterbergstrasse 26
6312 Steinhausen ZG
Switzerland
RIEIRO LLC: Creditors' Liquidation Claims Due by November 10
------------------------------------------------------------
Creditors of LLC Rieiro have until Nov. 10 to submit their claims to:
Francisco Otero-Varela
Hauptstrasse 34
3250 Lyss
Aarberg BE
Switzerland
The Debtor can be reached at:
LLC Rieiro
Lyss
Aarberg BE
Switzerland
TOMISS JSC: Creditors' Liquidation Claims Due by December 27
------------------------------------------------------------
Creditors of JSC Tomiss have until Dec. 27 to submit their claims to:
JSC Rekonta Revisions
Bahnhofstrasse 21
6300 Zug
Switzerland
The Debtor can be reached at:
JSC Tomiss
Horgen ZH
Switzerland
TOPCAP MARKETING: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Zug closed the bankruptcy proceedings of JSC
TopCap Marketing on Sept. 21.
The Bankruptcy Service of Zug can be reached at:
Bankruptcy Service of Zug
6300 Zug
Switzerland
The Debtor can be reached at:
JSC TopCap Marketing
Blegistrasse 1
6343 Rotkreuz ZG
Switzerland
=============
U K R A I N E
=============
AGROMAR LLC: Proofs of Claim Deadline Set for October 30
--------------------------------------------------------
Creditors of LLC Agromar (code EDRPOU 31422205) have until
Oct. 30 to submit written proofs of claim to:
The Economic Court of Rovno
Yavornitskiy Str. 59
33001 Rovno
Ukraine
The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 8/43.
The Debtor can be reached at:
LLC Agromar
Obiyezdnaya str.
Mlinov
33001 Rovno
Ukraine
ASTRA-COM LLC: Proofs of Claim Deadline Set for October 31
----------------------------------------------------------
Creditors of LLC Astra-Com (code EDRPOU 31280184) have until Oct. 31 to
submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 15/233-b.
The Debtor can be reached at:
LLC Astra-Com
Gnat Jury Str. 9, ap. 414
03148 Kiev
Ukraine
ECO-JEANS Proofs of Claim Deadline Set for October 30
-----------------------------------------------------
Creditors of LLC Eco-Jeans (code EDRPOU 32438755) have until Oct. 30 to
submit written proofs of claim to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as B-39/53-07.
The Debtor can be reached at:
LLC Eco-Jeans
Lenin Avenue 32, ap. 5
61166 Kharkov
Ukraine
GEO-ST LLC: Proofs of Claim Deadline Set for October 31
--------------------------------------------------------
Creditors of LLC Geo-ST (code EDRPOU 23714433) have until
Oct. 31 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 15/156-b.
The Debtor can be reached at:
LLC Geo-ST
Druzhkovskaya Str. 6
03113 Kiev
Ukraine
INDUSTRIALBANK: Fitch Affirms IDR at B-; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Ukraine-based Industrialbank's ratings at:
Long-term Issuer Default B-
Short-term IDR B
Individual D/E
Support 5
Support Rating Floor No Floor
The Outlook for the Long-term IDR is Stable.
INB's ratings reflect its small size, narrow customer franchise, high
business concentrations, significant related-party exposures and
potentially vulnerable liquidity. The weak corporate governance and
transparency of the shareholder structure are also negatives for the
credit profile. However, the ratings also take into account reasonable
profitability and levels of loan impairment to date. Capital ratios are
also higher than at most other Ukrainian banks, which is appropriate, in
Fitch's view, in light of the bank's risk profile.
A further significant increase in related party exposures, a marked
reduction in capital ratios (if INB succeeds in meeting growth targets
without generating or receiving new capital), sharp deterioration in asset
quality or substantial liquidity pressure could result in a ratings
downgrade. Franchise expansion resulting in balance sheet and revenue
diversification, reduced related party exposures and increased business
transparency would be positive for INB's credit profile, but upward
pressure on the ratings is not expected in the near-term.
INB operates in Zaporizhzhia, south-east Ukraine, one of the country's key
industrial regions. It is ultimately controlled by several businessmen
who are connected to the local steel plant, Zaporizhstal, which is a
significant domestic producer and major exporter. INB has significant
amounts of funding from, and indirect credit exposure to, Zaporizhstal.
INB remains primarily a corporate bank, but is gradually diversifying its
business and expanding its retail banking operations. The merger with MT
Bank in 2005 significantly broadened the branch network and resulted in
some broadening of the corporate customer base.
LIGA-N LLC: Proofs of Claim Deadline Set for October 31
-------------------------------------------------------
Creditors of LLC Liga-N (code EDRPOU 31813700) have until
Oct. 31 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 15/203-b.
The Debtor can be reached at:
LLC Liga-N
General Naumov Str. 23-B
03164 Kiev
Ukraine
MASTER-BUILDING SERVICE: Claim Filing Deadline Set for Oct. 30
--------------------------------------------------------------
Creditors of LLC Master-Building Service 97 (code EDRPOU 33397563) have
until Oct. 30 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 23/359-b.
The Debtor can be reached at:
LLC Master-Building Service 97
Zabolotny Str. 20-A
03187 Kiev
Ukraine
MEGATRADE-NOVA 2000: Proofs of Claim Deadline Set for Oct. 30
-------------------------------------------------------------
Creditors of LLC Megatrade-Nova 2000 (code EDRPOU 33397537) have until
Oct. 30 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 23/358-b.
The Debtor can be reached at:
LLC Megatrade-Nova 2000
Zabolotny Str. 20-A
03187 Kiev
Ukraine
NOEL-INFO LLC: Proofs of Claim Deadline Set for October 30
----------------------------------------------------------
Creditors of LLC Noel-Info (code EDRPOU 33398389) have until Oct. 30 to
submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 23/360-b.
The Debtor can be reached at:
LLC Noel-Info
Zhukovsky Str. 22A
Vasil
04127 Kiev
Ukraine
ROZHNIATOV AGRICULTURAL: Claim Filing Deadline Set for Oct. 30
--------------------------------------------------------------
Creditors of OJSC Rozhniatov Agricultural Technics (code EDRPOU 03743960)
have until Oct. 30 to submit written proofs of claim to:
The Economic Court of Ivano-Frankovsk
Shevchenko Str. 16a
76000 Ivano-Frankovsk
Ukraine
The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings
against the company after finding it insolvent. The case is docketed as
B-21/90.
The Debtor can be reached at:
OJSC Rozhniatov Agricultural Technics
Vitovsky Str. 52
Rozhniatov
Ivano-Frankovsk
Ukraine
ROVNO BUILDING: Proofs of Claim Deadline Set for Oct. 30
--------------------------------------------------------
Creditors of OJSC Rovno Building Repair Food Industry (code EDRPOU
00388582) have until Oct. 30 to submit written proofs of claim to:
The Economic Court of Rovno
Yavornitskiy Str. 59
33001 Rovno
Ukraine
The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 9/17.
The Debtor can be reached at:
OJSC Rovno Building Repair Food Industry
Alexinskaya Str. 15a
33009 Rovno
Ukraine
ROVNO FLAX: Proofs of Claim Deadline Set for Oct. 30
----------------------------------------------------
Creditors of LLC Rovno Flax Combine (code EDRPOU 30272125) have until Oct.
30 to submit written proofs of claim to:
The Economic Court of Rovno
Yavornitskiy Str. 59
33001 Rovno
Ukraine
The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 8/21.
The Debtor can be reached at:
LLC Rovno Flax Combine
Fabrichnaya Str. 12
33000 Rovno
Ukraine
START TECHNICAL: Proofs of Claim Deadline Set for Oct. 30
---------------------------------------------------------
Creditors of LLC Start Technical Building Supply (code EDRPOU 33692639)
have until Oct. 30 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 23/362-b.
The Debtor can be reached at:
LLC Start Technical Building Supply
Zhylianskaya Str. 24
01033 Kiev
Ukraine
TRACK LUBRICANTS: Proofs of Claim Deadline Set for Oct. 30
----------------------------------------------------------
Creditors of CJSC Track Lubricants (code EDRPOU 23307741) have until Oct.
30 to submit written proofs of claim to:
The Economic Court of Rovno
Yavornitskiy Str. 59
33001 Rovno
Ukraine
The Economic Court of Rovno commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 8/49.
The Debtor can be reached at:
CJSC Track Lubricants
Kurchatov Str. 3
33000 Rovno
Ukraine
UKRAINIAN ENERGY: Proofs of Claim Deadline Set for Oct. 31
----------------------------------------------------------
Creditors of LLC Ukrainian Energy Industry (code EDRPOU 30630559) have
until Oct. 31 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 15/240-b.
The Debtor can be reached at:
LLC Ukrainian Energy Industry
Zodchiye Str. 18-v
03194 Kiev
Ukraine
VESELKA LLC: Proofs of Claim Deadline Set for Oct. 31
-----------------------------------------------------
Creditors of LLC Veselka (code EDRPOU 30487952) have until
Oct. 31 to submit written proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent. The case is docketed as 15/155-b.
The Debtor can be reached at:
LLC Veselka
Family Sosneniye Str. 9
03680 Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BRITISH AIRWAYS: Ends Franchises with GB Airways and Loganair
-------------------------------------------------------------
British Airways plc is to end its franchise agreement with GB Airways from
March 2008 and intends to start services on some of the routes operated
under the franchise.
British Airways plans to start services from Heathrow to Faro and Malaga
and from Gatwick to Faro, Gibraltar, Ibiza, Malaga, Palma and Tunis. The
new services will start from March 30, 2008.
The airline will also end its franchise with Loganair from
Oct. 25, 2008, and begin a codeshare arrangement with the Scottish carrier.
"UK franchises have outlived their purpose. easyJet has made an offer to
buy GB Airways and this has enabled us to end the franchise agreement
early. We had an option to buy GB Airways but we rejected it," British
Airways chief executive Willie Walsh, said. "We have a significant base
at Gatwick and our focus will be on maintaining and developing it as an
integral part of our business."
There will be a transition period until the end of the franchise
agreements. British Airways, GB Airways, easyJet and Loganair are
committed to ensuring a smooth transition for passengers during this
period.
GB Airways will continue to operate as a British Airways' franchise
partner on their existing network to destinations in Europe and North
Africa until March 29, 2008. Loganair will continue to operate as a
franchise partner on Scottish routes until Oct. 25, 2008.
The deal between GB Airways and easyJet is expected to be completed within
eight weeks. During this period flights will operate as normal. On
completion, passengers can accept to be rebooked on easyJet or will be
entitled to a full refund.
The BMED franchise ended Oct. 27, 2007.
Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services. The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Ltd. and British Airways Travel
Shops Ltd. BA has offices in India and Guatemala.
* * *
As reported in the TCR-Europe on Aug. 16, 2007, Moody's
Investors Service upgraded the senior unsecured rating
of British Airways plc to Ba1, one notch lower than the
Corporate Family Rating (upgraded to Baa3, stable outlook),
reflecting the subordination of unsecured debt to a substantial
portion of secured debt.
The debt instruments affected by the rating action are:
-- GBP100 million 10.875% senior unsecured notes due 2008 to
Ba1 from Ba2;
-- GBP250 million 7.25% senior unsecured notes due 2016 to
Ba1 from Ba2;
-- US$115 million 5.25% and US$85 million 7.625% senior
unsecured industrial revenue notes due 2032 to Ba1 from
Ba2;
-- EUR300 million 6.75% perpetual guaranteed preferred
securities to Ba2 from Ba3 issued by British Airways
Finance (Jersey) L.P.
CALMONT WEALD: Calls In Liquidators From Chantrey Vellacott DFK
---------------------------------------------------------------
D. A. Ingram and K.W. Touhey of Chantrey Vellacott DFK LLP were appointed
joint liquidators of Calmont Weald Ltd. on Oct. 9 for the creditors'
voluntary winding-up proceeding.
The joint liquidators can be reached at:
Chantrey Vellacott DFK LLP
16/17 Boundary Road
Hove
East Sussex
BN3 4AN
England
CLOVER GARAGE: Joint Liquidators Take Over Operations
-----------------------------------------------------
Jonathan Newell and Kerry Bailey of PKF (U.K.) LLP were appointed joint
liquidators of Clover Garage Ltd. on Oct. 19 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
PKF (U.K.) LLP
Sovereign House
Queen Street
Manchester
M2 5HR
England
COOPER GREEN: Taps Tenon Recovery to Administer Assets
------------------------------------------------------
Dilip Dattani and Patrick Ellward of Tenon Recovery were appointed joint
administrators of Cooper Green Ltd. (Company Number 03594013) on Oct. 9.
Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and
business advice to owner-managed and private business.
The company can be reached at:
Cooper Green Ltd.
39 Junction Road
Northampton
NN2 7JA
England
Tel: 01604 711 888
Fax: 01604 712 731
DRAINMATE LTD: Brings In Liquidators from Wilkins Kennedy
---------------------------------------------------------
J. A. Kirkpatrick and Keith Aleric Stevens of Wilkins Kennedy were
appointed joint liquidators of Drainmate Ltd. on Oct. 16 for the
creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Wilkins Kennedy
6c Church Street
Reading
Berkshire
RG1 2SB
England
HALCYON RESIDENTIAL: Claims Filing Period Ends November 12
----------------------------------------------------------
Creditors of Halcyon Residential Developments Ltd. (formerly Halcyon
Residential Developments Ltd.) have until Nov. 12 to send in their full
names, their addresses and descriptions, full particulars of their debts
and claims, and names and addresses of their solicitors (if any) to:
S. J. Parker
Joint Liquidator
Tenon Recovery
Sherlock House
73 Baker Street
London
W1U 6RD
England
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint
liquidators of the company on Oct. 12 for the creditors' voluntary
winding-up proceeding.
HOLLYWOOD ICONS: Taps Smith & Williamson as Administrators
----------------------------------------------------------
Stephen John Adshead and Gregory Andrew Palfrey of Smith & Williamson Ltd.
were appointed joint administrators of Hollywood Icons Ltd. (Company
Number 04643310) on Oct. 17.
Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides
investment management, financial advisory and accountancy services to
private clients, professional practices, mid to large corporates and
non-profit organizations.
The company can be reached at:
Hollywood Icons Ltd.
59 The Avenue
Southampton
SO17 1XS
England
Tel: 023 8071 0944
JOHN PETERS: Taps Liquidators from Ernst & Young
------------------------------------------------
Robert Hunter Kelly and Charles Graham John King of Ernst & Young LLP were
appointed joint liquidators of John Peters (Furnishings) Ltd. on Oct. 14
for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Ernst & Young LLP
1 Bridgewater Place
Water Lane
Leeds
LS11 5QR
England
LIP LTD: Claims Filing Period Ends December 17
----------------------------------------------
Creditors of Lip (Learning in Partnership) Ltd. have until
Dec. 17 to give their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing, or in
person, to:
Duncan R. Beat
Tenon Recovery
75 Springfield Road
Chelmsford
Essex
CM2 6JB
England
Duncan R. Beat of Tenon Recovery was appointed liquidator of the company
on Oct. 16 for the creditors' voluntary winding-up proceeding.
LLOYDS TIMBER: Claims Filing Period Ends November 27
----------------------------------------------------
Creditors of Lloyds Timber Frames Ltd. have until Nov. 27 to send in their
names, their addresses, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:
Neil Francis Hickling
Liquidator
Smith & Williamson Ltd.
No. 1 St. Swithin Street
Worcester
WR1 2PY
England
Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator
of the company on Oct. 12 for the creditors' voluntary winding-up
proceeding.
MSC LTD: Appoints Joint Administrators from Smith & Williamson
--------------------------------------------------------------
Andrew Palfrey and Anthony Cliff Spicer of Smith & Williamson Ltd. were
appointed joint administrators of MSC (Europe) Ltd. (Company Number
3559099) on Oct. 5.
Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides
investment management, financial advisory and accountancy services to
private clients, professional practices, mid to large corporates and
non-profit organizations.
The company can be reached at:
MSC (Europe) Ltd.
Oregon House
Brunel Road
Totton
Southampton
SO40 3WX
England
Tel: 023 8066 8144
Fax: 023 8066 8455
OK CLOTHING: Claims Filing Period Ends November 27
--------------------------------------------------
Creditors of OK Clothing Company (Hereford) Ltd. (t/a Lizzie Kellard &
Janet Elizabeth) have until Nov. 27 to send in their names, their
addresses, full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:
Neil Francis Hickling
Liquidator
Smith & Williamson Ltd.
No. 1 St. Swithin Street
Worcester
WR1 2PY
England
Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator
of the company on Oct. 15 for the creditors' voluntary winding-up
proceeding.
NORTHERN ROCK: JC Flowers Confirms Bid; Reveals Management Team
---------------------------------------------------------------
J.C. Flowers & Co has confirmed that it is in continuing discussions with
the Board of Northern Rock plc and its advisors in respect of a possible
offer for the troubled mortgage lender.
J.C. Flowers has secured a management team, which it intends to appoint to
run Northern Rock in the event of a successful offer:
-- Paul Myners, Chairman
-- Richard Pym, Executive Deputy Chairman and Chief
Executive for the initial period of stabilization
-- Hugh Scott-Barrett, Chief Financial Officer
In addition, three executives have been appointed as advisors to the J.C.
Flowers team:
-- Bob Bennett, former Chief Financial Officer of Northern
Rock plc
-- Peter Birch, former Chief Executive Officer of Abbey
National plc
-- Sir Martin Jacomb, former Chairman of Prudential, former
Chairman of BZW, former Deputy Chairman of Barclays plc.
J.C. Flowers is being advised by Credit Suisse and JPMorgan Cazenove.
Credit Suisse and JPMorgan Cazenove are acting exclusively for J.C.
Flowers and for no one else in connection with the possible offer and will
not be responsible to anyone other than J.C. Flowers for providing the
protections afforded to the clients of Credit Suisse and JPMorgan Cazenove
or for providing advice in relation to the possible offer or any other
matters referred to in J.C. Flowers' announcement.
The Management Team
Paul Myners
Paul Myners is Non-Executive Chairman of Land Securities Group plc, a
member of the Court of the Bank of England, Chairman of Guardian Media
Group plc and of the Trustees of Tate. He is a Trustee of Glyndebourne
and the Smith Institute.
Mr. Myners was previously Chairman of Marks and Spencer Group plc,
Chairman and Chief Executive of Gartmore and he has also been responsible
for compiling influential reports on institutional investment for H.M.
Treasury. He has previously been an executive director of NatWest and a
non-executive director of the Bank of New York and Coutts & Co.
Richard Pym
Richard Pym is Chairman of Halfords Group plc and a Non-Executive Director
of Old Mutual plc. He retired as Group Chief Executive of Alliance &
Leicester plc in July 2007. He was previously a Vice-President of the
British Bankers' Association, a Non-Executive Director of Selfridges plc
and has held various
finance and management roles at Thomson McLintock & Co, British Gas, BAT
Industries and The Burton Group.
Hugh Scott-Barrett
Hugh Scott-Barrett was Chief Financial Officer of ABN AMRO Bank NV and a
member of the Managing Board until 1 August 2007. He has held a number of
senior positions within ABN AMRO Bank including Chief Operating Officer.
Before joining ABN AMRO in 1996 he was Managing Director of SBC Warburg.
Bob Bennett
Bob Bennett was Group Finance Director of Northern Rock plc from 1993 to
2006. He is a Non-Executive Director of Greggs plc, the UK's leading
bakery retailer. He trained as an accountant with Spicer & Pegler.
Peter Birch
Peter Birch is Chairman of Trigold plc, a Senior Non-Executive Director of
Travelex, Dah Sing Financial Services, Finantia Bank and Lamprell plc. He
is also a Pension Fund Trustee of CapGemini Ernst & Young. He was Chief
Executive of Abbey National plc from 1984-99, Chairman and a Director of
Land Securities 1998-2007, and Chairman of Kensington 1998-2007. He was
also the Senior Non-Executive Director of Trinity Mirror plc until 2007.
Sir Martin Jacomb
Sir Martin is Non-Executive Chairman of Canary Wharf plc, Non-Executive
Chairman of Share plc and Chancellor of the University of Buckingham. His
previous experience includes Chairman of Prudential, Chairman of BZW,
Deputy Chairman of Barclays plc and directorships including the Bank of
England, Rio Tinto plc, and
Marks and Spencer plc.
About J.C. Flowers
J.C. Flowers is the largest investment firm focused exclusively on the
global financial services industry. It was established in 2001 by J.
Christopher Flowers, a former Goldman Sachs Partner. It raises and
invests capital on its own behalf and for clients which include major
financial institutions globally.
J.C. Flowers' European operation is run by Partner and Managing Director
Ravi Sinha. Mr Sinha is Chief Executive Officer of J.C. Flowers & Co UK
Limited, an FSA-regulated investment advisor to JCF & Co. He has led and
holds board positions on all of J.C. Flowers significant European
portfolio companies.
Sir Steven Robson is an advisor to J.C. Flowers & Co UK Ltd. Until 2001
Sir Steven was a Second Permanent Secretary at H.M. Treasury responsible
for developments in the financial service sector. Sir Steven is currently
a Non-Executive Director of Royal Bank of Scotland Group plc, JPMorgan
Cazenove Holdings, Xstrata Plc, Partnerships UK plc and the Financial
Reporting Council.
To date, J.C. Flowers has invested more than $6 billion in over 15
transactions in the financial institutions sector globally. These
investments are predominantly in Europe, where two thirds or over US$4
billion worth of the portfolio is located, including major investments in
Germany, Netherlands, Luxembourg and the United Kingdom.
About Northern Rock plc
Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- is currently the
5th largest UK mortgage lender, the largest financial
institution based in the North East of England and one of the
most cost efficient UK mortgage lenders based on key performance
ratios. The company had more than US$200 billion in assets at
the end of June 2007.
* * *
As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications. At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.
OUR PRICE: Claims Filing Period Ends November 16
------------------------------------------------
Creditors of Our Price Windows (London) Ltd. (formerly Delight Solutions
Ltd.) have until Nov. 16 to send in their names, addresses and
descriptions, full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:
Andrew Andronikou
Peter Alan Kubik
Joint Liquidators
UHY Hacker Young
St. Alphage House
2 Fore Street
London
EC2Y 5DH
England
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were appointed
joint liquidators of the company on Oct. 12 for the creditors' voluntary
winding-up proceeding.
REGEN SCHOOL: Appoints Liquidators from PKF
-------------------------------------------
William Duncan and Ian Schofield of PKF (U.K.) LLP were appointed joint
liquidators of Regen School on Oct. 12 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
PKF (U.K.) LLP
Pannell House
6 Queen Street
Leeds
LS1 2TW
England
SOLO CUP: Debt Reduction Prompts S&P's Positive CreditWatch
-----------------------------------------------------------
(UK)
Standard & Poor's Ratings Services placed its 'CCC+' corporate credit and
other ratings on Solo Cup Co. on CreditWatch with positive implications.
This action follows significant debt reduction with the proceeds of asset
sales and a sale-leaseback of manufacturing facilities as well as some
recent improvement in operating performance from very weak levels.
"We believe that a slight upgrade is possible if operating performance
keeps strengthening and prospects for continued compliance with
increasingly stringent financial covenants in the company's bank credit
facilities improve," said Standard & Poor's credit analyst Cindy Werneth.
With annual revenues of about US$2.2 billion, Highland Park, Ill.-based
Solo is one of the largest providers of disposable paper and plastic cups,
plates, and cutlery to foodservice distributors, quick-service
restaurants, and retailers in the U.S.
Operating margins (before depreciation and amortization) have been very
weak, in the mid-single digit percentage area. With the most recent asset
sales, total debt, which S&P adjust to include about US$300 million in
capitalized operating leases and US$30 million in tax-effected
postretirement obligations, should decline to about US$1.15 billion.
Although pro forma debt leverage has improved from the highly aggressive
mid-teens times area, it remains high in the upper single-digit area.
S&P expect leverage to decline somewhat if management can continue to
build on the operating improvements it has made during the last several
months, which only began to become evident in the company's second-quarter
2007 results.
Management has had some success in reducing working capital and selling,
general and administrative costs. Ongoing efforts include various supply
chain initiatives, as well as the optimization of pricing, salesforce
productivity, and marketing outlays. In addition, liquidity has improved
dramatically, with US$92 million of bank line availability and US$24
million of cash at July 1, 2007. Nevertheless, S&P believe Solo will need
to renegotiate the financial covenants in its bank credit facility to
remain in compliance in 2008.
S&P expect to resolve the CreditWatch during the next few months as S&P
gain greater confidence that operating results will continue to strengthen
and the company can maintain access to its bank credit facility.
TFC EXPRESS: Brings In Baker Tilly as Administrators
----------------------------------------------------
Graham Paul Bushby and Simon Bower of Baker Tilly were appointed joint
administrators of TFC Express Ltd. (Company Number 04799296) on Oct. 10.
Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other
services for mid-cap and smaller publicly listed companies and private
companies, particularly those expanding into new foreign markets.
Services include business and financial planning, tax-related services,
corporate finance, litigation support, turnaround services, and technology
consulting.
Headquartered in London, England, TFC Express Ltd. --
http://www.tfcexpress.co.uk/-- provides high class meats and groceries.
VONAGE HOLDINGS: Agrees to Settle Patent Dispute with Verizon
-------------------------------------------------------------
Vonage Holdings Corp. disclosed that the cost of its settlement of a
patent dispute with Verizon Communications Inc. will be effectively capped
at US$32 million, in addition to the US$88 million already accrued and
held in escrow.
The US$88 million includes a US$66 million cash-collateralized bond, a
US$12 million second-quarter escrow payment, and a US$10 million
third-quarter escrow payment made in the fourth quarter of 2007.
Vonage and Verizon have agreed to resolve their patent lawsuit. The terms
of the resolution depend on how the Court of Appeals decides Vonage's
pending petition for rehearing regarding two of the Verizon patents (the
'574 and '711). If Vonage wins rehearing on either the '574 or '711
patent or if the injunction is vacated as to the '574 or '711 patent,
Vonage will pay Verizon US$80 million. If Vonage does not win rehearing
on either the '574 or '711 patent, or if the stay is lifted reinstating
the injunction, Vonage will pay US$120 million, which includes US$2.5
million payable to certain charities.
"We're pleased to put this dispute behind us and believe this settlement
is in the best interests of Vonage and its customers," said Sharon
O'Leary, Vonage Chief Legal Officer. "This settlement removes the
uncertainty of legal reviews and long-term court action and allows us to
continue focusing on our core business and customers."
The latest decision in the litigation came on September 26, 2007, when the
U.S. Court of Appeals for the Federal Circuit partially remanded a March 8
jury verdict in the U.S. District Court of Alexandria, Va. that the
company infringed on three Verizon patents. The appellate court remanded
the infringement verdict on the 880 patent and affirmed the verdict on one
patent claim in each of the 574 and 711 patents. The appellate court
vacated the entire damages award of US$58 million and the 5.5 percent
royalty, and directed that the trial court retry those aspects of the
original case. Vonage's petition for a rehearing en banc was filed on
October 10, 2007.
Likely Effects of Litigation
The company said in its Form 10-K filing for the year ended
Dec. 31, 2006, with the U.S. Securities and Exchange Commission that its
ongoing patent litigation with Verizon, if determined against the company,
could:
* result in the loss of a substantial number of existing
customers or prohibit the acquisition of new customers;
* lead to an event of default under the terms of the
company's convertible notes, which could accelerate the
payment of approximately US$253.6 million of principal and
interest under the notes;
* cause the company to accelerate expenditures to preserve
existing revenues;
* cause existing or new vendors to require prepayments or
letters of credit;
* cause the company to lose access to key distribution
channels;
* result in substantial employee layoffs or risk the
permanent loss of highly-valued employees;
* materially and adversely affect the company's brand in the
market place and cause a substantial loss of goodwill;
* cause the company's stock price to decline significantly
or otherwise cause the company to fail to meet the
continued listing requirements of the New York Stock
Exchange, which could result in the delisting of its
common stock from the Exchange;
* materially and adversely affect the company's liquidity,
including its ability to pay debts and other obligations
as they become due; and
* lead to the bankruptcy or liquidation of the company.
About Vonage
Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with over 1.4 million subscriber lines as of
February 8, 2006. Utilizing its voice over Internet protocol
technology platform, the company offers feature-rich, low-cost
communications services with a call quality comparable to
traditional telephone services. While customers in the United
States represent over 95% of its subscriber lines, Vonage
continues to expand internationally, having launched its service
in Canada in November 2004, and in the United Kingdom in May
2005.
* BOND PRICING: For the Week Oct. 22 to Oct. 26, 2007
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
Kommunal Kredit
Austria AG 0.500 03/15/19 CDN 70.71
0.250 10/14/26 CDN 38.74
Republic of Austria 4.000 06/22/22 EUR 71.96
0.396 08/04/25 EUR 65.26
5.243 10/10/25 EUR 57.95
FINLAND
-------
Muni Finance PLC 1.000 03/19/13 AUD 72.73
0.500 04/26/13 AUD 70.09
1.000 11/21/16 NZD 55.74
1.000 10/30/17 AUD 57.35
0.500 09/24/20 CDN 57.17
0.250 06/28/40 CDN 20.08
FRANCE
------
Accor S.A. 1.750 01/01/08 EUR 65.94
Alcatel S.A. 4.750 01/01/11 EUR 16.10
Altran Technologies S.A. 3.750 01/01/09 EUR 12.63
BNP Paribas 0.250 12/20/14 US$ 71.13
CAP Gemini S.A. 2.500 01/01/10 EUR 55.81
1.000 01/01/12 EUR 52.37
Club Mediterranee S.A. 3.000 11/01/08 EUR 67.03
4.375 11/01/10 EUR 54.16
FCC Rome Alliance
Funding 2.256 01/08/21 EUR 74.59
Havas S.A. 4.000 01/01/09 EUR 10.86
Infogrames
Entertainment S.A. 1.500 04/01/09 EUR 00.50
Maurel & Prom 3.500 01/01/10 EUR 22.13
Publicis Group 0.750 07/17/08 EUR 31.32
1.000 01/18/18 EUR 43.03
Rallye 3.750 01/01/08 EUR 53.00
Rhodia S.A. 0.500 01/01/14 EUR 44.56
Scor S.A. 4.125 01/01/10 EUR 2.28
Soc Air France 2.750 04/01/20 EUR 29.07
Soitec 4.625 12/20/09 EUR 12.64
Thomson (EX-TMM) 1.000 01/01/08 EUR 39.56
Valeo 2.375 01/01/11 EUR 50.09
Vivendi Universal S.A. 1.750 10/30/08 EUR 31.95
Wavecom S.A. 1.750 01/01/14 EUR 26.29
Wendel Invest S.A. 2.000 06/19/09 EUR 49.44
GERMANY
-------
KfW Bankengruppe 0.500 10/30/13 AUD 67.64
0.500 12/19/17 EUR 67.61
5.000 05/23/20 EUR 74.89
1.250 07/07/20 EUR 73.10
1.250 07/29/20 EUR 73.53
6.000 07/21/25 EUR 68.78
5.000 09/01/25 EUR 72.48
8.000 08/10/30 EUR 66.63
Landeskreditbank Baden-
Wuerttemberg Foerderbk 0.500 05/10/27 CDN 42.90
Landwirtschaftliche
Rentenbank AG 1.000 03/29/17 NZD 54.87
Treofan AG 11.000 08/01/13 EUR 66.63
GREECE
------
Hellenic Republic 6.000 07/06/25 EUR 66.43
6.000 07/06/25 EUR 67.75
6.000 07/06/25 EUR 72.23
ICELAND
-------
Kaupthing Bank 6.500 02/03/45 EUR 69.00
IRELAND
-------
Depfa ACS Bank 0.500 03/03/25 CDN 46.69
0.250 07/08/33 CDN 27.35
Irish Perm Plc 6.125 02/15/35 EUR 65.85
Magnolia Finance IV Plc 1.050 12/20/45 US$ 28.84
ITALY
-----
Dexia Crediop S.p.A. 0.000 03/15/16 EUR 81.59
LUXEMBOURG
----------
Teksid Aluminum S.A. 12.375 07/15/11 EUR 32.42
NETHERLANDS
-----------
ABN AMRO Bank N.V. 6.250 06/29/35 EUR 69.58
BK Ned Gemeenten 0.500 06/27/18 CDN 63.38
0.500 02/24/25 CDN 46.73
EM.TV Finance B.V. 5.250 05/08/13 EUR 6.37
Energy Group O/S 7.425 10/15/17 US$ 32.50
Gerling Global 6.630 08/16/21 EUR 63.41
Lehman Bros TSY B.V. 6.000 02/15/35 EUR 67.75
8.250 03/16/35 EUR 60.00
7.000 05/17/35 EUR 64.00
7.250 10/05/35 EUR 56.58
6.000 11/02/35 EUR 61.00
Ned Waterschapbk 6.000 06/01/35 EUR 70.12
6.500 08/15/35 EUR 63.43
Rabobank Groep N.V. 6.000 04/08/20 EUR 73.33
6.000 02/22/35 EUR 68.17
2.000 02/23/35 EUR 62.48
7.000 02/28/35 EUR 69.55
7.000 03/23/35 EUR 64.32
6.000 05/09/35 EUR 72.93
NORWAY
------
Kommunalbanken A.S. 0.500 02/07/13 AUD 70.40
SWEDEN
------
AB Svensk Export 0.500 03/27/13 AUD 70.44
SWITZERLAND
-----------
UBS AG 1.000 01/25/12 NZD 74.40
1.000 02/27/12 NZD 73.99
1.000 03/28/12 NZD 73.49
1.000 06/28/12 NZD 72.35
1.000 07/30/12 NZD 72.80
UNITED KINGDOM
--------------
Anglian Water
Finance Plc 2.400 04/20/35 GBP 54.77
Bank of Scotland 6.000 02/07/35 EUR 66.75
HSBC Bank Plc 0.500 07/31/17 US$ 64.84
0.500 07/31/17 EUR 66.67
National Grid Gas Plc 1.754 10/17/36 GBP 44.94
1.771 03/30/37 GBP 44.89
Royal BK Scotland Plc 0.250 03/27/14 US$ 73.96
9.500 04/04/25 US$ 71.18
7.000 06/09/25 EUR 61.99
7.000 06/29/30 EUR 57.29
6.500 02/23/45 EUR 63.33
TXU Eastern Funding Plc 6.750 05/15/09 US$ 3.25
Wessex Water Finance Plc 1.369 07/31/57 GBP 29.70
*********
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.
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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.
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